Financial flexibility remains constrained by a debt-to-equity ratio consistently exceeding 4.0x, with total debt reaching $45.1 billion in 2026Q1 against a modest $1.5 billion cash position.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Total Assets | 63.19B | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B | 47.23B | 42.8B | 33.01B | 33.21B | 30.88B | 26.9B | 21.33B | 20.27B | 14.09B | 12.23B | 10.37B | 8.51B | 8.21B | 8.13B | 8.61B | 8.77B | 5.09B | 5.33B | 5.66B | 6.83B | 5.66B | 3.02B | 1.5B | 255.36M |
| Asset Growth % | 3.83% | 3.46% | -7.5% | -1.74% | -3.85% | 47.96% | 10.35% | 29.66% | -0.61% | 7.56% | 14.77% | 26.12% | 5.22% | 43.89% | 15.18% | 17.98% | 21.8% | 3.67% | 1% | -5.6% | -1.77% | 72.4% | -4.62% | -5.82% | -17.09% | 20.65% | 87.51% | 100.94% | 488.33% | - |
| Real Estate & Other Assets | 13.16B | 4.96B | 4.28B | 5.26B | 3.56B | 400.9M | 400.1M | 406.4M | 962.6M | 950.1M | 841.52M | 732.9M | 566.45M | 445M | 452.79M | 1.1B | 785.87M | 651.13M | 581.53M | 485M | 415.72M | 357.29M | 291.78M | 275.51M | 262.13M | 266.82M | 246.78M | 268.96M | 17.26M | 120.63M |
| PP&E (Net) | 20.36B | 28.78B | 27.15B | 19.79B | 28.92B | 29.01B | 20.6B | 19.44B | 11.25B | 11.1B | 10.52B | 9.87B | 7.63B | 7.26B | 5.79B | 4.88B | 3.62B | 3.18B | 3.02B | 3.05B | 3.22B | 3.46B | 2.27B | 2.55B | 2.73B | 3.29B | 2.3B | 1.09B | 449.48M | 117.62M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 2.74B | 2.49B | 3.18B | 3.71B | 3.62B | 3.73B | 2.91B | 2.55B | 2.39B | 2.04B | 1.69B | 996.47M | 947.97M | 986.09M | 829.53M | 775.15M | 1.4B | 651.36M | 473.68M | 245.67M | 486.02M | 225.88M | 309.04M | 416.65M | 590.78M | 522.21M | 471.15M | 129.61M | 207.59M | 8.69M |
| Cash & Equivalents | 1.47B | 1.47B | 2B | 1.75B | 2.03B | 1.95B | 1.75B | 1.5B | 1.21B | 802.1M | 787.16M | 320.69M | 313.49M | 293.58M | 368.62M | 330.19M | 883.96M | 247.29M | 143.08M | 33.12M | 281.26M | 112.7M | 215.56M | 105.47M | 127.29M | 35.96M | 82.04M | 25.21M | 186.18M | 4.6M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 130.4M | 369.7M | 234.6M | 989.7M | 228.2M | 474M | 194.7M | 134.2M | 174.4M | 224.6M | 203.4M | 177.53M | 244.01M | 236.57M | 129.42M | 131.81M | 244.98M | 237.29M | 215.85M | 93.75M | 88.48M | 31.36M | 9.48M | 201.81M | 318.22M | 118.21M | 61.2M | 1.72M | 495K | 63K |
| Intangible Assets | 14.53B | 14.53B | 14.47B | 16.52B | 17.98B | 20.73B | 13.84B | 12.32B | 11.17B | 11.78B | 11.27B | 9.84B | 6.89B | 6.7B | 3.12B | 2.35B | 1.99B | 1.6B | 1.57B | 1.69B | 1.82B | 2.08B | 1.58B | 1.61B | 1.75B | 2.51B | 2.51B | 1.4B | 718.6M | 8.42M |
| Total Liabilities | 52.84B | 52.84B | 51.43B | 55.16B | 54.79B | 60.82B | 42.45B | 36.21B | 26.11B | 25.26B | 22.81B | 20.19B | 17.28B | 16.68B | 10.4B | 8.82B | 6.86B | 5.19B | 5.21B | 5.11B | 4.22B | 4.23B | 3.61B | 3.6B | 3.91B | 3.95B | 2.77B | 865.13M | 406.48M | 101.52M |
| Total Debt | 45.13B | 44.96B | 43.95B | 46.31B | 47.05B | 52.01B | 36.71B | 31.06B | 21.16B | 20.21B | 18.53B | 17.12B | 14.61B | 14.48B | 8.75B | 7.24B | 5.59B | 4.21B | 4.33B | 4.29B | 253.91M | 3.61B | 3.29B | 3.36B | 3.46B | 3.56B | 2.47B | 740.82M | 281.13M | 90.18M |
| Net Debt | 43.66B | 43.49B | 41.95B | 44.55B | 45.02B | 50.06B | 34.97B | 29.56B | 19.95B | 19.4B | 17.75B | 16.8B | 14.3B | 14.18B | 8.38B | 6.91B | 4.7B | 3.96B | 4.19B | 4.25B | -27.36M | 3.5B | 3.08B | 3.26B | 3.34B | 3.53B | 2.39B | 715.61M | 94.95M | 85.58M |
| Long-Term Debt | 33.83B | 33.8B | 32.81B | 35.73B | 34.16B | 38.69B | 28.5B | 21.13B | 18.41B | 19.43B | 18.29B | 17.07B | 13.64B | 14.41B | 8.69B | 7.13B | 5.51B | 4.14B | 4.33B | 4.28B | 0 | 327.35M | 3.16B | 3.28B | 3.18B | 3.55B | 2.46B | 736.09M | 279.48M | 90.07M |
| Short-Term Borrowings | 3.39B | 3.97B | 3.69B | 3.07B | 4.51B | 4.57B | 789.8M | 2.93B | 2.75B | 774.8M | 238.81M | 50.2M | 897.39M | 70.13M | 60.03M | 101.82M | 74.9M | 70.52M | 1.84M | 1.82M | 253.91M | 162.15M | 138.39M | 77.62M | 270.14M | 12.59M | 11.18M | 4.74M | 1.65M | 110.39K |
| Capital Lease Obligations | 30.44B | 7.19B | 7.45B | 7.51B | 8.38B | 8.75B | 7.42B | 7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101.82M | 0 | 0 | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 6.91B | 3.97B | 7.08B | 7.25B | 8.31B | 9.07B | 3.66B | 5.49B | 4.69B | 2.51B | 1.63B | 1.2B | 1.93B | 924.76M | 632.18M | 779.59M | 542.2M | 391.24M | 302.64M | 317.38M | 569.63M | 453.22M | 332.2M | 294.78M | 670.29M | 342.71M | 297.79M | 124.99M | 115.64M | 11.01M |
| Accounts Payable | 259.8M | 0 | 240.8M | 251.3M | 218.6M | 272.4M | 139.1M | 148.1M | 130.8M | 142.9M | 118.7M | 96.71M | 90.37M | 172.94M | 89.58M | 215.93M | 292.54M | 185.14M | 151.99M | 175.46M | 187.63M | 178.95M | 121.67M | 107.56M | 113.38M | 214.54M | 161.34M | 25.56M | 6.7M | 3.74M |
| Deferred Revenue | 325M | 325M | 329.2M | 433.8M | 439.7M | 1.2B | 390.6M | 294.3M | 304.1M | 268.8M | 245.39M | 211M | 233.82M | 161.93M | 124.15M | 93.1M | 134.13M | 112.05M | 120.19M | 106.39M | 86.77M | 77.66M | 32.68M | 59.73M | 77.59M | 124.8M | 164.31M | 77.26M | 55.55M | 5.41M |
| Other Liabilities | 3.49B | 6.11B | 2.89B | 3.58B | 2.74B | 2.65B | 1.98B | 1.8B | 1.97B | 1.91B | 1.65B | 1.36B | 1.22B | 1.07B | 915.69M | 790.79M | 808.77M | 669.5M | 583.23M | 504.18M | 3.66B | 3.45B | 121.5M | 83.5M | 41.38M | 54.5M | 12.47M | 4.06M | 11.37M | 33K |
| Total Equity | 10.36B | 10.36B | 9.65B | 10.87B | 12.41B | 9.07B | 4.78B | 6.59B | 6.9B | 7.95B | 8.07B | 6.71B | 4.05B | 3.59B | 3.68B | 3.41B | 3.5B | 3.32B | 2.99B | 3.03B | 4.39B | 4.54B | 1.48B | 1.73B | 1.76B | 2.88B | 2.89B | 2.15B | 1.1B | 153.83M |
| Equity Growth % | 17.69% | 7.32% | -11.2% | -12.44% | 36.81% | 89.72% | -27.42% | -4.6% | -13.2% | -1.4% | 20.18% | 65.61% | 12.91% | -2.56% | 8.04% | -2.69% | 5.62% | 10.81% | -1.02% | -31.06% | -3.26% | 207.13% | -14.63% | -1.47% | -39.1% | -0.35% | 34.34% | 96.53% | 612.37% | - |
| Shareholders Equity | 3.65B | 3.65B | 3.38B | 4.2B | 5.57B | 5.08B | 4.09B | 5.06B | 5.34B | 6.24B | 6.76B | 6.65B | 3.95B | 3.53B | 3.57B | 3.28B | 3.5B | 3.32B | 2.99B | 3.02B | 4.38B | 4.53B | 1.47B | 1.71B | 1.74B | 2.87B | 2.88B | 2.15B | 1.09B | 153.21M |
| Minority Interest | 6.7B | 6.7B | 6.27B | 6.67B | 6.84B | 3.99B | 687M | 1.53B | 1.57B | 1.71B | 1.3B | 61.14M | 99.79M | 55.88M | 111.08M | 126.7M | 3.11M | 3.04M | 3.16M | 3.34M | 3.59M | 9.79M | 6.08M | 18.6M | 15.57M | 13.94M | 16.35M | 8.65M | 4.12M | 625.65K |
| Common Stock | 4.8M | 4.8M | 4.8M | 4.8M | 4.8M | 4.7M | 4.6M | 4.5M | 4.5M | 4.4M | 4.3M | 4.27M | 4M | 3.98M | 3.96M | 3.94M | 4.86M | 4.8M | 4.68M | 4.53M | 4.38M | 4.16M | 2.3M | 2.2M | 1.96M | 1.95M | 1.8M | 1.56M | 1.08M | 356.34K |
| Additional Paid-in Capital | 15.22B | 15.22B | 15.06B | 14.87B | 14.69B | 12.24B | 10.47B | 10.12B | 10.38B | 10.25B | 10.04B | 9.69B | 5.79B | 5.13B | 5.01B | 4.9B | 8.58B | 8.39B | 8.11B | 7.77B | 7.5B | 7.38B | 4.01B | 3.91B | 3.64B | 3.64B | 3.17B | 2.25B | 1.14B | 155.71M |
| Retained Earnings | -5.09B | -5.09B | -4.42B | -3.64B | -2.1B | -1.14B | -1.34B | -1.02B | -1.2B | -1.06B | -1.08B | -998.53M | -837.32M | -1.08B | -1.2B | -1.48B | -1.74B | -2.11B | -2.36B | -2.7B | -2.73B | -2.71B | -2.54B | -2.19B | -1.89B | -745.15M | -295.06M | -100.43M | -49.7M | -2.86M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74K | 74K | 60K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 4.53% | 4.07% | 3.55% | 2.23% | 2.58% | 4.38% | 3.76% | 4.98% | 3.73% | 3.87% | 3.31% | 2.84% | 3.97% | 3.21% | 4.84% | 3.48% | 3.95% | 2.95% | 4.25% | 0.67% | 0.32% | -2.48% | -4.75% | -5.52% | -18.28% | -7.21% | -4.48% | -2.24% | -5.33% | -0.89% |
| Return on Equity (ROE) | 27.44% | 25.29% | 21.98% | 12.75% | 16.44% | 37.08% | 29.74% | 27.99% | 16.64% | 15.47% | 12.94% | 12.73% | 21.58% | 15.16% | 17.97% | 11.36% | 10.93% | 7.81% | 11.54% | 1.52% | 0.62% | -5.71% | -15.44% | -17.41% | -49.23% | -15.58% | -7.71% | -3.12% | -7.5% | -1.48% |
| Debt / Assets | 71.42% | 71.16% | 71.96% | 70.13% | 70.02% | 74.42% | 77.72% | 72.57% | 64.1% | 60.83% | 60.02% | 63.63% | 68.48% | 71.42% | 62.13% | 59.16% | 53.89% | 49.47% | 52.77% | 52.71% | 2.95% | 41.21% | 64.76% | 63.03% | 61.19% | 52.15% | 43.6% | 24.54% | 18.71% | 35.31% |
| Debt / Equity | 4.36x | 4.34x | 4.56x | 4.26x | 3.79x | 5.73x | 7.68x | 4.72x | 3.06x | 2.54x | 2.30x | 2.55x | 3.60x | 4.03x | 2.38x | 2.12x | 1.59x | 1.27x | 1.45x | 1.42x | 0.06x | 0.80x | 2.23x | 1.94x | 1.97x | 1.24x | 0.85x | 0.34x | 0.26x | 0.59x |
| Net Debt / EBITDA | 6.35x | 6.27x | 6.32x | 7.17x | 7.39x | 9.16x | 7.33x | 6.62x | 4.97x | 5.22x | 5.25x | 5.80x | 5.74x | 7.04x | 4.75x | 4.68x | 3.78x | 3.65x | 4.14x | 4.68x | -0.03x | 5.52x | 6.52x | 7.44x | 13.34x | 13.05x | 12.09x | 7.49x | 3.68x | 11.49x |
| Book Value per Share | 22.18 | 22.07 | 20.61 | 23.26 | 26.81 | 20.01 | 10.72 | 14.78 | 15.59 | 18.43 | 18.79 | 15.87 | 10.13 | 8.99 | 9.23 | 8.52 | 8.67 | 8.15 | 7.16 | 7.10 | 10.06 | 15.00 | 6.58 | 8.31 | 8.98 | 15.05 | 17.15 | 14.38 | 13.74 | 0.56 |
High Debt-to-Equity Leverage
Based on reported financial statements, American Tower maintains a debt-to-equity ratio consistently exceeding 4.0x, with total debt reaching $45.1 billion in 2026Q1, suggesting that the company's capital structure remains heavily reliant on debt financing to support its global tower and data center asset expansion.
The sustained high leverage ratio appears to limit the company's capacity for aggressive inorganic growth without further equity dilution or asset divestitures. Investors should monitor whether the current debt load, when combined with rising interest costs, begins to constrain the company's ability to fund future site upgrades.
As indicated by the shift in net property, plant, and equipment from $29.3 billion in 2024Q1 to $20.4 billion in 2026Q1, American Tower is actively reconfiguring its asset base, likely reflecting the strategic exit from the Indian market and a pivot toward higher-margin data center assets.
This contraction in the net asset base suggests a deliberate effort to improve portfolio quality by shedding lower-performing international sites. However, the reduction in total assets may also signal a period of consolidation where the company prioritizes balance sheet stabilization over rapid geographic footprint expansion.
According to recent quarterly filings, cash balances have fluctuated between $1.5 billion and $2.5 billion over the last ten quarters, which appears modest relative to the company's $45.1 billion debt burden and ongoing requirements for maintenance capital expenditures across its global infrastructure portfolio.
The relatively thin cash cushion suggests that American Tower relies heavily on revolving credit facilities and capital market access to manage liquidity needs. This reliance may expose the company to refinancing risks if credit markets tighten or if interest rate volatility persists in the near term.
As evidenced by the reported equity base of only $3.7 billion against $63.2 billion in total assets as of 2026Q1, the company's thin equity cushion warrants further investigation into the potential for future impairment charges to erode the remaining book value of the firm.
The minimal equity-to-asset ratio implies that even minor write-downs in the value of international assets or data center goodwill could have a disproportionate impact on the company's solvency metrics. This structural vulnerability suggests that the balance sheet is highly sensitive to changes in long-term asset valuations.
Quick answers to the most common questions about buying AMT stock.
As of 2025, American Tower Corporation (AMT) had total assets of $63.19B including $2.49B in current assets.
American Tower Corporation (AMT) carries total debt of $44.96B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Tower Corporation (AMT) has total shareholders' equity (book value) of $3.65B ($22.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
American Tower Corporation (AMT) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.