AMTAMERICAN TOWER CORP /MA/

Real Estate Investment Trusts

Revenue: $936M; 21% YoY
Operating margin: 517.8%; 11% YoY
EBITDA: $5.9B; 5.9% YoY
Market cap: $87.2B
Employees: 2,388; $392K revenue each
Net debt / EBITDA: 3.2×; $19.3B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
323% of net income
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
65% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$392K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$87.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$182M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$717M	$841M	$747M	$775M	$936M	21%
Operating income	$3.1B	$2.7B	$3.1B	$4.5B	$4.8B	7.3%
Operating cash flow	$4.8B	$3.7B	$4.7B	$5.3B	$5.5B	3.3%
Capex	$1.4B	$1.9B	$1.8B	$1.6B	$1.7B	5.7%
Stock-based comp	$120M	$169M	$196M	$204M	$174M	14%
Buybacks	$0	$19M	$0	$0	$365M
Dividends	$2.3B	$2.7B	$3.0B	$3.0B	$3.2B	5.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 6
Open-market sells, 12 mo: $183M · 22
Net: −$182M

Pay vs performance

No pay-versus-performance disclosure yet.