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American Tower
(NYSE:AMT)
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Rating:68Neutral
Price Target:
$191.00
▲(6.96% Upside)
Action:Reiterated
Date:09/18/26
AMT scores well on forward outlook and operating quality: raised 2026 guidance and strong CoreSite leasing support the trajectory, and profitability/free-cash-flow generation remain solid. The biggest offset is financial risk from very high leverage and a thin equity cushion, which constrains flexibility and increases sensitivity to refinancing conditions. Technicals are largely neutral, and valuation is reasonable with a supportive ~4% dividend yield.
Positive Factors
Recurring multi-tenant infrastructure model
Long-term leases, contractual escalators, and multi-tenant economics provide recurring revenue and attractive incremental margins. Additional carrier equipment or tenants can increase site cash flow without requiring proportional new construction, supporting durable earnings visibility over the next several quarters.
Negative Factors
Very high financial leverage
AMT’s thin equity cushion and very high debt burden reduce financial flexibility compared with a less leveraged company. The structure increases sensitivity to refinancing costs and interest-rate conditions, potentially limiting investment, acquisitions, or capital returns during periods of financial stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring multi-tenant infrastructure model
Long-term leases, contractual escalators, and multi-tenant economics provide recurring revenue and attractive incremental margins. Additional carrier equipment or tenants can increase site cash flow without requiring proportional new construction, supporting durable earnings visibility over the next several quarters.
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
$85.53B
Dividend Yield3.98%
Average Volume (3M)3.03M
Price to Earnings (P/E)24.4
Beta (1Y)0.04
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. Volume3,635,235
30 Day Avg. Volume3,025,843
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 Cap1.47
Enterprise Value/Revenue11.50
Enterprise Value/Gross Profit15.72
Enterprise Value/Ebitda17.96
Forecast
1Y Price Target
$212.42Price Target Upside18.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)6.97
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:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 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 | 7.01B | 6.10B | 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 Technical Analysis
Positive
178.57
Price Trends
173.16
Positive
172.56
Positive
173.76
Positive
Market Momentum
3.23
Negative
59.27
Neutral
55.57
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 173.10, above the 50-day MA of 173.16, and above the 200-day MA of 173.76, indicating a bullish trend. The MACD of 3.23 indicates Negative momentum. The RSI at 59.27 is Neutral, neither overbought nor oversold. The STOCH value of 55.57 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $85.53B | 24.40 | 91.02% | 3.98% | 6.65% | 163.52% | |
68 Neutral | $65.04B | 81.25 | 3.30% | 2.77% | 18.74% | -45.63% | |
68 Neutral | $98.18B | 63.78 | 10.76% | 2.03% | 9.64% | 52.13% | |
66 Neutral | $33.46B | 32.91 | -40.39% | 5.40% | -23.24% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $19.20B | 18.63 | -20.67% | 2.80% | 5.36% | 14.00% | |
59 Neutral | $33.66B | 81.94 | -38.42% | 3.01% | 17.37% | 898.02% |
* Real Estate Sector Average
AMT
American Tower
181.57
-1.29
-0.71%
CCI
Crown Castle
78.83
-14.63
-15.65%
DLR
Digital Realty
170.94
0.43
0.25%
EQIX
Equinix
952.62
138.12
16.96%
IRM
Iron Mountain
110.66
10.11
10.06%
SBAC
SBA Communications
178.39
-12.83
-6.71%
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.