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-$234.33Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-24. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$717M
FY’22
$855M+19%
FY’23
$757M-11%
FY’24
$775M+2%
FY’25
$936M+21%
Margins & balance sheet — FY’25
Operating margin517.8%
Net debt$43.4B
The read
Where our coverage leans
Coverage leans bullish
Sign in to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for American Tower
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.