American Tower Corporation
- Open
- 174.71
- Day high
- 176.86
- Day low
- 173.39
- Prev close
- 176.23
- Volume
- 2.7M
- Mkt cap
- $82.4B
- P/E (TTM)
- 24.1
- EPS (TTM)
- $7.28
- P/B
- 22.2
- P/S
- 7.5
- Yield
- 3.97%
- Per share
- $6.98
- ▼Insiders net selling -$703K over the last 3 months (1 open-market buy, 3 sales)
- 🏛Institutions mixed (13F)
American Tower Corporation (AMT) is a Real Estate company listed on NYSE. The stock is down 12% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 3 sales (SEC Form 4). Drillr has 3 published research articles covering AMT.
American Tower Corporation (AMT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $1.57 | $1.86 | +18.5% | $2.7B | +1.8% |
| Apr 28, 2026 | $1.60 | $1.84 | +15.0% | $2.7B | +3.1% |
| Feb 24, 2026 | $2.54 | $2.63 | +3.5% | $2.7B | +2.4% |
| Jul 29, 2025 | $2.60 | $2.60 | +0.0% | $2.6B | -1.2% |
| Feb 27, 2024 | $2.18 | $2.29 | +5.0% | $2.8B | +1.6% |
| Oct 26, 2023 | $2.35 | $2.58 | +9.8% | $2.8B | +2.0% |
| Jul 27, 2023 | $2.36 | $2.46 | +4.2% | $2.8B | +1.6% |
| Feb 23, 2023 | $2.23 | $2.34 | +4.9% | $2.7B | +0.9% |
| Oct 27, 2022 | $1.13 | $1.80 | +59.3% | $2.7B | +1.0% |
| Jul 28, 2022 | $0.96 | $1.95 | +103.1% | $2.7B | +0.9% |
| Feb 24, 2022 | $2.17 | $2.18 | +0.3% | $2.4B | +1.3% |
| Oct 28, 2021 | $2.33 | $2.49 | +6.7% | $2.5B | +2.0% |
AMT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Kalathur Rajeshdirector | Buy | 2,829 | $177.00 |
| Jul 31, 2026 | Meyer Robert Josephofficer: SVP & Advisor to the CFO | Sell | 5,000 | $178.89 |
| Jul 30, 2026 | Dowling Ruth Tofficer: EVP, Chief Admin Ofr, GC & Sec | Sell | 685 | $169.54 |
| Jul 30, 2026 | Dowling Ruth Tofficer: EVP, Chief Admin Ofr, GC & Sec | Sell | 1,106 | $174.96 |
| Apr 30, 2026 | Dowling Ruth Tofficer: EVP, Chief Admin Ofr, GC & Sec | Sell | 416 | $177.54 |
| Apr 30, 2026 | Dowling Ruth Tofficer: EVP, Chief Admin Ofr, GC & Sec | Sell | 556 | $178.48 |
| Mar 12, 2026 | Chambliss Kelly Cdirector | Grant | 1,209 | — |
| Mar 12, 2026 | Tanner Bruce Ldirector | Grant | 1,209 | — |
| Mar 12, 2026 | REILLY EUGENE Fdirector | Grant | 1,209 | — |
| Mar 12, 2026 | MACNAB CRAIGdirector | Grant | 1,209 | — |
| Mar 12, 2026 | Ray Neville Rdirector | Grant | 1,209 | — |
| Mar 12, 2026 | Lieblein Gracedirector | Grant | 1,209 | — |
| Mar 12, 2026 | Vondran Steven Odirector, officer: President and CEO | Grant | 20,955 | — |
| Mar 12, 2026 | Font Juanofficer: SVP, Pres. & CEO, CoreSite | Grant | 8,060 | — |
| Mar 12, 2026 | Dowling Ruth Tofficer: EVP, Chief Admin Ofr, GC & Sec | Tax | 6,629 | $186.12 |
Source: AMT SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full AMT insider & 13F page →AMT research & analysis
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SBA Communications rallied on buyout reports, spotlighting undervaluation versus peers AMT and CCI amid high debt and M&A potential. Valuations show SBAC as the cheapest entry, with premiums likely if a deal materializes. Watch for bid updates and sector ripple effects.
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Hotter-than-expected inflation dashed rate cut hopes, favoring banks like JPM and WFC via NIM expansion while pressuring debt-laden REITs (PLD, AMT) and utilities (NEE, DUK). JPM tops conviction ranks with superior scale; REITs lag on cap rate risks. Prolonged high rates could widen these gaps further.
JPMWFCPLD10-Year Treasury Yield Outlook: JPM Wins, NEE and AMT Face Debt Squeeze
ETF Trends' March 2026 10-year Treasury yield analysis forecasts elevated rates, favoring banks like JPM and BAC via NIM expansion while pressuring leveraged utilities (NEE, DUK) and REITs (PLD, AMT) on debt costs and valuations. JPM tops conviction rankings for its balance sheet strength; AMT ranks as most vulnerable.
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American Tower Corporation company profile
Overview
American Tower Corporation (NYSE:AMT) is one of the world's largest real estate investment trusts (REITs) specializing in communications infrastructure. Founded in 1995 and going public in 1998, the company has grown from a regional tower operator to a global communications real estate giant with approximately 219,000 communications sites across multiple continents. American Tower owns, operates, and develops multitenant communications real estate, primarily cell towers and data centers, serving wireless carriers and other communications companies worldwide.
Business
American Tower operates in the communications infrastructure industry, which provides the physical foundation for wireless telecommunications networks. The company's business revolves around communications real estate - essentially the land, towers, and facilities that wireless carriers need to deploy their equipment and provide cellular service to consumers and businesses. The company operates through several key segments: 1. Tower Operations (Primary Business - ~85% of revenue): American Tower owns and operates cell towers where multiple wireless carriers can install their equipment. These towers are tall structures (typically 100-500 feet high) that support antennas, transmitters, and other equipment needed for cellular networks. The "multitenant" model means multiple carriers can lease space on the same tower, making it cost-effective for both the tower owner and the carriers. 2. Data Center Operations via CoreSite (~10% of revenue): Through its CoreSite subsidiary, American Tower operates data centers that provide colocation services, where businesses can house their servers and IT equipment. These facilities offer high-speed internet connectivity, power backup, and security for companies that need reliable data storage and processing capabilities. 3. Services Business (~5% of revenue): The company provides various support services to wireless carriers, including site development, zoning, and construction management services. Geographically, American Tower operates across the United States, Canada, Europe, Latin America, Africa, and Asia-Pacific regions, with the U.S. and Canada representing the largest portion of its portfolio and revenue base.
Competitive moat
American Tower possesses a moderately strong economic moat built primarily on the strategic value and scarcity of its tower locations. Once a cell tower is constructed in an optimal location with proper zoning approvals, it becomes extremely difficult for competitors to replicate due to local zoning restrictions, community opposition (NIMBY - Not In My Backyard), and the lengthy permitting process that can take years. The company benefits from high switching costs for its carrier customers. Moving wireless equipment from one tower to another is expensive, time-consuming, and can disrupt service coverage. Carriers typically prefer to stay with existing tower locations and add equipment rather than relocate, creating customer stickiness. Network effects also strengthen the moat - as more carriers locate equipment on the same tower, the site becomes more valuable due to improved coverage redundancy and the ability to share certain infrastructure costs. The multitenant model creates economies of scale that are difficult for single-tenant competitors to match. However, the moat faces several challenges. Technological disruption poses the most significant threat, as innovations like satellite internet (Starlink), small cells, and distributed antenna systems could potentially reduce dependence on traditional macro towers. Regulatory risks exist as governments could change zoning laws or impose new restrictions on tower construction. The company also faces competition from other large tower operators like Crown Castle and SBA Communications, as well as potential new entrants backed by private equity or infrastructure funds. The moat is strongest in developed markets like the U.S. and Europe where zoning restrictions are more stringent, but weaker in emerging markets where regulatory frameworks may be less stable and alternative infrastructure solutions more viable.
Risks & safety
American Tower presents a moderate margin of safety with some concerning leverage metrics but strong operational cash generation. Debt and Solvency Concerns: - Debt-to-equity ratio of 13.0x is extremely high, indicating heavy leverage - Current ratio of 0.45 shows current liabilities exceed current assets by more than 2:1 - Total debt of approximately $40+ billion against $10 billion in equity - However, strong operating cash flow of $5.3 billion provides debt servicing capability Valuation Metrics: - EV/EBITDA of 19.1x appears reasonable for a REIT with contracted cash flows - P/E ratio of 38.0x is elevated but reflects REIT tax structure - Price-to-book of 25.3x is high, typical for asset-heavy REITs - Graham number suggests potential undervaluation relative to earnings and book value Other Considerations: - Strong free cash flow generation of $3.7 billion provides financial flexibility - Dividend yield and coverage appear sustainable based on AFFO metrics - Geographic diversification reduces single-market risk - Long-term contracted revenues provide cash flow predictability
Recent development
Over the past few years, American Tower has undergone significant strategic repositioning focused on portfolio optimization and geographic concentration. The company has been systematically reducing its exposure to emerging markets while strengthening its position in developed markets. Strategic Divestitures: The company completed the sale of its India business and South Africa fiber operations, part of a broader strategy to reduce emerging market exposure from previous levels to approximately 25% of AFFO. This shift reflects management's focus on markets with more stable regulatory environments and stronger carrier ecosystems. 5G Infrastructure Expansion: American Tower has been capitalizing on the ongoing 5G network deployment, with over 65% of its U.S. towers now upgraded with mid-band spectrum equipment. The company continues to see strong demand from carriers upgrading their networks and expanding coverage, particularly in mid-band frequencies that require denser network configurations. Data Center Growth: The CoreSite data center business has emerged as a significant growth driver, with revenue growing over 10% annually. The company has been expanding its data center footprint, including the recent acquisition of the DE1 data center in Denver, and is seeing strong demand driven by hybrid cloud deployments and AI infrastructure needs. Operational Efficiency Initiatives: Management has implemented comprehensive cost management programs, targeting $40 million in SG&A savings and focusing on margin expansion. The appointment of a new Chief Operating Officer reflects the company's commitment to driving global operational efficiency across its diverse portfolio. Capital Allocation Discipline: The company has adopted a more disciplined approach to capital deployment, reducing discretionary capital expenditures in emerging markets by over 40% since 2021 while maintaining investment in developed markets and the CoreSite platform.
AMT company profile · for informational purposes only — not investment advice.
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