AMERICAN TOWER CORP /MA/ (AMT)

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AI: Fair-priced

Price checkThe shares look fairly priced because today’s yield balances modest growth and high debt.

The last available close before the research timestamp was $175.58 on August 14. Against management’s 2026 adjusted funds from operations forecast of $11.00–$11.17 per share—a property-cash-earnings measure—investors pay 15.8 times the midpoint, equivalent to a 6.3% cash-earnings yield. The indicated $7.16 annual dividend yields 4.1%. That starting yield plus roughly 3% guided per-share growth looks reasonable if growth persists, but 4.9-times leverage limits downside protection. This balance supports Fair-priced, not a clear bargain.

Big pictureCash generation is durable, but growth remains modest after a strong recovery.

Operating cash flow reached $5.46 billion in 2025, while spending on long-lived assets was $1.68 billion. Their difference—free cash flow, meaning cash left after running and investing in the business—was about $3.78 billion, versus $3.70 billion in 2024 and $2.85 billion in 2020. Second-quarter 2026 free cash flow rose 19.6% to $1.16 billion. However, management expects 2026 adjusted property cash earnings per share to grow only about 3%; reported profit growth is much stronger partly because currency swings reversed.

Business strengthLong leases support cash flow, while debt limits flexibility and buybacks remain modest.

Most property revenue comes from long-term leases that tenants cannot readily cancel, supporting predictable cash collection; second-quarter property gross margin was 73.7%. The counterweight is $35.43 billion of net debt, equal to 4.9 times annualized adjusted operating earnings, although $9.9 billion of liquidity reduces near-term refinancing pressure. Dividends consumed about 84% of simplified 2025 free cash flow. Buybacks totaled $365 million in 2025 and $203 million during the first half of 2026. Shares fell slightly during 2025 but remained about 5% above 2020, showing limited long-run dilution.

What could change the storyFaster data-center growth could unlock upside, while tenant losses or refinancing could erase it.

The strongest bull case is CoreSite: second-quarter data-center property revenue grew about 12% excluding accounting timing effects, and management now expects roughly 15% for 2026. Tower leasing also grew about 4% excluding the one-time Dish Network cancellations. The bear case is that reported tower growth remains weak while $37.19 billion of total debt must gradually refinance at higher rates; Latin American leasing declined over 2% amid Brazilian cancellations. At $175.58, the valuation broadly requires sustainable 3%–5% per-share cash-earnings growth without leverage worsening or another major tenant-loss cycle.

$175.58 price considered

AI: News

Second forecast increaseSecond-quarter growth and stronger data centers supported another full-year forecast increase.

On July 28, 2026, American Tower reported second-quarter revenue of $2.75 billion, up 4.7%, and adjusted property cash earnings of $2.71 per share, up 4.2%. Management raised its 2026 per-share forecast to $11.00–$11.17, citing currency benefits, data-center outperformance and temporary expense savings. The shares were reported up about 6% in premarket trading at $176.73. That timing is consistent with a favorable earnings reaction, although it does not prove the report alone caused the move.

Long-term debt refinancingNew seven-year notes pushed out maturities but locked in a higher interest cost.

On May 19, 2026, American Tower priced €750 million of unsecured notes due 2033 at a 4.0% annual interest rate, expecting €742.7 million of net proceeds. The money was designated partly for borrowing used to repay €500 million of 1.95% notes due in 2026. The longer maturity reduces immediate repayment risk, but the replacement coupon is 2.05 percentage points higher; on €500 million, that implies roughly €10 million of additional yearly interest before other financing effects. No reliable immediate share reaction was identified.

Strong first-quarter startFirst-quarter results started the year strongly and prompted the first 2026 forecast increase.

On April 28, 2026, first-quarter revenue rose 6.8% to $2.74 billion and adjusted property cash earnings reached $2.84 per share, up 3.3%. Management increased the midpoint of its full-year per-share forecast by $0.12 to roughly $10.99, helped partly by favorable currency movements. The shares were reported 1.44% higher in premarket trading at $177.82. The timing suggests investors welcomed the results, but broader market movements mean the announcement cannot be treated as the sole cause.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$935.9M	$774.6M	$747.3M	$840.7M	$717.2M	$495.7M	$527.2M	$5.79B	$4.77B	$4.10B	$3.36B	$2.88B	$2.44B	$1.99B	$1.72B	$1.59B	$1.46B
Operating income	$4.85B	$4.52B	$3.13B	$2.74B	$3.13B	$2.89B	$2.69B	$1.85B	$1.61B	$1.49B	$1.21B	$1.12B	$920.1M	$784.4M	$672.3M	$606.8M	$378.4M
EBITDAderived	$6.89B	$6.55B	$6.05B	$5.90B	$5.46B	$4.77B	$4.47B	$3.38B	$2.90B	$2.49B	$2.01B	$1.76B	$1.48B	$1.25B	$1.09B	$1.01B	$901.3M
Net income	$2.63B	$2.28B	$1.37B	$1.70B	$2.57B	$1.69B	$1.89B	$956.4M	$685.1M	$824.9M	$551.3M	$637.3M	$396.5M	$372.9M	$246.6M	$347.2M	$56.3M
Basic EPSper diluted share	$5.41	$4.83	$3.18	$3.83	$5.69	$3.81	$4.27	$2.00	$1.42	$2.02	$1.40	$1.61	$1.00	$0.93	$0.62	$0.88	$0.14
Diluted EPSper diluted share	$5.40	$4.82	$3.18	$3.82	$5.66	$3.79	$4.24	$1.98	$1.41	$2.00	$1.38	$1.60	$0.99	$0.92	$0.61	$0.84	$0.13

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$1.49M disclosed value

Sells (SEC code S)40$56.04M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 29, 2026Form 4 · 10b5-1	Dowling Ruth TEVP, Chief Admin Ofr, GC & Sec	SellCommon Stock	416	$177.54	$73.9K	29.5K
Apr 28, 2026Form 4 · 10b5-1	Dowling Ruth TEVP, Chief Admin Ofr, GC & Sec	SellCommon Stock	556	$178.48	$99.2K	29.9K
Mar 10, 2026Form 4	Kalathur RajeshDirector	BuyCommon Stock	2.7K	$185.30	$494.9K	4.9K
Mar 4, 2026Form 4 · 10b5-1	Vondran Steven OPresident and CEO	SellCommon Stock	1.8K	$189.82	$336.6K	105.4K
Mar 4, 2026Form 4 · 10b5-1	Vondran Steven OPresident and CEO	SellCommon Stock	16.6K	$188.82	$3.14M	107.1K

Review ownership filings at SEC.gov ↗

AMERICAN TOWER CORP /MA/ (AMT)

Financial charts

Financial statements

Insider buys & sells