NYSE · Real Estate

American Tower Corporation

AMT · REIT - Specialty

$180.88

▼ -0.73 (-0.4%)

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Mr. Market is currently offering American Tower Corporation at $180.88.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 74.2%

Operating Margin 46.3%

Net Income Margin 23.8%

Fin. Health F

Years to Pay Off Debt 17.8 yrs

Working Capital vs Long-Term Debt -$38.0B

Working Capital -$4.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 23.07x

Cash Flow C

Free Cash Flow $3.8B

CapEx % of Net Income 66.4%

Owner Earnings $6.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $84.3B

Enterprise Value $134.8B

P/E (TTM) 29.22

Dividend Yield 3.79%

Exchange NYSE

Key Margins

Gross Profit 74.2%

Operating Margin 46.3%

Net Margin 23.8%

Company Info

Sector Real Estate

Industry REIT - Specialty

Employees 4866

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering American Tower Corporation at $180.88.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $180.88, the stock trades at a 486% premium to its Graham Number of $30.86. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About American Tower Corporation

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. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware, USA.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	74.2% ▼	74.6%	74.4%	73.4%	N/A
Operating Margin %	46.3% ▲	45.5%	35.3%	30.3%	N/A
Net Income %	23.8% ▲	22.3%	14.8%	18.3%	N/A
Diluted EPS	5.40 ▲	4.82	3.18	3.82	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$63.2B	$61.1B	$66.0B	$67.2B	N/A
Total Debt	$45.0B ↑	$44.0B	$46.3B	$47.1B	N/A
Working Capital	-$4.2B ▼	-$3.9B	-$3.5B	-$4.7B	N/A
Years to Pay Debt	17.78	19.49	31.22	26.65	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.8B ▲	$3.7B	$2.9B	$1.8B	N/A
Owner Earnings	$6.3B	$6.0B	$6.4B	$7.0B	N/A
CapEx % of Net Income	66.4%	70.5%	121.2%	106.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-122,314	22,402	-44,532	13,345
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,338,000	6,932,300	6,746,200	6,310,200
Total Unusual Items	-892,800	221,800	-742,200	266,900
Total Unusual Items Excluding Goodwill	-892,800	221,800	-742,200	266,900
Net Income From Continuing Operation Net Minority Interest	2,529,500	3,233,300	1,554,700	2,042,300
Reconciled Depreciation	2,041,600	2,124,800	3,086,500	3,355,100
Reconciled Cost Of Revenue	2,748,100	2,478,400	2,403,500	2,379,000
EBITDA	6,445,200	7,154,100	6,004,000	6,577,100
EBIT	4,403,600	5,029,300	2,917,500	3,222,000
Net Interest Income	-1,225,400	-1,269,300	-1,269,600	-1,086,900
Interest Expense	1,359,400	1,404,500	1,388,200	1,136,000
Interest Income	134,000	135,200	118,600	49,100
Normalized Income	3,299,986	3,033,902	2,252,368	1,788,745
Net Income From Continuing And Discontinued Operation	2,529,500	2,255,000	1,483,300	1,765,800
Total Expenses	5,715,400	5,524,200	6,475,400	6,722,700
Total Operating Income As Reported	4,845,800	4,516,500	3,125,500	2,738,600
Diluted Average Shares	468,757	468,120	467,162	462,750
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,529,500	2,255,000	1,483,300	1,765,800
Net Income Common Stockholders	2,529,500	2,255,000	1,483,300	1,765,800
Net Income	2,529,500	2,255,000	1,483,300	1,765,800
Minority Interests	-99,000	-25,200	116,200	69,100
Net Income Including Noncontrolling Interests	2,628,500	2,280,200	1,367,100	1,696,700
Net Income Discontinuous Operations	0	-978,300	-71,400	-276,500
Net Income Continuous Operations	2,628,500	3,258,500	1,438,500	1,973,200
Tax Provision	415,700	366,300	90,800	112,800
Pretax Income	3,044,200	3,624,800	1,529,300	2,086,000
Other Income Expense	-659,600	291,100	-737,900	250,200
Other Non Operating Income Expenses	233,200	69,300	4,300	-16,700
Special Income Charges	-83,400	-86,500	-411,600	-184,500
Gain On Sale Of Ppe	17,300	-17,900	-131,300	-36,800
Other Special Charges			300	400	38,200
Impairment Of Capital Assets	100,700	68,600	280,000	147,300
Restructuring And Mergern Acquisition			21,800
Gain On Sale Of Security	-809,400	308,300	-330,600	451,400
Net Non Operating Interest Income Expense	-1,225,400	-1,269,300	-1,269,600	-1,086,900
Interest Expense Non Operating	1,359,400	1,404,500	1,388,200	1,136,000
Interest Income Non Operating	134,000	135,200	118,600	49,100
Operating Income	4,929,200	4,603,000	3,536,800	2,922,700
Operating Expense	2,967,300	2,949,800	3,913,900	4,153,500
Other Operating Expenses	-15,000	-12,400	39,400	86,500
Depreciation Amortization Depletion Income Statement	2,041,600	2,028,800	2,928,500	3,164,900
Depreciation And Amortization In Income Statement	2,041,600	2,028,800	2,928,500	3,164,900
Selling General And Administration	940,700	933,400	946,000	902,100
General And Administrative Expense					811,600
Other Gand A					692,100
Salaries And Wages					119,500
Gross Profit	7,896,500	7,552,800	7,450,700	7,076,200
Cost Of Revenue	2,748,100	2,574,400	2,561,500	2,569,200
Total Revenue	10,644,600	10,127,200	10,012,200	9,645,400
Operating Revenue	10,644,600	10,127,200	10,012,200	9,645,400

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	13,040	11,004	11,004	11,004
Ordinary Shares Number	466,318	467,384	466,296	465,619
Share Issued	479,358	478,389	477,300	476,623
Net Debt	35,745,500	34,502,200	37,047,600	36,641,800
Total Debt	44,963,900	43,954,100	46,307,000	47,051,000
Tangible Book Value	-23,133,700	-22,860,200	-23,817,600	-25,367,600
Invested Capital	40,872,800	39,884,000	42,999,500	44,242,600
Working Capital	-4,172,000	-3,896,800	-3,539,300	-4,689,600
Net Tangible Assets	-23,133,700	-22,860,200	-23,817,600	-25,367,600
Capital Lease Obligations	7,743,600	7,452,300	7,505,700	8,380,800
Common Stock Equity	3,652,500	3,382,200	4,198,200	5,572,400
Total Capitalization	37,485,000	36,191,000	39,932,200	39,728,400
Total Equity Gross Minority Interest	10,355,300	9,648,700	10,865,400	12,408,500
Minority Interest	6,702,800	6,266,500	6,667,200	6,836,100
Stockholders Equity	3,652,500	3,382,200	4,198,200	5,572,400
Gains Losses Not Affecting Retained Earnings	-4,815,800	-5,954,600	-5,739,500	-5,718,300
Other Equity Adjustments	-4,815,800	-5,954,600	-5,739,500	-5,718,300
Treasury Stock	1,665,800	1,301,200	1,301,200	1,301,200
Retained Earnings	-5,086,000	-4,424,100	-3,638,800	-2,101,900
Additional Paid In Capital	15,215,300	15,057,300	14,872,900	14,689,000
Capital Stock	4,800	4,800	4,800	4,800
Common Stock	4,800	4,800	4,800	4,800
Total Liabilities Net Minority Interest	52,835,100	51,428,700	55,162,200	54,786,000
Total Non Current Liabilities Net Minority Interest	45,921,300	44,353,100	47,912,900	46,474,100
Other Non Current Liabilities	976,900	1,012,900	674,900	697,300
Liabilities Heldfor Sale Non Current		0	823,200
Non Current Deferred Liabilities	1,440,300	1,262,000	1,785,500	1,981,500
Non Current Deferred Revenue		520,900	474,900	489,500	540,200
Non Current Deferred Taxes Liabilities	1,440,300	1,262,000	1,310,600	1,492,000
Long Term Debt And Capital Lease Obligation	40,991,200	39,684,400	42,549,300	41,747,900
Long Term Capital Lease Obligation	7,158,700	6,875,600	6,815,300	7,591,900
Long Term Debt	33,832,500	32,808,800	35,734,000	34,156,000
Long Term Provisions	2,512,900	2,393,800	2,080,000	2,047,400
Current Liabilities	6,913,800	7,075,600	7,249,300	8,311,900
Other Current Liabilities			463,300
Current Deferred Liabilities	325,000	329,200	433,800	439,700
Current Deferred Revenue	325,000	329,200	433,800	439,700
Current Debt And Capital Lease Obligation	3,972,700	4,269,700	3,757,700	5,303,100
Current Capital Lease Obligation	584,900	576,700	690,400	788,900
Current Debt	3,387,800	3,693,000	3,067,300	4,514,200
Other Current Borrowings	3,387,800	3,693,000	3,067,300	4,514,200
Payables And Accrued Expenses	2,616,100	2,476,700	2,594,500	2,569,100
Current Accrued Expenses	1,155,300	1,054,600	1,095,600	1,154,900
Interest Payable	425,200	373,600	384,200	261,000
Payables	1,460,800	1,422,100	1,498,900	1,414,200
Other Payable	198,900	181,100	130,200	150,400
Dividends Payable	818,600	780,300	906,200	745,300
Total Tax Payable	183,500	219,900	211,200	299,900
Income Tax Payable	26,500	20,600	16,300	29,800
Accounts Payable	259,800	240,800	251,300	218,600
Total Assets	63,190,400	61,077,400	66,027,600	67,194,500
Total Non Current Assets	60,448,600	57,898,600	62,317,600	63,572,200
Other Non Current Assets	876,900	676,900	3,576,200	546,700
Non Current Deferred Assets	4,002,700	3,832,900	3,657,300	3,168,300
Non Current Deferred Taxes Assets	151,400	122,700	179,100	129,200
Non Current Note Receivables					400,900
Goodwill And Other Intangible Assets	26,786,200	26,242,400	28,015,800	30,940,000
Other Intangible Assets	14,530,700	14,474,300	15,932,300	17,983,300
Goodwill	12,255,500	11,768,100	12,083,500	12,956,700
Net PPE	28,782,800	27,146,400	27,068,300	28,917,200
Accumulated Depreciation	-12,105,000	-11,005,700	-10,513,100	-9,878,900
Gross PPE	40,887,800	38,152,100	37,581,400	38,796,100
Construction In Progress	1,323,800	1,298,400	1,355,400	1,431,900
Other Properties	30,878,400	28,756,400	28,185,500	29,616,900
Buildings And Improvements	4,165,700	3,786,300	3,775,100	3,593,600
Land And Improvements	4,519,900	4,311,000	4,265,400	4,153,700
Current Assets	2,741,800	3,178,800	3,710,000	3,622,300
Other Current Assets	99,600	126,000	140,400	115,900
Assets Held For Sale Current		0	729,600
Restricted Cash	130,400	108,600	119,700	112,300
Prepaid Assets	147,400	159,800	153,400	240,000
Receivables	889,600	784,800	813,200	1,125,700
Other Receivables	194,800	189,300	185,900	283,800
Taxes Receivable	44,500	55,500	79,800	83,600
Accounts Receivable	650,300	540,000	547,500	758,300
Allowance For Doubtful Accounts Receivable	-430,400	-404,100	-325,200	-438,700
Gross Accounts Receivable	1,080,700	944,100	872,700	1,197,000
Cash Cash Equivalents And Short Term Investments	1,474,800	1,999,600	1,753,700	2,028,400
Cash And Cash Equivalents	1,474,800	1,999,600	1,753,700	2,028,400

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,783,600	3,700,500	2,924,300	1,822,600
Repurchase Of Capital Stock	-364,600	0	0	-18,800
Repayment Of Debt	-9,450,100	-12,429,600	-13,230,300	-9,625,500
Issuance Of Debt	9,077,900	10,510,300	11,947,000	5,512,400
Issuance Of Capital Stock		0	0	2,291,700	2,361,800
Capital Expenditure	-1,680,400	-1,590,000	-1,798,100	-1,873,600
Interest Paid Supplemental Data	1,287,400	1,424,300	1,260,000	1,088,600
Income Tax Paid Supplemental Data	328,700	350,800	306,500	322,300
End Cash Position	1,605,200	2,108,200	2,093,400	2,140,700
Beginning Cash Position	2,108,200	2,093,400	2,140,700	2,343,300
Effect Of Exchange Rate Changes	101,300	-233,900	23,200	-120,400
Changes In Cash	-604,300	248,700	-70,500	-82,200
Financing Cash Flow	-4,208,500	-5,452,400	-3,097,400	-1,423,200
Cash Flow From Continuing Financing Activities	-4,208,500	-5,452,400	-3,097,400	-1,423,200
Net Other Financing Charges	-356,200	-504,600	1,113,100	3,015,000
Proceeds From Stock Option Exercised	41,700	46,400	22,100	32,400
Cash Dividends Paid	-3,157,200	-3,074,900	-2,949,300	-2,630,400
Common Stock Dividend Paid	-3,157,200	-3,074,900	-2,949,300	-2,630,400
Net Common Stock Issuance	-364,600	0	0	2,272,900
Common Stock Payments	-364,600	0	0	-18,800
Common Stock Issuance		0	0	2,291,700	2,361,800
Net Issuance Payments Of Debt	-372,200	-1,919,300	-1,283,300	-4,113,100
Net Short Term Debt Issuance	0	8,800	148,700	28,800
Short Term Debt Issuance	0	8,800	148,700	28,800
Net Long Term Debt Issuance	-372,200	-1,928,100	-1,432,000	-4,141,900
Long Term Debt Payments	-9,450,100	-12,429,600	-13,230,300	-9,625,500
Long Term Debt Issuance	9,077,900	10,501,500	11,798,300	5,483,600
Investing Cash Flow	-1,859,800	410,600	-1,695,500	-2,355,200
Cash Flow From Continuing Investing Activities	-1,859,800	410,600	-1,695,500	-2,355,200
Net Other Investing Changes	-19,800	-288,400	253,300	47,800
Net Investment Purchase And Sale	294,600	253,200	17,300	19,600
Sale Of Investment	294,600	253,200	17,300	19,600
Purchase Of Investment			0	0	-25,000
Net Business Purchase And Sale	-454,200	2,035,800	-168,000	-549,000
Sale Of Business	0	2,158,800	0	0
Purchase Of Business	-454,200	-123,000	-168,000	-549,000
Net PPE Purchase And Sale	-1,680,400	-1,590,000	-1,798,100	-1,873,600
Purchase Of PPE	-1,680,400	-1,590,000	-1,798,100	-1,873,600
Operating Cash Flow	5,464,000	5,290,500	4,722,400	3,696,200
Cash Flow From Continuing Operating Activities	5,464,000	5,290,500	4,722,400	3,696,200
Change In Working Capital	-166,600	-386,500	-813,900	-1,619,200
Change In Other Working Capital	-133,300	-376,200	-619,100	-1,328,000
Change In Other Current Liabilities	50,200	21,900	65,600	25,100
Change In Payables And Accrued Expense	-20,600	38,400	116,700	-41,600
Change In Accrued Expense	45,000	-9,600	128,600	6,600
Change In Interest Payable	45,000	-9,600	128,600	6,600
Change In Payable	-65,600	48,000	-11,900	-48,200
Change In Account Payable	-65,600	48,000	-11,900	-48,200
Change In Prepaid Assets	-700	32,800	-342,600	-196,100
Change In Receivables	-62,200	-103,400	-34,500	-78,600
Changes In Account Receivables	-62,200	-103,400	-34,500	-78,600
Other Non Cash Items	54,100	54,100	49,800	47,500
Stock Based Compensation	174,200	203,600	195,700	169,300
Asset Impairment Charge	83,000	96,600	739,900	684,300
Deferred Tax	42,500	52,300	-182,000	-236,700
Deferred Income Tax	42,500	52,300	-182,000	-236,700
Depreciation Amortization Depletion	2,041,600	2,124,800	3,086,500	3,355,100
Depreciation And Amortization	2,041,600	2,124,800	3,086,500	3,355,100
Depreciation	2,041,600	2,124,800	3,086,500	3,355,100
Operating Gains Losses	606,700	865,400	279,300	-400,800
Gain Loss On Investment Securities	606,700	-380,100	279,000	-401,200
Gain Loss On Sale Of Business	0	1,245,500	0	0
Net Income From Continuing Operations	2,628,500	2,280,200	1,367,100	1,696,700

These metrics estimate what American Tower Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$30.86

Margin of Safety

Market Cap ÷ Company Value

3.62

P/B Ratio

23.07

Warren's Owner Earnings

$6.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$10.6B

vs > $1.5B revenue

❌ Strong Financial Condition

0.40x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.79%

vs Uninterrupted dividends

✅ Earnings Growth

+41.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

29.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

23.07x P/B (P/E×P/B: 674.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-107.52

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$117.56

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	66.4%	70.5%	121.2%	106.1%	N/A
Repurchase of Capital Stock	-$365M	$0M	$0M	-$19M	N/A
Free Cash Flow	$3.8B ▲	$3.7B ▲	$2.9B ▲	$1.8B •	N/A •
Warren's Owner Earnings	$6.3B	$6.0B	$6.4B	$7.0B	N/A

Peers & Industry

No auto-detected peers for REIT - Specialty. You can manually compare AMT against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.09%

Low — management has little skin in the game

Return on Equity (ROE)

69.3%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.0%

Fair — average asset utilization

Share Buybacks (Latest Year)

$365M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+2.3% YoY

Debt is roughly stable

Leadership Team

Steven Vondran

President, CEO & Director

Age 54

Pay: $3,325,757

0.131% of net income

Rodney Smith

Executive VP, CFO & Treasurer

Age 59

Pay: $1,647,286

0.065% of net income

Eugene Noel

Executive VP & COO

Age 56

Pay: $1,581,269

0.063% of net income

Spencer Harris Kurn

Senior Vice President of Investor Relations

Julian Plumstead

Senior Vice President of M&A and Business Development - Europe, Africa and Latin America

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.69%	63,757,586
Blackrock Inc.	9.45%	44,034,756
State Street Corporation	4.50%	20,987,534
JPMORGAN CHASE & CO	3.09%	14,412,242
Geode Capital Management, LLC	2.90%	13,499,035
Cohen & Steers Inc.	2.68%	12,487,087
FMR, LLC	2.58%	12,018,839
Morgan Stanley	2.11%	9,807,651

⚠️ Very high debt-to-equity — leverage risk

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.90

Low volatility — more stable than the market

Short Interest

1.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

4.45x

High leverage — significant financial risk

Current Ratio

0.30x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $165.08 Current: $180.88 High: $234.33

Currently at 23% of 52-week range

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