American Tower - Public Comps and Valuation Multiples

American Tower Overview

About American Tower

American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market generated by the top few mobile carriers. The company operates more than 40,000 towers in the US, which accounted for about half of total revenue in 2024. Outside the US, American Tower operates about 48,000 towers in Latin America (dominated by Brazil), 27,000 towers in Europe, and 32,000 towers in Africa. American Tower operates as a REIT.

Founded

1995

HQ

Employees

4.7K+

Website

americantower.com

Sectors

Buildings & Property
Data Centers
Telecom Infrastructure

Financials

LTM Revenue $10.4B

LTM EBITDA $7.0B

EV

$133B

Valuation Multiples

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American Tower Financials

As of August 2025, American Tower reported last 12-month revenue of $10.4B and EBITDA of $7.0B.

In the same period, American Tower generated $7.8B in LTM gross profit and $2.4B in net income.

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American Tower P&L

In the most recent fiscal year, American Tower reported revenue of $10.1B and EBITDA of $7.2B.

American Tower expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$10.4B	XXX	$10.1B	XXX	XXX	XXX
Gross Profit	$7.8B	XXX	$7.6B	XXX	XXX	XXX
Gross Margin	75%	XXX	75%	XXX	XXX	XXX
EBITDA	$7.0B	XXX	$7.2B	XXX	XXX	XXX
EBITDA Margin	67%	XXX	71%	XXX	XXX	XXX
EBIT	$4.8B	XXX	$4.6B	XXX	XXX	XXX
EBIT Margin	47%	XXX	45%	XXX	XXX	XXX
Net Profit	$2.4B	XXX	$2.3B	XXX	XXX	XXX
Net Margin	23%	XXX	22%	XXX	XXX	XXX
Net Debt	XXX	XXX	$34.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for American Tower including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $10.4B. EBITDA for the last twelve months was $7.0B. In the most recent fiscal year, American Tower achieved $10.1B in revenue and $7.2B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$10.4B	Analyst estimates available to subscribers	$10.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$7.8B	Analyst estimates available to subscribers	$7.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	74.6% gross margin	Analyst estimates available to subscribers	74.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$7.0B	Analyst estimates available to subscribers	$7.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	67.1% EBITDA margin	Analyst estimates available to subscribers	70.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$4.8B	Analyst estimates available to subscribers	$4.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	46.6% EBIT margin	Analyst estimates available to subscribers	45.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.4B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	22.7% net profit margin	Analyst estimates available to subscribers	22.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$34.5B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for American Tower

This financial data table provides comprehensive performance metrics for American Tower, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

American Tower generated $10.4B in revenue over the last twelve months.
The company achieved $7.0B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $7.8B.
Net income over the last twelve months reached $2.4B.

Fiscal Year Performance

In the most recent fiscal year, American Tower reported $10.1B in total revenue.
Fiscal year EBITDA was $7.2B.
The company maintained a gross profit margin of 74.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 70.6%.
Net profit margin reached 22.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for American Tower. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

American Tower Stock Performance

American Tower has current market cap of $90.1B, and EV of $133B.

Market Cap Evolution

American Tower Stock Data

As of September 16, 2025, American Tower's stock price is $192.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$133B	$90.1B	XXX	XXX	XXX	XXX	$5.13

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American Tower Valuation Multiples

American Tower's trades at 13.2x EV/Revenue multiple, and 18.6x EV/EBITDA.

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American Tower Financial Valuation Multiples

As of September 16, 2025, American Tower has market cap of $90.1B and EV of $133B.

Equity research analysts estimate American Tower's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

American Tower has a P/E ratio of 38.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$90.1B	XXX	$90.1B	XXX	XXX	XXX
EV (current)	$133B	XXX	$133B	XXX	XXX	XXX
EV/Revenue	12.8x	XXX	13.2x	XXX	XXX	XXX
EV/EBITDA	19.1x	XXX	18.6x	XXX	XXX	XXX
EV/EBIT	27.5x	XXX	29.0x	XXX	XXX	XXX
EV/Gross Profit	17.2x	XXX	n/a	XXX	XXX	XXX
P/E	38.3x	XXX	40.0x	XXX	XXX	XXX
EV/FCF	31.6x	XXX	36.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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American Tower Margins & Growth Rates

American Tower's last 12 month revenue growth is 4%

American Tower's revenue per employee in the last FY averaged $2.2M, while opex per employee averaged $0.6M for the same period.

American Tower's rule of 40 is 58% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

American Tower's rule of X is 77% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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American Tower Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	67%	XXX	71%	XXX	XXX	XXX
EBITDA Growth	4%	XXX	8%	XXX	XXX	XXX
Rule of 40	58%	XXX	75%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	77%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	29%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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