Upside case
Bull case
$283+58.9%
AMT would need investors to value it at roughly 43x earnings — about 16x more generous than today's 27x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
American Tower Corporation (AMT) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
49
analysts
37 bullish · 0 bearish · 49 covering AMT
Strong Buy
1
Buy
36
Hold
12
Sell
0
Strong Sell
0
Consensus Target
$216
+21.5% vs today
Scenario Range
$112 – $283
Model bear to bull value window
Coverage
49
Published analyst ratings
Valuation Context
27.2x
Forward P/E · Market cap $83.0B
AMT price targets
Three scenarios for where AMT stock could go
Current
~$178
Confidence
68 / 100
Updated
May 1, 2026
Where we are now
Current · $178
Bear
$112
Base
$217
Bull
$283
Market caseClosest to today
Base case
$217+21.7%
At 33x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$112-37.1%
If investor confidence fades or macro conditions deteriorate, a 10x multiple contraction could push AMT down roughly 37% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
American Tower Corporation
AMT · NYSEReal EstateREIT - SpecialtyDecember year-end
American Tower is a real estate investment trust that owns and operates wireless communications infrastructure — primarily cell towers — which it leases to wireless carriers and other tenants. It generates revenue primarily through long-term lease agreements with major telecom companies, with site leasing contributing over 95% of total revenue. The company's moat comes from its massive scale of prime tower locations, high barriers to entry in securing new sites, and the essential nature of its infrastructure for wireless networks.
Market Cap
$83.0B
Revenue TTM
$10.8B
Net Income TTM
$2.9B
Net Margin
26.6%
AMT Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
75%Exceptional
vs consensus estimates
Avg EPS Surprise
+9.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$2.60/$2.60
Revenue
$2.6B/$2.7B
Q4 2025
EPS
$2.78/$2.62
Revenue
$2.7B/$2.7B
Q1 2026
EPS
$1.75/$1.48
Revenue
$2.7B/$2.7B
Q2 2026
EPS
$1.84/$1.60
Revenue
$2.7B/$2.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $2.60/$2.60 | +0.0% | $2.6B/$2.7B | -1.2% |
| Q4 2025 | $2.78/$2.62 | +6.1% | $2.7B/$2.7B | +0.9% |
| Q1 2026 | $1.75/$1.48 | +18.2% | $2.7B/$2.7B | +1.9% |
| Q2 2026 | $1.84/$1.60 | +15.0% | $2.7B/$2.7B | +3.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$11.2B
+3.6% YoY
FY2
$11.7B
+4.6% YoY
EPS Outlook
FY1
$6.39
+3.6% YoY
FY2
$6.56
+2.7% YoY
Trailing FCF (TTM)$3.8B
FCF Margin: 34.9%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
AMT beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
AMT Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $10.6B
Product Mix
Latest annual revenue by segment or product family
Property
96.8%
+3.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
50.9%
+2.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Property is the largest disclosed segment at 96.8% of FY 2025 revenue, up 3.7% YoY.
UNITED STATES is the largest reported region at 50.9%, up 2.7% YoY.
AMT Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $201 — implies +10.8% from today's price.
Upside to Fair Value
10.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
AMT
33.0x
vs
S&P 500
25.1x
+32% premium
vs Real Estate Trailing P/E
AMT
33.0x
vs
Real Estate
24.1x
+37% premium
vs AMT 5Y Avg P/E
Today
33.0x
vs
5Y Average
49.1x
33% discount
Forward PE
27.2x
S&P 500
19.1x
+42%
Real Estate
26.4x
+3%
5Y Avg
—
—
Trailing PE
33.0x
S&P 500
25.1x
+32%
Real Estate
24.1x
+37%
5Y Avg
49.1x
-33%
PEG Ratio
4.53x
S&P 500
1.72x
+164%
Real Estate
1.25x
+264%
5Y Avg
—
—
EV/EBITDA
18.2x
S&P 500
15.2x
+20%
Real Estate
16.7x
+9%
5Y Avg
23.5x
-23%
Price/FCF
21.9x
S&P 500
21.1x
+4%
Real Estate
15.4x
+42%
5Y Avg
34.4x
-36%
Price/Sales
7.8x
S&P 500
3.1x
+149%
Real Estate
3.0x
+162%
5Y Avg
10.1x
-23%
Dividend Yield
3.78%
S&P 500
1.87%
+102%
Real Estate
4.66%
-19%
5Y Avg
2.95%
+28%
| Metric | AMT | S&P 500 | Real Estate | 5Y Avg AMT |
|---|---|---|---|---|
| Forward PE | 27.2x | 19.1x+42% | 26.4x | — |
| Trailing PE | 33.0x | 25.1x+32% | 24.1x+37% | 49.1x-33% |
| PEG Ratio | 4.53x | 1.72x+164% | 1.25x+264% | — |
| EV/EBITDA | 18.2x | 15.2x+20% | 16.7x | 23.5x-23% |
| Price/FCF | 21.9x | 21.1x | 15.4x+42% | 34.4x-36% |
| Price/Sales | 7.8x | 3.1x+149% | 3.0x+162% | 10.1x-23% |
| Dividend Yield | 3.78% | 1.87% | 4.66% | 2.95% |
AMT trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolAMT Financial Health
Verdict
Exceptional
AMT pays 4.2% total shareholder yield with 44.2% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$10.8B
Revenue Growth
TTM vs prior year
+2.7%
Gross Margin
Gross profit as a share of revenue
73.4%
Operating Margin
Operating income divided by revenue
44.2%
Net Margin
Net income divided by revenue
26.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$6.16
Operating Margin
NOI-equivalent margin — key for REIT property economics
44.2%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.9%
ROA
Return on assets, trailing twelve months
4.5%
Cash & Equivalents
Liquid assets on the balance sheet
$1.5B
Net Debt
Total debt minus cash
$43.5B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
11.5× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE *
Return on equity, trailing twelve months
27.4%
* Elevated by buyback-compressed equity — compare ROIC (6.9%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
4.2%
Dividend
3.8%
Buyback
0.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$365M
Dividend / Share
Annualized trailing dividend per share
$6.73
Payout Ratio
Share of earnings distributed as dividends
124.8%
Shares Outstanding
Declining as buybacks retire shares
466M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageAMT Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Debt & Financing
American Tower’s net debt‑to‑EBITDA ratio sits around 4.9x‑5.2x, comfortably within its target range. However, rising U.S. Treasury yields could increase refinancing costs, squeeze profitability, and limit future growth or buyback capacity. If leverage does not decline, the market may apply a discount to the company’s valuation.
Medium
Customer Concentration
Although AMT has diversified revenue streams, a sizable portion comes from a condensed tenant base. Consolidation or bankruptcy among these major clients could trigger a substantial revenue loss, impacting the company’s top line.
Medium
Competitive Pressure
The market for building or acquiring communications infrastructure assets is intensifying. Competitors with greater financial resources or looser investment criteria may win contracts, driving up costs or causing lost opportunities for AMT.
Medium
Satellite Internet Threat
The growing popularity and affordability of satellite services such as Starlink pose a long‑term threat to traditional tower assets. If satellite adoption accelerates, demand for AMT’s infrastructure could decline, eroding future revenue streams.
Lower
5G Deployment & Capacity
Delays in deploying new 5G capacity or limited access to electricity at sites could slow revenue growth. Any slowdown in bringing 5G capacity online would directly affect the company’s growth trajectory.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why AMT Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Vast Global Site Portfolio
American Tower operates over 224,000 sites worldwide, providing essential infrastructure for wireless carriers. Long‑term leases with multiple clients generate stable, predictable recurring revenue.
5G Rollout & Data Demand
The growing data consumption and 5G deployment drive demand for tower capacity. The CoreSite acquisition is expected to boost revenue through enterprise cloud migration and rising AI workloads.
Projected Revenue CAGR 4%
Year‑over‑year growth has been observed, with revenue projected to grow at a 4% compound annual growth rate over the next three years. Strong cash generation supports dividend distribution.
Consistent Dividend Growth
American Tower has a history of consistent dividend increases, making it attractive to income‑focused investors. Future estimates suggest the payout ratio remains sustainable.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
AMT Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$178.12
52W Range Position
19%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$165.08
+7.9% from the low
52-Week High
$234.33
-24.0% from the high
1 Month
+1.12%
3 Month
+3.87%
YTD
+1.9%
1 Year
-20.4%
3Y CAGR
-3.3%
5Y CAGR
-6.5%
10Y CAGR
+5.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
AMT vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
27.2x
vs 43.0x median
-37% below peer median
Revenue Growth
+3.6%
vs +3.0% median
+20% above peer median
Net Margin
26.6%
vs 25.1% median
+6% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
AMT AMT American Tower Corporation | $83.0B | 27.2x | +3.6% | 26.6% | Buy | +21.5% |
CCI CCI Crown Castle Inc. | $38.9B | 43.0x | -18.0% | 25.1% | Buy | +18.3% |
SBA SBAC SBA Communications Corporation | $23.1B | 29.2x | +3.0% | 35.7% | Buy | +5.9% |
UNI UNIT Uniti Group Inc. | $2.7B | — | +52.5% | 56.8% | Hold | -4.3% |
IRM IRM Iron Mountain Incorporated | $39.2B | 58.4x | +10.8% | 3.8% | Buy | +0.5% |
LUM LUMN Lumen Technologies, Inc. | $9.5B | — | -8.5% | -14.3% | Hold | -23.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
AMT Dividend and Capital Return
AMT returns 4.2% total yield, led by a 3.78% dividend, raised 14 consecutive years.
Dividend SustainableFCF Stretched
Total Shareholder Yield
4.2%
Dividend + buyback return per year
Buyback Yield
0.4%
Dividend Yield
3.78%
Payout Ratio
1.2%
How AMT Splits Its Return
Div 3.78%
Dividend 3.78%Buybacks 0.4%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$6.73
Growth Streak
Consecutive years of dividend increases
14Y
3Y Div CAGR
5.1%
5Y Div CAGR
8.5%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$365M
Estimated Shares Retired
2M
Approx. Share Reduction
0.4%
Shares Outstanding
Current diluted share count from the screening snapshot
466M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.79 | — | — | — |
| 2025 | $6.80 | +4.9% | 0.4% | 4.3% |
| 2024 | $6.48 | +0.5% | 0.0% | 3.6% |
| 2023 | $6.45 | +10.1% | 0.0% | 2.9% |
| 2022 | $5.86 | +12.5% | 0.0% | 2.7% |
FAQ
7 questionsAMT Investor Questions
Common questions answered from live analyst data and company financials.
01Is American Tower Corporation (AMT) stock a buy or sell in 2026?
American Tower Corporation (AMT) is rated Buy by Wall Street analysts as of 2026. Of 49 analysts covering the stock, 37 rate it Buy or Strong Buy, 12 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $216, implying +21.5% from the current price of $178. The bear case scenario is $112 and the bull case is $283.
02What is the AMT stock price target for 2026?
The Wall Street consensus price target for AMT is $216 based on 49 analyst estimates. The high-end target is $255 (+43.2% from today), and the low-end target is $185 (+3.9%). The base case model target is $217.
03Is American Tower Corporation (AMT) stock overvalued in 2026?
AMT trades at 27.2x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for American Tower Corporation (AMT) stock in 2026?
The primary risks for AMT in 2026 are: (1) Debt & Financing — American Tower’s net debt‑to‑EBITDA ratio sits around 4. (2) Customer Concentration — Although AMT has diversified revenue streams, a sizable portion comes from a condensed tenant base. (3) Competitive Pressure — The market for building or acquiring communications infrastructure assets is intensifying. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is American Tower Corporation's revenue and earnings forecast?
Analyst consensus estimates AMT will report consensus revenue of $11.2B (+3.6% year-over-year) and EPS of $6.39 (+3.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $11.7B in revenue.
06When does American Tower Corporation (AMT) report its next earnings?
A confirmed upcoming earnings date for AMT is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does American Tower Corporation generate?
American Tower Corporation (AMT) generated $3.8B in free cash flow over the trailing twelve months — a free cash flow margin of 34.9%. AMT returns capital to shareholders through dividends (3.8% yield) and share repurchases ($365M TTM).