Reading the tape
NYSE: AMT
American Tower Corporation
Real Estate · REIT - Specialty
Market Cap
$82.24B
52w High
$234.33
52w Low
$165.08
P/E
29.12
Volume
2.90M
Outstanding Shares
465.89M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: -18.98%Revenue (TTM): 2.72%FCF (TTM): -0.18%P/FCF: 5th pct
What changed
The stock fell 18.98% over the last year. Revenue grew 2.72% over the trailing twelve months. Operating margin moved from 45.17% to 44.24%. Free cash flow declined 0.18% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower with no clear directional signal from operating metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 44.24%. A decisive move in revenue — currently up 2.72% — would be the clearest signal to resolve the ambiguity.
Company profile
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 approximately 219,000 communications sites.
CEOSteven O. Vondran
SectorReal Estate
IndustryREIT - Specialty
Employees4,691
IPO dateFeb 27, 1998
Valuation
Forward P/E—
EV/EBITDA20.56
Enterprise value$125.86B
Price / Book22.52
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth6.82%
Gross margin73.37%▼1.20%vs FY2024
Operating margin44.24%▲2.80%vs FY2024
ROE69.26%▲3.88%vs FY2024
Analyst consensus
RatingBuy
Target price$216.33▲22.55%
37
Buy
12
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Aug 4, 2026
Q3 FY26 · EPS est $1.56 · Revenue est $2.7B
View
Dividends
$6.89/shareQuarterlyDividend Achiever · 13yrAdequateAMT pays a dividend with a 3.9% dividend yield, 13 consecutive years of growth, growing at 8% annually, covered 1.2× by free cash flow.
Dividend Yield
3.9%
Annual Div / Share
$6.89
5yr CAGR
+8%
Doubles every ~9.0yr
FCF Coverage
1.2×
Adequate
Dividend Growth Rate
3yr CAGR
+4.6%
5yr CAGR
+8%
10yr CAGR
+13.75%
Dividend Safety
5/10Adequate
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$6.89+5.0%
2024$6.56+0.8%
2023$6.51+8.1%
2022$6.02+12.1%
2021$5.37+14.5%
2020$4.69+18.4%
2019$3.96+20.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$39/yr
$3/mo
In 5 yrs
$57/yr+47%
$5/mo
In 10 yrs
$84/yr+116%
$7/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$39/yr $3/mo | $57/yr+47% $5/mo | $84/yr+116% $7/mo |
Yield-on-cost grows from 3.9% → 8.42% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
AMT has raised its dividend for 13 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Strong dividend growth rate
The 5-year CAGR of 8% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.