American Tower (AMT)
NYSE:AMT
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American Tower
(NYSE:AMT)
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Rating:64Neutral
Price Target:
$181.00
â–²(0.95% Upside)
Action:ReiteratedDate:03/06/26
AMT scores as a solid but not top-tier setup: strong operating model and cash generation are tempered by high leverage and a cautious 2026 outlook (DISH-related churn, LatAm headwinds, and refinancing pressure). Technically, momentum is improving but the stock remains below the 200-day average, and valuation is stretched for the near-term growth profile despite a supportive dividend yield.
Positive Factors
Cash generation
Consistent and growing operating cash flow and large free cash flow provide durable funding for maintenance capex, new site builds, data center investments, dividends and buybacks. High FCF conversion (~62%–71% of net income historically) supports capital returns while underwriting growth capex over the next several years.
Negative Factors
High leverage
A very large absolute debt load and elevated leverage materially raise refinancing, interest‑rate and liquidity risk. Even with targets around 3–5x, the absolute debt burden constrains strategic flexibility, increases cash interest sensitivity, and limits the margin for error if growth or FCF weaken over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent and growing operating cash flow and large free cash flow provide durable funding for maintenance capex, new site builds, data center investments, dividends and buybacks. High FCF conversion (~62%–71% of net income historically) supports capital returns while underwriting growth capex over the next several years.
Read all positive factors
American Tower (AMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$83.56B
Dividend Yield3.76%
Average Volume (3M)3.18M
Price to Earnings (P/E)32.6
Beta (1Y)0.03
Revenue Growth-5.33%
EPS Growth163.89%
CountryUS
Employees4,691
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)1.75
Shares Outstanding466,084,800
10 Day Avg. Volume3,052,015
30 Day Avg. Volume3,177,724
Financial Highlights & Ratios
PEG Ratio2.76
Price to Book (P/B)22.55
Price to Sales (P/S)7.74
P/FCF Ratio21.77
Enterprise Value/Market Cap1.52
Enterprise Value/Revenue11.94
Enterprise Value/Gross Profit16.20
Enterprise Value/Ebitda19.66
Forecast
1Y Price Target
$213.36Price Target Upside19.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)6.48
Revenue Forecast (FY)$10.80B
American Tower Business Overview & Revenue Model
Company Description
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information abou...
How the Company Makes Money
American Tower primarily makes money by leasing space on its communications sites to multiple tenants under long-term, contractual arrangements. Its core revenue stream is recurring rental and related revenue from tenants (most commonly mobile net...
American Tower Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyAmerican Tower Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The call presents a mix of strong operating and financial results for 2025—notably double-digit Q4 AFFO growth, solid data center performance, margin expansion since 2022, deleveraging into the target range and active capital returns—while flagging notable near-term headwinds for 2026 driven primarily by DISH's default, LATAM churn and some one-time data center margin reversals. Management emphasizes a multi-year efficiency program (200–300 bps tower margin expansion target), capital discipline, and secular demand tailwinds (5G/6G, fixed wireless, AI) that support a constructive long-term outlook. Given the material but largely one-time/contingent nature of the DISH impact and other near-term pressures versus strong underlying 2025 results and a defined path to margin and growth recovery, the tone is balanced.Positive Updates
Strong Full-Year and Q4 AFFO Performance
Attributable AFFO per share as adjusted grew ~8% for full year 2025 and over 13% in the fourth quarter, driven by robust leasing demand and conversion of adjusted EBITDA into AFFO.
Negative Updates
DISH Default and Near-Term Impact
DISH defaulted on payment obligations; 100% of DISH revenue removed from organic growth beginning Jan 1, 2026. DISH represented ~2% of consolidated property revenue and ~4% of U.S. & Canada property revenue in 2025. The default creates a ~4% DISH-related churn impact to U.S. organic tenant billings and negatively impacts the 2026 outlook; litigation is ongoing and timing/amount of recoveries is uncertain (company estimates ~$200M/year ZIP-code exposure through 2035–2036).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year and Q4 AFFO Performance
Attributable AFFO per share as adjusted grew ~8% for full year 2025 and over 13% in the fourth quarter, driven by robust leasing demand and conversion of adjusted EBITDA into AFFO.
Read all positive updates
Company Guidance
American Tower’s 2026 guidance calls for consolidated organic tenant billings growth of ~1% (≈4% excluding DISH), with U.S. & Canada organic tenant billings ~0.5% (≈4.5% ex‑DISH) driven by ~2.5% colocation/amendment contribution, ~3% escalations, ~4% DISH-related churn and ~1% normal churn; Africa & APAC organic ~8.5% (≈7% colo/amend, ~4% CPI escalations, ~2.5% churn; ~10% H1 / ~7% H2), Europe ~4% (≈3% colo/amend, ~2% CPI, ~1% churn) and LatAm ~‑3% (≈2% colo/amend, ~4% CPI, ~8% churn, ~1% other headwinds). Property revenue ex noncash straight‑line and FX is expected to grow ~3% (≈5% cash FX‑neutral normalized for DISH) while the company plans ~2,000 new tower sites at the midpoint and ~13% growth in its U.S. data center business (CoreSite delivering mid‑teens+ stabilized yields on new deployments); noncash straight‑line revenue is a ~2% GAAP headwind and FX assumptions add ~1% to growth. Adjusted EBITDA is guided to ~+2% ex straight‑line/FX (≈+5% normalized for DISH) with cash adjusted EBITDA margins of 66.8% (down ~20 bps); tower cash margins are expected to be flat despite ~60 bps one‑time DISH pressure, CoreSite cash margins down ~270 bps due to 2025 one‑offs, and services remaining a healthy but lower‑margin contributor. Attributable AFFO per share is guided to ~+1% (≈+5% normalized ex‑DISH, FX and refinancing), the company finished 2025 at 4.9x leverage (in the 3–5x target), plans a ~5% dividend increase (~$3.3B), ~$1.9B total capital deployments ($1.8B discretionary, ~$180M maintenance capex, >$700M data center success‑based investments), and will remain opportunistic on buybacks (≈$365M repurchased in 2025, ≈$53M YTD, ≈$1.6B authorization remaining).American Tower Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
49
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.65B | 10.13B | 10.01B | 9.65B | 9.36B |
| Gross Profit | 7.84B | 7.55B | 7.45B | 7.08B | 6.67B |
| EBITDA | 6.12B | 7.15B | 6.00B | 6.58B | 6.03B |
| Net Income | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
Balance Sheet | |||||
| Total Assets | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B |
| Cash, Cash Equivalents and Short-Term Investments | 1.47B | 2.00B | 1.75B | 2.03B | 1.95B |
| Total Debt | 44.96B | 43.95B | 46.31B | 47.05B | 52.01B |
| Total Liabilities | 52.84B | 51.43B | 55.16B | 54.79B | 60.82B |
| Stockholders Equity | 3.65B | 3.38B | 4.20B | 5.57B | 5.08B |
Cash Flow | |||||
| Free Cash Flow | 3.78B | 3.70B | 2.92B | 1.82B | 3.44B |
| Operating Cash Flow | 5.46B | 5.29B | 4.72B | 3.70B | 4.82B |
| Investing Cash Flow | -1.71B | 410.60M | -1.70B | -2.36B | -20.69B |
| Financing Cash Flow | -4.36B | -5.45B | -3.10B | -1.42B | 16.42B |
American Tower Technical Analysis
Positive
179.29
Price Trends
180.69
Negative
178.65
Positive
188.49
Negative
Market Momentum
-1.44
Negative
52.91
Neutral
83.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMT, the sentiment is Positive. The current price of 179.29 is above the 20-day moving average (MA) of 176.02, below the 50-day MA of 180.69, and below the 200-day MA of 188.49, indicating a neutral trend. The MACD of -1.44 indicates Negative momentum. The RSI at 52.91 is Neutral, neither overbought nor oversold. The STOCH value of 83.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMT.
American Tower Risk Analysis
American Tower disclosed 26 risk factors in its most recent earnings report. American Tower reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
American Tower Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $101.23B | 55.55 | 9.59% | 2.47% | 5.36% | -1.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $83.56B | 32.56 | 68.13% | 3.76% | -5.33% | 163.89% | |
63 Neutral | $23.67B | 19.68 | -21.40% | 2.31% | 4.82% | 25.24% | |
58 Neutral | $32.54B | 169.47 | -17.37% | 3.98% | 10.88% | 51.13% | |
55 Neutral | $37.63B | 87.07 | -30.82% | 5.44% | -26.56% | -369.24% | |
54 Neutral | $17.76B | 57.73 | 3.41% | 3.57% | -1.64% | -37.58% |
* Real Estate Sector Average
AMT
American Tower
179.29
-32.85
-15.48%
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American Tower Corporate Events
Executive/Board ChangesShareholder Meetings
American Tower announces routine board transition for 2026
Neutral
Mar 11, 2026
American Tower Corporation announced that director Robert D. Hormats has decided not to stand for re-election at the company’s 2026 Annual Meeting of Stockholders, scheduled for March 6, 2026. The company stated that his decision does not st...
Dividends
American Tower Declares Quarterly Cash Distribution to Shareholders
Positive
Mar 5, 2026
On March 5, 2026, American Tower Corporation announced that its Board of Directors declared a quarterly cash distribution of $1.79 per share on its common stock. The payout is scheduled for April 28, 2026, to shareholders of record as of the close...
Executive/Board Changes
American Tower Sets 2026 Performance-Based Executive Compensation Plan
Neutral
Feb 27, 2026
On February 25, 2026, American Tower’s Compensation and Human Capital Committee set 2026 base salaries and target cash bonus opportunities for Chief Executive Officer Steven O. Vondran, Chief Financial Officer Rodney M. Smith and three other...
Executive/Board Changes
American Tower appoints new chief accounting officer
Positive
Jan 29, 2026
On January 26, 2026, American Tower Corporation announced the appointment of Paul Blanchett as Senior Vice President and Chief Accounting Officer, effective April 27, 2026, succeeding current CAO Robert J. Meyer, who will remain in his role until ...
Business Operations and StrategyLegal Proceedings
American Tower Faces DISH Wireless Default on Tower Lease
Negative
Jan 28, 2026
American Tower Corporation reported that DISH Wireless L.L.C. has failed to meet its payment obligations and is in default under their March 2021 Strategic Collocation Agreement, under which DISH leases tower space from American Tower. The company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.