American Tower Corp

Real Estate
Real Estate Investment Trusts
www.americantower.com

Earnings Score
Moat Score
Safety Score

Market Cap $49.69B
PE 48
Debt $40.83B
Cash $2.28B
EV $88.24B
FCF $3.56B

Earnings

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Sales & Net Margins

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Earnings	$1.04B
EBIT	$4.15B
ROE	10%
ROA	7%
FCF	$3.56B
Equity	$10.19B
Growth Stability	69%
PE	47.84
PEG	-4.9
PB	4.88
P/FCF	13.95
P/S	4.79
Price/Cash	0.05
Debt/Equity	4.01
Debt/FCF	11.46
Net Margins	14%
Op. Margins	40%
Earnings CAGR	10%
Sales Growth YoY	-35%
Sales Growth QoQ	-36%
Sales CAGR	10%
FCF CAGR	6%
Equity CAGR	6%
Earnings Stability	0.31
Earnings Growth YoY	-237%
Earnings Growth QoQ	-188%

Earnings CAGR 5Y	-10%
Sales CAGR 5Y	10%
FCF CAGR 5Y	0%
Equity CAGR 5Y	27%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	11%
Equity CAGR 3Y	2%
Market Cap	$49.69B
Revenue	$10.37B
Assets	$62.82B
Total Debt	$40.83B
Cash	$2.28B
Shares Outstanding	239.02M
EV	88.24B
Earnings Score	16%
Moat Score	87%
Safety Score	61%
Final Score	55%
Working Capital	-3.67B
Current Ratio	0.48
Shares Growth 3y	1%
Equity Growth QoQ	-2%
Equity Growth YoY	-9%

Assets & ROA

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Stockholders Equity & ROE

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American Tower owns and operates more than 220,000 cell towers throughout the U.S., Asia, Latin America, Europe, and the Middle East. It also owns and/or operates 25 data centers in eight U.S. markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company operates more than 40,000 towers in the U.S., which accounted for more than half of its total revenue in 2021. Outside the U.S., American Tower's greatest presence is in India and Brazil, where it operates roughly 75,000 and 19,000 towers, respectively. American Tower operates as a real estate investment trust.

SEC Filings

Direct access to American Tower Corp (AMT) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does American Tower Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of American Tower Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 10%

Stability 31%

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American Tower Corp Discounted Cash Flow

Fully customizable DCF calculator online for American Tower Corp .

Years

Calculation mode

= $53B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$3.6B	$3.8B	$4B	$4.2B	$4.5B	$4.7B	$5B	$5.3B	$5.6B	$5.9B	$6.2B	$62B
DCF		$3.4B	$3.3B	$3.2B	$3B	$2.9B	$2.8B	$2.7B	$2.6B	$2.5B	$2.4B	$24B
Value	$53B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	20%	12%	15%	17%	16%	25%	21%	27%	16%	12%	14%
ROA	-	6%	6%	6%	6%	6%	6%	4%	4%	5%	7%
ROE	-	9%	12%	17%	21%	34%	37%	28%	14%	13%	10%

Good Net Margins (13.53%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	11.81	9.38	10.04	8.53	9.94	10.7	14.09	24.2	14.4	11.46
Debt over Equity	3.83	2.56	2.69	3.07	4.05	4.91	6.58	5.3	3.5	3.88	4.01
Growth Stability	-	-	-	100%	100%	100%	100%	100%	83%	69%	69%

Bad Debt/FCF ratio (11.46)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (4.01)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (69%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	16%	21%	15%	12%	2%	6%	16%	14%	4%	10%
Earnings YoY growth	-	-26%	43%	36%	7%	54%	-10%	52%	-34%	-19%	-10%
Equity YoY growth	-	66%	4%	-2%	-14%	-7%	-17%	99%	37%	-12%	27%
FCF YoY growth	-	25%	38%	4%	34%	-3%	4%	21%	-47%	63%	0%