American Tower (AMT) stock
Real Estate · Telecom Tower REITs
American Tower (AMT) is a Telecom Tower REITs company in the Real Estate sector, headquartered in Boston, Massachusetts. As of October 23, 2026, AMT closed at $188.97, a market capitalization of $88.05 billion, the 140th largest company in the S&P 500. Over the last twelve months it generated $10.94 billion in revenue (+5% year over year) and $3.96 billion in free cash flow. The stock trades at 26.0x trailing earnings and 27.1x forward earnings.
- 1-year total return: +3.3% (dividends reinvested)
- 5-year return: -4.8% a year
- 52-week range: $160.06 – $202.50
- Gross margin 73.8%, operating margin 45.4%
- Dividend yield: 3.79%, 13 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 4th largest of 30 Real Estate stocks in the S&P 500
AMT price chart
1Y price change: -0.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| AMT | +11.8% | +10.9% | +3.3% | +9.7% | -4.8% | +7.8% | +10.0% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1998.
AMT key statistics
- Market cap
- $88.1B
- #140 in S&P 500
- P/E (TTM)
- 26.0x
- Forward P/E
- 27.1x
- EPS (TTM)
- $7.27
- Revenue (TTM)
- $10.9B
- +5%
- Free cash flow
- $4.0B
- Gross margin
- 73.8%
- Operating margin
- 45.4%
- Return on equity
- 33.9%
- Dividend yield
- 3.79%
- 52-week range
- $160.06 – $202.50
- Beta
- 0.89
- Price / sales
- 8.0x
- EV / EBITDA
- 19.6x
- Debt / equity
- 4.39x
- Employees
- 4,866
AMT report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.7%D
- Gross margin73.8%A
- Operating margin45.4%A
- FCF margin36.2%A
- Return on equity33.9%A
- Net debt / EBITDA6.1xF
- Forward P/E27.1xC
- PEG ratio1.7xC
- Shareholder yield4.2%B
- Share count change / yr1.0%D
American Tower Corporation (REI financials
Revenue went from $5.8B in fiscal 2016 to $935.9M in fiscal 2025, shrinking 18.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8B | $6.7B | $491.3M | $527.2M | $495.7M | $717.2M | $840.7M | $747.3M | $774.6M | $935.9M |
| Gross profit | $5.8B | $6.6B | $442.2M | $484.1M | — | — | — | — | — | — |
| Operating income | $1.9B | $2.0B | $1.9B | $2.7B | $2.9B | $3.1B | $2.7B | $3.1B | $4.5B | $4.8B |
| Net income | $956.4M | $1.2B | $1.2B | $1.9B | $1.7B | $2.6B | $1.7B | $1.4B | $2.3B | $2.6B |
| EPS (diluted) | $1.98 | $2.67 | $2.77 | $4.24 | $3.79 | $5.66 | $3.82 | $3.18 | $4.82 | $5.40 |
| Free cash flow | $2.0B | $2.1B | $2.8B | $2.8B | $2.8B | $3.4B | $1.8B | $2.9B | $3.7B | $3.8B |
| Buybacks | $0 | $766.3M | $232.8M | $19.6M | $56.0M | $0 | $18.8M | $0 | $0 | $364.6M |
| Dividends paid | $886.1M | $1.1B | $1.3B | $1.6B | $1.9B | $2.3B | $2.7B | $3.0B | $3.0B | $3.2B |
| Diluted shares | 429.3M | 431.7M | 443.0M | 445.5M | 446.1M | 453.3M | 462.8M | 467.2M | 468.1M | 468.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into AMT?
A reverse DCF asks what growth the current price requires. With an enterprise value of $131.3B and $4.0B of trailing free cash flow, American Tower Corporation (REI needs to grow free cash flow about 23.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 5.8% a year over the last five years.
P/E ratio history
Current 35.0x vs. median 61.1x (10th–90th percentile 39.6x–82.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
AMT dividend
- Dividend yield
- 3.79%
- Annual dividend
- $7.16
- Years of increases
- 13
- 5-yr dividend growth
- 8.5%
- per year
- Payout ratio
- 96%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
AMT analyst price targets
23 analysts' average 12-month target is $215.74 (+14% vs. $188.97). Targets range from $188.00 to $260.00. 88% rate it a buy.
AMT earnings
Next report: October 27, 2026. American Tower Corporation (REI has beaten EPS estimates 4 quarters in a row. Last quarter's revenue was $2.7B (+5% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 28, 2026 | $1.55 | $1.87 | +20.6% |
| Apr 28, 2026 | $1.57 | $1.84 | +17.0% |
| Feb 24, 2026 | $1.47 | $1.75 | +19.1% |
| Oct 28, 2025 | $1.65 | $1.82 | +10.1% |
| Jul 29, 2025 | $1.66 | $0.78 | -53.0% |
| Apr 29, 2025 | $1.57 | $1.04 | -33.7% |
| Feb 25, 2025 | $1.98 | $2.62 | +32.0% |
| Oct 29, 2024 | $1.55 | $0.89 | -42.6% |
Stocks like AMT
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 CCI Crown Castle | +9.06% | -8% | $37.6B | 34.5x | Compare |
 SBAC SBA Communications | +3.57% | -3% | $19.6B | 19.9x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
AMT news
- Does Higher Data Center Guidance Change The Bull Case For American Tower Stock (AMT)? · Oct 24, 2026
- American Tower (AMT) Heads Into Earnings As Its Undervalued Narrative Faces A Big Test · Oct 24, 2026
- American Tower (AMT) Stock Could Still Be A Bargain Following A 22% Run · Oct 24, 2026
- American Tower Stock Before Q3 Earnings: Smart Buy or Risky Move? · Oct 23, 2026
- Crown Castle, American Tower Stocks Catch A SpaceX Boost — Which Tower REIT Does Wall Street Favor? · Oct 23, 2026
AMT stock FAQ
What is AMT's market cap?
American Tower's market capitalization is $88.05 billion as of October 23, 2026, ranking 140th in the S&P 500.
What is AMT's P/E ratio?
AMT trades at a trailing price-to-earnings ratio of 26.0x and a forward P/E of 27.1x. Its median P/E over the period we track is 61.1x.
Does AMT pay a dividend?
Yes. American Tower pays $7.16 per share a year, a 3.79% yield. It has raised its dividend 13 years in a row. Dividends grew 8.5% a year over the last five years.
How much has AMT stock returned?
Including reinvested dividends, AMT returned +3.3% over one year, -4.8% a year over five years, +7.8% a year over ten years through October 23, 2026.
Is AMT stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies American Tower must grow free cash flow about 24% a year for the next decade. Its free cash flow grew 6% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the AMT price target?
23 analysts cover AMT with an average 12-month price target of $215.74, +14% from the current price. 88% of them rate it a buy.
When does AMT report earnings?
American Tower is expected to report earnings on October 27, 2026. It has beaten EPS estimates 4 quarters in a row.
How many employees does American Tower have?
American Tower has about 4,866 full-time employees, or $2.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology