American Tower Corp (AMT) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of American Tower Corp stock $168, price $194, that is 13.4% below the price, quality 61 out of 100. Rating: overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $140.40 – $256.88 · fair‑value band $62.96 – $349.83 · the $193.99 price screens above the $168.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
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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 $193.99, while our model-based Fair Value estimate is $168.01, 13% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $180.68 per share, and 2 of the 14 models we run sit above the $193.99 price.
Bear case: the Economic Profit group reads lowest at $33.95, and 12 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $62.96 (bear) to $349.83 (bull), the price of $193.99 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 61/100 (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 $90.5B Large · P/E ratio 27.3 · P/S ratio 8.22 · EPS (TTM) $7.10 · Dividend yield 3.6% · Net margin 30.1% · Return on equity 33.0% · Return on assets (EBIT) 5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at −13%, AMT screens cheaper than that median.
Fair Value models
Bear$62.96Fair Value $168.01Bull$349.83
Price $193.99 · Downside -13.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.0255 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
SaleRuth T DowlingEVP, Chief Admin Ofr, GC & Sec5× since Feb 27, 2026: 5,679 shares, avg. $180.36$1.0MOct 29, 202610b5-1 plan
BuyRajesh KalathurDirector2× since Mar 10, 2026: 5,500 shares, avg. $181.03$995,669Aug 21, 2026
SaleRobert Joseph MeyerSVP & Advisor to the CFO2× since Feb 27, 2026: 9,454 shares, avg. $182.58$1.7MJul 29, 2026
SaleSteven O VondranPresident and CEO, Director33,482 shares at $188.46$6.3MMar 4, 202610b5-1 plan
SaleEugene M NoelEVP & Chief Operating Officer41,209 shares at $191.05$7.9MMar 2, 202610b5-1 plan
SaleRodney M SmithEVP, CFO & Treasurer34,341 shares at $192.09$6.6MFeb 17, 202610b5-1 plan
Plan buyTeresa Hillary ClarkeDirector164 shares at $176.15$28,816Oct 20, 2026
Plus 3 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
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%
Start year 2020 (pandemic). Over 10 years: +8.4% a year
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.
+10.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.4%
Dividend (yield on the price)3.6%
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.4.9% vs 10.1%, 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%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.2% a year for the price and +0.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 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.
AI conclusion: Scale in towers supports organizational and pricing edges, yet limited innovation and human capital keep the overall moat moderate with high debt adding constraint.
Main risk: A reduction in leasing activity or defaults by major tenants such as AT&T, Verizon or T-Mobile which account for most US revenue could lower occupancy rates and rental income.
Bull case: The company could secure new leases from emerging tenants and benefit from rising data demand that requires more equipment on its towers.
Bear case: If key carriers consolidate further or shift spending away from macro towers, the reduced demand could lead to lower utilization and pressure on margins.
American Tower lifted its 2026 outlook for the third time after Q3 results, thanks to strong data center revenue growth from AI and cloud demand at CoreSite. The core tower business delivered only modest organic tenant billings growth once normalized for churn, with management describing 2026 as a trough year ahead of expected acceleration. Our models see the stock as overvalued. Will the interconnection-focused data centers deliver enough to offset slower traditional leasing momentum?
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 · 29 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−13.4% · Above median
Profitability
Return on equity (12 months)33.0% · Top 25%
Return on assets4.0% · Below median
Net margin (12 months)30.1% · Below median
Operating margin (12 months)45.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)2.5% · Below median
Dividend yield (12 months)3.6% · Below median
Balance sheet
Debt / equity9.26× · Highest 25%
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (12 months)27.3× · Pricier than median
P/B24.78× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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 Nov 6, 2026, our model estimates a fair value of $168.01 versus a price of $193.99, about 13% lower (overvalued).
What is the fair value of AMT?
Our model-based fair value for American Tower Corp is $168.01 (as of Nov 6, 2026), built from audited fundamentals. The current price: $193.99.
What is the quality score of AMT?
American Tower Corp has a Quality Score of 61/100. 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 $168.01 (as of Nov 6, 2026) from 14 valuation models. Cautious scenario $62.96, optimistic scenario $349.83. 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 $168.01, about 13% lower versus a price of $193.99 (overvalued). Cautious scenario $62.96, optimistic scenario $349.83. 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 $11.0B (latest available figure, as of Nov 6, 2026).
Does American Tower Corp pay a dividend?
American Tower Corp currently shows a dividend yield of 3.64% relative to its recent price (as of Nov 6, 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 +16.9 % 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 Nov 6, 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 +16.9 % 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 +16.9 % 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 +2.7 % a year. That is the yardstick for the growth priced into American Tower Corp (+16.9 % 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 4.18 %: 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 $168.01 per share (as of Nov 6, 2026), against a price of $193.99. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is American Tower Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, AMT trades above its calculated fair value: price $193.99, fair value $168.01, a gap of about −13% (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 ($193.99); the fair value is what the company's own numbers justify ($168.01). For American Tower Corp the two are $25.98 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 $90.5B (market capitalisation, as of Nov 6, 2026). Per share that is $193.99; our models calculate a fair value of $168.01 per share.
What do the bullish and bearish scenarios say about AMT?
Our models span a range for American Tower Corp: cautious scenario $62.96, base $168.01, optimistic $349.83 per share (as of Nov 6, 2026, price $193.99). 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 27.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $168.01 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 44.1. Other multiples: PEG 1.8, P/B 24.8, P/S 8.2, EV/EBITDA 17.4.
What is the PEG ratio of AMT?
The PEG ratio of American Tower Corp is 1.82 (P/E divided by earnings growth, as of Nov 6, 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 Nov 6, 2026): return on equity 33.0%, debt of 9.26 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is AMT from its 52-week high?
American Tower Corp trades at $193.99, at its 52-week high of $194.86 and 21% above the low of $160.38 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $168.01 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, Crown Castle Inc, Iron Mountain Incorporated, 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 Nov 6, 2026: price $193.99, calculated fair value $168.01 (−13%), Quality Score 61/100, from 14 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 14 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 $168.01, 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 15.5% 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 Nov 5, 2026 was $193.99. Our model-based fair value is $168.01, about 13% lower (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 ($62.96 to $349.83). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (61/100) 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 $90.5B. 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 8.22 (last twelve months). 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 $7.10 (price ÷ EPS = P/E 27.3). 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 3.6% (payout 99.6%). 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 30.1% (last twelve months). 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 33.0% (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 45.6% (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 +2.5% 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 −9.9% 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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Some data
Nov 6, 2026