American Tower Corporation (AMT) 10-Year Financial Performance & Capital Metrics

AMT • • REIT / Real Estate

Real EstateSpecialty REITsCommunications InfrastructureCell Tower Operators

AboutAmerican Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.Show more

Revenue $10.13B +1.1%
FFO $4.38B -4.2%
FFO/Share 9.36 -4.4%
FFO Payout 70.21% +8.8%
FFO per Share 9.36 -4.4%
NOI Margin 74.58% +0.2%
FFO Margin 43.25% -5.2%
ROE 21.98% +72.5%
ROA 3.55% +59.3%
Debt/Assets 71.96% +2.6%
Net Debt/EBITDA 6.32 -11.9%
Book Value/Share 20.61 -11.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 41.9% TTM
✓Sustainable FFO payout ratio of 70.2%
✓10 consecutive years of dividend growth
✓High NOI margin of 74.6%
✓Good 3Y average ROE of 17.1%
✓Healthy dividend yield of 3.6%

✗Weaknesses

✗High debt to equity ratio of 4.6x
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.46%

5Y5.96%

3Y2.67%

TTM-5.33%

Profit (Net Income) CAGR

10Y10.58%

5Y3.62%

3Y-4.24%

TTM164.65%

EPS CAGR

10Y9.19%

5Y2.6%

3Y-5.21%

TTM164.14%

ROCE

10Y Avg6.62%

5Y Avg6.21%

3Y Avg5.97%

Latest8.01%

Peer Comparison

Cell Tower Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AMTAmerican Tower Corporation	84.99B	181.55	37.67	1.15%	28.11%	27.29%	4.35%	4.56
SBACSBA Communications Corporation	20.46B	191.99	27.66	-1.18%	30.72%		5.41%
CCICrown Castle Inc.	39.37B	90.41	-10.07	-5.92%	-95.37%	-124.94%	4.37%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	4.77B	5.79B	6.66B	7.44B	7.58B	8.04B	9.36B	9.65B	10.01B	10.13B
Revenue Growth %	0.16%	0.21%	0.15%	0.12%	0.02%	0.06%	0.16%	0.03%	0.04%	0.01%
Property Operating Expenses	1.31B	1.79B	2.05B	2.18B	2.21B	2.23B	2.68B	2.57B	2.56B	2.57B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	1.85B	2.14B	2.61B	3.36B	2.68B	2.93B	3.54B	4.34B	4.33B	3.04B
G&A Expenses	499.89M	545.83M	639.9M	733.2M	733.2M	778.7M	811.6M	902.1M	946M	933.4M
EBITDA+	2.9B	3.38B	3.71B	4.02B	4.47B	4.77B	5.46B	6.09B	6.21B	6.64B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	1.29B	1.53B	1.72B	2.11B	1.78B	1.88B	2.33B	3.36B	3.09B	2.12B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.61B	1.85B	2B	1.91B	2.69B	2.89B	3.13B	2.74B	3.13B	4.52B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	584.74M	718.29M	750.8M	825.6M	814.2M	793.5M	870.9M	1.14B	1.39B	1.4B
Interest Coverage	2.76x	2.58x	2.66x	2.31x	3.30x	3.64x	3.60x	2.41x	2.25x	3.22x
Non-Operating Income	-66.3M	8.8M	-7.3M	-75.2M	-42.2M	272.9M	-568.3M	-483.4M	208M	-512.8M
Pretax Income+	829.96M	1.13B	1.26B	1.15B	1.92B	1.82B	2.83B	2.09B	1.53B	3.62B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	157.96M	155.5M	30.7M	-110.1M	-200K	129.6M	261.8M	112.8M	90.8M	366.3M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	685.07M	956.42M	1.24B	1.24B	1.89B	1.69B	2.57B	1.77B	1.48B	2.25B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.17%	0.4%	0.3%	-0%	0.53%	-0.1%	0.52%	-0.31%	-0.16%	0.52%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.08%	0.26%	0.19%	0.13%	0.1%	-0.03%	0.37%	0.05%	-0.11%	-0.04%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.41	1.98	2.67	2.79	4.24	3.79	5.66	3.82	3.18	4.82
EPS Growth %	-0.29%	0.4%	0.35%	0.04%	0.52%	-0.11%	0.49%	-0.33%	-0.17%	0.52%
EPS (Basic)	1.42	2.00	2.69	2.81	4.27	3.81	5.69	3.83	3.18	4.83
Diluted Shares Outstanding	423.02M	429.28M	431.69M	442.96M	445.52M	446.1M	453.29M	462.75M	467.16M	468.12M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	26.9B	30.88B	33.21B	33.01B	42.8B	47.23B	69.89B	67.19B	66.03B	61.08B
Asset Growth %	0.26%	0.15%	0.08%	-0.01%	0.3%	0.1%	0.48%	-0.04%	-0.02%	-0.07%
Real Estate & Other Assets+	732.9M	841.52M	950.1M	962.6M	406.4M	400.1M	400.9M	3.56B	5.26B	4.28B
PP&E (Net)	9.87B	10.52B	11.1B	11.25B	19.44B	20.6B	29.01B	28.92B	19.79B	27.15B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	996.47M	1.69B	2.04B	2.39B	2.55B	2.91B	3.73B	3.62B	3.71B	3.18B
Cash & Equivalents	320.69M	787.16M	802.1M	1.21B	1.5B	1.75B	1.95B	2.03B	1.75B	2B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	177.53M	203.4M	224.6M	174.4M	134.2M	194.7M	474M	228.2M	989.7M	234.6M
Intangible Assets	9.84B	11.27B	11.78B	11.17B	12.32B	13.84B	20.73B	17.98B	16.52B	14.47B
Total Liabilities	20.19B	22.81B	25.26B	26.11B	36.21B	42.45B	60.82B	54.79B	55.16B	51.43B
Total Debt+	17.12B	18.53B	20.21B	21.16B	31.06B	36.71B	52.01B	47.05B	46.31B	43.95B
Net Debt	16.8B	17.75B	19.4B	19.95B	29.56B	34.97B	50.06B	45.02B	44.55B	41.95B
Long-Term Debt	17.07B	18.29B	19.43B	18.41B	21.13B	28.5B	38.69B	34.16B	35.73B	32.81B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	17.07B	18.29B	19.43B	18.41B	7B	7.42B	8.75B	8.38B	8.23B	7.45B
Total Current Liabilities+	1.2B	1.63B	2.51B	4.69B	5.49B	3.66B	9.07B	8.31B	7.25B	7.08B
Accounts Payable	96.71M	118.7M	142.9M	130.8M	148.1M	139.1M	272.4M	218.6M	251.3M	240.8M
Deferred Revenue	211M	245.39M	268.8M	304.1M	294.3M	390.6M	1.2B	439.7M	433.8M	329.2M
Other Liabilities	1.36B	1.65B	1.91B	1.97B	1.8B	1.98B	2.65B	2.74B	3.58B	2.89B
Total Equity+	6.71B	8.07B	7.95B	6.9B	6.59B	4.78B	9.07B	12.41B	10.87B	9.65B
Equity Growth %	0.66%	0.2%	-0.01%	-0.13%	-0.05%	-0.27%	0.9%	0.37%	-0.12%	-0.11%
Shareholders Equity	6.65B	6.76B	6.24B	5.34B	5.06B	4.09B	5.08B	5.57B	4.2B	3.38B
Minority Interest	61.14M	1.3B	1.71B	1.57B	1.53B	687M	3.99B	6.84B	6.67B	6.27B
Common Stock	4.27M	4.3M	4.4M	4.5M	4.5M	4.6M	4.7M	4.8M	4.8M	4.8M
Additional Paid-in Capital	9.69B	10.04B	10.25B	10.38B	10.12B	10.47B	12.24B	14.69B	14.87B	15.06B
Retained Earnings	-998.53M	-1.08B	-1.06B	-1.2B	-1.02B	-1.34B	-1.14B	-2.1B	-3.64B	-4.42B
Preferred Stock	74K	74K	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.03%	0.04%	0.04%	0.05%	0.04%	0.04%	0.03%	0.02%	0.04%
Return on Equity (ROE)	0.13%	0.13%	0.15%	0.17%	0.28%	0.3%	0.37%	0.16%	0.13%	0.22%
Debt / Assets	0.64%	0.6%	0.61%	0.64%	0.73%	0.78%	0.74%	0.7%	0.7%	0.72%
Debt / Equity	2.55x	2.30x	2.54x	3.06x	4.72x	7.68x	5.73x	3.79x	4.26x	4.56x
Net Debt / EBITDA	5.80x	5.25x	5.22x	4.97x	6.62x	7.33x	9.16x	7.39x	7.17x	6.32x
Book Value per Share	15.87	18.79	18.43	15.59	14.78	10.72	20.01	26.81	23.26	20.61

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.18B	2.7B	2.93B	3.75B	3.75B	3.88B	4.82B	3.7B	4.72B	5.29B
Operating CF Growth %	0.02%	0.24%	0.08%	0.28%	0%	0.03%	0.24%	-0.23%	0.28%	0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	672.01M	970.36M	1.23B	1.26B	1.92B	1.69B	2.57B	1.7B	1.37B	2.28B
Depreciation & Amortization	1.29B	1.53B	1.72B	2.11B	1.8B	1.88B	2.33B	3.36B	3.09B	2.12B
Stock-Based Compensation	90.54M	89.9M	108.5M	137.5M	111.4M	120.8M	119.5M	169.3M	195.7M	203.6M
Other Non-Cash Items	262.7M	194.56M	314.6M	552.3M	234.3M	632.9M	-260.7M	331M	1.07B	1.02B
Working Capital Changes	-135.29M	-103.81M	-352.2M	-14M	-250.4M	-423.6M	102.1M	-1.62B	-813.9M	-386.5M
Cash from Investing+	-7.74B	-2.11B	-2.8B	-2.75B	-3.99B	-4.78B	-20.69B	-2.36B	-1.7B	410.6M
Acquisitions (Net)	-1.96B	-1.42B	-2.01B	-1.88B	-2.96B	-3.8B	-19.3B	-549M	-168M	2.04B
Purchase of Investments	-1.02B	-750K	0	-1.15B	-355.9M	0	-25M	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-5.06B	-20.87M	-5M	-52.8M	-64.2M	26.6M	-900K	47.8M	253.3M	-288.4M
Cash from Financing+	5.59B	-99.29M	-113M	-607.7M	521.7M	1.22B	16.42B	-1.42B	-3.1B	-5.45B
Dividends Paid	-795.5M	-993.24M	-1.16B	-1.34B	-1.6B	-1.93B	-2.27B	-2.63B	-2.95B	-3.07B
Common Dividends	-710.9M	-886.1M	-1.07B	-1.32B	-1.6B	-1.93B	-2.27B	-2.63B	-2.95B	-3.07B
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Share Repurchases	0	0	-766.3M	-232.8M	-19.6M	-56M	0	-18.8M	0	0
Other Financing	852.18M	212.07M	344M	507.4M	-536.1M	-952.4M	2.55B	3.05B	-186.9M	-504.6M
Net Change in Cash+	7.19M	466.48M	18.4M	350M	273.1M	283.4M	481.9M	-202.6M	-47.3M	14.8M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	313.49M	320.69M	936.5M	954.9M	1.3B	1.58B	1.86B	2.34B	2.14B	2.09B
Cash at End	320.69M	787.16M	954.9M	1.3B	1.58B	1.86B	2.34B	2.14B	2.09B	2.11B
Free Cash Flow+	1.45B	2.02B	2.12B	2.84B	2.76B	2.85B	3.44B	1.82B	2.92B	3.7B
FCF Growth %	0.25%	0.39%	0.05%	0.34%	-0.03%	0.03%	0.21%	-0.47%	0.6%	0.27%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.66	5.78	6.84	7.56	8.23	8.01	10.81	11.07	9.78	9.36
FFO Payout Ratio	36.08%	35.7%	36.31%	39.54%	43.72%	53.97%	46.34%	51.37%	64.54%	70.21%
NOI Margin	72.61%	69.1%	69.18%	70.73%	70.79%	72.3%	71.34%	73.36%	74.42%	74.58%
Net Debt / EBITDA	5.80x	5.25x	5.22x	4.97x	6.62x	7.33x	9.16x	7.39x	7.17x	6.32x
Debt / Assets	63.63%	60.02%	60.83%	64.1%	72.57%	77.72%	74.42%	70.02%	70.13%	71.96%
Interest Coverage	2.76x	2.58x	2.66x	2.31x	3.30x	3.64x	3.60x	2.41x	2.25x	3.22x
Book Value / Share	15.87	18.79	18.43	15.59	14.78	10.72	20.01	26.81	23.26	20.61
Revenue Growth	16.38%	21.25%	15.18%	11.65%	1.88%	6.08%	16.36%	3.08%	3.8%	1.15%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Property	4.68B	5.71B	6.57B	7.31B	7.46B	7.95B	9.11B	10.47B	11B	9.93B
Property Growth	-	22.07%	14.93%	11.40%	2.05%	6.55%	14.53%	14.93%	5.07%	-9.71%
Services Revenue	-	-	-	125.4M	115.4M	87.9M	247.3M	241.1M	143M	193.7M
Services Revenue Growth	-	-	-	-	-7.97%	-23.83%	181.34%	-2.51%	-40.69%	35.45%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	4.6B	5.17B	5.25B	5.36B	5.44B
UNITED STATES Growth	-	-	-	-	-	-	12.22%	1.55%	2.13%	1.54%
Property, Latin America	885.57M	985.93M	1.17B	-	1.34B	118.4M	1.47B	1.69B	1.8B	1.72B
Property, Latin America Growth	-	11.33%	18.63%	-	-	-91.17%	1137.67%	15.46%	6.29%	-4.47%
Property, Asia-Pacific	242.22M	827.63M	1.16B	-	1.22B	9.3M	1.2B	1.08B	1.15B	1.21B
Property, Asia-Pacific Growth	-	241.68%	40.69%	-	-	-99.24%	12793.55%	-10.18%	6.85%	4.97%
Property, Data Centers	-	-	-	-	-	-	23.2M	766.6M	834.7M	924.8M
Property, Data Centers Growth	-	-	-	-	-	-	-	3204.31%	8.88%	10.79%
Property, Europe	395.09M	529.53M	626.2M	-	134.6M	7.9M	496.2M	735.7M	775.6M	834.7M
Property, Europe Growth	-	34.03%	18.26%	-	-	-94.13%	6181.01%	48.27%	5.42%	7.62%
Property, Africa	-	-	-	-	583.9M	13.8M	1.01B	1.19B	1.23B	193.7M
Property, Africa Growth	-	-	-	-	-	-97.64%	7186.23%	18.60%	2.78%	-84.20%
Property	-	-	-	7.31B	-	-	-	-	-	-
Property Growth	-	-	-	-	-	-	-	-	-	-
Services Revenue	-	-	-	125.4M	-	-	-	-	-	-
Services Revenue Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

American Tower Corporation (AMT) has a price-to-earnings (P/E) ratio of 37.7x. This suggests investors expect higher future growth.

Growth & Financials

American Tower Corporation (AMT) reported $10.45B in revenue for fiscal year 2024. This represents a 328% increase from $2.44B in 2011.

American Tower Corporation (AMT) grew revenue by 1.1% over the past year. Growth has been modest.

Yes, American Tower Corporation (AMT) is profitable, generating $2.94B in net income for fiscal year 2024 (22.3% net margin).

Dividend & Returns

Yes, American Tower Corporation (AMT) pays a dividend with a yield of 3.62%. This makes it attractive for income-focused investors.

American Tower Corporation (AMT) has a return on equity (ROE) of 22.0%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

American Tower Corporation (AMT) generated Funds From Operations (FFO) of $4.96B in the trailing twelve months. FFO is the primary profitability metric for REITs.

American Tower Corporation (AMT) offers a 3.62% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

...