# American Tower (AMT.US)

Canonical: https://gigainvestors.com/s/AMT

Analysis as of: 2026-10-16T07:26:30.180Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $181.36 per share; close as of 2026-10-15.

Estimated value: low $74.24 per share, central $84.04 per share, high $97.08 per share. Buy at or below the central value $84.04 per share. Valuation as of 2026-10-16T07:26:30.180Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.30×

- FY2018: 0.26×

- FY2019: 0.35×

- FY2020: 0.36×

- FY2021: 0.33×

- FY2022: 0.28×

- FY2023: 0.31×

- FY2024: 0.45×

- FY2025: 0.46×

- LTM to Jun 2026: 0.44×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.5%

- ROIC, second-lowest year: 6.8%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 72.7%

- Recent gross margin (lower of latest and 3-year median): 73.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.2%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.7%

- FY2018: 9.6%

- FY2019: 9.5%

- FY2020: 8.4%

- FY2021: 6.8%

- FY2022: 6.7%

- FY2023: 8.0%

- FY2024: 12.1%

- FY2025: 12.1%

- LTM to Jun 2026: 12.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.43×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $15B

- Net income, five-year total: $11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 5.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.37×

- FY2022: 1.84×

- FY2023: 1.87×

- FY2024: 1.24×

- FY2025: 1.14×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 12.1%

- Per-share earnings: 2.23 to 4.82 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: $37B

- Cumulative retained earnings: -$4.0B

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.1%

- Per-share value change: $2.59

- Per-share value, starting three-year median: $2.23

- Per-share value, ending three-year median: $4.82

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 0.4%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $21B

- Cumulative net income, 10 years: $18B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 12.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.23

- FY2017: $2.87

- FY2018: $2.79

- FY2019: $4.24

- FY2020: $3.79

- FY2021: $5.66

- FY2022: $3.82

- FY2023: $3.18

- FY2024: $4.82

- FY2025: $5.40

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 7.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -5.1%

- FY2018: -7.6%

- FY2019: -4.4%

- FY2020: -4.6%

- FY2021: -3.2%

- FY2022: -2.9%

- FY2023: -4.9%

- FY2024: -5.0%

- FY2025: -4.6%

## Holders

- [Chuck Akre](https://gigainvestors.com/AC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 38% since Dec 2021 · "American Tower Sees 2026 Growth Trough Before 5G, AI and 6G Catalysts Lift Demand" (finance.yahoo.com, Sep 2026) · sales +2.8%

Story as of 2026-10-16T09:58:18.265Z; price observation 2026-10-15.

Price needs cash profits to grow 10.8% a year for ten years

- 2025-07-29: American Tower Sees Slightly Weaker US Growth As International Performance Strengthens ([finance.yahoo.com](https://finance.yahoo.com/news/american-tower-sees-slightly-weaker-180715060.html))

- 2026-02-24: American Tower posts upbeat revenue on strong leasing activity amid 5G, data-center growth ([finance.yahoo.com](https://finance.yahoo.com/news/american-tower-posts-upbeat-revenue-122621347.html))

- 2026-03-31: American Tower Refocuses On Europe As Cost Plan Targets Margin Gains ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/american-tower-refocuses-europe-cost-230735956.html))

- 2026-04-28: American Tower raises annual forecast on strong leasing demand, cloud adoption ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/american-tower-raises-annual-forecast-123541924.html))

- 2026-07-28: American Tower beats top-line and bottom-line estimates; raises FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4619248-american-tower-beats-top-line-and-bottom-line-estimates-raises-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-09-12: American Tower Sees 2026 Growth Trough Before 5G, AI and 6G Catalysts Lift Demand ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/american-tower-sees-2026-growth-230156550.html))

### Sales · FY2025–2026

sales +2.8%; source https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm; observed 2026-02-24.

- FY2017: $6.7B 

- FY2018: $7.4B 

- FY2019: $7.6B 

- FY2020: $8.0B 

- FY2021: $9.4B 

- FY2022: $9.6B 

- FY2023: $10B 

- FY2024: $10B 

- FY2025: $11B 

- FY2026: $11B 

### Gross margin · FY2026

gross margin 73.2%; source https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm; observed 2026-02-24.

- FY2017: 69.2% 

- FY2018: 70.7% 

- FY2019: 70.8% 

- FY2020: 72.3% 

- FY2021: 71.3% 

- FY2022: 73.4% 

- FY2023: 74.4% 

- FY2024: 74.6% 

- FY2025: 73.7% 

- FY2026: 73.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 10.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm (filed 2026-02-24); FY2025: revenue 10645100000; grossProfit 7843600000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 73.7% to 74.6% during 2023–25; it earns 9.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 74.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 74.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 73.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2017,0.09745303181109723],[2018,0.09628311785457964],[2019,0.09454146475267441],[2020,0.0844028037674168],[2021,0.06801183280724468],[2022,0.06725123366834804],[2023,0.08017693651667096],[2024,0.12094905003017942],[2025,0.12079684570566708],[2026,0.12485407948314575]]; median 0.09541229130362702. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 364.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 682505000; owner earnings 1799520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 0; upkeep 803600000; owner earnings 2151200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 913200000; owner earnings 2434000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 991300000; owner earnings 2674900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 1031700000; owner earnings 2540747419.450192. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 1376700000; owner earnings 3523600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 0; upkeep 1873600000; owner earnings 3247300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 1798100000; owner earnings 2771700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 1590000000; owner earnings 2789800000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 1680400000; owner earnings 2877436964.047936. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,993241000],[2017,1164400000],[2018,1342400000],[2019,1603000000],[2020,1928200000],[2021,2271000000],[2022,2630400000],[2023,2949300000],[2024,3074900000],[2025,3157200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 364600000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMT.US SharesStats.PercentInsiders = 0.079 percentage points; cache date 2026-10-16.

### What could break it

"If we fail to remain qualified for taxation as a REIT" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm (filed 2026-02-24); If we fail to remain qualified for taxation as a REIT

### What the price says

The price assumes cash profits grow 10.8% yearly over ten years; actual growth was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate 0.14315413657135923. Price 181.36; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.9351701476306986 → FY2025 6.138440522590459. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $117.19 per share

- 2016-11: $102.27 per share

- 2016-12: $105.68 per share

- 2017-01: $103.50 per share

- 2017-02: $114.79 per share

- 2017-03: $121.54 per share

- 2017-04: $125.94 per share

- 2017-05: $131.19 per share

- 2017-06: $132.32 per share

- 2017-07: $136.33 per share

- 2017-08: $148.05 per share

- 2017-09: $136.68 per share

- 2017-10: $143.67 per share

- 2017-11: $143.93 per share

- 2017-12: $142.67 per share

- 2018-01: $147.70 per share

- 2018-02: $139.33 per share

- 2018-03: $145.34 per share

- 2018-04: $136.36 per share

- 2018-05: $138.37 per share

- 2018-06: $144.17 per share

- 2018-07: $148.24 per share

- 2018-08: $149.12 per share

- 2018-09: $145.30 per share

- 2018-10: $155.81 per share

- 2018-11: $164.49 per share

- 2018-12: $158.19 per share

- 2019-01: $172.84 per share

- 2019-02: $176.15 per share

- 2019-03: $197.06 per share

- 2019-04: $195.30 per share

- 2019-05: $208.77 per share

- 2019-06: $204.45 per share

- 2019-07: $211.62 per share

- 2019-08: $230.19 per share

- 2019-09: $221.13 per share

- 2019-10: $218.08 per share

- 2019-11: $214.03 per share

- 2019-12: $229.82 per share

- 2020-01: $231.74 per share

- 2020-02: $226.80 per share

- 2020-03: $217.75 per share

- 2020-04: $238.00 per share

- 2020-05: $258.17 per share

- 2020-06: $258.54 per share

- 2020-07: $261.39 per share

- 2020-08: $249.15 per share

- 2020-09: $241.73 per share

- 2020-10: $229.65 per share

- 2020-11: $231.20 per share

- 2020-12: $224.46 per share

- 2021-01: $227.36 per share

- 2021-02: $216.13 per share

- 2021-03: $239.06 per share

- 2021-04: $254.77 per share

- 2021-05: $255.46 per share

- 2021-06: $270.14 per share

- 2021-07: $282.80 per share

- 2021-08: $292.17 per share

- 2021-09: $265.41 per share

- 2021-10: $281.97 per share

- 2021-11: $262.48 per share

- 2021-12: $292.50 per share

- 2022-01: $251.50 per share

- 2022-02: $226.87 per share

- 2022-03: $251.22 per share

- 2022-04: $241.02 per share

- 2022-05: $256.13 per share

- 2022-06: $255.59 per share

- 2022-07: $270.83 per share

- 2022-08: $254.05 per share

- 2022-09: $214.70 per share

- 2022-10: $207.19 per share

- 2022-11: $221.25 per share

- 2022-12: $211.86 per share

- 2023-01: $223.39 per share

- 2023-02: $198.01 per share

- 2023-03: $204.34 per share

- 2023-04: $204.39 per share

- 2023-05: $184.44 per share

- 2023-06: $193.94 per share

- 2023-07: $190.31 per share

- 2023-08: $181.32 per share

- 2023-09: $164.45 per share

- 2023-10: $178.19 per share

- 2023-11: $208.78 per share

- 2023-12: $215.88 per share

- 2024-01: $195.65 per share

- 2024-02: $198.86 per share

- 2024-03: $197.59 per share

- 2024-04: $171.56 per share

- 2024-05: $195.74 per share

- 2024-06: $194.38 per share

- 2024-07: $220.40 per share

- 2024-08: $224.06 per share

- 2024-09: $232.56 per share

- 2024-10: $213.54 per share

- 2024-11: $209.00 per share

- 2024-12: $183.41 per share

- 2025-01: $184.95 per share

- 2025-02: $205.62 per share

- 2025-03: $217.60 per share

- 2025-04: $225.41 per share

- 2025-05: $214.65 per share

- 2025-06: $221.02 per share

- 2025-07: $208.39 per share

- 2025-08: $203.85 per share

- 2025-09: $192.32 per share

- 2025-10: $178.98 per share

- 2025-11: $181.27 per share

- 2025-12: $175.57 per share

- 2026-01: $179.28 per share

- 2026-02: $191.86 per share

- 2026-03: $172.58 per share

- 2026-04: $182.71 per share

- 2026-05: $186.96 per share

- 2026-06: $163.57 per share

- 2026-07: $173.36 per share

- 2026-08: $175.70 per share

- 2026-09: $163.69 per share

- 2026-10: $179.43 per share

## Annual estimated value (USD per share)

- FY2016: low $38.12 per share, central $43.16 per share, high $49.87 per share

- FY2017: low $45.46 per share, central $51.51 per share, high $59.57 per share

- FY2018: low $59.49 per share, central $67.37 per share, high $77.85 per share

- FY2019: low $63.06 per share, central $71.34 per share, high $82.36 per share

- FY2020: low $67.16 per share, central $75.93 per share, high $87.60 per share

- FY2021: low $75.99 per share, central $86.17 per share, high $99.71 per share

- FY2022: low $78.48 per share, central $89.06 per share, high $103.14 per share

- FY2023: low $80.15 per share, central $91.03 per share, high $105.50 per share

- FY2024: low $76.06 per share, central $86.36 per share, high $100.07 per share

- FY2025: low $71.31 per share, central $80.78 per share, high $93.39 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:06.292Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.