American Tower Corp
Exchange: NYSESector: Real EstateIndustry: REIT - Specialty
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
Did you know?
Trading 10% above its estimated fair value of $155.83.
Current Price
$173.73
+1.58%GoodMoat Value
$155.83
10.3% overvaluedProfile
Valuation (TTM)
Market Cap$81.33B
P/E32.15
EV$125.99B
P/B22.27
Shares Out468.15M
P/Sales7.64
Revenue$10.64B
EV/EBITDA19.65
American Tower Corp (AMT) Stock Analysis
GoodMoat Analysis
American Tower is a leading global REIT with a durable, asset-heavy moat in wireless infrastructure, but its valuation appears full relative to its moderate growth. The business model is high-quality, yet the current price offers a marginal margin of safety.
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American Tower Corp (AMT) operates a global portfolio of wireless communications infrastructure, primarily cell towers. This business model creates a classic 'scale privilege' and 'niche dominance' moat, as its vast, geographically dispersed portfolio of over 200,000 sites is nearly impossible to replicate and is mission-critical for mobile carriers. Applying the GoodMoat framework, it likely scores well on criteria like Switching Costs (long-term leases), Regulatory Barriers (zoning and permitting), and Scale Privilege. Its financials show strong operational health with a 45.5% operating margin, 69.3% ROE, and a 4.03% dividend yield, though its high Debt/Equity ratio of 12.3x is a notable consideration for a capital-intensive REIT. The company exhibits moderate growth with 7.5% YoY revenue increase. On valuation, the current P/E of ~31x and a price of $167.27 sits slightly above the GoodMoat Target of $155.83, suggesting a marginal or negative margin of safety in a DCF context. Following the Decision Framework, AMT likely passes the Moat & Quality Gate but enters the Valuation & Risk Gate 'with caution.' The combination of full valuation, high leverage, and moderate growth trajectory means it requires a very high-conviction view on execution or may warrant waiting for a more attractive entry price for a value investor. Analysis based on data as of 2024-05-15.
Market Cap$81.33B
Current Price$173.73
P/E Ratio32.15
Forward P/E—
PEG Ratio-0.97
EPS$5.40
Book Value$7.80
P/B Ratio22.27
AMT Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use 5.4% FCF growth (CAGR)
Cash vs Debt
Net Debt: 43.4B
Revenue
7.6B
FY19
8.0B
FY20
9.4B
FY21
9.6B
FY22
10.0B
FY23
10.1B
FY24
10.6B
FY25
Net Income
1.9B
FY19
1.7B
FY20
2.6B
FY21
1.8B
FY22
1.5B
FY23
2.3B
FY24
2.5B
FY25
AMT 52-Week Range
$167.27
$228.11
50-Day MA: $180.83200-Day MA: $189.43
Did you know?
Earnings per share grew at a 5.4% CAGR.
American Tower Corp (AMT) Financial Summary
American Tower Corp (AMT) is a Real Estate company in the REIT - Specialty industry, listed on NYSE. The stock currently trades at $173.73 with a market capitalization of $81.33B.
Key valuation metrics include a P/E ratio of 32.15, price-to-book ratio of 22.27, and EPS of $5.40. The company reports a profit margin of 23.8% and return on equity of 69.3%.
AMT Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $81.33B |
| P/E Ratio | 32.15 |
| EPS | $5.40 |
| P/B Ratio | 22.27 |
| P/S Ratio | 7.64 |
| EV/EBITDA | 19.65 |
| Dividend Yield | 3.88% |
| Profit Margin | 23.8% |
| Return on Equity | 69.3% |
| Debt/Equity | 12.31 |
AMT Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $7.58B | $1.89B |
| FY20 | $8.04B | $1.69B |
| FY21 | $9.36B | $2.57B |
| FY22 | $9.65B | $1.77B |
| FY23 | $10.01B | $1.48B |
| FY24 | $10.13B | $2.25B |
| FY25 | $10.64B | $2.53B |
American Tower Corp (AMT) Valuation
Based on GoodMoat's DCF model, American Tower Corp has a fair value estimate of $155.83. At the current price of $173.73, the stock appears 11.5% overvalued relative to our intrinsic value estimate.
AMT Quality Indicators
American Tower Corp maintains a profit margin of 23.8% and an operating margin of 45.5%. Return on equity stands at 69.3%. The current ratio is 0.40. Debt-to-equity ratio is 12.31.
About American Tower Corp
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
AMT Free Cash Flow
American Tower Corp generated $3.78B in trailing twelve-month free cash flow, representing an FCF yield of 4.65%. This moderate FCF yield indicates reasonable cash generation.
AMT Shares Outstanding
American Tower Corp has 0.47 billion shares outstanding at a share price of $173.73, giving it a market capitalization of $81.33B.
AMT Recent Insider Trades
Recent insider transactions at American Tower Corp include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| Kalathur Rajesh | BUY | 2,671 | $494936.30 |
| Dowling Ruth T (EVP, Chief Admin Ofr, GC & Sec) | SELL | 682 | $128563.82 |
| Vondran Steven O (President and CEO) | SELL | 15,084 | $2.83M |