# American Tower Corporation (AMT)

> Source: Nexqual · https://nexqual.com/AMT · data as of 2026-10-23 16:23 UTC · cite as "Nexqual, American Tower Corporation (AMT), nexqual.com/AMT" · informational, not investment advice.

**Price:** USD 187.98 (+3.53% today) · US market open, as of October 23, 2026 at 16:23 UTC; quotes may be delayed. Prev close 181.57 · day 187.72–202.13 · 52w 160.06–202.13 · market cap $87.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.9B, net income $3.52B (32.1% margin), free cash flow $3.96B (SEC filings).
- Valuation: P/E 24.9x (avg 47.6x at the last 3 fiscal year-ends), EV/EBITDA 17.6x, net debt $35.4B.
- 3 of 80 tracked superinvestors hold AMT (13F, Q2 2026): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.4M; 1 not under a Rule 10b5-1 plan ($894K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $501K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.84 on a 1–5 scale) (25 analysts), mean target USD 215.74 (range 188–260).
- Total return with dividends: 1Y +2.8% vs S&P 500 +14.7%; 5Y -21.6% vs S&P 500 +77.5%.
- Next earnings: 2026-10-27, EPS estimate USD 1.63, revenue estimate $2.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.36B | $9.65B | $10.0B | $10.1B | $10.6B | $10.9B |
| Operating income | $3.13B | $2.74B | $3.13B | $4.52B | $4.85B | $4.90B |
| Net income | $2.57B | $1.70B | $1.37B | $2.28B | $2.63B | $3.52B |
| EPS (diluted) | $5.66 | $3.82 | $3.18 | $4.82 | $5.40 | — |
| Free cash flow | $3.44B | $1.82B | $2.92B | $3.70B | $3.78B | $3.96B |
| Operating margin | 33.5% | 28.4% | 31.2% | 44.6% | 45.5% | 44.8% |
| Net margin | 27.4% | 17.6% | 13.7% | 22.5% | 24.7% | 32.1% |
| Revenue growth | +16.4% | +3.1% | +3.8% | +1.1% | +5.1% | — |
| Cash + short-term investments | $1.95B | $1.55B | $1.75B | $2.00B | $1.47B | — |
| Total debt | $48.1B | $43.4B | $38.8B | $36.5B | $37.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.9x · P/S 8.0x · EV/EBITDA 17.6x · EV/Sales 11.2x · P/FCF 22.1x · P/B 23.6x · FCF yield 4.52% · Earnings yield 4.01% · Dividend yield (paid, TTM) 3.72% · Net debt $35.4B · EV $123B
P/E at fiscal year-ends: Dec 2025 31.3x, Dec 2024 37.7x, Dec 2023 73.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold AMT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chuck Akre | Akre Capital Management | 0.09% | $4.8M | Reduced -42.4% |
| Christopher Davis | Davis Advisors | 0.04% | $10.3M | Reduced -2.1% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $330K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-29 | Meyer Robert Joseph | SVP & Advisor to the CFO | 5,000 | $894K | 18.9% | No | Too little history (no open-market trades in 2023) |
| 2026-07-28…2026-07-29 | Dowling Ruth T | EVP, Chief Admin Ofr, GC & Sec | 1,791 | $310K | 6.1% | Yes (adopted October 29, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28…2026-04-29 | Dowling Ruth T | EVP, Chief Admin Ofr, GC & Sec | 972 | $173K | 3.2% | Yes (adopted October 29, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $501K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-21 | Kalathur Rajesh | Director | 2,829 | $501K | 177 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.84 on a 1–5 scale), 25 analysts; mean target USD 215.74 (low 188, high 260).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Bernstein | Target lowered | Outperform | $214 → $212 |
| 2026-09-30 | Barclays | Target raised | Overweight | $198 → $199 |
| 2026-08-20 | Barclays | Upgrade | Equal-Weight → Overweight | $195 → $198 |
| 2026-08-12 | Truist Securities | Target lowered | Buy | $208 → $207 |
| 2026-07-29 | TD Cowen | Target raised | Buy | $225 → $227 |
| 2026-07-29 | BMO Capital | Target raised | Market Perform | $190 → $195 |
| 2026-07-09 | Wolfe Research | Upgrade | Peer Perform → Outperform | $188 |
| 2026-06-26 | RBC Capital | Upgrade | Sector Perform → Outperform | $195 → $205 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +2.8% | -21.6% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | +2.8% | -4.8% |
| Volatility (annualized) | 28.1% | 28.0% |
| Max drawdown | -15.7% (Jun 2026→Jul 2026) | -43.1% (Dec 2021→Oct 2023) |

## Peers (REIT - Specialty)
EQIX (Equinix, Inc.) USD 945.42 -0.76% · DLR (Digital Realty Trust, Inc.) USD 171.47 +0.31% · CCI (Crown Castle Inc.) USD 86.45 +9.67% · IRM (Iron Mountain Incorporated (Del) USD 111.06 +0.36% · SBAC (SBA Communications Corporation) USD 183.12 +2.65% · LAMR (Lamar Advertising Company) USD 156.54 -0.62%

## More
Full page: https://nexqual.com/AMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AMT's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | AT&T (T) | "For example, we are currently engaged in a legal dispute (the "Arbitration") with one of our customers in Mexico, AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, "AT&T Mexico")." |
| Customer | Vodafone Idea | "Per the terms of the agreement, total aggregate consideration represented up to approximately 210 billion Indian Rupees ("INR") (approximately $2.5 billion), including the value of the VIL OCDs and the VIL Shares (each a…" |
| Customer | Verizon (VZ) | "For the year ended December 31, 2025, our top four customers by total revenue were T-Mobile (18%), AT&T (17%), Verizon Wireless (14%) and Telefónica (10%)." |
| Customer | T-Mobile (TMUS) | "For the year ended December 31, 2025, our top four customers by total revenue were T-Mobile (18%), AT&T (17%), Verizon Wireless (14%) and Telefónica (10%)." |
| Partner | American Tower | "(3) Includes distributions to noncontrolling interest holders, distributions related to the outstanding mandatorily convertible preferred equity in connection with our agreements with certain investment vehicles affiliat…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Total&#160; Property | $2.69B | 97.8% | +6.3% | $1.85B | 68.8% |
| U.S. & Canada | $136.5M | 5.0% | -20.6% | $1.01B | 741.5% |
| Services | $61.3M | 2.2% | -38.4% | $22.2M | 36.2% |
| Data Centers | $42.2M | 1.5% | +14.7% | $156.6M | 371.1% |
| Latin America | $26.8M | 1.0% | -4.6% | $287.1M | 1071.3% |
| Europe | $3.4M | 0.1% | +0.0% | $147.4M | 4335.3% |
| Africa & APAC | $2.2M | 0.1% | -35.3% | $246.3M | 11195.5% |
| Total revenue | $2.75B | 100% | — | $1.87B | 68.1% |
The lines above cover 107.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Property | $2.69B | 97.8% | +6.3% |
| Non Lease Property Revenue | $75.2M | 2.7% | +3.7% |
| Services Revenue | $61.3M | 2.2% | -38.4% |
| Services | $61.3M | 2.2% | -38.4% |
| Total revenue | $2.75B | 100% | — |
The lines above cover 105% of total revenue.

## Customer concentration

Period ended 2025-12-31: 18%, 17%, 14%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-07-28)

- "Outlook: ($ in millions, except per share amounts.) Full Year 2026 Midpoint Growth Rates vs."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.63 | $1.58 | +3.6% | $2.76B | 7 |
| Next quarter (ends 2026-12-31) | $1.66 | $1.60 | +3.5% | $2.78B | 7 |
| Current fiscal year (ends 2026-12-31) | $6.98 | $6.59 | +5.9% | $11.02B | 7 |
| Next fiscal year (ends 2027-12-31) | $6.98 | $6.86 | +1.7% | $11.39B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±7.3%; last 8 reports averaged ±5.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.7% | ±7.3% |
| 2026-12-18 | 56 | 31.8% | ±10.0% |
| 2027-01-15 | 84 | 30.4% | ±11.7% |
| 2027-03-19 | 147 | 31.3% | ±15.7% |
| 2027-04-16 | 175 | 30.5% | ±16.9% |
| 2027-06-17 | 237 | 30.7% | ±19.5% |
| 2027-09-17 | 329 | 30.8% | ±22.8% |
| 2027-10-15 | 357 | 30.8% | ±23.6% |