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American TowerAMT

Telecom Tower REITs · Boston, Massachusetts · In the S&P 500
Solid businessCheaper than peers
$187.78+1.02%After hours: $187.68 (−0.05%)At the close, 30 Oct · Prices from CNBC, may be delayed
▲ 4.9% over 1 year
American Tower over 1 yearDaily close, $, to 30 Oct 2026
$160$170$180Nov2026MarMayJulSep$187.78$160$180NovMarJul$187.78
Source: Nasdaq daily closes
Market value$87.09B
Price to earnings26.5x
Forward P/E27.8x
Dividend yield3.77%
Year to date+7.0%
One year+4.9%
Next earningsNot scheduled
SectorReal Estate
52-week range (closes)
$161.06$194.12

Quality and valuation

How American Tower compares with other real estate stocks. A description, not a recommendation.

American Tower and 7 telecom tower reits peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: about averageValuation: cheaper than most

An average business among real estate companies, priced below most of them.

American Tower trades at 27.8 times the next 12 months of expected earnings, against a median of 35.1x for the 30 real estate stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew slower than the sector median: +5.3% vs +5.5%
  • More profitable (operating margin): 44.8% vs 37.2%
  • Turns less of its sales into cash: 36.0% vs 36.0%
AMT trades at 27.8x forward earnings, below the sector medianForward p/e, Telecom Tower REITs peers
AMT27.8xSPG31.4xPSA33.0xO34.7xPLD40.2xEQIX57.0xDLR76.9xWELL82.7xSector median 35.1xAMT27.8xSPG31.4xPSA33.0xO34.7xPLD40.2xEQIX57.0xDLR76.9xWELL82.7xSector median 35.1x
Source: CNBC quotes; Mostly Markets
At 26.5x earnings, AMT is cheaper than its average since Oct 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
20x40x60x80xAverage 47.0x2025202626.5x50x75xAverage 47.0x2025202626.5x
Source: Nasdaq prices; SEC filings

Financials

From American Tower's SEC filings, through the quarter ending 30 Sep 2026. Hover or tap a bar for its value.

Revenue grew 2.5% from a year earlierQuarterly revenue, $bn, latest Q3 ’26
$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.8bnQ3 ’26$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.8bnQ3 ’26
Source: SEC filings
Growth slowed to +2.5% last quarterRevenue growth, year on year, %
0%2%4%6%Q4 ’24Q2 ’25Q4 ’252.5%Q3 ’260%5%Q4 ’24Q2 ’25Q4 ’252.5%Q3 ’26
Source: SEC filings
Operating margin was 45.6% last quarterOperating income as a share of revenue, %
0%20%40%Q4 ’24Q2 ’25Q4 ’2545.6%Q3 ’260%20%40%Q4 ’24Q2 ’25Q4 ’2545.6%Q3 ’26
Source: SEC filings
Free cash flow was $4.0 billion over 12 monthsQuarterly free cash flow (operating cash flow minus capex), $bn
$0.0bn$0.5bn$1.0bnQ4 ’24Q2 ’25Q4 ’25$1.0bnQ3 ’26$0.0bn$0.5bn$1.0bnQ4 ’24Q2 ’25Q4 ’25$1.0bnQ3 ’26
Source: SEC filings
Last 12 monthsAMTSector median
Revenue growth+5.3%+5.5%
Operating margin44.8%37.2%
Free cash flow margin36.0%36.0%
Price to earnings26.5x30.3x

Stories on American Tower

Friday, 23 October
Why it moved

AT&T (T) Shares Slide After Report SpaceX Is Seeking 80,000 Cell Sites

AT&T slid 8.0% and T-Mobile 7.7% on Friday after Bloomberg reported SpaceX is in talks for at least 80,000 US cell sites for a phone network. Crown Castle soared 9.1%.

T▼ 8.0%
A cell tower at dusk

Similar companies

Telecom Tower REITs, by market value.

CompanyPriceTodayYTDValue
WELLWelltower$234.60+0.61%+26.4%$172B
PLDPrologis$127.98−0.03%+0.3%$122B
EQIXEquinix$1,013.70−2.22%+32.3%$100B
SPGSimon Property Group$217.75+0.94%+17.6%$70.45B
DLRDigital Realty$180.70−1.21%+16.8%$67.04B
PSAPublic Storage$324.77+2.43%+25.2%$60.68B
ORealty Income$56.930.00%+1.0%$53.87B
VMRKVivmark Residential$61.90+0.24%−1.8%$47.90B