Latest Ratios: P/E Ratio 30.8x · EV/EBITDA 17.4x · ROE 25.3%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $77.4B | $82.4B | $85.9B | $100.9B | $98.0B | $132.6B | $100.1B | $102.4B | $70.1B | $61.6B | $45.4B |
| Enterprise Value | $120.8B | $125.9B | $127.8B | $145.4B | $143.1B | $182.6B | $135.1B | $131.9B | $90.0B | $81.0B | $63.1B |
| P/E Ratio → | 30.80 | 32.57 | 38.05 | 67.89 | 55.46 | 51.68 | 59.22 | 54.20 | 56.70 | 53.43 | 53.37 |
| P/S Ratio | 7.27 | 7.74 | 8.48 | 10.07 | 10.16 | 14.17 | 12.45 | 13.51 | 9.42 | 9.24 | 7.84 |
| P/B Ratio | 7.52 | 7.95 | 8.90 | 9.28 | 7.90 | 14.62 | 20.95 | 15.54 | 10.15 | 7.74 | 5.62 |
| P/FCF | 20.44 | 21.77 | 23.20 | 34.49 | 53.79 | 38.51 | 35.14 | 37.08 | 24.72 | 29.02 | 22.45 |
| P/OCF | 14.16 | 15.07 | 16.23 | 21.36 | 26.52 | 27.51 | 25.80 | 27.28 | 18.69 | 21.05 | 16.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.82 | 12.62 | 14.52 | 14.83 | 19.52 | 16.80 | 17.41 | 12.10 | 12.15 | 10.91 |
| EV / EBITDA | 17.41 | 18.13 | 19.25 | 23.41 | 23.48 | 33.42 | 28.32 | 29.54 | 22.42 | 21.81 | 18.68 |
| EV / EBIT | 24.76 | 30.98 | 25.41 | 49.84 | 44.40 | 49.36 | 51.67 | 48.32 | 45.46 | 40.38 | 34.22 |
| EV / FCF | — | 33.26 | 34.54 | 49.72 | 78.49 | 53.05 | 47.41 | 47.78 | 31.75 | 38.17 | 31.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.7% | 73.7% | 74.6% | 74.4% | 73.4% | 71.3% | 72.3% | 70.8% | 70.7% | 69.2% | 69.1% |
| Operating Margin | 45.8% | 45.8% | 44.6% | 31.2% | 28.4% | 33.5% | 35.9% | 35.5% | 25.6% | 30.0% | 32.0% |
| Net Profit Margin | 23.8% | 23.8% | 22.3% | 14.8% | 18.3% | 27.4% | 21.0% | 24.9% | 16.6% | 18.6% | 16.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.3% | 25.3% | 22.0% | 12.7% | 16.4% | 37.1% | 29.7% | 28.0% | 16.6% | 15.5% | 12.9% |
| ROA | 4.1% | 4.1% | 3.5% | 2.2% | 2.6% | 4.4% | 3.8% | 5.0% | 3.7% | 3.9% | 3.3% |
| ROIC | 6.9% | 6.9% | 6.3% | 4.2% | 3.5% | 4.8% | 5.7% | 6.4% | 5.3% | 5.6% | 5.6% |
| ROCE | 8.6% | 8.6% | 8.0% | 5.3% | 4.6% | 6.0% | 7.1% | 8.2% | 6.5% | 6.7% | 6.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.34 | 4.34 | 4.56 | 4.26 | 3.79 | 5.73 | 7.68 | 4.72 | 3.06 | 2.54 | 2.30 |
| Debt / EBITDA | 6.48 | 6.48 | 6.62 | 7.45 | 7.72 | 9.52 | 7.70 | 6.95 | 5.27 | 5.44 | 5.49 |
| Net Debt / Equity | — | 4.20 | 4.35 | 4.10 | 3.63 | 5.52 | 7.31 | 4.49 | 2.89 | 2.44 | 2.20 |
| Net Debt / EBITDA | 6.27 | 6.27 | 6.32 | 7.17 | 7.39 | 9.16 | 7.33 | 6.62 | 4.97 | 5.22 | 5.25 |
| Debt / FCF | — | 11.49 | 11.34 | 15.24 | 24.70 | 14.54 | 12.27 | 10.70 | 7.04 | 9.14 | 8.78 |
| Interest Coverage | 3.99 | 3.99 | 3.58 | 2.10 | 2.84 | 4.25 | 3.30 | 3.35 | 2.40 | 2.67 | 2.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Quick Ratio | 0.63 | 0.63 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 | 0.47 | 0.51 | 0.81 | 1.04 |
| Cash Ratio | 0.37 | 0.37 | 0.28 | 0.24 | 0.24 | 0.22 | 0.48 | 0.27 | 0.26 | 0.32 | 0.49 |
| Asset Turnover | — | 0.17 | 0.17 | 0.15 | 0.14 | 0.13 | 0.17 | 0.18 | 0.23 | 0.20 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 3.8% | 3.6% | 2.9% | 2.7% | 1.7% | 1.9% | 1.6% | 1.9% | 1.7% | 2.0% |
| Payout Ratio | 124.8% | 124.8% | 136.4% | 198.8% | 149.0% | 88.4% | 114.1% | 84.9% | 107.0% | 86.6% | 92.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.1% | 2.6% | 1.5% | 1.8% | 1.9% | 1.7% | 1.8% | 1.8% | 1.9% | 1.9% |
| FCF Yield | 4.9% | 4.6% | 4.3% | 2.9% | 1.9% | 2.6% | 2.8% | 2.7% | 4.0% | 3.4% | 4.5% |
| Buyback Yield | 0.5% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.3% | 1.2% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.3% | 3.6% | 2.9% | 2.7% | 1.7% | 2.0% | 1.6% | 2.2% | 3.0% | 2.0% |
| Shares Outstanding | — | $469M | $468M | $467M | $463M | $453M | $446M | $446M | $443M | $432M | $429M |
Carrier CAPEX spending deceleration
According to reported financial data, American Tower maintains a robust NOI margin profile consistently hovering near 74% through 2026Q1, which underscores the inherent operating leverage of the macro-tower business model where incremental tenant additions flow directly to the property-level bottom line without significant marginal cost increases.
The stability of these margins suggests that the core tower business remains highly efficient despite broader macroeconomic volatility. Investors should monitor whether the recent pivot toward data center assets, which may carry different cost structures, begins to dilute this long-standing property-level profitability.
Based on the company's reported figures, the FFO payout ratio has fluctuated significantly, reaching as high as 90.8% in 2025Q2, which suggests that the margin of safety for dividend distributions may be thinner than historical averages would imply for a mature REIT of this scale.
The erratic nature of the payout ratio appears tied to the volatility in FFO per share rather than dividend policy changes. This suggests that dividend sustainability may be more sensitive to short-term earnings disruptions than previously anticipated, warranting further investigation into the consistency of cash flow conversion.
As indicated by financial statements, American Tower maintains a debt-to-equity ratio consistently exceeding 4.0x, with total debt levels remaining elevated, suggesting that the company's capital structure is heavily reliant on debt financing to support its global infrastructure expansion and ongoing maintenance requirements.
The persistent reliance on leverage appears to limit financial flexibility, particularly in a higher interest rate environment where refinancing costs may pressure AFFO. The current interest coverage ratio, which has shown variability, suggests that the company's ability to service its debt remains adequate but requires close monitoring.
As evidenced by the provided data, the standard P/E ratio is a deeply misleading metric for American Tower because it fails to account for the massive non-cash depreciation charges inherent in the tower REIT model, which significantly distort the company's reported net income relative to actual cash flow.
Investors should prioritize FFO and AFFO multiples to better capture the true economic earnings of the portfolio. Relying on P/E obscures the company's actual cash-generating capacity and may lead to an inaccurate assessment of valuation relative to peers that do not share the same capital-intensive depreciation profile.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying AMT stock.
American Tower Corporation's current P/E ratio is 30.8x. The historical average is 53.9x.
American Tower Corporation's current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.9x.
American Tower Corporation's return on equity (ROE) is 25.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.0%.
Based on historical data, American Tower Corporation is trading at a P/E of 30.8x. Compare with industry peers and growth rates for a complete picture.
American Tower Corporation's current dividend yield is 4.05% with a payout ratio of 124.8%.
American Tower Corporation has 73.7% gross margin and 45.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American Tower Corporation's Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.