Valuation, from the filing
| Public float | $103.40B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $221.85 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / revenue | 9.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 10.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
67.6× earnings today, against a median of 50.1× across 5 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2020-06-30 | $114.30B | 67.6× | |
| 2019-06-30 | $89.90B | 47.6× | |
| 2018-06-30 | $63.10B | 51.0× | |
| 2017-06-30 | $56.30B | 45.4× | |
| 2016-06-30 | $47.90B | 50.1× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Real Estate Investment Trusts filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Effective tax rate | 13.7% | 89th | |
| Long-term debt / equity | 3.27x | 87th | |
| CapEx / revenue | 15.8% | 75th | |
| Operating margin | 45.5% | 70th | |
| Current ratio | 0.40x | 31th | |
| FCF margin | 35.5% | 67th | |
| Revenue YoY growth | 5.1% | 62th | |
| SBC / revenue | 1.6% | 48th |
AMERICAN TOWER CORP /MA/ (AMT) reported revenue of $2.79B for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from AMERICAN TOWER CORP /MA/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Real Estate Investment Trusts.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.79B | $2.75B | $2.74B | $219.80M | $2.72B | $2.63B | $2.56B | $2.55B | $2.52B | $2.54B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $1.27B | $1.27B | $1.24B | $1.16B | $1.23B | $1.20B | $1.25B | $1.08B | $1.14B | $1.16B |
| Net income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 465.76M | shares 466.26M | shares 466.83M | Unavailable | shares 469.04M | shares 468.79M | shares 468.52M | Unavailable | shares 468.26M | shares 467.78M |
| Pretax income | $898.40M | $1.01B | $1.02B | $964.90M | $950.00M | $511.80M | $617.50M | $1.31B | $550.50M | $847.30M |
| Income tax expense | $117.60M | $121.80M | $139.60M | $128.10M | $37.40M | $131.30M | $118.90M | $75.20M | $122.40M | $77.40M |
| Diluted EPS | $1.64 | $1.86 | $1.84 | Unavailable | $1.82 | $0.78 | $1.04 | $2.62 | $-1.69 | $1.92 |
| Selling, general & administrative | $228.20M | $233.80M | $257.40M | $236.50M | $233.00M | $233.70M | $237.50M | $243.10M | $227.70M | $218.30M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.87B | $1.76B | $1.61B | $1.47B | $1.95B | $2.08B | $2.10B | $2.00B | $2.15B | $2.16B |
| Total assets | $62.98B | $63.30B | $63.23B | $63.19B | $63.89B | $63.75B | $62.06B | $61.08B | $62.82B | $65.84B |
| Current assets | $3.15B | $3.12B | $2.96B | $2.74B | $3.54B | $3.60B | $3.51B | $3.18B | $3.40B | $4.11B |
| Total liabilities | $53.21B | $53.05B | $53.08B | $52.84B | $53.12B | $53.28B | $52.12B | $51.43B | $52.62B | $55.41B |
| Current liabilities | $8.93B | $8.87B | $9.72B | $6.91B | $5.99B | $5.86B | $6.32B | $7.08B | $7.07B | $6.89B |
| Total equity incl. NCI | $9.77B | $10.25B | $10.15B | $10.36B | $10.77B | $10.48B | $9.94B | $9.65B | $10.19B | $10.42B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $622.20M | $650.90M | $718.90M | $650.30M | $737.00M | $772.10M | $683.30M | $540.00M | $537.80M | $712.30M |
| Goodwill | $12.13B | $12.18B | $12.19B | $12.26B | $12.26B | $12.25B | $11.92B | $11.77B | $12.05B | $12.48B |
| Long-term debt | $32.22B | $31.96B | $31.20B | $33.83B | $34.85B | $35.19B | $34.05B | $32.81B | $33.37B | $35.64B |
| Accounts payable | $209.90M | $202.80M | $220.80M | $259.80M | $239.00M | $229.70M | $199.60M | $240.80M | $221.30M | $206.00M |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.39B | $1.49B | $1.40B | $1.43B | $1.46B | $1.28B | $1.30B | $1.20B | $1.47B | $1.34B |
| Capital expenditures | $397.40M | $320.90M | $449.50M | $579.20M | $465.50M | $304.60M | $331.10M | $443.40M | $424.70M | $325.20M |
| Investing cash flow | -$533.20M | -$360.00M | -$473.70M | -$468.10M | -$550.50M | -$491.10M | -$350.10M | -$360.70M | $1.30B | -$89.20M |
| Financing cash flow | -$731.10M | -$971.70M | -$831.00M | -$1.44B | -$1.01B | -$906.70M | -$843.80M | -$908.50M | -$3.13B | -$1.03B |
| Net change in cash | $114.70M | $154.70M | $132.70M | -$495.60M | -$108.80M | -$29.60M | $131.00M | -$174.00M | -$336.40M | $101.90M |
| Stock-based compensation | $31.50M | $34.20M | $58.40M | $31.60M | $41.90M | $47.30M | $53.40M | $41.90M | $50.50M | $46.30M |
| Common dividends paid | $834.10M | $833.90M | $792.90M | $796.10M | $796.00M | $795.80M | $757.10M | $757.00M | $756.70M | $756.50M |
| Common share repurchases | $300.10M | $26.70M | $176.20M | $364.60M | $0 | $0 | $0 | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $519.40M | $514.40M | $518.20M | $515.90M | $522.90M | $510.30M | $492.50M | $500.90M | $498.50M | $520.60M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $995.40M | $1.17B | $951.10M | $848.30M | $994.50M | $976.90M | $963.90M | $755.60M | $1.04B | $1.01B |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 45.6% | 46.2% | 45.3% | 528.1% | 45.4% | 45.6% | 48.9% | 42.4% | 45.2% | 45.4% |
| FCF margin | 35.7% | 42.4% | 34.7% | 385.9% | 36.6% | 37.2% | 37.6% | 29.7% | 41.4% | 39.8% |
| SBC / revenue | 1.1% | 1.2% | 2.1% | 14.4% | 1.5% | 1.8% | 2.1% | Unavailable | 2.0% | 1.8% |
| Current ratio | 0.35x | 0.35x | 0.30x | 0.40x | 0.59x | 0.61x | 0.55x | 0.45x | 0.48x | 0.60x |
| Revenue YoY growth | 2.5% | 4.7% | 6.8% | -91.4% | 7.7% | 3.2% | 2.0% | 3.7% | 0.0% | 1.2% |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 14.3% | 11.7% | 16.4% | 263.5% | 17.1% | 11.6% | 12.9% | Unavailable | 16.8% | 12.8% |
| Long-term debt / equity | 3.30x | Unavailable | Unavailable | 3.27x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 13.1% | 12.1% | 13.7% | 13.3% | 3.9% | 25.7% | 19.3% | 5.8% | 22.2% | 9.1% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open AMT in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.