AMERICAN TOWER CORP /MA/
$191.64
+1.85 (+0.97%) · delayed · Nov 13, 2026
Five-year price
52w $160.06 to $202.50
- Market cap
- $88.9B
- Enterprise value
- $124.6B
- P/E
- 35.5×
- 42.9× on 3y avg EPS
- EV / EBIT
- 25.7×
- FCF yield
- 4.3%
- ROIC
- 10.6%
- Debt / equity
- 10.19
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 7.9%
- ●ROE > 15% (5y avg)5y avg ROE 50.6%
- ○Stable operating marginsMargin volatility 88.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 152% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.6%
- ○Shrinking share countDiluted shares 5.1% over 5y
Value
0
- ○P/E below 15P/E 35.5
- ○EV/EBIT below 12EV/EBIT 25.7
- ○FCF yield above 6%FCF yield 4.3%
- ○Price below Graham NumberGraham Number $30.93
- ○P/B below 3P/B 24.3
Safety
20
- ○Debt / equity below 0.5D/E 10.19
- ○Debt payable in < 4 yrs of earningsNet debt $35.7B
- ○Interest coverage > 8xCoverage 3.6x
- ○Current ratio > 1.5Current ratio 0.40
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ○Adequate size (revenue > $2B)Revenue $0.9B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.40
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 81%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 42.9
- ○P/E × P/B ≤ 22.5Product 1044.0
Valuation lab
What do you have to believe?
At $191.64, the market is pricing in about 12.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $35.7B · 464M shares · 5y revenue CAGR 13.6%
Intrinsic value
$229.67
Price
$191.64
Margin of safety
17%
What the price implies
The market is paying for 12.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
66% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,786 | 6,664 | 491 | 527 | 496 | 717 | 841 | 747 | 775 | 936 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,853 | 1,998 | 1,905 | 2,688 | 2,888 | 3,132 | 2,739 | 3,126 | 4,517 | 4,846 |
| Operating margin | 32.0% | 30.0% | 387.7% | 509.9% | 582.5% | 436.7% | 325.8% | 418.2% | 583.1% | 517.8% |
| Pre-tax income | 1,126 | 1,256 | 1,155 | 1,916 | 1,821 | 2,829 | 2,086 | 1,529 | 3,625 | 3,044 |
| Income tax | 156 | 31 | (110) | (0) | 130 | 262 | 113 | 91 | 366 | 416 |
| Net income | 956 | 1,239 | 1,236 | 1,888 | 1,691 | 2,568 | 1,697 | 1,367 | 2,280 | 2,629 |
| EPS (diluted) | 1.98 | 2.67 | 2.77 | 4.24 | 3.79 | 5.66 | 3.82 | 3.18 | 4.82 | 5.40 |
| Diluted shares | 429 | 432 | 443 | 446 | 446 | 453 | 463 | 467 | 468 | 469 |
Who owns it