---
title: American Tower (AMT) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/amt
ticker: AMT
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Specialty
---
# American Tower (AMT)

American Tower (AMT) closed at $185.27 on Oct 16, 2026, undervalued by 19% vs its model value of $229.94 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $185.27 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $229.94 |
| Price vs model | undervalued by 19% vs model |
| Range of that model | $197.50 – $244.64 |
| Market value | $86.3B |
| P/E (fiscal 2025) | 34.3 |
| Net margin (fiscal 2025) | 23.8% |
| Free cash flow (fiscal 2025) | $3.8B |
| Dividend yield (trailing twelve months) | 3.82% |
| Beta | 0.89 |
| Cost of capital (WACC) | 7.55% |
| Business classification | Dividend Payer (Moderate growth (~11% recent), High profitability (281% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 10.2x)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Insider buying | #27 | $500,733 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.82% |
| Dividends per share, last 12 months | $7.07 |
| Dividends / FFO (fiscal 2025) | 68.1% |
| Raised | 13+ years in a row |
| Growth over 5 years | 7.0% a year |
| Latest payment | $1.79, ex-date Sep 30, 2026, paid Oct 20, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 27, 2021 | $5.03 |
| To Oct 7, 2022 | $5.69 |
| To Oct 10, 2023 | $6.31 |
| To Oct 9, 2024 | $6.56 |
| To Sep 30, 2025 | $6.72 |
| Trailing twelve months (to Sep 30, 2026) | $7.07 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $229.94 | $197.50 | $244.64 |
| P/E · peers | cross check | $331.81 | $187.56 | $424.47 |
| P/E · own history | cross check | $281.44 | $238.45 | $350.90 |
| PEG | sanity check | $108.06 | $108.06 | $108.06 |
| EV/EBITDA · peers | cross check | $2,219.21 | $120.02 | $2,409.68 |
| EV/Revenue · peers | cross check | $59.69 | $52.92 | $66.84 |
| Dividend discount | cross check | $138.38 | $96.49 | $220.85 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($500,733) and 3 open-market sales ($1.2M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Blanchett Paul | SVP & Chief Accounting Officer | Grant / award | 16,299 | $0 |
| Aug 21, 2026 | Kalathur Rajesh | Director | Open-market buy | 2,829 | $500,733 |
| Jul 29, 2026 | Meyer Robert Joseph | SVP & Advisor to the CFO | Open-market sell | 5,000 | $894,450 |
| Jul 28, 2026 | Dowling Ruth T | EVP, Chief Admin Ofr, GC & Sec | Open-market sell (10b5-1 plan) | 685 | $116,134.9 |
| Jul 29, 2026 | Dowling Ruth T | EVP, Chief Admin Ofr, GC & Sec | Open-market sell (10b5-1 plan) | 1,106 | $193,505.8 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 18, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1053507/000105350726000145/amt-20260917.htm |
| Sep 14, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1053507/000119312526390605/d156192d8k.htm |
| Sep 9, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1053507/000119312526385967/d116122d424b5.htm |
| Sep 9, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1053507/000105350726000141/amt-20260909.htm |
| Jul 28, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1053507/000105350726000133/amt-20260630.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Christopher Davis | 2026-06-30 | 63,250 | $10.3M |
| Bridgewater | 2026-06-30 | 35,924 | $5.9M |
| Akre | 2026-06-30 | 29,254 | $4.8M |
| Mairs & Power | 2026-06-30 | 2,020 | $330,411 |

4 tracked managers in all.

## About

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 deplo…

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Source: https://sweetvaluelab.com/stocks/amt (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.