American Tower
ConvictionModerate
Own-and-lease shared macro-tower and rooftop sites to mobile carriers on ~5-10yr non-cancellable leases with ~3% U.S. / CPI-linked international escalators and high-margin colocation upside; CoreSite adds retail/interconnection data-center leasing. Recurring, contracted, inflation-hedged cash flows; capital-intensive with REIT dividend payout.
Revenue
$10.65BFY2025Rev growth
+5.1% YoYFY2025); +6.8% YoY (Q1 2026Gross margin
~70%+property gross margin; tower ops are high-fixed-cost, high-incremental-marginOp margin
~38%FY2025 operating income est. vs revenueCapex intensity
~16%FY2025 capex ~$1.7B / revenue; ~$0.6B of it data centersMarket cap
~$77.4BNYSE: AMT, ~$166.03/sh, as of 2026-07-02; 52-wk range $162.27-$234.33The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence