Latest Ratios: P/E Ratio 26.7x · EV/EBITDA 19.0x · ROE 25.3%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $88.0B | $82.4B | $85.9B | $100.9B | $98.0B | $132.6B | $100.1B | $102.4B | $70.1B | $61.6B | $45.4B |
| Enterprise Value | $131.5B | $125.9B | $127.8B | $145.4B | $143.1B | $182.6B | $135.1B | $131.9B | $90.0B | $81.0B | $63.1B |
| P/E Ratio → | 26.72 | 32.57 | 38.05 | 67.89 | 55.46 | 51.68 | 59.22 | 54.20 | 56.70 | 53.43 | 53.37 |
| P/S Ratio | 7.99 | 7.74 | 8.48 | 10.07 | 10.16 | 14.17 | 12.45 | 13.51 | 9.42 | 9.24 | 7.84 |
| P/B Ratio | 8.55 | 7.95 | 8.90 | 9.28 | 7.90 | 14.62 | 20.95 | 15.54 | 10.15 | 7.74 | 5.62 |
| P/FCF | 22.21 | 21.77 | 23.20 | 34.49 | 53.79 | 38.51 | 35.14 | 37.08 | 24.72 | 29.02 | 22.45 |
| P/OCF | 16.10 | 15.07 | 16.23 | 21.36 | 26.52 | 27.51 | 25.80 | 27.28 | 18.69 | 21.05 | 16.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.82 | 12.62 | 14.52 | 14.83 | 19.52 | 16.80 | 17.41 | 12.10 | 12.15 | 10.91 |
| EV / EBITDA | 18.98 | 18.18 | 19.25 | 23.41 | 23.48 | 33.42 | 28.32 | 29.54 | 22.42 | 21.81 | 18.68 |
| EV / EBIT | 26.93 | 30.98 | 25.41 | 49.84 | 44.40 | 49.36 | 51.67 | 48.32 | 45.46 | 40.38 | 34.22 |
| EV / FCF | — | 33.26 | 34.54 | 49.72 | 78.49 | 53.05 | 47.41 | 47.78 | 31.75 | 38.17 | 31.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.7% | 73.7% | 74.6% | 74.4% | 73.4% | 71.3% | 72.3% | 70.8% | 70.7% | 69.2% | 69.1% |
| Operating Margin | 45.8% | 45.8% | 44.6% | 31.2% | 28.4% | 33.5% | 35.9% | 35.5% | 25.6% | 30.0% | 32.0% |
| Net Profit Margin | 23.8% | 23.8% | 22.3% | 14.8% | 18.3% | 27.4% | 21.0% | 24.9% | 16.6% | 18.6% | 16.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.3% | 25.3% | 22.0% | 12.7% | 16.4% | 37.1% | 29.7% | 28.0% | 16.6% | 15.5% | 12.9% |
| ROA | 4.1% | 4.1% | 3.5% | 2.2% | 2.6% | 4.4% | 3.8% | 5.0% | 3.7% | 3.9% | 3.3% |
| ROIC | 6.9% | 6.9% | 6.3% | 4.2% | 3.5% | 4.8% | 5.7% | 6.4% | 5.3% | 5.6% | 5.6% |
| ROCE | 8.9% | 8.9% | 8.0% | 5.3% | 4.6% | 6.0% | 7.1% | 8.2% | 6.5% | 6.7% | 6.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.34 | 4.34 | 4.56 | 4.26 | 3.79 | 5.73 | 7.68 | 4.72 | 3.06 | 2.54 | 2.30 |
| Debt / EBITDA | 6.50 | 6.50 | 6.62 | 7.45 | 7.72 | 9.52 | 7.70 | 6.95 | 5.27 | 5.44 | 5.49 |
| Net Debt / Equity | — | 4.20 | 4.35 | 4.10 | 3.63 | 5.52 | 7.31 | 4.49 | 2.89 | 2.44 | 2.20 |
| Net Debt / EBITDA | 6.28 | 6.28 | 6.32 | 7.17 | 7.39 | 9.16 | 7.33 | 6.62 | 4.97 | 5.22 | 5.25 |
| Debt / FCF | — | 11.49 | 11.34 | 15.24 | 24.70 | 14.54 | 12.27 | 10.70 | 7.04 | 9.14 | 8.78 |
| Interest Coverage | 3.99 | 3.99 | 3.58 | 2.10 | 2.84 | 4.25 | 3.30 | 3.35 | 2.40 | 2.67 | 2.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.40 | 0.40 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Quick Ratio | 0.40 | 0.40 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Cash Ratio | 0.21 | 0.21 | 0.28 | 0.24 | 0.24 | 0.22 | 0.48 | 0.27 | 0.26 | 0.32 | 0.49 |
| Asset Turnover | — | 0.17 | 0.17 | 0.15 | 0.14 | 0.13 | 0.17 | 0.18 | 0.23 | 0.20 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 3.8% | 3.6% | 2.9% | 2.7% | 1.7% | 1.9% | 1.6% | 1.9% | 1.7% | 2.0% |
| Payout Ratio | 124.8% | 124.8% | 136.4% | 198.8% | 149.0% | 88.4% | 114.1% | 84.9% | 107.0% | 86.6% | 92.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.1% | 2.6% | 1.5% | 1.8% | 1.9% | 1.7% | 1.8% | 1.8% | 1.9% | 1.9% |
| FCF Yield | 4.5% | 4.6% | 4.3% | 2.9% | 1.9% | 2.6% | 2.8% | 2.7% | 4.0% | 3.4% | 4.5% |
| Buyback Yield | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.3% | 1.2% | 0.0% |
| Total Shareholder Yield | 4.0% | 4.3% | 3.6% | 2.9% | 2.7% | 1.7% | 2.0% | 1.6% | 2.2% | 3.0% | 2.0% |
| Shares Outstanding | — | $469M | $468M | $467M | $463M | $453M | $446M | $446M | $443M | $432M | $429M |
Includes 30+ ratios · 29 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AMT stock.
American Tower Corporation's current P/E ratio is 26.7x. The historical average is 53.9x.
American Tower Corporation's current EV/EBITDA is 19.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.9x.
American Tower Corporation's return on equity (ROE) is 25.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.0%.
Based on historical data, American Tower Corporation is trading at a P/E of 26.7x. Compare with industry peers and growth rates for a complete picture.
American Tower Corporation's current dividend yield is 3.56% with a payout ratio of 124.8%.
American Tower Corporation has 73.7% gross margin and 45.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American Tower Corporation's Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Carrier churn pressuring payout coverage
Metrics are mathematically derived from official filings.
Premium Multiple Defends on Contracted Cash
American Tower's P/FFO compressed to 20.97x in 2026Q3 from 22.96x a year earlier, per the company's quarterly ratio disclosures, while the 18.61x EV/EBITDA multiple sits in line with SBA Communications at 18.64x but well beneath Crown Castle's 24.46x, suggesting a selective de-rating.
The P/FFO band has held between 20.60x and 22.96x across all ten quarters, which implies the market is anchoring AMT's valuation on contractual escalators and the dividend rather than on the -6.6% FFO growth recorded in 2026Q3. A precise implied cap rate cannot be calculated from the data supplied, but the gap to Crown Castle's 24.46x EV/EBITDA may reflect the market pricing AMT's emerging-market exposure and residual DISH-related churn at a discount to a domestic-only peer. Investors should treat the 34.11x trailing P/E as non-informative for this issuer, as discussed in the counter-analysis below.
Payout Ratio Climbs as FFO Contracts
The FFO payout ratio rose to 64.9% in 2026Q3 from 43.8% in 2024Q4, based on the reported quarterly ratio table, occurring alongside a 6.6% year-over-year decline in FFO per share and an AFFO per share drop to $1.91 from $2.27, which points to narrowing coverage.
Coverage of the roughly $834M quarterly dividend by AFFO of $887.8M leaves a retained buffer of only about $53M, a margin that appears thin given that quarterly AFFO has previously swung as low as $572.5M in 2025Q2. The ratio trajectory suggests the dividend is increasingly being sustained by retained cash flow rather than organic FFO growth, so the durability of the distribution now depends on whether DISH churn normalization and CoreSite leasing can re-accelerate per-share AFFO. The payout still sits within a defensible range for a specialty REIT, but the direction of travel warrants close monitoring through the next several reporting periods.
Equity Erosion Drives Passive Leverage Climb
Debt-to-equity reached 4.64x in 2026Q3 versus 4.18x a year earlier with total debt held near $45B, per SEC filings, while interest coverage eased to 3.45x from 5.07x in 2024Q4, indicating the leverage build reflects a shrinking book equity cushion rather than incremental borrowing.
Because debt has stayed within a narrow $44B–$47.4B band for ten straight quarters, the rising ratio appears denominator-driven, which is arguably less concerning than new leverage but still compresses covenant headroom as coverage trends from the 5.07x peak down toward the mid-3x range. Cash of $1.9B covers only about 4.2% of the debt load, so AMT remains reliant on operating cash generation and revolver access to manage maturities; in a sustained higher-rate environment this cost of carry may pressure the AFFO available for distribution. Analysts should also frame leverage against gross assets, where roughly $45B of debt sits against a $58.3B asset base, rather than the thin $3.5B book equity figure.
NOI Margins Drift Below Tower Peak
NOI margin eased to 72.8% in 2026Q3 from a 75.2% peak in 2025Q1, as reported in AMT's quarterly disclosures, while ROE slipped to 7.7% from 12.4% in 2024Q4, suggesting the exceptional operating leverage of the tower model is being diluted by mix and cost drift.
Even at 72.8%, NOI margins remain far above typical REIT levels, consistent with a portfolio where marginal colocation revenue carries almost no incremental cost; the compression therefore likely reflects a growing share of lower-margin international and ground-lease-intensive sites rather than deteriorating core economics. The negative -6.6% FFO growth in 2026Q3 indicates that reported earnings are not currently being driven organically, and the recovery in ROE from the anomalous 2024Q3 impairment quarter appears incomplete relative to the 12.4% registered in 2024Q4. Whether the CoreSite data center build-out restores margin quality is a question that warrants investigation in coming quarters.
Mid-Pack Leverage, Lagging Returns vs Peers
American Tower's 72.8% NOI margin and 7.7% ROE sit alongside SBA Communications' 37.4% net margin and 10.0% ROIC, per the peer comparison table, and its 4.64x debt-to-equity contrasts with Uniti Group's 26.35x, placing AMT mid-pack on leverage but below the pure-play tower peer on returns.
Crown Castle's 5.5% ROIC and 5.4% dividend yield profile suggests the market accepts a materially lower earnings return from a domestic-focused tower and fiber platform, whereas AMT's premium multiple appears to be justified by its international growth runway and data center optionality rather than current profitability. SBA Communications' superior margin and return profile may reflect a leaner cost structure without the international FX translation drag that appears to weigh on AMT's consolidated results. Uniti Group is included for leverage context only and should not be treated as an operational comparable given its distressed 26.35x debt-to-equity.
Why P/E and D/E Both Mislead Here
The 34.11x trailing P/E reported for American Tower is the ratio most likely to mislead, as roughly $550M of quarterly depreciation separates FFO of $1.3B from GAAP net income, based on AMT's filings, rendering price-to-earnings unusable for a portfolio carried largely at historical cost.
The better lens is price-to-FFO at 20.97x, though even that flatters the picture because FFO does not deduct maintenance capital expenditure, which has run between $304.6M and $579.2M per quarter; annualizing the $1.91 of 2026Q3 AFFO suggests a P/AFFO closer to the mid-20x range, a materially richer entry point than headline FFO multiples imply. The debt-to-equity ratio of 4.64x is similarly distorted, since book equity of only $3.5B against $58.3B of total assets means the same $45B debt load reads as roughly 78% debt-to-gross-assets, a figure that better reflects true covenant-relevant leverage for a REIT whose asset base is depreciated rather than marked to market.