American Tower Corporation (AMT) Stock Analysis
Real Estate · REIT - Specialty · NYSE
American Tower Corporation (AMT) posted $10.64B in revenue for fiscal 2025 (up 5.1% year over year), at a 23.8% net margin, and has compounded revenue about 5.8%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on American Tower Corporation
American Tower Corporation has grown revenue from $5.79B to $10.64B over the last 10 fiscal years, compounding about 5.8% a year. The most recent year was up 5.1%, roughly in line with its longer-run pace.
Net margin sits at 23.8%, up 1.5 points year over year.
At today's valuation the market is pricing in roughly 8.6% annual free-cash-flow growth — versus the 5.8% it actually delivered over the last five years, broadly in line with what it has delivered. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from American Tower Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
American Tower Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.79B | $6.66B | $7.44B | $7.58B | $8.04B | $9.36B | $10.71B | $11.14B | $10.13B | $10.64B |
| Gross profit | — | $6.63B | $7.39B | $7.54B | — | — | — | — | — | — |
| Net income | $956.40M | $1.24B | $1.24B | $1.89B | $1.69B | $2.57B | $1.77B | $1.48B | $2.25B | $2.53B |
| Net margin | 16.5% | 18.6% | 16.6% | 24.9% | 21.0% | 27.4% | 16.5% | 13.3% | 22.3% | 23.8% |
Source: American Tower Corporation SEC filings (10-K). 19 years of history available in the interactive view.
American Tower Corporation: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 20.4% while revenue rose 5.1% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
What growth is priced into AMT stock?
At today's market cap of $80.78B, American Tower Corporation is priced for free-cash-flow growth of about 8.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $3.78B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 5.8%/yr over the last five fiscal years and revenue 5.8%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of American Tower Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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American Tower Corporation financial history by metric
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About American Tower Corporation
American Tower Corporation one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 148,000 communications sites and a highly interconnected footprint of U.S. data center facilities. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.
American Tower Corporation — frequently asked questions
What is American Tower Corporation's revenue?
American Tower Corporation (AMT) reported revenue of $10.64B for fiscal year 2025, up 5.1% from the prior year, according to its SEC filings.
Is American Tower Corporation profitable?
Yes. AMT earned net income of $2.53B in fiscal 2025, a net margin of 23.8%.
What is AMT's P/E ratio?
American Tower Corporation trades at a price-to-earnings ratio of about 27.9 based on the latest data in our nightly-refreshed cache.
How fast is American Tower Corporation growing?
AMT's revenue grew at roughly 5.8% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does American Tower Corporation have?
As of fiscal year 2025, AMT carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is American Tower Corporation's market cap?
American Tower Corporation (AMT) has a market capitalization of about $80.78B, based on the latest data in our nightly-refreshed cache.
When does American Tower Corporation's fiscal year end?
AMT's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into AMT stock?
At today's market cap of $80.78B, American Tower Corporation is priced for free-cash-flow growth of about 8.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $3.78B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 5.8%/yr over the last five fiscal years and revenue 5.8%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from American Tower Corporation's official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.