American Tower Corp (AMT) fair value: what the stock is really worth
We calculate from audited financials what American Tower Corp is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range $141.92 – $259.65 · fair‑value band $37.93 – $264.98 · the $173.98 price screens above the $129.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
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.
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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.
Stock analysis
American Tower Corp (AMT) currently trades at $173.98, while our model-based Fair Value estimate is $129.70, implying the stock looks roughly 34.1% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $130.11 per share, and 3 of the 16 models we run sit above the $173.98 price.
Bear case: the Economic Profit group reads lowest at $33.69, and 13 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: $37.93 (bear) to $264.98 (bull), the price of $173.98 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
American Tower Corp reported revenue of $10.6B in FY2025 versus $9.4B in FY2021, a compound +3.3%/yr. Reported net income was $2.5B in FY2025, compounding −0.4%/yr from FY2021.
Key figures
Market cap $81.6B · P/E ratio 28.7 · P/S ratio 6.81 · EPS (TTM) $6.07 · Dividend yield 4.0% · Net margin 23.8% · Return on equity 33.9% · Return on assets (EBIT) 5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (medium confidence).
What moves the price
The share trades about 23% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −40% fair-value upside, at −25%, AMT screens cheaper than that median.
Fair Value models
Bear $37.93Fair Value $129.70Bull $264.98
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+9.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.6%
Dividend (yield on the price)4.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5% vs 10%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.36% → 46%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.7%
Yearly growth needed for the next five years to justify today's price.
News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Specialty · 32 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside−26% · Below median
Profitability
Return on equity (TTM)34% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)31% · Below median
Operating margin (TTM)45% · Below median
Growth and dividend
Revenue growth5% · Above median
Dividend yield (TTM)4.0% · Below median
Balance sheet
Debt / equity9.26× · Highest 25%
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (TTM)28.7× · Priciest 25%
P/B21.57× · Priciest 25%
P/S (TTM)7.20× · Pricier than median
P/FCF20.8× · Priciest 25%
EV/EBITDA15.8× · Cheaper than median
PEG1.61× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 1
FUTURE (revenue growth)24· sector 23
PAST (return on equity)100· sector 28
HEALTH (low debt)0· sector 76
DIVIDEND (yield)79· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is American Tower Corp (AMT) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of $129.70 versus a price of $173.98, about −25% upside (overvalued).
What is the fair value of AMT?
Our model-based fair value for American Tower Corp is $129.70 (as of Sep 18, 2026), built from audited fundamentals. The current price: $173.98.
What is the quality score of AMT?
American Tower Corp has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for American Tower Corp (AMT)?
Our model-based price target is the fair value of $129.70 (as of Sep 18, 2026) from 16 valuation models. Cautious scenario $37.93, optimistic scenario $264.98. It is a calculation from audited fundamentals, not an analyst target.
What is the American Tower Corp stock forecast for 2026?
Our models put fair value at $129.70, about −25% upside versus a price of $173.98 (overvalued). Cautious scenario $37.93, optimistic scenario $264.98. The calculation is refreshed regularly with new filings.
What is the revenue of American Tower Corp (AMT)?
American Tower Corp reported trailing-twelve-month revenue of about $10.8B (latest available figure, as of Sep 18, 2026).
Does American Tower Corp pay a dividend?
American Tower Corp currently shows a dividend yield of about 4.01% relative to its recent price (as of Sep 18, 2026).
What growth is priced into American Tower Corp (AMT)?
For today's price to be fair in a discounted-cash-flow model, American Tower Corp would have to grow free cash flow by +15.7 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of AMT use?
Our models discount American Tower Corp at 9.0 %: a base by market capitalisation (large), damped by beta 0.89, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For American Tower Corp that is +15.7 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has American Tower Corp (AMT) delivered so far?
Over the past 5 years revenue at American Tower Corp grew +5.8 % a year. The price currently implies +15.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of American Tower Corp (AMT) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into American Tower Corp (+15.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of American Tower Corp (AMT)?
The free-cash-flow yield on the price is 4.64 %: that much free cash flow American Tower Corp produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of American Tower Corp (AMT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For American Tower Corp it is $129.70 per share (as of Sep 18, 2026), against a price of $173.98. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is American Tower Corp stock overvalued or undervalued in 2026?
As of Sep 18, 2026, AMT trades above its calculated fair value: price $173.98, fair value $129.70, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AMT?
No. The price is what the market pays today ($173.98); the fair value is what the company's own numbers justify ($129.70). For American Tower Corp the two are $44.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is American Tower Corp worth?
The market values American Tower Corp at about $81.6B (market capitalisation, as of Sep 18, 2026). Per share that is $173.98; our models calculate a fair value of $129.70 per share.
What do the bullish and bearish scenarios say about AMT?
Our models span a range for American Tower Corp: cautious scenario $37.93, base $129.70, optimistic $264.98 per share (as of Sep 18, 2026, price $173.98). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AMT?
American Tower Corp trades at a price-to-earnings ratio of 28.7 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $129.70 is built from several models across several years. Other multiples: PEG 1.6, P/B 21.6, P/S 7.2, EV/EBITDA 15.8.
What is the PEG ratio of AMT?
The PEG ratio of American Tower Corp is 1.61 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of American Tower Corp (AMT)?
Balance-sheet figures for American Tower Corp (as of Sep 18, 2026): return on equity 33.9%, debt of 9.26 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is AMT from its 52-week high?
American Tower Corp trades at $173.98, about 23% below its 52-week high of $225.61 and 7% above the low of $161.90 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $129.70 is for.
Which stocks are comparable to American Tower Corp?
From the same area (Real Estate) we also value Equinix, Inc, Digital Realty Trust, Inc, Iron Mountain Incorporated, Crown Castle Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is American Tower Corp stock attractive at the current price?
The data as of Sep 18, 2026: price $173.98, calculated fair value $129.70 (−25%), Quality Score 60/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AMT calculated?
We run American Tower Corp through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $129.70, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. American Tower Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of American Tower Corp (AMT)?
The closing price on Sep 18, 2026 was $173.98. Our model-based fair value is $129.70, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with American Tower Corp right now?
The model range is unusually wide ($37.93 to $264.98). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of American Tower Corp (AMT) come from?
Earnings per share at American Tower Corp grew +9.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.2 %, EBIT margin +2.1 %, tax rate +0.1 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of American Tower Corp
How large is the market capitalisation of American Tower Corp (AMT)?
The market capitalisation of American Tower Corp is $81.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of American Tower Corp (AMT)?
The price-to-sales ratio of American Tower Corp is 6.81 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of American Tower Corp (AMT)?
Earnings per share at American Tower Corp are $6.07 (price ÷ EPS = P/E 28.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of American Tower Corp (AMT)?
The dividend yield of American Tower Corp is 4.0% (payout 115%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of American Tower Corp (AMT)?
The net margin of American Tower Corp is 23.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of American Tower Corp (AMT)?
The return on equity (ROE) of American Tower Corp is 33.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of American Tower Corp (AMT)?
On an EBIT basis the return on assets of American Tower Corp is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of American Tower Corp (AMT)?
The operating margin of American Tower Corp is 45.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at American Tower Corp (AMT)?
Revenue at American Tower Corp is growing +4.7% versus a year earlier (3y avg +3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at American Tower Corp (AMT)?
Earnings per share at American Tower Corp are growing +139% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does American Tower Corp (AMT) carry?
The net debt of American Tower Corp is $43.5B (fiscal year 2025, ≈ 11.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 18, 2026