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American Tower
(NYSE:AMT)
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Rating:74Outperform
Price Target:
$211.00
▲(18.16% Upside)
Action:Reiterated
Date:10/27/26
AMT scores well on strong operating economics and cash generation, supported by constructive price momentum and a positive earnings outlook driven by CoreSite growth and raised guidance. The main constraints on the score are elevated leverage (balance sheet risk) and a valuation that is not especially cheap despite a solid dividend yield.
Positive Factors
Recurring Multi-Tenant Revenue
American Tower's long-term contractual leases create recurring revenue, while multi-tenant sites can add income with comparatively low incremental costs. Contractual escalators, equipment upgrades, and tenant additions support durable organic growth and make the infrastructure portfolio strategically valuable to carriers.
Negative Factors
Very High Leverage
Very high leverage reduces financial flexibility and leaves American Tower more sensitive to refinancing costs and interest-rate conditions. Although the asset base generates substantial cash, the large debt burden can constrain investment, capital returns, and resilience if operating conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Multi-Tenant Revenue
American Tower's long-term contractual leases create recurring revenue, while multi-tenant sites can add income with comparatively low incremental costs. Contractual escalators, equipment upgrades, and tenant additions support durable organic growth and make the infrastructure portfolio strategically valuable to carriers.
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
$86.20B
Dividend Yield3.8%
Average Volume (3M)3.49M
Price to Earnings (P/E)26.1
Beta (1Y)0.03
Revenue Growth5.31%
EPS Growth13.13%
CountryUS
Employees4,866
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)7.11
Shares Outstanding463,763,550
10 Day Avg. Volume3,865,561
30 Day Avg. Volume3,494,593
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 Cap1.46
Enterprise Value/Revenue11.42
Enterprise Value/Gross Profit15.73
Enterprise Value/Ebitda17.18
Forecast
1Y Price Target
$216.33Price Target Upside21.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)6.96
Revenue Forecast (FY)$11.03B
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 primarily makes money by leasing space on its communications sites to multiple tenants—most commonly wireless carriers/mobile network operators—under long-term, recurring contractual arrangements. Revenue is largely generated from (...
American Tower Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported solid consolidated growth, raised full-year property revenue and AFFO guidance, highlighted continued CoreSite outperformance, announced significant capital returns, and emphasized strong long-term demand catalysts across wireless, cloud, AI, and edge infrastructure. The main challenges were DISH-related churn, Brazil-related declines, lower services revenue, AT&T Mexico reserves, and timing delays in certain projects, but management characterized several of these pressures as temporary or already reflected in its outlook.Positive Updates
Raised Full-Year Outlook for the Third Time
Management raised its full-year 2026 outlook for the third time this year, citing consistent tower leasing performance, continued CoreSite outperformance, and the benefit of share repurchases.
Negative Updates
DISH Churn Weighed on Growth
US and Canada organic growth was flat in the quarter and approximately 4% excluding DISH churn. DISH-related churn represented an approximately 400-basis-point headwind to US organic tenant billings growth and contributed to the decline in cash adjusted EBITDA margins.
Read all updates
Q3-2026 Updates
Positive
Negative
Raised Full-Year Outlook for the Third Time
Management raised its full-year 2026 outlook for the third time this year, citing consistent tower leasing performance, continued CoreSite outperformance, and the benefit of share repurchases.
Read all positive updates
Company Guidance
Management expects approximately 4% organic tenant billings growth for the tower business, 16% data center revenue growth, and 2026 property revenue growth of >4% excluding non-cash straight line revenue and FX impacts, or nearly 7% on a cash FX neutral basis normalized for 1-time DISH-related churn; organic tenant billings growth is expected at ~1%, or ~4% excluding DISH churn. Adjusted EBITDA guidance implies >2% growth excluding noncash net straight line and FX impacts, or >5% on a cash FX neutral basis normalized for 1-time DISH-related churn, while attributable AFFO per share growth is expected at >3%, or approximately 0% on an FX neutral basis normalized for 1-time DISH-related churn and excluding refinancing costs, with services business growth and debt refinancings each representing an ~1% headwind. The company expects 2026 to represent a trough for attributable AFFO per share growth and expects to return to its long term expectation of AFFO per share growth in the mid to high single digit range, spend approximately 85% of discretionary capital in developed markets, including >$700 million in success-based data center investments, maintain leverage within its target range of 3 to 5x, and expand tower cash EBITDA margins by 200 to 300 basis points by 2030; services revenue guidance is about $220 million, and the Canada transaction is expected to close in the fourth quarter, with 2026 guidance including $13 million of revenue, $8 million of adjusted EBITDA and $8 million of AFFO.American Tower Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
48
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.01B | 10.65B | 10.13B | 10.01B | 9.65B | 9.36B |
| Gross Profit | 8.00B | 7.84B | 7.55B | 7.45B | 7.08B | 6.67B |
| EBITDA | 7.32B | 6.10B | 7.15B | 6.00B | 6.58B | 6.03B |
| Net Income | 3.29B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
Balance Sheet | ||||||
| Total Assets | 62.98B | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B |
| Cash, Cash Equivalents and Short-Term Investments | 1.87B | 1.47B | 2.00B | 1.75B | 2.03B | 1.95B |
| Total Debt | 45.29B | 44.96B | 43.95B | 46.31B | 47.05B | 52.01B |
| Total Liabilities | 53.21B | 52.84B | 51.43B | 55.16B | 54.79B | 60.82B |
| Stockholders Equity | 3.52B | 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 | 5.71B | 5.46B | 5.29B | 4.72B | 3.70B | 4.82B |
| Investing Cash Flow | -1.83B | -1.71B | 410.60M | -1.70B | -2.36B | -20.69B |
| Financing Cash Flow | -3.98B | -4.36B | -5.45B | -3.10B | -1.42B | 16.42B |
American Tower Technical Analysis
Positive
178.57
Price Trends
174.58
Positive
172.61
Positive
174.27
Positive
Market Momentum
3.93
Negative
60.51
Neutral
31.38
Neutral
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 178.57 is above the 20-day moving average (MA) of 178.45, above the 50-day MA of 174.58, and above the 200-day MA of 174.27, indicating a bullish trend. The MACD of 3.93 indicates Negative momentum. The RSI at 60.51 is Neutral, neither overbought nor oversold. The STOCH value of 31.38 is Neutral, 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 | $86.20B | 26.14 | 91.35% | 3.80% | 5.31% | 13.13% | |
68 Neutral | $67.86B | 91.46 | 3.98% | 2.67% | 18.74% | -45.63% | |
67 Neutral | $102.62B | 61.96 | 11.49% | 1.95% | 11.06% | 52.70% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $19.61B | 19.86 | -20.67% | 2.63% | 5.36% | 14.00% | |
59 Neutral | $37.79B | 37.01 | -40.39% | 4.78% | -15.63% | ― | |
59 Neutral | $35.24B | 84.56 | -38.42% | 2.92% | 17.37% | 898.02% |
* Real Estate Sector Average
AMT
American Tower
185.88
13.90
8.08%
CCI
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88.83
3.03
3.53%
DLR
Digital Realty
182.91
17.25
10.41%
EQIX
Equinix
1,036.67
208.39
25.16%
IRM
Iron Mountain
118.38
18.78
18.86%
SBAC
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184.88
-1.83
-0.98%
American Tower Corporate Events
Executive/Board ChangesDividends
American Tower Declares Quarterly Cash Distribution to Shareholders
Positive
Sep 18, 2026
On September 17, 2026, American Tower’s board elected Kristen M. Ludgate as a director and member of its Compensation and Human Capital Committee, with her term running until the 2027 annual meeting. Ludgate, a former Chief People Officer at...
Business Operations and StrategyPrivate Placements and Financing
American Tower Completes $1.6 Billion Senior Notes Offering
Positive
Sep 14, 2026
On September 14, 2026, American Tower completed a registered public offering of $1.6 billion in senior unsecured notes, split among tranches maturing in 2031, 2033 and 2036 with coupons ranging from 5.300% to 5.750%. The notes carry semi-annual in...
Business Operations and StrategyPrivate Placements and Financing
American Tower Prices $1.6 Billion Senior Notes Offering
Positive
Sep 9, 2026
On September 9, 2026, American Tower priced a $1.6 billion registered public offering of senior unsecured notes maturing in 2031, 2033 and 2036, with coupons ranging from 5.300% to 5.750% and issuance prices just below par. The transaction was exe...
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.