American Tower

American Tower gets paid by 148,957 sites, and three carriers still drive 50% of revenue.

If you own AMT, you are really buying a rent stream, not a tech story.

amt

communication · media large cap updated dec 26, 2025
$180.26
market cap ~$84B · 52-week range $170–$234
xvary composite: 52 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
It owns wireless towers and rents them to phone carriers and broadcasters.
how it gets paid
Last year American Tower made $936M in revenue. Latin America towers was the main engine at $295M, or 32% of sales.
why it's growing
Revenue grew 20.8% last year. Pricing for amt’s services remains favorable, thanks to rising artificial intelligence -related workloads and hybrid-cloud demand.
what just happened
American Tower posted $1.75 in EPS versus $1.46 expected, while EDGAR shows $716M in latest-quarter revenue.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
45/100 earnings predictability — expect surprises
35.3x trailing p/e — you're paying up for this one
4.0% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 52/100 — below average
What they do
It owns wireless towers and rents them to phone carriers and broadcasters.
American Tower owns 148,957 sites. You do not move that network without pain. Switching costs → leaving is expensive → so what: carriers keep paying. Property revenue is 97% of sales, while services are 3%.
communication large-cap reit wireless-infrastructure dividend
How they make money
$936M annual revenue · their business grew +20.8% last year
North America towers
$257M
Latin America towers
$295M
Europe towers
$194M
Africa towers
$162M
Services and other
$28M
The products that matter
leases space on tower infrastructure
Property revenue
97% of revenue · +2.4%
it's the business that matters. This segment accounts for about 97% of total revenue and grew 2.4% through the first nine months of 2025, so small changes here matter more than headlines about anything else.
core engine
owns and operates communications sites
Tower portfolio
220,000 sites · 25 countries
220,000 sites across 25 countries is scale that is hard to reproduce. The operating bet is not reinvention. It's filling more space on towers you already control and keeping churn low.
scale moat
carrier and data demand exposure
Tenant demand
$7.91B first nine months
management pointed to healthy wireless carrier demand and strong data center demand, but this snapshot does not give you a clean revenue split. That thin spot matters. It keeps you from pretending every AI-adjacent mention will flow straight into AMT's numbers.
data is thin
Key numbers
$7.10
fy2026 eps est
$14B
fy2028 rev est
35.3x
trailing p/e
4.0%
dividend yield
Financial health
B++
strength
  • balance sheet grade B++ — above average financial health
  • risk rank 3 — safer than 50% of stocks
  • price stability 75 / 100
  • long-term debt $34.9B (29% of capital)
  • net profit margin 28.0% — keeps 28 cents of every dollar in revenue
  • return on equity 48% — $0.48 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market

You invested $10,000 in AMT 3 years ago → it's now worth $9,120.

The index would have given you $13,920.

same period. same starting point. AMT trailed the market by $4,800.

source: institutional data · total return
What just happened
beat estimates
American Tower posted $1.75 in EPS versus $1.46 expected, while EDGAR shows $716M in latest-quarter revenue.
The provided sources do not line up perfectly: EDGAR shows $716M revenue and $3.64 EPS for the latest quarter, while consensus shows a 19.9% EPS beat on $1.75 versus $1.46. Either way, the rent stack kept working.
$716M
revenue
$1.75
eps
19.9%
surprise
the number that mattered
The 19.9% EPS surprise mattered because it beat a $1.46 bar, which says the business still collects rent better than the market expected.
source: EDGAR and Yahoo Finance consensus, 2026

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What could go wrong

the top threat is higher refinancing costs on $34.9B–$37.2B of debt.

∘
med
refinancing pressure
AMT had $34.9B in long-term debt, and total debt was about $37.2B in the recent third quarter. Tower cash flow is steady, but steady is not the same thing as fast. When property revenue is growing 2.4%, higher borrowing costs hit a lot harder.
slow core growth means less cushion if debt stays expensive
∘
med
carrier spending slows
About 97% of revenue is tied to property income. If wireless carriers slow network spending, amendment activity cools, or tenant additions come in softer, it shows up in the part of the business that drives almost everything.
97% of revenue is exposed to tower-leasing demand
∘
med
global permitting and policy friction
Operating 220,000 sites across 25 countries gives you scale, but it also gives you 25 different sets of local rules, approvals, and political headaches. Delays do not break the model. They do drag on returns.
slower site additions and amendments pressure capital efficiency
with property revenue up 2.4% and debt sitting around $35B–$37B, AMT does not need a crisis to disappoint you. It only needs rates to stay high and growth to stay sleepy.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
property revenue growth
97% of the business is property revenue, and it grew 2.4% through the first nine months. If that number does not improve, the stock stays an income trade.
risk
debt and refinancing
Debt was about $37.2B in the recent third quarter. You want to see financing pressure easing, because slow growth leaves less room for interest expense to creep up.
calendar
full-year AFFO
Watch whether full-year AFFO lands around the current $10.55 estimate. For AMT, cash flow is the report card that matters more than headline EPS.
trend
carrier demand turning into numbers
Management says carrier and data demand look healthy. The proof you care about is simple: does healthy demand turn 2.4% core growth into something better.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts expect weaker price performance than most stocks over the next year.
risk profile
average
stability score 3 — not a bunker stock, not a rollercoaster. You get some ballast from recurring rent and some drag from debt.
chart momentum
below average
technical score 4 — the chart has not given investors much reason to chase it.
earnings predictability
45 / 100
earnings move around more than the tower story suggests. That is why AFFO is the cleaner lens for this stock.
source: institutional data
Institutional activity

753 buyers vs. 890 sellers in 3q2025. total institutional holdings: 0.4B shares.

source: institutional data · 1q2025-3q2025
source: institutional data
Price targets
3-5 year target range
$154 $290
$180 current price
$222 target midpoint · +23% from current · 3-5yr high: $360 (+100% · 22% ann'l return)
source: institutional data · analyst targets

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