AMT
American Tower Corporation
AMT's fundamentals are mixed, but it looks cheap: trading at 27x earnings, about half its usual 54x. Analysts expect earnings growth.
AMT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
AMT's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like AMT.
AMT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 27x | $190 | — |
| Forward | 28x | $190 | — |
| Cheap | 34x | $241 | +27% |
| Fair | 54x | $381 | +101% |
| Expensive | 69x | $487 | +157% |
Historical ranges are pointers, not guarantees.
AMT's PE is in its cheap range at 27x. On analysts' estimates for next year's earnings, today's price would be 28x.
AMT Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect AMT's earnings to grow and its profitability to improve, with its revenue holding steady.
AMT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.80 | -4.2% |
| Q3 2026 | $7.10 | +13% |
| Q2 2026 | $7.28 | +165% |
| Q1 2026 | $6.20 | +59% |
| Q4 2025 | $5.40 | +12% |
| Q3 2025 | $6.26 | +164% |
| Q2 2025 | $2.75 | -48% |
| Q1 2025 | $3.89 | -12% |
| Q4 2024 | $4.81 | +51% |
AMT earned $7.10 per share over the past year, up 13% from the year before.
AMT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.8B | +2.5% |
| Q2 2026 | $2.7B | +4.7% |
| Q1 2026 | $2.7B | +6.8% |
| Q4 2025 | $2.7B | +7.5% |
| Q3 2025 | $2.7B | +7.7% |
| Q2 2025 | $2.6B | -9.4% |
| Q1 2025 | $2.6B | -9.6% |
| Q4 2024 | $2.5B | -8.6% |
AMT's revenue has grown year over year for five quarters in a row: $2.8B last quarter, up 2.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 46% | +0.2 points |
| Q2 2026 | 46% | +0.6 points |
| Q1 2026 | 45% | -3.7 points |
| Q4 2025 | 42% | 0 points |
| Q3 2025 | 45% | +0.2 points |
| Q2 2025 | 46% | +1.3 points |
| Q1 2025 | 49% | +5.3 points |
| Q4 2024 | 42% | +17 points |
AMT's operating margin was 46% last quarter, about level with the same quarter a year ago.
AMT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $995.4M | +0.1% |
| Q2 2026 | $1.2B | +19% |
| Q1 2026 | $951.1M | -1.3% |
| Q4 2025 | $848.3M | +12% |
| Q3 2025 | $994.5M | -4.8% |
| Q2 2025 | $976.9M | -3.6% |
| Q1 2025 | $963.9M | +8.7% |
| Q4 2024 | $755.6M | +22% |
AMT's free cash flow was $4B over the past year, up 7.3% from the year before. Free cash flow isn't a meaningful measure for real estate companies like AMT.
AMT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -507K shares |
| 1 year | -0.7% | -3.3M shares |
| 3 years | -0.3% | -1.4M shares |
| 5 years | +1.9% | +8.8M shares |
| Available history | +4.5% | +20.2M shares |
AMT has 466M diluted shares, down 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $300.1M |
| Q2 2026 | $26.7M |
| Q1 2026 | $176.2M |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
AMT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.1x | High |
| Q2 2026 | 5.1x | High |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 5.2x | High |
| Q3 2025 | 5.2x | High |
| Q2 2025 | 5.3x | High |
| Q1 2025 | 5.1x | High |
| Q4 2024 | 5.0x | High |
AMT's net debt is about 5.1 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like AMT.
AMT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 67.5 | Neutral |
AMT's weekly RSI is 59 (neutral) and its Stochastic is 68 (neutral).
AMT PE vs Real Estate Sector
| Metric | AMT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 24x | 12% above |
| PE % | 4 | 23 | 19 pts below |
AMT is trading at 27x earnings, a 12% premium to the Real Estate sector's median of 24x.
AMT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $181.8 | 4.4% above |
| 20 week MA | $176.3 | 7.6% above |
| 50 week MA | $178.6 | 6.3% above |
| 100 week MA | $190.3 | 0.3% below |
| 200 week MA | $194.8 | 2.6% below |
AMT has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 2.6% below its 200-week average.
AMT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $229.1 | $218.7 | -4.6% |
| 2021 | $218.7 | $278.7 | +27% |
| 2022 | $278.7 | $212.5 | -24% |
| 2023 | $212.5 | $215.9 | +1.6% |
| 2024 | $215.9 | $181.9 | -16% |
| 2025 | $181.9 | $176.4 | -3% |
| 2026 YTD | $176.4 | $189.8 | +7.6% |
AMT has finished lower in four of the last six years. It's up 7.6% so far in 2026.