American Tower Corporation (AMT) Stock

American Tower Corporation (AMT) is a Real Estate stock trading at $175.79 (as of 2026-08-21), with a market capitalization of $81.93B and a trailing P/E of 27.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

American 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.

Understand American Tower Corporation: how it makes money

American Tower owns, operates, and develops multitenant communications real estate (around 219,000 communications sites), and it makes money by leasing space on these sites to communications customers.

Profit is driven by leasing and operating multitenant communications sites that the company owns and manages, with additional contributions tied to site-related transactions and customer payment outcomes reflected through revenue reserves.

Revenue by segment (latest quarter)
Property$2.6B
U.S. services$0.1B

Business quality (Strong): The available operating KPIs emphasize consolidated property revenue and customer-related revenue reserves, which can mix underlying site leasing performance with reserve and payment dynamics.

Valuation: At 30× earnings, AMT trades 10% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Large, specialized site portfolio: As an independent owner, operator, and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites, it has scale in the asset type it specializes in.
  • Core revenue base from property operations: The latest period shows consolidated property revenue of about 2.6B, indicating the primary earnings engine is recurring communications real estate revenue.

Bear case

  • Tenant payment uncertainty can flow through revenue reserves: The provided KPI set includes revenue reserves related to Vodafone Idea (VIL) short payments, suggesting exposure to customer payment risk or disputes.
  • Results can be affected by reserve and timing items: Revenue reserves and reserve-related components appear as separate line items, which can make reported results sensitive to assumptions and quarter-to-quarter reserve changes.
Valuation — source: SEC EDGAR (first-party)
Price$175.79
Market Cap$81.93B
P/E Ratio27.2
EV / EBITDA12.6
Price / Book8.07
Price / Sales7.57
FCF Yield8.3%
DCF Value (model)$135.14
DCF Upside vs Price-23.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$10.64B
Net Margin24.7%
Revenue Growth (YoY)6.8%
EPS Growth (YoY)75.2%
Financial Health — source: SEC EDGAR
Altman Z-Score1.16 (distress)
Valuation vs Sector & Industry
Stock P/E27.2
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector0.2%
vs Industry-22.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($11.19B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorReal Estate
IndustryTrading
CEOSteven O. Vondran
Employees4,691
CountryUS
IPO Date1998-02-27

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • Welltower Inc. (WELL)
  • Prologis, Inc. (PLD)
  • Equinix, Inc. (EQIX)
  • Simon Property Group, Inc. (SPG)
  • Digital Realty Trust, Inc. (DLR)
  • Realty Income Corporation (O)
  • Public Storage (PSA)
  • Ventas, Inc. (VTR)
AMT earnings history · AMT institutional & insider holders · AMT KPIs & operating metrics · AMT financials · AMT investor presentations & press releases · AMT SEC filings · AMT peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.