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American Tower
(NYSE:AMT)
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Rating:68Neutral
Price Target:
$195.00
▲(17.00% Upside)
Action:Reiterated
Date:07/30/26
AMT scores highest on business momentum and outlook (raised 2026 guidance and strong CoreSite/data-center leasing), supported by strong profitability and solid free cash flow. The main constraint on the score is balance-sheet risk from very high leverage and weaker recent cash-flow coverage, with valuation and technicals providing a more moderate, mixed contribution.
Positive Factors
Recurring lease model & multi-tenant operating leverage
American Tower’s core business of long-term tower and site leases with escalators and renewals creates stable, predictable cash flows. Multi-tenant economics let incremental tenants add revenue with limited incremental costs, sustaining margins and funding capex, dividends and growth over multiple years.
Negative Factors
Very high leverage reduces financial flexibility
A leverage profile this elevated (common in REITs but extreme here) leaves a thin equity cushion and makes the firm sensitive to rate moves and refinancing cycles. High gross debt increases refinancing risk and limits strategic optionality if cash flows weaken or capital markets tighten over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring lease model & multi-tenant operating leverage
American Tower’s core business of long-term tower and site leases with escalators and renewals creates stable, predictable cash flows. Multi-tenant economics let incremental tenants add revenue with limited incremental costs, sustaining margins and funding capex, dividends and growth over multiple years.
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
$81.29B
Dividend Yield4.03%
Average Volume (3M)3.26M
Price to Earnings (P/E)23.8
Beta (1Y)-0.07
Revenue Growth6.65%
EPS Growth163.52%
CountryUS
Employees4,866
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)7.28
Shares Outstanding465,960,050
10 Day Avg. Volume2,662,758
30 Day Avg. Volume3,257,722
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$213.50Price Target Upside28.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)6.8
Revenue Forecast (FY)$11.00B
American Tower Business Overview & Revenue Model
Company Description
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on c...
How the Company Makes Money
American Tower makes money primarily by leasing access to its communications sites to multiple tenants under long-term contractual arrangements. Its core revenue stream is recurring site rental (leasing) revenue: mobile network operators and other...
American Tower Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and confident outlook driven by robust demand, record CoreSite leasing, and upwardly revised guidance across revenue, EBITDA and AFFO. Management emphasized strong secular drivers (5G densification, new spectrum, AI, 6G) and delivered concrete operational and capital-allocation achievements (margin expansion, targeted capex, deleveraging and active buybacks). However, near-term headwinds are notable: a one-time DISH-related churn materially depressed comparable growth and margins, refinancing and tax costs are weighing on AFFO this year, and certain regional challenges (notably Brazil) and divestitures modestly reduce near-term contributions. On balance, the positive operational momentum and upgraded guidance outweigh the transient or manageable headwinds, supporting an overall favorable view of the business trajectory.Positive Updates
Raised Full-Year Outlook and Upgrades to Key Metrics
Raised property revenue outlook by $110M at the midpoint (≈1% increase to prior outlook); raised adjusted EBITDA outlook by $45M at the midpoint (≈1% increase); raised attributable AFFO outlook by $0.09 per share (≈1% increase) implying ≈3% YoY AFFO growth on a reported basis and ~6% FX-neutral normalized growth excluding one-time DISH churn and refinancing impacts.
Negative Updates
Significant DISH-Related Churn Impact
One-time DISH churn materially weighed on results: DISH-related churn represented roughly a 400 basis point headwind to AFFO outlook and caused cash adjusted EBITDA margin to decline ≈40 bps YoY; management normalized many metrics excluding this event to report stronger underlying trends.
Read all updates
Q2-2026 Updates
Positive
Negative
Raised Full-Year Outlook and Upgrades to Key Metrics
Raised property revenue outlook by $110M at the midpoint (≈1% increase to prior outlook); raised adjusted EBITDA outlook by $45M at the midpoint (≈1% increase); raised attributable AFFO outlook by $0.09 per share (≈1% increase) implying ≈3% YoY AFFO growth on a reported basis and ~6% FX-neutral normalized growth excluding one-time DISH churn and refinancing impacts.
Read all positive updates
Company Guidance
American Tower raised its 2026 outlook across key metrics: property revenue guidance was increased by $110 million at the midpoint (≈+1%), implying nearly 4% year‑over‑year growth (≈6% cash FX‑neutral when normalized for one‑time DISH churn); adjusted EBITDA guidance was raised by $45 million (≈+1%), implying >2% YoY growth (≈5% cash FX‑neutral ex‑DISH); attributable AFFO was increased by $0.09 per share (≈+1%), implying ~3% YoY growth (nearly 6% FX‑neutral when excluding DISH churn and refinancing costs). Management reiterated organic tenant billings of ~1% (≈4% ex‑DISH) and raised data‑center revenue growth to ≈15% (Q2 data‑center cash revenue ≈12% and record leasing), while noting Q2 consolidated property revenue grew >5% (>7% ex‑DISH) and adjusted EBITDA grew >3% (>6% ex‑DISH). They ended the quarter with leverage at 4.9x (target 3–5x), a 2026 discretionary capital plan of roughly $1.9 billion with ~85% to developed markets (including >$700 million for data‑center development, ≈$370 million for new towers and ≈$210 million for land), YTD acquisitions >$230 million, and YTD share repurchases >$200 million (part of a $2 billion buyback program, ~ $600 million deployed).American Tower Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
38
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.94B | 10.65B | 10.13B | 10.01B | 9.65B | 9.36B |
| Gross Profit | 8.01B | 7.84B | 7.55B | 7.45B | 7.08B | 6.67B |
| EBITDA | 7.03B | 6.12B | 7.15B | 6.00B | 6.58B | 6.03B |
| Net Income | 3.38B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
Balance Sheet | ||||||
| Total Assets | 63.30B | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B |
| Cash, Cash Equivalents and Short-Term Investments | 1.76B | 1.47B | 2.00B | 1.75B | 2.03B | 1.95B |
| Total Debt | 44.98B | 44.96B | 43.95B | 46.31B | 47.05B | 52.01B |
| Total Liabilities | 53.05B | 52.84B | 51.43B | 55.16B | 54.79B | 60.82B |
| Stockholders Equity | 3.72B | 3.65B | 3.38B | 4.20B | 5.57B | 5.08B |
Cash Flow | ||||||
| Free Cash Flow | 3.96B | 3.78B | 3.70B | 2.92B | 1.82B | 3.44B |
| Operating Cash Flow | 5.77B | 5.46B | 5.29B | 4.72B | 3.70B | 4.82B |
| Investing Cash Flow | -1.85B | -1.71B | 410.60M | -1.70B | -2.36B | -20.69B |
| Financing Cash Flow | -4.26B | -4.36B | -5.45B | -3.10B | -1.42B | 16.42B |
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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $103.36B | 65.34 | 10.03% | 1.82% | 9.64% | 52.13% | |
68 Neutral | $81.29B | 23.81 | 90.23% | 4.19% | 6.65% | 163.52% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $37.08B | 134.42 | -28.32% | 2.63% | 15.64% | 121.11% | |
64 Neutral | $19.29B | 18.97 | -20.90% | 2.72% | 6.27% | 25.76% | |
55 Neutral | $32.59B | 30.89 | -51.70% | 5.67% | -23.24% | ― | |
51 Neutral | $16.94B | 37.92 | 4.20% | 3.51% | -2.62% | 70.21% |
* Real Estate Sector Average
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American Tower Corporate Events
Business Operations and StrategyLegal Proceedings
American Tower Ends Strategic Collocation Agreement with DISH
Neutral
Jun 4, 2026
American Tower Corporation has delivered a notice of termination to DISH Wireless L.L.C. for their Strategic Collocation Agreement and related deals, with the termination set to take effect on June 2, 2026. Because all DISH revenue has been classi...
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...
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.