American Tower
AMT on NYSE. American Tower rents space on communications towers to wireless providers. Market value $75.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.16 of spare cash in the past 12 months. A savings account pays about $4.
You pay 22.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 6 cents a year. Above 10 is good.
Quality score: 67 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$164.78 a share, 3% above its 1-year low
Over the past year the price has ranged from $160.06 to $196.08.
Dividend: 4.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $9.4bn | $9.6bn | $10.0bn | $10.1bn | $10.6bn |
| Operating margin | |||||
| Operating margin | 33.5% | 28.4% | 31.2% | 44.6% | 45.5% |
| Debt to equity | |||||
| Debt to equity | 8.51 | 6.94 | 9.24 | 10.79 | 10.19 |
| Shares outstanding | |||||
| Shares outstanding | 0.47bn | 0.47bn | 0.47bn | 0.47bn | 0.47bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt10.19× equity
- Revenue growth, five yearsSlow, 5.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2.7 billion last quarter, up 5% on a year ago.
- Profit: $868 million, up 137% on a year ago.
- It keeps 45 cents of each $1 of sales as operating profit, down from 46 cents a year earlier.
- Spare cash over the past 12 months: $4 billion, up from $3.7 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $35.4 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.5bn |
| December 2024 | $2.5bn |
| March 2025 | $2.6bn |
| June 2025 | $2.6bn |
| September 2025 | $2.7bn |
| December 2025 | $2.7bn |
| March 2026 | $2.7bn |
| June 2026 | $2.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$792m |
| December 2024 | $1.2bn |
| March 2025 | $489m |
| June 2025 | $367m |
| September 2025 | $853m |
| December 2025 | $821m |
| March 2026 | $860m |
| June 2026 | $868m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
10 long-term investors we follow own it, down from 11 last quarter. 1,748 funds in all.
- Broad Run Investment ManagementDavid Firestone
- Value
- $17m
- Share of fund
- 2.6%
- Mairs & PowerAndy Adams
- Value
- $330,411
- Share of fund
- <0.1%
- Horizon KineticsMurray Stahl
- Value
- $228,998
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Barrow HanleyBarrow Hanley team | $336m | 1.0% | Added |
| Gotham Asset ManagementJoel Greenblatt | $43m | <0.1% | Added |
| Broad Run Investment ManagementDavid Firestone | $17m | 2.6% | |
| Davis Selected AdvisersChris Davis | $10m | <0.1% | Cut |
| Akre Capital ManagementChuck Akre | $5m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $4m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $4m | <0.1% | Cut |
| Mondrian Investment PartnersMondrian team | $2m | <0.1% | Added |
| Mairs & PowerAndy Adams | $330,411 | <0.1% | |
| Horizon KineticsMurray Stahl | $228,998 | <0.1% |
Sold out this quarter
Largest holders overall
- BlackRock$7.5bn
- Vanguard Capital Management$5.0bn
- Vanguard Portfolio Management$4.6bn
- State Street$3.6bnAdded
- Banque Cantonale Vaudoise$3.2bnCut
- Geode Capital Management$2.3bn
- Cohen & Steers$2.3bnAdded
- FMR$1.9bn
- Morgan Stanley$1.6bn
- JPMorgan Chase$1.5bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor9.2%Since 31 December 2024
- Vanguard Capital ManagementPassive investor7.6%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.9%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.2% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 7.6% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.9% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $2m of shares on the open market. 5 sold $23m, $22m of it under preset trading plans.
- Kalathur RajeshDirectorBought
- Date
- 21 August 2026
- Shares
- 2,829
- Price
- $177.00
- Value
- $500,733
- Meyer Robert JosephSVP & Advisor to the CFOSold
- Date
- 29 July 2026
- Shares
- 5,000
- Price
- $178.89
- Value
- $894,450
- Dowling Ruth TEVP, Chief Admin Ofr, GC & SecSoldunder a preset trading plan
- Date
- 29 July 2026
- Shares
- 1,106
- Price
- $174.96
- Value
- $193,506
- Dowling Ruth TEVP, Chief Admin Ofr, GC & SecSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 685
- Price
- $169.54
- Value
- $116,135
- Dowling Ruth TEVP, Chief Admin Ofr, GC & SecSoldunder a preset trading plan
- Date
- 29 April 2026
- Shares
- 416
- Price
- $177.54
- Value
- $73,857
- Dowling Ruth TEVP, Chief Admin Ofr, GC & SecSoldunder a preset trading plan
- Date
- 28 April 2026
- Shares
- 556
- Price
- $178.48
- Value
- $99,235
- Kalathur RajeshDirectorBought
- Date
- 10 March 2026
- Shares
- 2,671
- Price
- $185.30
- Value
- $494,936
- Vondran Steven OPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 4 March 2026
- Shares
- 33,482
- Price
- $188.46
- Value
- $6m
- Dowling Ruth TEVP, Chief Admin Ofr, GC & SecSoldunder a preset trading plan
- Date
- 4 March 2026
- Shares
- 682
- Price
- $188.51
- Value
- $128,564
- Noel Eugene MEVP & Chief Operating OfficerSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 41,209
- Price
- $191.05
- Value
- $8m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | Kalathur Rajesh Director | Bought | 2,829 | $177.00 | $500,733 |
| 29 July 2026 | Meyer Robert Joseph SVP & Advisor to the CFO | Sold | 5,000 | $178.89 | $894,450 |
| 29 July 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sold under a preset trading plan | 1,106 | $174.96 | $193,506 |
| 28 July 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sold under a preset trading plan | 685 | $169.54 | $116,135 |
| 29 April 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sold under a preset trading plan | 416 | $177.54 | $73,857 |
| 28 April 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sold under a preset trading plan | 556 | $178.48 | $99,235 |
| 10 March 2026 | Kalathur Rajesh Director | Bought | 2,671 | $185.30 | $494,936 |
| 4 March 2026 | Vondran Steven O President and CEO, Director | Sold under a preset trading plan | 33,482 | $188.46 | $6m |
| 4 March 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sold under a preset trading plan | 682 | $188.51 | $128,564 |
| 2 March 2026 | Noel Eugene M EVP & Chief Operating Officer | Sold under a preset trading plan | 41,209 | $191.05 | $8m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 14 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 10.2× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.