American Tower Corporation (AMT) is a publicly traded company in the Real Estate — REIT - Specialty industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries.
Is American Tower Corporation stock overvalued or undervalued in 2026?
As of October 5, 2026, American Tower Corporation (AMT) trades at 22.3× earnings (P/E), according to Kaplio. Kaplio's verdict: justified. At its 10-year average P/FFO (21.5×) $210 (+29 %).
Kaplio overview: American Tower Corporation
Market cap $76B · 52 weeks $162 – $194 (15 % below the high) · P/E 22.3× · 2027 expected P/E 23.0× · Dividend 4.4 % · 11 years rising · Next earnings October 27, 2026 · expected EPS $1.64 · Price as of Oct 5 · accounts published Jul 28.
- Valuation: P/FFO 16.6× (justified).
- Business: FFO/dividend 1.4× (solid).
- Balance sheet: Net debt/EBITDA 7.1× (fragile).
- Earnings: 6 of 8 (no verdict).
What would it be worth at its usual multiples?
At its 10-year average P/FFO (21.5×) $210 (+29 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in REITs: 3 of 5 pass
- Debt / Assets 71.2 %, fails.
- Net debt / EBITDA 7.1×, fails.
- Dividend coverage (FFO/div) 1.4×, passes.
- FFO Payout (proxy) 57.8 %, passes.
- P/FFO 16.6×, passes.
- FFO / Share $9.74, info.
Against its peers (reference peers) — American Tower Corporation: P/B 20.3×; Div. yield 4.4 %; EV/EBITDA 16.9×; $75.6B. Digital Realty Trust, Inc. (P/B 2.3×; Div. yield 2.7 %; EV/EBITDA 20.6×; $66.1B), Equinix, Inc. (P/B 7.0×; Div. yield 2.0 %; EV/EBITDA 23.6×; $101B), Crown Castle Inc. (P/B —; Div. yield 6.4 %; EV/EBITDA 18.9×; $29.0B).
Expensive or cheap against its last ten fiscal years?
Precio / FFO (aprox.) at each close: today 16.6× · median 21.1× · minimum 15.1× · maximum 27.4× · cheap below 18.0× · expensive above 26.6×. It has been cheaper than today only 30% of the time over its last ten fiscal years.
Dividend
solid · Yield 4.36 % ($6.73 per share in 2025) · Years raising it ≥ 11 · 5-year growth +9 % a year · Free cash flow coverage FFO payout 58 % · With $1,000 invested today you'd collect $43.60 a year ($3.63 a month).
Kaplio's reading: American Tower Corporation
Updated on September 26, 2026 · accounts published on July 28, 2026
Reading of September 26, 2026: A highly profitable REIT
American Tower trades at 17.5× fiscal 2025 FFO, inside the 15× to 20× range seen as healthy for REITs, with a 4.2 % dividend yield.
- Is American Tower expensive or cheap? At 17.5× fiscal 2025 FFO it sits in the middle of the 15× to 20× range that counts as healthy for REITs.
- How is the business doing? The fiscal 2025 operating margin of 46 % was the highest in 12 years, well above the 2014-2025 average of 34 %.
- How strong is the balance sheet? Net debt was 7.1× EBITDA in fiscal 2025, above the 6.0× ceiling considered healthy for REITs.
- What to expect from the next earnings? On October 27, 2026 analysts expect EPS of $1.64, below the $1.86 reported in the previous quarter.
- Does FFO cover the dividend, and at what multiple does it trade? FFO covered the dividend 1.4× in fiscal 2025, above the 1.1× healthy floor, with the stock at 17.5× FFO.
Is American Tower expensive or cheap?
For a REIT the starting point is price to FFO. American Tower trades at 17.5× its fiscal 2025 FFO, inside the 15× to 20× band considered healthy. Price to book looks alarming at 21.0× over the last 12 months. With debt at 12.1 times equity, though, book value is thin, so that multiple says more about leverage than about price. EV/EBITDA stands at 17.2× and the free cash flow yield at 4.6 %. The P/E has ranged between 26.4× and 70.9× over the decade and is distorted by depreciation. The stock has fallen 10 % in 12 months and sits 12 % below its 52-week high of $194.55.
How is the business doing?
Revenue grew 5.1 % over the last 12 months. The pace is modest, but profitability is at record levels. The operating margin was 44 % over the last 12 months and 46 % in fiscal 2025. That fiscal 2025 figure is the highest of the 12 fiscal years since 2014, against a 34 % average for the period. So each dollar of revenue now leaves far more operating profit than it did for most of the decade. FFO per share was $9.74 in fiscal 2025. There is no fixed threshold for it, so the figure to track is how it changes in the coming years.
How strong is the balance sheet?
Debt is the weak spot. Net debt reached 7.1× EBITDA in fiscal 2025. That is above the 6.0× limit considered acceptable for REITs and far from the 5.0× that counts as excellent. Debt also equals 71 % of assets, against a healthy ceiling of 60 %. The dividend looks well supported. Payout used 58 % of operating cash flow in fiscal 2025, below the 80 % warning line, and the dividend per share has risen for 11 consecutive fiscal years through 2025. The yield over the last 12 months is 4.2 %. The risk sits on the liability side, while the payout itself is comfortable.
What to expect from the next earnings?
American Tower reports on October 27, 2026, and the consensus calls for EPS of $1.64. In the last quarter, published on July 28, 2026, it earned $1.86 against $1.57 expected, an 18.5 % beat. It has topped EPS estimates in 6 of the last 8 quarters. Expectations are stable: across 8 analysts, the 2026 EPS consensus has held at $6.97 over the last 11 days, and revenue estimates have barely moved. Of the 50 analysts covering the company, 40 rate it a buy, 9 a hold and none a sell.
Does FFO cover the dividend, and at what multiple does it trade?
In a REIT, EPS and the P/E mislead because real estate depreciation distorts reported earnings. FFO corrects for it, which makes it the better gauge of the cash behind the dividend. On that basis American Tower passes. FFO covered the dividend 1.4× in fiscal 2025, above the 1.1× considered healthy, and the price of 17.5× FFO sits inside the 15× to 20× range. It fails the sector tests on leverage, with net debt at 7.1× EBITDA and debt at 71 % of assets. The dividend looks secure, and the balance sheet is the part to watch.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Peter Lynch approve American Tower today?
The Lynch Method would not approve American Tower today: it fails its quality rules. Business quality: 12 out of 100 (price not included). Lynch classifies it as a stalwart. Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Profitability
| Return on Equity | 90.23% |
| Return on Invested Capital | 7.20% |
| Return on Assets | 5.34% |
| Gross Margin | 73.19% |
| Operating Margin | 44.40% |
| Net Margin | 30.88% |
Financial Health
| Debt / Equity | 12.09 |
| Current Ratio | 0.35 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.22 |
Price Performance
| 1 month | -7.73% |
| 3 months | -1.68% |
| Year-to-date | -7.58% |
| 1 year | -12.56% |
| 3 years | +1.69% |
| 5 years | -39.03% |
Dividend History
Paid in the last 12 months: $7.0700 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-30 | $1.7900 |
| 2026-06-12 | $1.7900 |
| 2026-04-14 | $1.7900 |
| 2025-12-29 | $1.7000 |
| 2025-09-30 | $1.7000 |
| 2025-06-13 | $1.7000 |
| 2025-04-11 | $1.7000 |
| 2024-12-27 | $1.6200 |
| 2024-10-09 | $1.6200 |
| 2024-06-14 | $1.6200 |
Amounts adjusted for stock splits.
Related companies: CCI · DLR · EQIX · O · PLD · PSA · SBAC
Explore sector: Real Estate · REIT - Specialty
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