American Tower Corporation AMT
American Tower's FY2025 results show accelerating revenue growth of 5.1% to $10.65B with operating margin expansion to 45.85% and robust FCF of $3.78B, while the stock trades at a 22% P/E discount and 12% EV/EBITDA discount to REIT peers (24.5x vs. 31.4x median; 18.0x vs. 20.3x). Technicals have turned constructive — the stock at $178.57 sits above both its 50-day ($171.56) and 200-day ($177.87) moving averages with a bullish MACD histogram and RSI at 60 — while recent 13F filings show new institutional positions being established.
The extreme leverage profile ($44.96B debt against $3.65B equity) and persistent insider net selling (-$30.6M over 24 months) temper conviction, but the combination of fundamental improvement, relative cheapness, and technical recovery supports accumulation at current levels.
What could go wrong
- Extreme leverage. Total debt of $44.96B against stockholders' equity of just $3.65B leaves the balance sheet highly sensitive to rising rates or any revenue contraction.
- Persistent insider selling. Over the trailing 24 months, insiders recorded 45 dispositions versus 27 acquisitions for net selling of $30.6M, signalling continued caution from leadership.
- Declining smart money score. Smart money score fell from 0.0477 as of 2026-03-31 to 0.0195 as of 2026-06-30, suggesting institutional enthusiasm may be fading.
- Rate sensitivity. As a heavily leveraged REIT, any renewed spike in long-term interest rates could pressure the cost of capital and compress the equity valuation.
What would change my mind
Where this comes from: FMP FY2025 annual + derived_metrics · FMP FY2025 annual + derived_metrics · peer_relative composite · technicals as of 2026-08-25. Orin's read on AMT; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All AMT filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $5.0B | 0.1% of fund |
| Vanguard Portfolio Management | $4.6B | 0.2% of fund |
| State Street | $3.6B | 0.1% of fund |
| Geode Capital Management | $2.3B | 0.1% of fund |
| Fmr | $1.9B | 0.1% of fund |
| Morgan Stanley | $1.6B | 0.1% of fund |
122 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 72 Form 4 filings, net −$30.7M. Of the 50 on hand, 2 were open-market purchases and 11 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about AMT
Orin answers questions about AMT from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 23.5× | 51.4× | 56.8× |
| EV/EBITDA | 17.5× | 21.7× | — |
| P/S | 7.27× | 10.05× | — |
| P/B | 21.4× | 24.0× | — |
Its P/E sits below all 5 of the last 5 years (−2.03σ from its own mean).
8.4%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $3.8B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$210
$188 – $240 · +23% against today's price
- 41 buy or overweight
- 9 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| AMTAmerican Tower Corporation | $80B | 23.5× | 17.5× | 73.2% | 30.9% | 90% |
| CCICrown Castle Inc. | $31B | 28.4× | 19.5× | 63.2% | 25.8% | -52% |
| DLRDigital Realty Trust, Inc. | $67B | 83.6× | 24.5× | 13.8% | 11.7% | 3% |
| EQIXEquinix, Inc. | $102B | 66.5× | 27.8× | 51.6% | 15.6% | 11% |
| ORealty Income Corporation | $52B | 40.6× | 12.2× | 68.6% | 22.3% | 3% |
| PLDPrologis, Inc. | $125B | 29.8× | 19.1× | 29.1% | 45.8% | 8% |
| PSAPublic Storage | $53B | 27.3× | 18.7× | 60.4% | 41.8% | 22% |
| SBACSBA Communications Corporation | $18B | 18.3× | 15.7× | 63.9% | 34.5% | -21% |
| SPGSimon Property Group, Inc. | $66B | 14.4× | 12.1× | 84.6% | 66.4% | 109% |
The median is of the 8 peers listed above and nothing else — check it against the column. This company trades 19.4% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $238 | $192.00 · +24% | 2026-06-10 |
| Levered DCF | $161 | $192.00 · −16% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.