American Tower Corporation (AMT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5.1%

$197.85

vs $188.19 price

Levered DCF

$130.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.21

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.51×	37.97×	67.89×	55.32×	51.41×	58.91×	53.82×	56.3×
P/B	22.55×	25.33×	23.97×	17.55×	25.99×	24.33×	20.11×	13.03×
P/S	7.74×	8.46×	10.05×	10.14×	14.11×	12.38×	13.41×	9.35×
EV / EBITDA	20.62×	17.84×	24.18×	21.71×	30.19×	29.92×	29.1×	21.88×
Gross margin	73.7%	74.6%	74.4%	73.4%	71.3%	72.3%	70.8%	70.7%
Operating margin	45.8%	44.6%	31.2%	28.4%	33.5%	35.9%	35.5%	25.6%
Net margin	23.8%	22.3%	14.8%	18.3%	27.4%	21.0%	24.9%	16.6%
Current ratio	0.4×	0.45×	0.51×	0.44×	0.41×	0.79×	0.47×	0.51×
Debt / equity	12.31×	13×	11.03×	8.44×	10.24×	8.97×	6.14×	3.97×
Interest coverage	4.79×	3.22×	2.25×	2.41×	3.6×	3.64×	3.3×	2.31×
Dividend yield	3.8%	3.6%	2.9%	2.7%	1.7%	1.9%	1.6%	1.9%
Payout ratio	124.8%	136.4%	198.8%	149.0%	88.4%	114.1%	84.9%	108.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	69.3%	66.7%	35.3%	31.7%	50.5%	41.3%	37.3%	23.2%
Return on invested capital	7.0%	7.0%	4.7%	4.0%	4.3%	6.0%	6.6%	6.1%
Return on assets	4.0%	3.7%	2.2%	2.6%	3.7%	3.6%	4.4%	3.7%
Free cash flow yield	4.6%	4.3%	2.9%	1.9%	2.6%	2.9%	2.7%	4.1%
Earnings yield	3.1%	2.6%	1.5%	1.8%	1.9%	1.7%	1.9%	1.8%
Enterprise value	$125.9B	$127.6B	$145.2B	$142.8B	$182.1B	$134.5B	$131.2B	$89.5B
Net debt / EBITDA	7.13×	5.86×	7.42×	6.85×	8.3×	7.78×	6.56×	4.88×
Cash conversion cycle (days)	-3	-6	-6	12	5	11	8	11