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Owns and leases wireless communication towers globally, renting antenna space to multiple mobile carriers on the same tower.
Owns and leases wireless communication towers globally, renting antenna space to multiple mobile carriers on the same tower.
Rents tower space under long-term leases with built-in annual rent increases, and adding a second or third tenant to a tower costs little, so extra tenants add profit. A few US wireless carriers account for a large share of US revenue. Overseas it operates in India, Africa, Latin America and Europe.
Moat: wide (installed base, switching costs, regulatory licence). Owning zoned, permitted tower sites that carriers co-locate on is extremely hard and slow to replicate.
Headquarters: Boston, Massachusetts, United States · Founded: 1995 · Employees: 4,866
Size American Tower (AMT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $87.6B, the 151st largest of 3,117 United States companies the cockpit tracks. Shares closed at $188.79 on 6 Nov 2026.
Performance Over six months the shares gained 8.0%, against -3.8% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 14 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +10.9%); the operating margin is 44.5% (peer median 33.6%).
Valuation It trades at 24.92× book value against a peer median of 2.49× (most expensive of 13).
Price implies The share price implies a return on equity of about 155.2%; American Tower delivers 88.7%, so the price asks more than the business earns today.
Credit American Tower has 46 bonds outstanding ($32.6B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 86 bp.
Short interest Short interest is 1.4% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.0B | $10.6B | $10.1B | $10.0B | $10.7B |
| Revenue growth | — | +5% | +1% | -7% | — |
| Gross profit | $6.03B | $5.85B | $5.52B | $4.52B | $4.09B |
| EBITDA | $6.96B | $7.08B | $6.69B | $6.49B | $6.46B |
| Net income | $3.31B | $2.53B | $2.25B | $1.48B | $1.77B |
| Free cash flow | $3.96B | $3.78B | $3.70B | $2.92B | $1.82B |
| Capital expenditure | $1.75B | $1.68B | $1.59B | $1.80B | $1.87B |
| Total debt | $45.3B | $45.0B | $44.0B | $46.3B | $47.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| American Tower AMT | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% |
| Crown Castle CCI | $37.7B | -1% | -16% | n/a | n/a | n/a |
| SBA Communications SBAC | $19.8B | -13% | +2% | n/a | n/a | n/a |
| Cellnex Telecom CLNX.MC | $19.6B | -7% | 0% | -3% | 1.52× | 13.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +8.9% | 5th highest of 15 |
| 6-month return | +8.0% | -3.8% | 5th highest of 14 |
| Return on equity | 88.7% | 8.0% | 2nd highest of 13 |
| Price / book | 24.92× | 2.49× | most expensive of 13 |
| Trailing P/E | 26.6× | 35.3× | 4th cheapest of 14 |
| ROE the price implies | 155.2% | 20.9% | most demanding of 12 |
| ROE delivered | 88.7% | 8.0% | 2nd highest of 13 |
| Bond spread | 86 bp | 84 bp | 6th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Welltower WELL | United States | $180B | +15% | +39% | 4% | 3.69× | 24.4% | 3.8% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
American Tower has 46 bonds outstanding with $32.6B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.14%, a spread of 86 bp over government bonds.