American Tower Corporation (AMT) Key Metrics
AMT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $86.33B
- Enterprise value
- $122.79B
- P/E (TTM)
- 25.5 10-yr median 52.9
- Forward P/E
- 24.6
- PEG ratio
- 1.61
- Price / sales
- 7.9 10-yr median 9.7
- Price / book
- 21.4 10-yr median 21.4
- EV / EBITDA
- 16.6 10-yr median 21.9
- Dividend yield
- 3.86% $7.16 a year
- Beta
- 0.89
AMT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAMT valuation Price multiples at each fiscal year-end price.
AMT returns How much profit the business earns on the capital it uses.
AMT per-share figures Results divided by the shares outstanding at year-end.
AMT financial health Debt, liquidity and how easily interest is covered.
AMT efficiency & capital use Working capital cycle and where the cash goes.
AMT valuation history
AMT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AMT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AMT cash returned to shareholders
AMT price vs earnings per share
AMT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $82.37B | $85.86B | $100.85B | $98.04B | $132.59B | $100.13B | $102.39B | $70.07B | $61.59B | $45.37B |
| Enterprise value | $125.86B | $127.81B | $145.40B | $143.06B | $182.65B | $135.10B | $131.95B | $90.02B | $80.99B | $63.11B |
| P/E ratio | 32.6 | 38.1 | 68.0 | 55.5 | 51.6 | 59.2 | 54.2 | 56.7 | 49.7 | 47.4 |
| Price / sales | 7.7 | 8.5 | 10.1 | 10.2 | 14.2 | 12.5 | 13.5 | 9.4 | 9.2 | 7.8 |
| Price / book | 22.6 | 25.4 | 24.0 | 17.6 | 26.1 | 24.5 | 20.3 | 13.1 | 9.9 | 6.7 |
| Price / free cash flow | 21.8 | 23.2 | 34.5 | 53.8 | 38.5 | 35.1 | 37.1 | 24.7 | 29.0 | 22.4 |
| Price / operating cash flow | 15.1 | 16.2 | 21.4 | 26.5 | 27.5 | 25.8 | 27.3 | 18.7 | 21.1 | 16.8 |
| EV / sales | 11.8 | 12.6 | 14.5 | 14.8 | 19.5 | 16.8 | 17.4 | 12.1 | 12.2 | 10.9 |
| EV / EBITDA | 20.6 | 17.9 | 24.2 | 21.8 | 30.3 | 30.0 | 29.3 | 22.0 | 21.8 | 18.7 |
| EV / free cash flow | 33.3 | 34.5 | 49.7 | 78.5 | 53.0 | 47.4 | 47.8 | 31.8 | 38.2 | 31.2 |
| Earnings yield | 3.1% | 2.6% | 1.5% | 1.8% | 1.9% | 1.7% | 1.8% | 1.8% | 2.0% | 2.1% |
| Free cash flow yield | 4.6% | 4.3% | 2.9% | 1.9% | 2.6% | 2.8% | 2.7% | 4.0% | 3.4% | 4.5% |
| Dividend yield | 3.8% | 3.6% | 2.9% | 2.7% | 1.7% | 1.9% | 1.6% | 1.9% | 1.9% | 2.2% |
| Shareholder yield (dividends + buybacks) | 4.3% | 3.6% | 2.9% | 2.7% | 1.7% | 2.0% | 1.6% | 2.2% | 3.1% | 2.2% |
| Share price at fiscal year-end | $175.57 | $183.41 | $215.88 | $211.86 | $292.50 | $224.46 | $229.82 | $158.19 | $142.67 | $105.68 |
| Per share | ||||||||||
| Revenue per share | $22.69 | $21.63 | $21.43 | $20.84 | $20.64 | $18.03 | $17.01 | $16.80 | $15.44 | $13.48 |
| Earnings per share | $5.39 | $4.82 | $3.18 | $3.82 | $5.66 | $3.79 | $4.24 | $2.79 | $2.87 | $2.23 |
| Operating cash flow per share | $11.65 | $11.30 | $10.11 | $7.99 | $10.63 | $8.70 | $8.42 | $8.46 | $6.78 | $6.30 |
| Free cash flow per share | $8.06 | $7.91 | $6.26 | $3.94 | $7.60 | $6.39 | $6.20 | $6.40 | $4.92 | $4.71 |
| Cash per share | $3.14 | $4.27 | $3.75 | $4.38 | $4.30 | $3.91 | $3.37 | $2.73 | $1.86 | $1.84 |
| Book value per share | $7.79 | $7.23 | $8.99 | $12.04 | $11.21 | $9.18 | $11.35 | $12.05 | $14.46 | $15.76 |
| Tangible book value per share | −$49.31 | −$48.83 | −$53.43 | −$54.82 | −$63.97 | −$38.17 | −$30.17 | −$25.60 | −$25.90 | −$22.32 |
| Dividends per share | $6.73 | $6.57 | $6.31 | $5.68 | $5.01 | $4.32 | $3.60 | $3.03 | $2.70 | $2.31 |
| Capex per share | $3.58 | $3.40 | $3.85 | $4.05 | $3.04 | $2.31 | $2.23 | $2.06 | $1.86 | $1.59 |
| Debt per share | $95.84 | $93.89 | $99.12 | $101.68 | $114.73 | $82.29 | $69.72 | $47.77 | $46.80 | $43.17 |
| Shares outstanding | 469.1M | 468.1M | 467.2M | 462.8M | 453.3M | 446.1M | 445.5M | 443.0M | 431.7M | 429.3M |
| Change in shares outstanding | +0.2% | +0.2% | +1.0% | +2.1% | +1.6% | +0.1% | +0.6% | +2.6% | +0.6% | +1.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 71.9% | 59.5% | 30.4% | 33.1% | 56.0% | 37.0% | 36.3% | 21.4% | 19.1% | 14.3% |
| Return on invested capital (ROIC) | 9.1% | 8.6% | 5.9% | 4.9% | 6.0% | 7.3% | 9.0% | 7.5% | 7.8% | 6.7% |
| Return on assets (ROA) | 4.1% | 3.5% | 2.2% | 2.6% | 4.4% | 3.8% | 5.0% | 3.7% | 3.9% | 3.3% |
| Return on tangible assets | 6.9% | 6.5% | 4.0% | 4.9% | 7.2% | 6.5% | 7.8% | 7.6% | 7.8% | 6.6% |
| Free cash flow margin | 35.5% | 36.5% | 29.2% | 18.9% | 36.8% | 35.4% | 36.4% | 38.1% | 31.8% | 34.9% |
| Income quality (OCF / net income) | 2.16 | 2.35 | 3.18 | 2.09 | 1.88 | 2.30 | 1.99 | 3.03 | 2.36 | 2.83 |
| Financial health | ||||||||||
| Total debt | $44.96B | $43.95B | $46.31B | $47.05B | $52.01B | $36.71B | $31.06B | $21.16B | $20.21B | $18.53B |
| Cash & short-term investments | $1.47B | $2.00B | $1.75B | $2.03B | $1.95B | $1.75B | $1.50B | $1.21B | $803.1M | $791.2M |
| Net debt | $43.49B | $41.95B | $44.55B | $45.02B | $50.06B | $34.97B | $29.56B | $19.95B | $19.40B | $17.74B |
| Debt / equity | 12.31 | 13.00 | 11.03 | 8.44 | 10.24 | 8.97 | 6.14 | 3.97 | 3.24 | 2.74 |
| Debt / assets | 0.71 | 0.72 | 0.70 | 0.70 | 0.74 | 0.78 | 0.73 | 0.64 | 0.61 | 0.60 |
| Net debt / EBITDA | 7.13 | 5.86 | 7.42 | 6.85 | 8.30 | 7.78 | 6.56 | 4.88 | 5.21 | 5.27 |
| Current ratio | 0.40 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Quick ratio | 0.40 | 0.45 | 0.51 | 0.42 | 0.37 | 0.76 | 0.45 | 0.49 | 0.75 | 0.94 |
| Interest coverage | 4.8 | 3.2 | 2.3 | 2.4 | 3.6 | 3.6 | 3.3 | 2.3 | 2.7 | 2.6 |
| Working capital | −$4.17B | −$3.90B | −$3.54B | −$4.69B | −$5.34B | −$749.9M | −$2.93B | −$2.30B | −$474.0M | $58.6M |
| Invested capital | $47.14B | $45.34B | $48.75B | $50.59B | $55.14B | $39.06B | $34.61B | $25.29B | $25.64B | $24.51B |
| Tangible asset value | −$16.43B | −$16.59B | −$18.29B | −$18.53B | −$25.01B | −$16.34B | −$11.91B | −$9.77B | −$9.47B | −$8.28B |
| Net current asset value | −$50.09B | −$48.25B | −$51.45B | −$51.16B | −$57.09B | −$39.55B | −$33.66B | −$23.72B | −$23.22B | −$21.12B |
| Graham number | $30.73 | $27.98 | $25.34 | $32.15 | $37.80 | $27.97 | $32.89 | $27.51 | $30.56 | $28.10 |
| Graham net-net per share | −$108.05 | −$104.33 | −$113.02 | −$112.06 | −$127.64 | −$89.85 | −$76.69 | −$54.96 | −$55.40 | −$50.48 |
| Capital allocation | ||||||||||
| Dividends paid | $3.16B | $3.07B | $2.95B | $2.63B | $2.27B | $1.93B | $1.60B | $1.34B | $1.16B | $993.2M |
| Share buybacks (net) | $364.6M | $0 | $0 | $18.8M | $0 | $56.0M | $19.6M | $232.8M | $766.3M | $0 |
| Dividend payout ratio | 124.8% | 136.4% | 198.8% | 149.0% | 88.4% | 114.1% | 84.9% | 108.6% | 94.0% | 103.8% |
| Dividends + buybacks / free cash flow | 93.1% | 83.1% | 100.9% | 145.4% | 66.0% | 69.6% | 58.8% | 55.6% | 91.0% | 49.1% |
| Capex / revenue | 15.8% | 15.7% | 18.0% | 19.4% | 14.7% | 12.8% | 13.1% | 12.3% | 12.1% | 11.8% |
| Capex / operating cash flow | 30.8% | 30.1% | 38.1% | 50.7% | 28.6% | 26.6% | 26.4% | 24.4% | 27.5% | 25.2% |
| Capex / depreciation | 0.82 | 0.75 | 0.58 | 0.56 | 0.59 | 0.55 | 0.55 | 0.43 | 0.47 | 0.45 |
| Stock-based compensation / revenue | 1.6% | 2.0% | 2.0% | 1.8% | 1.3% | 1.5% | 1.5% | 1.8% | 1.6% | 1.6% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.9% | 9.2% | 9.6% | 10.1% | 8.7% | 9.8% | 9.7% | 9.9% | 9.6% | 9.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 28.7 | 28.8 | 35.3 | 41.8 | 35.8 | 32.5 | 32.4 | 31.7 | 27.0 | 19.8 |
| Days of inventory on hand | — | — | — | 35.9 | 34.6 | 15.7 | 14.3 | 20.9 | 26.8 | 29.8 |
| Days payables outstanding | 32.6 | 34.9 | 33.5 | 34.9 | 28.0 | 23.5 | 23.0 | 22.9 | 23.2 | 22.0 |
| Cash conversion cycle (days) | -3.9 | -6.1 | 1.9 | 42.8 | 42.4 | 24.7 | 23.7 | 29.6 | 30.6 | 27.6 |
| Receivables turnover | 12.72 | 12.67 | 10.33 | 8.74 | 10.19 | 11.24 | 11.25 | 11.51 | 13.50 | 18.44 |
| Payables turnover | 11.19 | 10.46 | 10.90 | 10.47 | 13.04 | 15.51 | 15.88 | 15.91 | 15.70 | 16.60 |
| Inventory turnover | — | — | — | 10.16 | 10.55 | 23.21 | 25.60 | 17.49 | 13.60 | 12.27 |
| Asset turnover | 0.17 | 0.16 | 0.15 | 0.14 | 0.16 | 0.18 | 0.20 | 0.22 | 0.21 | 0.20 |
| Average receivables | $837.2M | $799.0M | $969.5M | $1.10B | $918.6M | $715.3M | $673.6M | $646.5M | $493.8M | $313.8M |
| Average payables | $250.3M | $246.1M | $234.9M | $245.5M | $205.8M | $143.6M | $139.4M | $136.8M | $130.8M | $107.7M |
| Average inventory | — | — | — | $252.8M | $254.2M | $96.0M | $86.5M | $124.5M | $151.0M | $145.7M |
| Intangibles / total assets | 42.4% | 43.0% | 44.2% | 46.0% | 48.8% | 44.7% | 43.2% | 50.5% | 52.5% | 52.9% |
Computed from AMT's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AMT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), American Tower traded at 32.6 times earnings, against a 10-year median of 52.9. Based on the latest twelve months, the trailing P/E is 25.5 and the forward P/E is 24.6. American Tower earned a return on equity of 71.9% and a return on invested capital of 9.1% in fiscal 2025. It ended the year with $45.0 billion of debt and $1.5 billion in cash and short-term investments, net debt of $43.5 billion. It returned $3.5 billion to shareholders: $3.2 billion in dividends and $364.6 million in share buybacks, 93% of free cash flow. The share count rose 9.3% from 429.3M to 469.1M over 9 years.
See the AMT income statement, the AMT chart for price history, or the AMT stock overview for the latest quote and news.
AMT key metrics FAQ
What is American Tower's P/E ratio?
American Tower's trailing P/E ratio is 25.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.6. At the end of fiscal 2025 it was 32.6, compared with a 10-year median of 52.9.
What is American Tower's EV/EBITDA?
American Tower's enterprise value was 20.6 times EBITDA at the end of fiscal 2025 (enterprise value $125.9 billion, EBITDA $6.1 billion); the current EV/EBITDA is 16.6.
What is American Tower's return on equity?
American Tower's return on equity (ROE) was 71.9% in fiscal 2025: net income of $2.5 billion on average shareholders' equity of $3.5 billion.
What is American Tower's ROIC?
American Tower's return on invested capital was 9.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does American Tower have?
American Tower had total debt of $45.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 12.31 and $43.5 billion of net debt (7.13 times EBITDA).
What is American Tower's dividend yield?
American Tower's forward dividend yield is 3.86%. American Tower paid $3.2 billion in dividends in fiscal 2025 ($6.73 per share), a payout ratio of 124.8%.
Does American Tower buy back its shares?
Yes. American Tower spent $364.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 469.1M..
What is American Tower's free cash flow yield?
American Tower generated $3.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.6% on its market value at year-end ($82.4 billion).
What is American Tower's current ratio?
American Tower's current ratio was 0.40 at the end of fiscal 2025: current assets were 0.40 times current liabilities.