Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin45.3%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin31.4%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt52.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$38.0B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$6.8B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book23.28x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$951M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income52.3%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$1.8B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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 and is based in Massachusetts, Boston.
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 and is based in Massachusetts, Boston.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering American Tower Corporation at $176.05.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
At $176.05, the stock trades at a 895% premium to its Graham Number of $17.69. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
74.3%▲
73.9%•
N/A
Operating Margin %
45.3%▼
45.4%•
N/A
Net Income %
31.4%▲
30.0%•
N/A
Diluted EPS
1.84▲
1.75•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$63.2B
$63.2B
N/A
Total Debt
$45.1B▲
$45.0B•
N/A
Working Capital
-$6.8B▼
-$4.2B•
N/A
Years to Pay Debt
52.51
54.79
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$951M▲
$848M•
N/A
Owner Earnings
$1.8B
$1.9B
N/A
CapEx % of Net Income
52.3%
70.6%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
9,330
-10,767
Tax Rate For Calcs
0
0
Normalized EBITDA
1,815,500
1,906,300
Total Unusual Items
68,100
-81,100
Total Unusual Items Excluding Goodwill
68,100
-81,100
Net Income From Continuing Operation Net Minority Interest
859,500
820,700
Reconciled Depreciation
518,200
515,900
Reconciled Cost Of Revenue
703,300
714,100
EBITDA
1,883,600
1,825,200
EBIT
1,365,400
1,309,300
Net Interest Income
-311,300
-304,000
Interest Expense
347,300
344,400
Interest Income
36,000
40,400
Normalized Income
800,730
891,033
Net Income From Continuing And Discontinued Operation
859,500
820,700
Total Expenses
1,498,300
1,493,400
Total Operating Income As Reported
1,239,200
1,160,700
Diluted Average Shares
466,833
468,429
Basic Average Shares
466,202
467,586
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
859,500
820,700
Net Income Common Stockholders
859,500
820,700
Net Income
859,500
820,700
Minority Interests
-19,000
-16,100
Net Income Including Noncontrolling Interests
878,500
836,800
Net Income Continuous Operations
878,500
836,800
Tax Provision
139,600
128,100
Pretax Income
1,018,100
964,900
Other Income Expense
90,200
24,800
Other Non Operating Income Expenses
22,100
105,900
Special Income Charges
-86,500
Gain On Sale Of Security
68,100
2,300
Net Non Operating Interest Income Expense
-311,300
-304,000
Interest Expense Non Operating
347,300
344,400
Interest Income Non Operating
36,000
40,400
Operating Income
1,239,200
1,244,100
Operating Expense
795,000
779,300
Other Operating Expenses
19,400
26,900
Depreciation Amortization Depletion Income Statement
518,200
515,900
Depreciation And Amortization In Income Statement
518,200
515,900
Selling General And Administration
257,400
236,500
Gross Profit
2,034,200
2,023,400
Cost Of Revenue
703,300
714,100
Total Revenue
2,737,500
2,737,500
Operating Revenue
2,737,500
2,737,500
Balance Sheet
2026
2025
2024
Treasury Shares Number
14,094
13,040
Ordinary Shares Number
465,989
466,318
Share Issued
480,083
479,358
Net Debt
35,712,700
35,745,500
Total Debt
45,131,200
44,963,900
Tangible Book Value
-22,895,200
-23,133,700
Invested Capital
40,844,100
40,872,800
Working Capital
-6,763,000
-4,172,000
Net Tangible Assets
-22,895,200
-23,133,700
Capital Lease Obligations
7,809,700
7,743,600
Common Stock Equity
3,522,600
3,652,500
Total Capitalization
34,725,100
37,485,000
Total Equity Gross Minority Interest
10,152,100
10,355,300
Minority Interest
6,629,500
6,702,800
Stockholders Equity
3,522,600
3,652,500
Gains Losses Not Affecting Retained Earnings
-4,805,300
Other Equity Adjustments
-4,805,300
-4,815,800
Treasury Stock
1,849,500
1,665,800
Retained Earnings
-5,063,400
-5,086,000
Additional Paid In Capital
15,236,000
15,215,300
Capital Stock
4,800
4,800
Common Stock
4,800
4,800
Total Liabilities Net Minority Interest
53,082,500
52,835,100
Total Non Current Liabilities Net Minority Interest
43,363,100
45,921,300
Other Non Current Liabilities
979,000
976,900
Non Current Deferred Liabilities
1,497,400
1,440,300
Non Current Deferred Revenue
520,900
Non Current Deferred Taxes Liabilities
1,497,400
1,440,300
Long Term Debt And Capital Lease Obligation
38,370,300
40,991,200
Long Term Capital Lease Obligation
7,167,800
7,158,700
Long Term Debt
31,202,500
33,832,500
Long Term Provisions
2,516,400
2,512,900
Current Liabilities
9,719,400
6,913,800
Current Deferred Liabilities
459,900
325,000
Current Deferred Revenue
459,900
325,000
Current Debt And Capital Lease Obligation
6,760,900
3,972,700
Current Capital Lease Obligation
641,900
584,900
Current Debt
6,119,000
3,387,800
Other Current Borrowings
6,119,000
3,387,800
Payables And Accrued Expenses
2,498,600
2,616,100
Current Accrued Expenses
1,040,800
1,155,300
Interest Payable
333,700
425,200
Payables
1,457,800
1,460,800
Other Payable
202,600
198,900
Dividends Payable
851,900
818,600
Total Tax Payable
182,500
183,500
Income Tax Payable
25,800
26,500
Accounts Payable
220,800
259,800
Total Assets
63,234,600
63,190,400
Total Non Current Assets
60,278,200
60,448,600
Other Non Current Assets
909,100
876,900
Non Current Deferred Assets
4,018,000
4,002,700
Non Current Deferred Taxes Assets
153,600
151,400
Goodwill And Other Intangible Assets
26,417,800
26,786,200
Other Intangible Assets
14,225,100
14,530,700
Goodwill
12,192,700
12,255,500
Net PPE
28,933,300
28,782,800
Accumulated Depreciation
-12,105,000
-11,005,700
Gross PPE
28,933,300
40,887,800
Construction In Progress
1,323,800
1,298,400
Other Properties
28,933,300
30,878,400
Buildings And Improvements
4,165,700
3,786,300
Land And Improvements
4,519,900
4,311,000
Current Assets
2,956,400
2,741,800
Other Current Assets
93,900
99,600
Restricted Cash
129,100
130,400
Prepaid Assets
166,800
147,400
Receivables
957,800
889,600
Other Receivables
196,000
194,800
Taxes Receivable
42,900
44,500
Accounts Receivable
718,900
650,300
Allowance For Doubtful Accounts Receivable
-430,400
-404,100
Gross Accounts Receivable
1,080,700
944,100
Cash Cash Equivalents And Short Term Investments
1,608,800
1,474,800
Cash And Cash Equivalents
1,608,800
1,474,800
Cash Flow
2026
2025
2024
Free Cash Flow
951,100
848,300
Repurchase Of Capital Stock
-176,200
Repayment Of Debt
-1,226,100
-1,649,700
Issuance Of Debt
1,460,000
1,616,100
Capital Expenditure
-449,500
-579,200
Interest Paid Supplemental Data
434,800
182,200
Income Tax Paid Supplemental Data
44,300
156,900
End Cash Position
1,737,900
1,605,200
Beginning Cash Position
1,605,200
2,100,800
Effect Of Exchange Rate Changes
36,800
-11,200
Changes In Cash
95,900
-484,400
Financing Cash Flow
-831,000
-1,443,800
Cash Flow From Continuing Financing Activities
-831,000
-1,443,800
Net Other Financing Charges
-94,600
-256,500
Proceeds From Stock Option Exercised
12,500
7,100
Cash Dividends Paid
-806,600
-796,200
Common Stock Dividend Paid
-806,600
-796,200
Net Common Stock Issuance
-176,200
Common Stock Payments
-176,200
Net Issuance Payments Of Debt
233,900
-33,600
Net Short Term Debt Issuance
1,460,000
-5,307,300
Short Term Debt Issuance
1,460,000
-5,307,300
Net Long Term Debt Issuance
-1,226,100
5,273,700
Long Term Debt Payments
-1,226,100
-1,649,700
Long Term Debt Issuance
0
6,923,400
Investing Cash Flow
-473,700
-468,100
Cash Flow From Continuing Investing Activities
-473,700
-468,100
Net Other Investing Changes
-5,000
-11,800
Net Investment Purchase And Sale
0
156,900
Sale Of Investment
0
156,900
Net Business Purchase And Sale
-19,200
-34,000
Purchase Of Business
-19,200
-34,000
Net PPE Purchase And Sale
-449,500
-579,200
Purchase Of PPE
-449,500
-579,200
Operating Cash Flow
1,400,600
1,427,500
Cash Flow From Continuing Operating Activities
1,400,600
1,427,500
Change In Working Capital
-114,000
100,900
Change In Other Working Capital
117,400
-142,200
Change In Other Current Liabilities
-122,200
88,900
Change In Other Current Assets
-109,200
Other Non Cash Items
59,500
-789,900
Stock Based Compensation
58,400
31,600
Depreciation Amortization Depletion
518,200
515,900
Depreciation And Amortization
518,200
515,900
Operating Gains Losses
-380,100
Net Income From Continuing Operations
878,500
836,800
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $2.6B▲ $2.7B+6.8%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 75.2%▲ 74.3%-0.9pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 48.4%▼ 45.3%-3.1pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 19.1%▲ 31.4%+12.3pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$2.7B/qtr (≈$10.9B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.30x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$951M
vs Positive
Operating Cash Flow
$1.4B
Latest quarter · Buffett's cash reality check
ROIC
1.8%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
8.1x
Net Assets: $10.2B
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
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
0.08%
Low — management has little skin in the game
Return on Equity (ROE)
24.4%
Excellent — management generates strong returns on equity
Return on Assets (ROA)
1.4%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$365M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+0.4% YoY
Debt is roughly stable
Leadership Team
Steven Vondran
President, CEO & Director
Age 54
Pay: $3,325,757
0.387% of net income
Rodney Smith
Executive VP, CFO & Treasurer
Age 59
Pay: $1,647,286
0.192% of net income
Eugene Noel
Executive VP & COO
Age 56
Pay: $1,581,269
0.184% 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
Blackrock Inc.
9.65%
44,954,137
Vanguard Capital Management LLC
6.52%
30,362,380
Vanguard Portfolio Management LLC
5.92%
27,596,159
State Street Corporation
4.60%
21,434,609
JPMORGAN CHASE & CO
3.25%
15,128,367
Geode Capital Management, LLC
2.99%
13,933,628
Cohen & Steers Inc.
2.71%
12,619,866
FMR, LLC
2.43%
11,317,048
⚠️Very high debt-to-equity — leverage risk
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.89
Low volatility — more stable than the market
Short Interest
2.2% 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: $165.08Current: $176.05High: $234.33
Currently at 16% of 52-week range
American Tower Corporation (AMT) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $17.69. Margin of safety: 0%. Gross profit margin: 74.3%. Operating margin: 45.3%. Net margin: 31.4%. Market cap: $82.0B. Sector: Real Estate. Industry: REIT - Specialty. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.