American Tower Corporation (AMT)
NYSE:AMT
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American Tower
(NYSE:AMT)
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Rating:69Neutral
Price Target:
$205.00
▲(12.42% Upside)
Action:Downgraded
Date:06/03/26
The score is anchored by strong profitability/cash generation and a constructive earnings update (raised guidance and CoreSite strength), tempered by elevated leverage risk. Technicals are supportive with the stock trading above major moving averages, while valuation remains premium despite an attractive dividend.
Positive Factors
Multi‑tenant recurring rental model
American Tower’s core multi‑tenant lease model produces durable, contractually backed rental cash flows with periodic escalators. Adding tenants on existing sites raises revenue with low incremental costs, supporting long‑term margin sustainability, predictable cash generation and operational scalability.
Negative Factors
Elevated leverage
Leverage materially exceeds typical corporate norms, increasing interest‑rate sensitivity and refinancing risk. High debt limits financial flexibility for opportunistic investments and makes distributions and buybacks more contingent on steady cash conversion, elevating long‑term balance‑sheet risk if macro rates rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi‑tenant recurring rental model
American Tower’s core multi‑tenant lease model produces durable, contractually backed rental cash flows with periodic escalators. Adding tenants on existing sites raises revenue with low incremental costs, supporting long‑term margin sustainability, predictable cash generation and operational scalability.
Read all positive factors
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 (AMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$86.54B
Dividend Yield3.76%
Average Volume (3M)3.02M
Price to Earnings (P/E)29.9
Beta (1Y)-0.04
Revenue Growth2.72%
EPS Growth58.77%
CountryUS
Employees4,691
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)6.19
Shares Outstanding465,893,070
10 Day Avg. Volume3,306,408
30 Day Avg. Volume3,022,026
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 Cap1.50
Enterprise Value/Revenue11.98
Enterprise Value/Gross Profit16.33
Enterprise Value/Ebitda18.90
Forecast
1Y Price Target
$212.71Price Target Upside16.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)6.56
Revenue Forecast (FY)$10.94B
American Tower Business Overview & Revenue Model
Company Description
American Tower Corporation, a prominent global Real Estate Investment Trust (REIT), stands as a premier independent entity specializing in the ownership, operation, and development of shared telecommunications infrastructure. The company manages a...
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 Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a net positive outlook: management upgraded full-year guidance and highlighted strong CoreSite/data center momentum, solid regional growth in Africa/APAC and Europe, disciplined capital allocation (including meaningful share repurchases), and balance sheet strength. Material near-term headwinds include a one-time DISH-related churn impact, Latin America (Brazil) churn-driven weakness, a ~110bps margin decline in the quarter, and permitting/short-term volatility risks. Management emphasized that normalized metrics (excluding DISH and FX effects) show mid-single-digit AFFO per share growth and confidence in long-term secular tailwinds from mobile data, 5G/6G evolution and AI-driven demand.Positive Updates
Raised Full-Year Outlook
Company raised full-year guidance: property revenue outlook increased by ~$145M at midpoint (~+1% to prior outlook), adjusted EBITDA outlook raised by ~$105M at midpoint (~+1%), and attributable AFFO outlook increased by $0.12 per share (~+1%). Management attributed upgrades primarily to favorable FX (~$110M) and accelerated noncash straight-line revenue (~$35M).
Negative Updates
One-Time DISH-Related Churn and Earnings Headwind
One-time DISH churn materially impacted results: management cited it as a ~400 basis-point headwind to AFFO trajectory and normalized growth metrics (company excluded DISH effects to 'derisk' guidance). When included, reported metrics were meaningfully lower than normalized figures.
Read all updates
Q1-2026 Updates
Positive
Negative
Raised Full-Year Outlook
Company raised full-year guidance: property revenue outlook increased by ~$145M at midpoint (~+1% to prior outlook), adjusted EBITDA outlook raised by ~$105M at midpoint (~+1%), and attributable AFFO outlook increased by $0.12 per share (~+1%). Management attributed upgrades primarily to favorable FX (~$110M) and accelerated noncash straight-line revenue (~$35M).
Read all positive updates
Company Guidance
American Tower raised its full‑year outlook across key metrics: property revenue guidance was increased by about $145 million at the midpoint (roughly +1%), driven by an estimated $110 million FX tailwind and ~$35 million of accelerated noncash straight‑line revenue in Latin America, with the revised outlook implying ≈3% y/y property revenue growth ex noncash straight‑line and FX (≈5% cash FX‑neutral when normalized for one‑time DISH churn). Adjusted EBITDA guidance was raised by ~ $105 million at the midpoint (≈+1%), implying ≈2% y/y adjusted EBITDA growth ex straight‑line and FX (≈5% cash FX‑neutral ex DISH churn); Q1 cash adjusted EBITDA margins declined ~110 bps y/y and the company targets 200–300 bps of tower cash adjusted EBITDA margin expansion by 2030. Attributable AFFO per share guidance was raised by $0.12 to about $10.99 (≈+1% reported, ≈+2% y/y in the revised outlook; ≈+5% FX‑neutral when excluding one‑time DISH churn and refinancing costs); Q1 attributable AFFO per share was down ~1% ex FX (≈+4% FX‑neutral ex DISH and refi). Management reiterated organic tenant billings growth of ~1% (≈4% ex DISH churn), data‑center growth (~13% guidance; CoreSite cash revenue +17% in Q1 excl straight‑line), expectation that services growth and debt refinancings each represent ~100 bps headwinds to AFFO/share this year, a capital plan to deploy ~85% of discretionary capital in developed markets (including >$700M of success‑based data‑center investments), ~700+ new builds planned in Europe, >$565M of share repurchases since Q4 (≈$184M in Q1 + $19M through Apr 21), and a peer‑leading balance sheet (quarter‑end leverage ~4.9x and the highest credit rating in the peer group).American Tower Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
46
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.82B | 10.65B | 10.13B | 10.01B | 9.65B | 9.36B |
| Gross Profit | 7.94B | 7.84B | 7.55B | 7.45B | 7.08B | 6.67B |
| EBITDA | 6.86B | 6.12B | 7.15B | 6.00B | 6.58B | 6.03B |
| Net Income | 2.88B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
Balance Sheet | ||||||
| Total Assets | 63.19B | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B |
| Cash, Cash Equivalents and Short-Term Investments | 1.47B | 1.47B | 2.00B | 1.75B | 2.03B | 1.95B |
| Total Debt | 45.13B | 44.96B | 43.95B | 46.31B | 47.05B | 52.01B |
| Total Liabilities | 52.84B | 52.84B | 51.43B | 55.16B | 54.79B | 60.82B |
| Stockholders Equity | 3.65B | 3.65B | 3.38B | 4.20B | 5.57B | 5.08B |
Cash Flow | ||||||
| Free Cash Flow | 3.77B | 3.78B | 3.70B | 2.92B | 1.82B | 3.44B |
| Operating Cash Flow | 5.57B | 5.46B | 5.29B | 4.72B | 3.70B | 4.82B |
| Investing Cash Flow | -1.87B | -1.71B | 410.60M | -1.70B | -2.36B | -20.69B |
| Financing Cash Flow | -4.31B | -4.36B | -5.45B | -3.10B | -1.42B | 16.42B |
American Tower Technical Analysis
Neutral
182.36
Price Trends
179.73
Positive
178.53
Positive
178.57
Positive
Market Momentum
2.37
Positive
51.23
Neutral
25.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMT, the sentiment is Neutral. The current price of 182.36 is below the 20-day moving average (MA) of 185.53, above the 50-day MA of 179.73, and above the 200-day MA of 178.57, indicating a neutral trend. The MACD of 2.37 indicates Positive momentum. The RSI at 51.23 is Neutral, neither overbought nor oversold. The STOCH value of 25.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $104.97B | 75.74 | 10.03% | 2.47% | 6.67% | 50.09% | |
69 Neutral | $86.54B | 29.88 | 76.90% | 3.76% | 2.72% | 58.77% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $20.77B | 20.35 | -20.90% | 2.31% | 6.27% | 25.76% | |
61 Neutral | $38.73B | 36.28 | -65.88% | 5.44% | -29.63% | ― | |
61 Neutral | $37.57B | 139.77 | -28.32% | 3.98% | 15.64% | 121.11% | |
58 Neutral | $17.77B | 45.04 | 4.20% | 3.57% | -3.13% | 9.67% |
* Real Estate Sector Average
AMT
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American Tower Corporate Events
Business Operations and StrategyPrivate Placements and Financing
American Tower Announces Partial Redemption of Euro Notes
Positive
Jun 2, 2026
On June 2, 2026, American Tower Corporation announced it will partially redeem €250 million of its outstanding €600 million 4.125% senior unsecured notes due 2027, with the redemption priced at par plus a make-whole premium and accrued...
Business Operations and StrategyPrivate Placements and Financing
American Tower Issues €750 Million Senior Notes Offering
Positive
May 27, 2026
On May 27, 2026, American Tower Corporation completed a registered public offering of €750 million in 4.000% senior unsecured notes due 2033, generating net proceeds of about €742.7 million, or roughly $866.7 million. The notes, issued...
Business Operations and StrategyDividendsShareholder Meetings
American Tower Shareholders Approve New Equity Incentive Plan
Positive
May 21, 2026
At its virtual Annual Meeting on May 20, 2026, American Tower stockholders approved a new 2026 Equity Incentive Plan, authorizing 12 million new shares plus additional shares tied to expiring or unvested awards under a prior plan, and the company ...
Business Operations and StrategyPrivate Placements and Financing
American Tower Prices €750 Million Senior Notes Offering
Positive
May 19, 2026
On May 19, 2026, American Tower Corporation announced it had priced a registered public offering of senior unsecured notes due 2033, raising €750 million in principal (about $875.2 million). The notes carry a 4.000% annual interest rate and ...
Business Operations and StrategyPrivate Placements and Financing
American Tower Extends Credit Facilities and Financing Flexibility
Positive
May 7, 2026
On May 7, 2026, American Tower Corporation amended its existing $6.0 billion multicurrency revolving credit facility, $4.0 billion revolving credit facility and $1.0 billion term loan to extend their maturities to May 1, 2029 for the multicurrency...
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...
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.