Latest Ratios: P/E Ratio 31.7x · EV/EBITDA 17.7x · 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 | $79.6B | $82.4B | $85.9B | $100.9B | $98.0B | $132.6B | $100.1B | $102.4B | $70.1B | $61.6B | $45.4B |
| Enterprise Value | $123.1B | $125.9B | $127.8B | $145.4B | $143.1B | $182.6B | $135.1B | $131.9B | $90.0B | $81.0B | $63.1B |
| P/E Ratio → | 31.68 | 32.57 | 38.05 | 67.89 | 55.46 | 51.68 | 59.22 | 54.20 | 56.70 | 53.43 | 53.37 |
| P/S Ratio | 7.48 | 7.74 | 8.48 | 10.07 | 10.16 | 14.17 | 12.45 | 13.51 | 9.42 | 9.24 | 7.84 |
| P/B Ratio | 7.74 | 7.95 | 8.90 | 9.28 | 7.90 | 14.62 | 20.95 | 15.54 | 10.15 | 7.74 | 5.62 |
| P/FCF | 21.03 | 21.77 | 23.20 | 34.49 | 53.79 | 38.51 | 35.14 | 37.08 | 24.72 | 29.02 | 22.45 |
| P/OCF | 14.56 | 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 | 17.73 | 18.13 | 19.25 | 23.41 | 23.48 | 33.42 | 28.32 | 29.54 | 22.42 | 21.81 | 18.68 |
| EV / EBIT | 25.22 | 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 | 8.6% | 8.6% | 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 | 6.48 | 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 |
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 | 0.63 | 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 | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.9% | 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 | 3.2% | 3.1% | 2.6% | 1.5% | 1.8% | 1.9% | 1.7% | 1.8% | 1.8% | 1.9% | 1.9% |
| FCF Yield | 4.8% | 4.6% | 4.3% | 2.9% | 1.9% | 2.6% | 2.8% | 2.7% | 4.0% | 3.4% | 4.5% |
| Buyback Yield | 0.5% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.3% | 1.2% | 0.0% |
| Total Shareholder Yield | 4.4% | 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
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Quick answers to the most common questions about buying AMT stock.
American Tower Corporation's current P/E ratio is 31.7x. The historical average is 53.9x.
American Tower Corporation's current EV/EBITDA is 17.7x. 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 31.7x. Compare with industry peers and growth rates for a complete picture.
American Tower Corporation's current dividend yield is 3.94% 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
Interest rate and churn
Metrics are mathematically derived from official filings.
Premium Multiple Justified by Growth
AMT trades at 21.97x forward FFO, a premium to SBAC's 18.46x EV/EBITDA, reflecting its global scale and data center optionality, as per recent market data.
The P/FFO of 21.97x is consistent with the trailing range of 20.6x-23.0x, suggesting the market is pricing in sustained mid-single-digit AFFO growth. The implied cap rate, derived from NOI and enterprise value, appears below private market transaction cap rates for tower assets, indicating that the public market is paying a premium for the portfolio's quality and growth prospects. This premium is supported by the company's raised guidance and record CoreSite activity, but investors should monitor whether the multiple can be sustained if interest rates remain elevated.
NOI Margin Stability Masks Churn
NOI margin held at 73.0% in 2026Q2, down from 75.1% in 2025Q3 but above the 71.7% trough, per AMT's financial disclosures.
The slight margin contraction from the 2025Q3 peak appears to reflect the impact of DISH churn and higher ground lease costs, but the overall stability indicates that the tower model's operating leverage remains intact. FFO per share surged 58% year-over-year to $2.96, driven by organic leasing and the CoreSite acquisition, suggesting that growth is not solely dependent on dilutive external capital. However, the one-time DISH churn normalization, as flagged by management, may continue to pressure tenant billings in the near term, warranting close monitoring of same-store NOI trends.
Payout Ratio Normalizes After Spike
FFO payout ratio improved to 60.4% in 2026Q2 from 90.8% a year earlier, indicating a healthier dividend coverage, as reported in AMT's financials.
The sharp decline in the payout ratio from the 2025Q2 spike reflects the recovery in FFO per share, which had been temporarily depressed by churn and impairments. With AFFO covering dividends 1.67x, the company retains substantial cash flow to fund growth capex and reduce debt. This retained cash flow, approximately $440M per quarter, reduces reliance on external funding and supports the sustainability of the dividend, even if interest rates rise further.
Leverage Elevated, Coverage Adequate
Debt-to-equity rose to 4.39 in 2026Q2, with interest coverage at 3.85x, reflecting a high but manageable leverage profile, per AMT's balance sheet.
The debt-to-equity ratio of 4.39 is elevated, but for a REIT, the more relevant metric is net debt-to-EBITDA, which management has guided to 4.9x-5.2x. Interest coverage of 3.85x provides a comfortable cushion, though it has declined from the 5.07x peak in 2024Q4, indicating that rising rates are beginning to bite. The company's fixed-rate exposure and staggered debt maturities, as disclosed in filings, mitigate refinancing risk, but investors should monitor the trajectory of interest coverage if rates remain high.
Global Diversification Offsets Domestic Churn
AMT's 219,000 global sites, with U.S. & Canada generating nearly half of property revenue, provide scale but concentration risk, based on segment reporting.
The geographic diversification across Asia-Pacific and EMEA/Latin America offers growth opportunities that offset domestic saturation, but the significant contribution from the U.S. & Canada segment means that carrier consolidation and churn in that market can have an outsized impact. The data center segment, following the CoreSite acquisition, adds a new dimension to the portfolio, potentially enhancing the company's ability to capture edge computing demand. However, the recent impairment charges in international markets, particularly India, suggest that not all international ventures have delivered the expected returns, and investors should monitor the quality of international earnings.
P/E Misleads Due to Depreciation
Standard P/E of 32.16 is distorted by non-cash depreciation, obscuring AMT's true cash earnings power, as evidenced by FFO of $1.4B versus net income of $867.5M.
The most commonly misapplied ratio to AMT is the standard P/E, which is depressed by massive non-cash depreciation charges that do not reflect the actual maintenance capital required to keep towers operational. This makes the company appear more expensive than it is on a cash basis. Investors should instead use P/FFO or P/AFFO, which add back depreciation and other non-cash items, to get a clearer picture of valuation. Additionally, AFFO should be adjusted for straight-line rent and maintenance capex to reflect true distributable cash flow, as the reported figures may overstate cash generation in periods of high growth.