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Earnings transcript
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AMT
American Tower Corporation
$185.27
3.91
(2.16%)
| Exchange: | NYSE |
| Market Cap: | 86.328B |
| Shares Outstanding: | 48.692M |
Delayed data
About The Company
| Sector: | Real EstateView sector performance | |||||
| Industry: | REIT – SpecialtyView industry performance | |||||
| CEO: | Steven O. Vondran | |||||
| Full Time Employees: | 4866 | |||||
| Address: |
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| Website: | https://www.americantower.com |
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company’s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company’s services operations primarily support the Company’s site leasing business, including through the addition of new tenants and equipment on its sites. The Company’s customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.
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Revenue Segmentation
AMT full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of American Tower Corporation, ticker AMT, one of the biggest players in the global REIT space focused on communication infrastructure. If you’re looking to understand whether this stock belongs in your portfolio, stick around because we’re breaking down everything from financials to valuation, recent performance, and more. Let’s get started! So, why are we talking about American Tower today? Well, AMT is a heavyweight in…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| AMT | American Tower Corporation | 86.3B | 25.0 | 26.6 | 7.2% |
 EQIX | Equinix, Inc. | 97.3B | 65.8 | 57.3 | 4.9% |
 DLR | Digital Realty Trust, Inc. | 65.3B | 82.4 | 64.0 | 2.3% |
 CCI | Crown Castle Inc. | 35.9B | 32.2 | 42.8 | 9.5% |
 IRM | Iron Mountain Incorporated | 33.5B | 81.8 | 45.2 | 6.3% |
 SBAC | SBA Communications Corporation | 19.8B | 19.6 | 24.3 | 11.6% |
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 10,012,200 | 10,127,200 | 10,645,100 |
| Gross Profit | 7,450,700 | 7,552,800 | 7,843,600 |
| EBITDA | 6,004,000 | 7,154,100 | 6,103,700 |
| Operating Income | 3,125,500 | 4,516,500 | 4,880,600 |
| Net Income | 1,483,300 | 2,255,000 | 2,529,800 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 66,027,600 | 61,077,400 | 58,462,200 |
| Total Liabilities | 55,162,200 | 51,428,700 | 52,835,100 |
| Total Stockholders Equity | 4,198,200 | 3,382,200 | 3,652,500 |
| Total Debt | 46,307,000 | 43,954,100 | 44,963,900 |
| Cash and Cash Equivalents | 1,753,700 | 1,999,600 | 1,474,800 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 4,722,400 | 5,290,500 | 5,464,000 |
| Capital Expenditure | -1,798,100 | -1,590,000 | -1,680,400 |
| Free Cash Flow | 2,924,300 | 3,700,500 | 3,783,600 |
| Net Income | 1,367,100 | 2,280,200 | 2,628,500 |
| Net Change in Cash | -47,300 | 14,800 | -502,999.999 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 12,879,143.145 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 13,417,359.220 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 13,222,033.500 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 8,449,577.035 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 8,730,104.408 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 8,628,297.130 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 4,279,403.864 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 4,513,759.488 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 4,428,708.579 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 1,173,586.211 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 1,222,630.077 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 1,204,831.410 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 9.440 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 9.620 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 9.120 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 6 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 5 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: American Tower reported an 8% growth in revenue for Q4 2025, as highlighted in the earnings call transcript. This growth is supported by consistent increases in key metrics such as operating income and net income, reflecting strong operational execution.
- Strategic Market Presence: The company’s focus on developed markets, as noted in the earnings call, positions it favorably within the telecommunications infrastructure sector. This strategic positioning enhances its ability to capitalize on stable demand for tower and data center services.
- Operational Efficiency: American Tower’s emphasis on efficiency, despite short-term challenges, has contributed to a healthy gross profit margin (TTM) and positive free cash flow (TTM), indicating effective cost management and cash generation capabilities.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates AMT intrinsic value between $135.78 – $159.62 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about AMT valuation
Is American Tower Corporation (AMT) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for American Tower Corporation (AMT) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is AMT a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether AMT trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is AMT’s P/E ratio?
You can see AMT’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for AMT?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is AMT a good long-term investment?
Whether AMT fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
AMT
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Daily snapshot
2.16
Trading Metrics:
| Open: | 181.77 | Previous Close: | 181.36 | |
| Day Low: | 181.39 | Day High: | 185.84 | |
| Year Low: | 160.06 | Year High: | 196.08 | |
| Price Avg 50: | 173.22 | Price Avg 200: | 176.82 | |
| Volume: | 2.456M | Average Volume: | 2.951M |
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