American Tower Corporation (AMT) Financial Ratios
29 years of historical data (1997–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↓
18.22
↓-23% vs avg
5yr avg: 23.54
30Y Low12.6·High95.0
P/FCF
↓
21.93
↓-36% vs avg
5yr avg: 34.35
30Y Low21.8·High53.8
P/B Ratio
↓
8.07
↓-17% vs avg
5yr avg: 9.73
30Y Low0.4·High20.9
ROE
↓
25.3%
↓+11% vs avg
5yr avg: 22.7%
30Y Low-49%·High37%
Debt/EBITDA
↓
6.48
↓-14% vs avg
5yr avg: 7.56
30Y Low0.3·High13.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AMT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
American Tower Corporation trades at 33.0x earnings, 33% below its 5-year average of 49.1x, sitting at the 6th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 37%. On a free-cash-flow basis, the stock trades at 21.9x P/FCF, 36% below the 5-year average of 34.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $83.0B | $82.4B | $85.9B | $100.9B | $98.0B | $132.6B | $100.1B | $102.4B | $70.1B | $61.6B | $45.4B |
| Enterprise Value | $126.5B | $125.9B | $127.8B | $145.4B | $143.1B | $182.6B | $135.1B | $131.9B | $90.0B | $81.0B | $63.1B |
| P/E Ratio → | 33.05 | 32.57 | 38.05 | 67.89 | 55.46 | 51.68 | 59.22 | 54.20 | 56.70 | 53.43 | 53.37 |
| P/S Ratio | 7.80 | 7.74 | 8.48 | 10.07 | 10.16 | 14.17 | 12.45 | 13.51 | 9.42 | 9.24 | 7.84 |
| P/B Ratio | 8.07 | 7.95 | 8.90 | 9.28 | 7.90 | 14.62 | 20.95 | 15.54 | 10.15 | 7.74 | 5.62 |
| P/FCF | 21.93 | 21.77 | 23.20 | 34.49 | 53.79 | 38.51 | 35.14 | 37.08 | 24.72 | 29.02 | 22.45 |
| P/OCF | 15.19 | 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
AMT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
American Tower Corporation's enterprise value stands at 18.2x EBITDA, 23% below its 5-year average of 23.5x. The Real Estate sector median is 16.7x, placing the stock at a 9% premium on an enterprise-value basis.
| 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 | 18.22 | 18.13 | 19.25 | 23.41 | 23.48 | 33.42 | 28.32 | 29.54 | 22.42 | 21.81 | 18.68 |
| EV / EBIT | 25.91 | 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 |
AMT Profitability
Margins and return-on-capital ratios measuring operating efficiency
American Tower Corporation earns an operating margin of 45.8%, significantly above the Real Estate sector average of 26.0%. Operating margins have expanded from 31.2% to 45.8% over the past 3 years, signaling improving operational efficiency. ROE of 25.3% indicates solid capital efficiency. ROIC of 6.9% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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 | 8.6% | 8.6% | 8.0% | 5.3% | 4.6% | 6.0% | 7.1% | 8.2% | 6.5% | 6.7% | 6.7% |
AMT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
American Tower Corporation carries a Debt/EBITDA ratio of 6.5x, which is highly leveraged (18% below the sector average of 7.9x). Net debt stands at $43.5B ($45.0B total debt minus $1.5B cash). Interest coverage of 4.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 6.48 | 6.48 | 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 | 6.27 | 6.27 | 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 |
AMT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.63x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.5B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.51x to 0.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Quick Ratio | 0.63 | 0.63 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Cash Ratio | 0.37 | 0.37 | 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 | — | — | — | — | — | — | — | — | — | — | — |
AMT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
American Tower Corporation returns 4.2% to shareholders annually — split between a 3.8% dividend yield and 0.4% buyback yield. The payout ratio exceeds 100% at 124.8%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 3.8% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.1% | 2.6% | 1.5% | 1.8% | 1.9% | 1.7% | 1.8% | 1.8% | 1.9% | 1.9% |
| FCF Yield | 4.6% | 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 | 4.2% | 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 |
Peer Comparison
Compare AMT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AMTYou | $83B | 33.0 | 18.2 | 21.9 | 73.7% | 45.8% | 25.3% | 6.9% | 6.5 |
 CCI | $39B | 87.4 | 24.6 | 13.5 | 66.1% | 48.7% | — | 5.5% | 10.7 |
 SBAC | $23B | 22.2 | 20.5 | 21.6 | 41.6% | 48.7% | — | 10.0% | 8.3 |
 UNIT | $3B | 2.4 | 11.1 | — | 36.9% | 21.2% | 343.0% | 5.2% | 8.8 |
 IRM | $39B | 268.8 | 23.9 | — | 25.7% | 20.4% | — | 6.2% | 7.8 |
 LUMN | $10B | -5.3 | 10.2 | 25.6 | 24.3% | -1.5% | — | -0.8% | 6.9 |
 TMUS | $210B | 20.0 | 10.1 | 20.3 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 VZ | $200B | 11.7 | 8.0 | 9.9 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 T | $181B | 8.5 | 7.5 | 9.3 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 CSCO | $373B | 37.0 | 26.9 | 28.1 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 QCOM | $197B | 37.2 | 14.7 | 15.3 | 55.4% | 27.9% | 23.3% | 29.1% | 1.2 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAMT — Frequently Asked Questions
Quick answers to the most common questions about buying AMT stock.
What is American Tower Corporation's P/E ratio?
American Tower Corporation's current P/E ratio is 33.0x. The historical average is 53.9x. This places it at the 6th percentile of its historical range.
What is American Tower Corporation's EV/EBITDA?
American Tower Corporation's current EV/EBITDA is 18.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.9x.
What is American Tower Corporation's ROE?
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%.
Is AMT stock overvalued?
Based on historical data, American Tower Corporation is trading at a P/E of 33.0x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is American Tower Corporation's dividend yield?
American Tower Corporation's current dividend yield is 3.78% with a payout ratio of 124.8%.
What are American Tower Corporation's profit margins?
American Tower Corporation has 73.7% gross margin and 45.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does American Tower Corporation have?
American Tower Corporation's Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.