American Tower Corporation — Intrinsic Value & Fair Price

AMT

NYSEReal EstateREIT - SpecialtyCIK 0001053507americantower.comAbout AMT

Last close · Oct 16, 2026185.27+3.91 (+2.16%)

Market cap$86.3B

Model value · P/Cash FFO · own history

229.94

American Tower closed at $185.27 — undervalued by 19% vs model.

197.50the model's range244.64

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models

59.69 – 2,219.21

Wall St. target

209.00 11% below

Below model, 1y

17 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $185.27 · as of Oct 17, 2026

P/Cash FFO · own historyused197.50 – 244.64229.9419% undervalued P/E · peers187.56 – 424.47331.8144% undervalued P/E · own history238.45 – 350.90281.4434% undervalued PEG—108.0671% overvalued EV/EBITDA · peers120.02 – 2,409.682,219.2192% undervalued EV/Revenue · peers52.92 – 66.8459.69210% overvalued Dividend discount96.49 – 220.85138.3834% overvalued Wall St. consensus target—209.0011% below Cost of capital (WACC)—7.55%—

P/Cash FFO · own history leads for a REIT. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

3.82%

Past 2 years

low 2.70%high 4.39%

Dividends per share, a year at a time

Dividends / FFO, FY2025: 68.1%
Raised: 13+ years in a row
Growth, 5 yrs: 7.0% a year
Last change: +5.3% · Apr 2026

Every payment, with ex-dates · latest $1.79, paid Oct 20, 2026

Research on AMT

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How it is valued

Valued asREIT

Moderate growth (~11% recent)High profitability (281% net margin)Strong dividend yieldHighly cyclical earningsHigh leverage (D/E 10.2x)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs

Price / Cash FFO

—

Dividend yield, TTM

3.82%

Dividends / Cash FFO

—

Debt / assets

71.2%

Price / book

8.4×

Revenue growth

20.8%

On the lists: #27 Insider buying

Full financials

Superinvestors

13F · Q2 2026

Christopher DavisDavis Selected Advisers$10.3M BridgewaterBridgewater Associates, LP$5.9M AkreAkre Capital Management LLC$4.8M Mairs & PowerMairs & Power Inc$330,411

All 4 holders

Analyst actions

third-party, quoted

09-30Barclays · target199.00

08-20Barclays · “Overweight” from “Equal Weight”upgrade

08-20Barclays · target198.00

08-20Mizuho Securities · target208.00

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-01Form 4 · ABlanchett Paul · 16,299 sh@ 0.00 09-188-K · 5.02Departure/Election of Directors or Officers 09-148-K · 1.01Entry into a Material Agreement 09-09424B5Prospectus supplement 09-098-K · 8.01Other Events 08-21Form 4 · PKalathur Rajesh · 2,829 sh@ 177.00

96 filings · 40 insider transactions

Comparable companies

by business, not by industry label

CCICrown Castle SBACSBA Communications EQIXEquinix DLRDigital Realty

Side by side:vs CCI

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just AMT. No account.

About American Tower

American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.

CEO: Steven O. Vondran
Headquarters: Boston, MA
Employees: 4,866
IPO: 1998-02-27

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.