AMT
Real EstateAmerican Tower Corporation · REIT - Specialty · $86B
What is American Tower Corporation?
American Tower Corporation is one of the world's largest real estate investment trusts, specializing in multitenant communications infrastructure. Headquartered in Boston, the company owns and operates a vast global portfolio of wireless tower sites that keep mobile networks running.
American Tower leases space on its communications towers to wireless carriers, broadcasters, and other tenants under long-term contracts. Because multiple tenants share each tower, the business generates recurring, relatively predictable revenue streams. The company earns money primarily through these lease agreements, with tenants paying rent to place antennas and related equipment on the structures. This multitenant model means that adding a new tenant to an existing tower carries very low incremental cost.
American Tower was founded in 1998 and is headquartered in Boston, Massachusetts.
- Multitenant wireless tower ownership and leasing
- Global communications site development and management
- Data center and distributed antenna system infrastructure
- Long-term ground lease management for tower sites
Is AMT a Good Stock to Buy?
UQS Score rates AMT as Good overall, reflecting a balanced profile with notable strengths and areas that warrant investor attention.
American Tower's Quality pillar stands out as Strong, reflecting the durability of its lease-based revenue model and its scale as a global tower operator. The Moat pillar also scores Good, underpinned by high tenant switching costs and the difficulty of replicating a portfolio of roughly 219,000 communications sites. Valuation is rated Good relative to sector peers.
The Growth and Risk pillars both register as Weak, signaling that near-term expansion may be constrained and that leverage or macro sensitivity deserves careful consideration.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does AMT pay dividends?
Yes — American Tower Corporation pays a dividend.
American Tower pays a regular dividend, consistent with its REIT structure, which requires distributing the majority of taxable income to shareholders. The dividend is paid on a quarterly cadence. For income-oriented investors, AMT's tower lease revenues — largely contracted and recurring — provide a foundation that supports ongoing distributions. Dividend growth has historically tracked the company's ability to expand its tenant base and raise rents.
When does AMT report earnings?
American Tower reports earnings on a quarterly cadence, typical for US-listed REITs and equities.
Results in recent periods have reflected the company's large global footprint, with revenue driven by lease renewals and new tenant additions across its tower portfolio. Macro factors including currency movements and interest rate changes have influenced reported figures given AMT's international exposure and capital-intensive structure.
For the most recent quarter's results and guidance, visit American Tower's investor relations page at americantower.com.
AMT Price History
-20.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
AMT Long-term Outlook
The fundamental outlook for American Tower is shaped by the interplay between its durable lease model and the headwinds reflected in its Weak Growth and Risk pillar ratings. Demand for wireless infrastructure remains structurally supported by ongoing network densification and 5G buildout globally, but near-term growth may be tempered by carrier spending discipline and elevated interest rates that increase borrowing costs for capital-heavy REITs. The company's scale and contracted revenue base provide a degree of resilience, though currency volatility and leverage levels represent ongoing considerations.
Growth drivers
- Global 5G network expansion driving incremental tower lease demand
- Multitenant model allowing revenue growth with limited added cost per site
- Long-term contracted leases providing a stable, compounding revenue base
Key risks
- Elevated interest rates increasing refinancing costs for a capital-intensive REIT
- Weak Growth pillar suggesting near-term revenue expansion may be limited
- International currency exposure adding volatility to reported results
AMT vs Peers
American Tower operates in a concentrated sector alongside a small group of large-scale infrastructure and data center REITs.
Equinix focuses on data center colocation and interconnection rather than wireless towers, serving cloud and enterprise customers with a distinct infrastructure model.
Crown Castle is AMT's closest domestic peer, concentrating on US tower and small-cell networks rather than pursuing the same international footprint.
Iron Mountain blends physical records storage with data center services, giving it a different revenue mix and tenant profile compared to pure-play tower operators.
Frequently Asked Questions
What does American Tower do?
American Tower owns, operates, and leases space on approximately 219,000 communications tower sites worldwide. Wireless carriers and broadcasters rent space on these towers to place their antennas and equipment. Because multiple tenants share each tower, the model generates recurring revenue with relatively low incremental costs per additional tenant.
Does AMT pay dividends?
Yes, American Tower pays a regular quarterly dividend. As a REIT, it is required to distribute the majority of its taxable income to shareholders. The dividend is supported by the company's contracted lease revenues. Investors should check American Tower's investor relations page for the most current dividend details.
When does AMT report earnings?
American Tower reports earnings on a quarterly cadence, in line with standard practice for US-listed REITs. For the exact schedule and most recent results, refer to the investor relations section at americantower.com.
Is AMT a good stock to buy?
UQS Score rates AMT as Good overall. The Quality and Moat pillars are among the stronger elements of its profile, reflecting durable lease revenues and high barriers to replication. However, the Growth and Risk pillars are rated Weak, which investors should weigh carefully. The full pillar breakdown is available to UQS Pro members.
Is AMT overvalued?
AMT's Valuation pillar is rated Good, suggesting its current pricing is reasonable relative to sector peers rather than stretched. That said, valuation for capital-intensive REITs is sensitive to interest rate movements. For the complete valuation metrics behind this rating, sign up for a UQS Pro account.
How does AMT compare to its competitors?
Among its closest peers — Crown Castle, Equinix, and Iron Mountain — American Tower stands out for its global scale and international tower portfolio. Crown Castle focuses domestically, Equinix targets data center colocation, and Iron Mountain blends storage with data centers. Each has a distinct business model and risk profile worth comparing on the UQS platform.
What is AMT's market cap bracket?
American Tower is classified as a large-cap company, reflecting its position as one of the largest REITs globally by portfolio size and market value. Large-cap status generally implies greater liquidity and institutional coverage compared to smaller peers in the communications infrastructure space.
Who founded American Tower?
American Tower was founded in 1998 as a spin-off from American Radio Systems. The company has since grown into one of the world's largest independent tower operators. Full founding history is widely available through the company's official investor relations materials.
Is AMT a long-term quality investment?
From a long-term quality perspective, AMT's Strong Quality pillar and Good Moat pillar suggest the business has durable characteristics — contracted revenues, high switching costs, and a difficult-to-replicate asset base. The Weak Growth and Risk ratings are factors to monitor over time. UQS Pro members can view the complete long-term quality analysis.
What is the main competitive advantage of American Tower?
American Tower's primary advantage lies in its scale and the structural barriers to entry in tower ownership. Building a competing network of 219,000 sites globally requires enormous capital and regulatory effort. Tenants also face high switching costs once equipment is installed, creating sticky, long-duration lease relationships that underpin the company's Moat rating.
What sector does AMT belong to?
American Tower is classified in the Real Estate sector, specifically as a Real Estate Investment Trust focused on communications infrastructure. This classification means it is subject to REIT distribution requirements and is often analyzed alongside other infrastructure and data center REITs rather than traditional property landlords.
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Pro Analysis
AMT — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 53.9 | 88.8 | 60.0 | 32.1 | 7.1 | 61.8 | -0.4 |
| May 22, 2026 | 54.3 | 89.8 | 60.0 | 32.1 | 7.1 | 62.5 | 0.0 |
| May 21, 2026 | 54.3 | 89.8 | 60.0 | 32.1 | 7.1 | 62.4 | 0.0 |
| May 20, 2026 | 54.3 | 89.8 | 60.0 | 32.1 | 7.1 | 62.6 | -0.2 |
| May 19, 2026 | 54.5 | 89.8 | 60.0 | 32.1 | 7.1 | 63.6 | -0.2 |
| May 17, 2026 | 54.7 | 89.8 | 60.0 | 32.1 | 7.1 | 64.9 | +0.1 |
| May 16, 2026 | 54.6 | 89.8 | 60.0 | 32.1 | 7.1 | 64.8 | +0.1 |
| May 15, 2026 | 54.5 | 89.6 | 60.0 | 32.1 | 7.1 | 64.5 | 0.0 |
| May 14, 2026 | 54.5 | 89.6 | 60.0 | 32.2 | 7.1 | 64.1 | +0.2 |
| May 13, 2026 | 54.3 | 89.3 | 60.0 | 32.2 | 7.1 | 63.3 | 0.0 |
AMT — Pillar Breakdown
Quality
— 88.8/100 (25%)American Tower Corporation demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 32.1/100 (20%)American Tower Corporation faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 7.1/100 (15%)American Tower Corporation presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 60.0/100 (15%)American Tower Corporation trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 60/100 (25%)American Tower Corporation has meaningful competitive advantages that should protect its market position. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for AMT.
Score Composition
Financial Data
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How is the AMT UQS Score Calculated?
The UQS (Unified Quality Score) for American Tower Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses American Tower Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether American Tower Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.