Education
About Us
Working with TipRanks
Follow Us
American Tower (AMT)
NYSE:AMT
Top Page
American Tower
(NYSE:AMT)
Select Model
Select Model
Rating:64Neutral
Price Target:
$204.00
▲(6.33% Upside)
Action:ReiteratedDate:02/25/26
AMT scores as a moderate-strength name: strong margins and improving free cash flow are tempered by balance-sheet leverage and a 2026 outlook held back by DISH-related churn, LatAm headwinds, and refinancing pressure. Technicals are supportive (positive momentum above key shorter-term averages), while valuation is less compelling with a high P/E despite a solid dividend yield.
Positive Factors
Strong cash generation and improving free cash flow
American Tower has shown durable cash generation: operating cash flow rose materially 2020–2025 and free cash flow expanded to ~$3.8B. Consistent FCF supports dividend growth, buybacks and disciplined capex, providing long-term financial flexibility despite cyclical pressures.
High margins and credible multi-year efficiency program
Very high gross and improving cash tower margins reflect structural operating leverage and best-in-class SG&A. The multi-year efficiency program targets 200–300 bps more, which if realized will sustainably boost AFFO and resilience against revenue cycles.
Secular demand and diversified data center growth (CoreSite)
American Tower benefits from durable secular drivers—5G/6G, fixed wireless and AI-driven interconnection demand—while CoreSite offers higher-yield diversification. Sustained data center growth reduces single-segment exposure and strengthens long-term cash generation.
Negative Factors
Very high leverage and refinancing sensitivity
The capital structure is meaningfully debt-heavy, increasing sensitivity to higher interest rates and refinancing risk. Elevated absolute debt magnifies financing cost volatility, narrows margin for error on AFFO coverage, and limits strategic flexibility over the medium term.
DISH default and ongoing legal uncertainty
The DISH lease default is a structural revenue and collections risk: the company removed DISH from billings growth and is pursuing legal remedies. Uncertain timing/amount of recoveries and potential churn create an ongoing downside to U.S. tenant billings and AFFO visibility.
LatAm structural headwinds and elevated churn
Persistent LatAm weakness—notably elevated churn—reduces near-term cash flow and delays regional recovery until 2028. Prolonged underperformance in an important geography constrains consolidated organic growth and increases execution risk for international expansion plans.
American Tower (AMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$89.42B
Dividend Yield3.76%
Average Volume (3M)3.15M
Price to Earnings (P/E)35.6
Beta (1Y)-0.06
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. Volume2,840,253
30 Day Avg. Volume3,151,343
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 Cap1.49
Enterprise Value/Revenue12.53
Enterprise Value/Gross Profit17.00
Enterprise Value/Ebitda20.62
Forecast
1Y Price Target
$213.38Price Target Upside11.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)6.55
Revenue Forecast (FY)$10.81B
American Tower Business Overview & Revenue Model
Company DescriptionAmerican 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 about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
How the Company Makes MoneyAmerican Tower generates revenue primarily through long-term leases of its tower sites to mobile network operators and other telecommunications service providers. The company earns a significant portion of its income from monthly rental payments made by tenants who utilize the space on its towers for antennas and equipment. Additionally, American Tower benefits from various revenue streams such as leasing agreements for rooftop installations and other infrastructure. The company also engages in site development services, which can include the construction of new towers and upgrades to existing facilities. Strategic partnerships with major telecommunications companies enhance its revenue potential, as these companies continue to expand their networks to meet the rising demand for mobile data and services. Furthermore, American Tower's international presence allows it to capitalize on growth opportunities in emerging markets, contributing to its overall financial performance.
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 29, 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.Q4-2025 Updates
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.
Revenue and EBITDA Growth in 2025
Consolidated property revenue grew ~4% year-over-year (~5% excluding noncash straight-line and FX). Adjusted EBITDA grew ~5% (~7% excluding noncash straight-line and FX). Consolidated margin expanded ~20 basis points.
Data Center Outperformance
Data center (CoreSite) revenue grew ~14% in 2025. Company expects ~13% growth in U.S. data center revenue in 2026 and targets mid-teens stabilized yields on new data center deployments driven by AI and interconnection demand.
Operational Efficiency and Margin Expansion Track Record
Delivered >300 basis points of cash tower EBITDA margin expansion across the global tower portfolio since 2022. SG&A for tower business is ~4.5% of revenue (best-in-class). Company targets an additional 200–300 basis points of tower cash EBITDA margin expansion over the next five years via land optimization, unified sourcing, standard of care adoption and platform consolidation.
Balance Sheet Strength and Capital Returns
Leverage brought back into target range, ending 2025 at 4.9x net leverage (target 3–5x). Repurchased ~$365 million of common stock in Q4 2025 (largest quarterly/annual buyback since 2017) and ~$53 million year-to-date in 2026; ~$1.6 billion of repurchase authorization remaining. Dividend planned to grow ~5% in 2026 (subject to Board approval).
Geographic Growth Opportunities
International tower organic tenant billings growth drivers include Africa & APAC ~8.5% expected in 2026, Europe ~4% and evidence of continued newbuild activity in Europe (notably Germany and Spain) and runway for emerging markets as they mature.
Targeted Capital Deployment Plan
2026 discretionary capital deployment planned at ~$1.8 billion (total capital deployments ~$1.9 billion), with ~85% directed to developed market platforms and CoreSite, and midpoint plan to construct ~2,000 new tower sites.
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).
Muted 2026 Organic Growth Guidance
2026 outlook calls for consolidated organic tenant billings growth of ~1% (or ~4% excluding DISH churn). U.S. & Canada organic tenant billings growth expected ~0.5% (or ~4.5% ex DISH). Attributable AFFO per share growth guided to ~1% year-over-year in 2026 (normalized to ~5% excluding DISH, FX and refinancing impacts).
LatAm Headwinds and Elevated Churn
LatAm organic tenant billings expected to decline ~3% in 2026, driven by churn of ~8%, modest colocation/amendment growth (~2%) and other run-rate headwinds. Company expects low single-digit organic growth in LatAm through 2027 with acceleration in 2028, and describes 2026 churn as more acute than previously anticipated.
Data Center Margin Pressure in 2026
CoreSite cash margins expected to decline ~270 basis points year-over-year in 2026 largely due to one-time property tax adjustments and legal settlements that benefitted 2025 and are not expected to recur; normalized margins expected to hold more steady as new capacity is placed into service.
Mixed Segment and Services Contribution Pressures
Services contribution was a record in 2025 but includes a larger share of lower-margin construction services; services and lower-margin data center contributions partially offset tower growth and weigh on consolidated adjusted EBITDA growth and margins (2026 cash adjusted EBITDA guided to ~66.8%, down ~20 bps).
Refinancing and Cost Headwinds
2026 outlook assumes higher interest expense as debt refinancings occur at higher rates, along with higher cash taxes and higher minority interest and distributions, which partially offset EBITDA growth and reduce AFFO growth in 2026.
Noncash and FX Headwinds to GAAP Revenue
Noncash straight-line revenue represents an approximate ~2% headwind to GAAP property revenue in 2026; FX assumptions in guidance are conservative but still contribute modest (~1%) incremental growth; exclusion of these effects is required to understand cash growth rates.
Regulatory / Legal Uncertainties
Ongoing arbitration with AT&T Mexico may impact future organic growth; DISH litigation timing and outcome are uncertain and could materially affect upside if recoveries occur but cannot be relied upon in guidance.
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
Strong operating model with steady revenue growth, very high gross margins, and solid/expanding free cash flow. The key constraint is a debt-heavy balance sheet (very high debt-to-equity), which increases sensitivity to refinancing and interest-rate pressure.Income Statement
Revenue has risen steadily from $8.0B (2020) to $10.6B (2025), with a sharp step-up in reported growth in 2025. Profitability is a clear strength: gross margins are consistently very high (~71%–75%) and operating profitability remains strong, with net margin improving to ~24% in 2025 from ~15% in 2023. A key watch item is that operating margin has been volatile across years, indicating earnings can swing with costs, financing-related items, or one-offs even when revenue is stable.78
Positive
Balance Sheet
Leverage is the main constraint: total debt remains very large (~$45B in 2025) against a relatively small equity base (~$3.7B), resulting in very high debt-to-equity (about 12x+ in 2024–2025). While returns on equity are strong, they are amplified by leverage, which increases sensitivity to refinancing conditions and interest-rate pressure. Overall asset scale is substantial, but the capital structure is meaningfully debt-heavy versus typical comfort levels.49
Neutral
Cash Flow
Cash generation is solid and improving: operating cash flow increased from $3.9B (2020) to $5.5B (2025), and free cash flow expanded to ~$3.8B in 2025 after a dip in 2022. Free cash flow conversion is reasonable (free cash flow running at ~62%–71% of net income in most years). A weakness is that operating cash flow has been less than net income in recent years (coverage below 1.0 since 2021), suggesting earnings quality is good but not fully mirrored by near-term cash inflows every year.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 | -1.86B | 410.60M | -1.70B | -2.36B | -20.69B |
| Financing Cash Flow | -4.21B | -5.45B | -3.10B | -1.42B | 16.42B |
American Tower Technical Analysis
Neutral
191.86
Price Trends
178.14
Positive
179.69
Positive
192.82
Negative
Market Momentum
2.73
Negative
53.47
Neutral
34.99
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 191.86 is above the 20-day moving average (MA) of 181.96, above the 50-day MA of 178.14, and below the 200-day MA of 192.82, indicating a neutral trend. The MACD of 2.73 indicates Negative momentum. The RSI at 53.47 is Neutral, neither overbought nor oversold. The STOCH value of 34.99 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 22 risk factors in its most recent earnings report. American Tower reported the most risks in the "Ability to Sell" 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $95.73B | 70.81 | 9.75% | 2.47% | 5.36% | -1.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $89.42B | 35.55 | 71.91% | 3.76% | -5.33% | 163.89% | |
62 Neutral | $21.43B | 25.32 | ― | 2.31% | 4.82% | 25.24% | |
58 Neutral | $32.05B | 223.13 | ― | 3.98% | 10.88% | 51.13% | |
55 Neutral | $39.05B | 19.38 | ― | 5.44% | -26.56% | -369.24% | |
53 Neutral | $17.68B | 54.78 | 3.38% | 3.57% | -1.64% | -37.58% |
* Real Estate Sector Average
AMT
American Tower
191.86
-6.79
-3.42%
CCI
Crown Castle
89.54
0.05
0.06%
EQIX
Equinix
974.26
90.14
10.20%
IRM
Iron Mountain
108.33
18.40
20.47%
SBAC
SBA Communications
201.16
-12.33
-5.78%
WY
Weyerhaeuser
24.53
-4.60
-15.80%
American Tower Corporate Events
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 that date and then support the transition ahead of his retirement later in 2026. Blanchett, 42, brings extensive accounting and financial leadership experience from GXO Logistics, XPO Logistics, Baker Hughes, General Electric and PricewaterhouseCoopers, and his compensation package includes a $450,000 base salary, performance-based bonus eligibility, signing and relocation bonuses with clawback provisions, and significant time-vested equity awards designed both as initial compensation and to replace equity forfeited at his current employer, underscoring the company’s effort to secure seasoned financial leadership during a period of executive transition.
The most recent analyst rating on (AMT) stock is a Hold with a $195.00 price target. To see the full list of analyst forecasts on American Tower stock, see the AMT Stock Forecast page.
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 has sought a declaratory judgment to affirm that DISH’s obligations under the agreement remain in force, but stated that it does not expect the DISH default to affect its financial results for the year ended December 31, 2025, suggesting limited near-term financial impact despite the contractual dispute.
The most recent analyst rating on (AMT) stock is a Buy with a $200.00 price target. To see the full list of analyst forecasts on American Tower stock, see the AMT Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
American Tower Completes $850M Senior Notes Offering
Positive
Dec 5, 2025
On December 5, 2025, American Tower Corporation completed a public offering of $850 million in senior unsecured notes due in 2032, generating net proceeds of approximately $839.5 million. The company plans to use these funds to repay existing debt under its revolving credit facility. The notes, bearing an interest rate of 4.700% per annum, have specific covenants limiting the company’s ability to merge, consolidate, or incur liens, with exceptions based on adjusted EBITDA. This financial maneuver aims to strengthen the company’s financial position and manage its debt obligations effectively.
The most recent analyst rating on (AMT) stock is a Buy with a $225.00 price target. To see the full list of analyst forecasts on American Tower stock, see the AMT Stock Forecast page.
Dividends
American Tower Declares Quarterly Cash Distribution
Positive
Dec 4, 2025
On December 4, 2025, American Tower Corporation announced that its Board of Directors declared a quarterly cash distribution of $1.70 per share on its common stock. This distribution is scheduled to be paid on February 2, 2026, to stockholders of record as of December 29, 2025, reflecting the company’s ongoing commitment to returning value to its shareholders.
The most recent analyst rating on (AMT) stock is a Buy with a $225.00 price target. To see the full list of analyst forecasts on American Tower stock, see the AMT Stock Forecast page.
Private Placements and Financing
American Tower Announces $850M Senior Notes Offering
Neutral
Dec 2, 2025
On December 2, 2025, American Tower Corporation announced the pricing of its registered public offering of senior unsecured notes due 2032, amounting to $850 million with an interest rate of 4.700% per annum. The net proceeds of approximately $839.5 million are intended to repay existing indebtedness under its $4 billion senior unsecured revolving credit facility, potentially impacting the company’s financial flexibility and debt management strategy.
The most recent analyst rating on (AMT) stock is a Hold with a $200.00 price target. To see the full list of analyst forecasts on American Tower stock, see the AMT Stock Forecast page.
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.