American Tower (AMT) Financials

$217.66 +4.44 (+2.08%)

As of 03:58 PM Eastern

Annual Income Statements for American Tower

This table shows American Tower's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	595	849	1,152	1,227	1,888	1,691	2,568	1,766	1,483	2,255
Consolidated Net Income / (Loss)	672	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280
Net Income / (Loss) Continuing Operations	672	970	1,260	1,265	1,917	1,692	2,568	1,973	1,439	3,259
Total Pre-Tax Income	830	1,126	1,256	1,155	1,916	1,821	2,829	2,086	1,529	3,625
Total Operating Income	1,613	1,853	1,998	1,905	2,688	2,888	3,132	2,739	3,126	4,517
Total Gross Profit	3,463	3,995	4,642	5,262	5,364	5,814	6,675	7,076	9,952	7,553
Total Revenue	4,772	5,786	6,664	7,440	7,580	8,042	9,357	9,645	10,012	10,127
Operating Revenue	4,772	5,786	6,664	7,440	7,580	8,042	-	9,645	10,012	10,127
Total Cost of Revenue	1,309	1,790	2,057	2,178	2,217	2,227	2,682	2,569	60	2,574
Operating Cost of Revenue	1,309	1,790	2,057	2,178	2,217	2,227	2,682	2,569	60	2,574
Total Operating Expenses	1,850	2,142	2,609	3,357	2,675	2,927	3,543	4,338	6,827	3,036
Selling, General & Admin Expense	565	617	893	1,247	897	1,045	1,210	902	946	933
Depreciation Expense	1,285	1,526	1,716	2,111	1,778	1,882	2,333	3,165	2,929	2,029
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	271	2,872	74
Total Other Income / (Expense), net	-783	-727	-742	-750	-772	-1,066	-303	-653	-1,596	-892
Interest Expense	676	717	820	829	836	865	909	1,136	1,389	1,405
Interest & Investment Income	28	37	46	55	47	40	40	49	119	135
Other Income / (Expense), net	-135	-48	31	24	18	-241	566	435	-326	378
Income Tax Expense	158	156	31	-110	-0.20	130	262	113	91	366
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-277	-71	-978
Net Income / (Loss) Attributable to Noncontrolling Interest	-13	14	-14	28	29	0.90	-0.10	-69	-116	25
Basic Earnings per Share	$1.42	$2.00	$2.69	$2.79	$4.27	$3.81	$5.69	$3.83	$3.18	$4.83
Weighted Average Basic Shares Outstanding	418.91M	425.14M	428.18M	439.61M	442.32M	443.64M	451.50M	461.52M	466.06M	467.01M
Diluted Earnings per Share	$1.41	$1.98	$2.67	$2.77	$4.24	$3.79	$5.66	$3.82	$3.18	$4.82
Weighted Average Diluted Shares Outstanding	423.02M	429.28M	431.69M	442.96M	445.52M	446.10M	453.29M	462.75M	467.16M	468.12M
Weighted Average Basic & Diluted Shares Outstanding	419K	425.14M	440.85M	439.61M	442.91M	443.64M	455.88M	465.65M	466.35M	467.46M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$5.86	$6.45	$6.48

This table shows American Tower's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	840	-684	336	476	587	85	917	900	-792	1,230
Consolidated Net Income / (Loss)	820	-717	315	462	577	13	922	908	-780	1,231
Net Income / (Loss) Continuing Operations	820	-440	315	462	775	-113	922	908	428	1,000
Total Pre-Tax Income	856	-393	368	475	824	-138	1,031	1,028	551	1,015
Total Operating Income	653	578	776	874	913	563	1,237	1,284	1,139	856
Total Gross Profit	1,835	1,529	1,961	2,755	2,509	2,728	2,046	2,078	1,871	1,558
Total Revenue	2,672	1,639	2,767	2,772	2,521	1,952	2,834	2,900	2,522	1,871
Total Cost of Revenue	837	110	806	17	13	-776	788	822	652	312
Operating Cost of Revenue	837	110	806	17	13	-776	788	822	652	312
Total Operating Expenses	1,182	951	1,186	1,881	1,596	2,165	809	796	726	705
Selling, General & Admin Expense	284	56	391	244	220	90	260	234	228	212
Depreciation Expense	898	625	794	765	723	647	549	562	499	419
Total Other Income / (Expense), net	203	-972	-407	-399	-89	-701	-206	-256	-589	159
Interest Expense	294	303	340	348	357	343	367	365	357	316
Interest & Investment Income	19	6.10	31	31	33	24	48	44	38	5.80
Other Income / (Expense), net	479	-675	-98	-81	235	-382	113	68	-275	472
Income Tax Expense	36	47	53	13	50	-25	109	120	122	15
Net Income / (Loss) Attributable to Noncontrolling Interest	-20	-33	-21	-14	-9.60	-72	4.30	8.10	12	0.90
Basic Earnings per Share	$1.80	($1.49)	$0.72	$1.02	$1.26	$0.18	$1.97	$1.93	($1.70)	$2.63
Weighted Average Basic Shares Outstanding	465.59M	461.52M	465.74M	466.09M	466.17M	466.06M	466.52M	467.04M	467.20M	467.01M
Diluted Earnings per Share	$1.80	($1.49)	$0.72	$1.02	$1.26	$0.18	$1.96	$1.92	($1.69)	$2.63
Weighted Average Diluted Shares Outstanding	466.80M	462.75M	466.81M	466.98M	467.16M	467.16M	467.66M	467.78M	468.26M	468.12M
Weighted Average Basic & Diluted Shares Outstanding	465.61M	465.65M	466.04M	466.16M	466.17M	466.35M	466.98M	467.08M	467.29M	467.46M

This table details how cash moves in and out of American Tower's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-11	474	18	350	273	283	482	-203	-47	15
Net Cash From Operating Activities	2,167	2,702	2,926	3,748	3,753	3,881	4,820	3,696	4,722	5,291
Net Cash From Continuing Operating Activities	2,167	2,702	2,926	3,748	3,753	3,881	4,820	3,696	4,722	5,291
Net Income / (Loss) Continuing Operations	672	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280
Consolidated Net Income / (Loss)	672	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280
Depreciation Expense	1,285	1,526	1,716	2,111	1,778	1,882	2,333	3,355	3,087	2,125
Amortization Expense	6.90	18	20	22	26	33	40	48	50	54
Non-Cash Adjustments To Reconcile Net Income	191	267	317	365	265	709	-721	216	1,033	1,218
Changes in Operating Assets and Liabilities, net	11	-79	-352	-14	-233	-435	600	-1,619	-814	-387
Net Cash From Investing Activities	-7,742	-2,102	-2,801	-2,750	-3,988	-4,785	-20,692	-2,355	-1,696	411
Net Cash From Continuing Investing Activities	-7,742	-2,102	-2,801	-2,750	-3,988	-4,785	-20,692	-2,355	-1,696	411
Purchase of Property, Plant & Equipment	-729	-683	-804	-913	-991	-1,032	-1,377	-1,874	-1,798	-1,590
Acquisitions	-7,021	-1,416	-2,007	-1,881	-2,960	-3,799	-19,304	-549	-168	-123
Divestitures	-	-	-	-	-	-	-	0.00	0.00	2,159
Sale and/or Maturity of Investments	1,032	13	15	1,252	384	20	14	20	17	253
Other Investing Activities, net	-1.80	-16	-5.00	-53	-64	27	-0.90	48	253	-288
Net Cash From Financing Activities	5,593	-99	-113	-608	522	1,215	16,425	-1,423	-3,097	-5,452
Net Cash From Continuing Financing Activities	5,593	-99	-113	-608	522	1,215	16,425	-1,423	-3,097	-5,452
Repayment of Debt	-6,505	-5,120	-6,600	-4,945	-9,382	-14,120	-13,408	-9,720	-13,375	-12,648
Repurchase of Common Equity	0.00	0.00	-766	-233	-445	-918	-176	-19	0.00	0.00
Payment of Dividends	-788	-755	-1,164	-1,377	-1,683	-1,941	-2,494	-2,641	-2,996	-3,466
Issuance of Debt	9,057	5,683	8,033	5,848	11,927	18,096	26,966	5,512	13,247	10,510
Issuance of Common Equity	2,491	93	384	99	106	98	5,537	5,445	26	151
Effect of Exchange Rate Changes	-29	-27	6.70	-41	-14	-29	-70	-120	23	-234

This table details how cash moves in and out of American Tower's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	47	-109	-215	224	82	-138	423	102	-336	-174
Net Cash From Operating Activities	932	1,185	1,071	1,209	1,301	1,142	1,284	1,339	1,469	1,199
Net Cash From Continuing Operating Activities	932	1,185	1,071	1,209	1,301	1,142	1,284	1,339	1,469	1,199
Net Income / (Loss) Continuing Operations	820	-717	315	462	577	13	922	908	-780	1,231
Consolidated Net Income / (Loss)	820	-717	315	462	577	13	922	908	-780	1,231
Depreciation Expense	898	815	794	765	763	765	549	562	513	501
Non-Cash Adjustments To Reconcile Net Income	-417	1,190	301	180	-311	863	23	54	1,514	-373
Changes in Operating Assets and Liabilities, net	-368	-150	-339	-197	271	-549	-211	-185	223	-214
Net Cash From Investing Activities	-603	-849	-277	-440	-449	-530	-436	-89	1,297	-361
Net Cash From Continuing Investing Activities	-603	-849	-277	-440	-449	-530	-436	-89	1,297	-361
Purchase of Property, Plant & Equipment	-459	-658	-462	-421	-391	-525	-397	-325	-425	-443
Acquisitions	-141	-190	-61	-30	-61	-16	-45	-10	-60	-8.10
Other Investing Activities, net	-9.50	-4.50	243	7.70	-3.80	6.50	-0.70	0.80	-379	91
Net Cash From Financing Activities	-205	-463	-1,013	-561	-708	-816	-390	-1,028	-3,126	-909
Net Cash From Continuing Financing Activities	-205	-463	-1,013	-561	-708	-816	-390	-1,028	-3,126	-909
Repayment of Debt	-2,651	-1,041	-4,963	-5,548	-2,054	-810	-3,635	-3,642	-3,261	-2,110
Payment of Dividends	-669	-692	-745	-739	-744	-768	-963	-786	-930	-787
Issuance of Debt	614	705	4,693	5,715	2,087	751	4,092	3,389	1,050	1,980
Issuance of Common Equity	2,501	584	1.80	10	3.10	11	115	11	16	9.30
Effect of Exchange Rate Changes	-78	18	3.60	16	-62	66	-34	-120	23	-104

This table presents American Tower's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	26,904	30,879	33,214	33,010	42,802	47,234	69,888	67,195	66,028	61,077
Total Current Assets	996	1,690	2,038	2,385	2,554	2,906	3,729	3,622	3,710	3,179
Cash & Equivalents	321	787	802	1,209	1,501	1,746	1,950	2,028	1,754	2,000
Restricted Cash	142	149	153	96	77	115	393	112	120	109
Accounts Receivable	227	308	514	459	462	512	729	758	548	540
Prepaid Expenses	306	441	569	621	514	533	657	723	560	531
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	730	0.00
Plant, Property, & Equipment, net	9,866	10,517	11,101	11,247	12,084	12,809	19,784	19,998	18,863	19,057
Total Noncurrent Assets	16,041	18,672	20,075	19,378	28,163	31,519	46,375	43,574	43,454	38,842
Noncurrent Note & Lease Receivables	1,167	1,290	1,499	1,582	9,129	9,874	11,765	11,958	3,478	11,800
Goodwill	4,092	5,071	5,638	5,502	6,178	7,283	13,350	12,957	12,084	11,768
Intangible Assets	9,838	11,275	11,783	11,174	12,318	13,840	20,727	17,983	15,932	14,474
Noncurrent Deferred & Refundable Income Taxes	212	196	204	158	132	123	132	129	179	123
Other Noncurrent Operating Assets	733	842	950	963	406	400	401	547	8,960	677
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	2,821	0.00
Total Liabilities & Shareholders' Equity	26,904	30,879	33,214	33,010	42,802	47,234	69,888	67,195	66,028	61,077
Total Liabilities	20,191	22,812	25,260	26,106	36,215	42,453	60,818	54,786	55,162	51,429
Total Current Liabilities	1,200	1,631	2,512	4,690	5,488	3,656	9,067	8,312	7,249	7,076
Short-Term Debt	50	239	775	2,755	2,928	790	4,569	4,514	3,067	3,693
Accounts Payable	97	119	143	131	148	139	272	219	251	241
Accrued Expenses	516	621	854	948	958	1,044	1,413	1,344	1,053	1,082
Dividends Payable	210	251	304	377	455	545	642	745	906	780
Current Deferred Revenue	211	245	269	304	294	391	1,204	440	434	329
Other Current Liabilities	-	-	-	0.00	495	540	713	789	690	577
Other Current Nonoperating Liabilities	116	157	167	175	209	208	255	261	848	374
Total Noncurrent Liabilities	18,991	21,180	22,748	21,416	30,727	38,798	51,751	46,474	47,913	44,353
Long-Term Debt	17,069	18,295	19,430	18,405	21,127	28,498	38,686	34,156	35,734	32,809
Asset Retirement Reserve & Litigation Obligation	857	966	1,175	1,210	1,384	1,571	2,003	2,047	2,080	2,394
Noncurrent Deferred & Payable Income Tax Liabilities	106	778	898	536	768	860	1,831	1,492	1,311	1,262
Other Noncurrent Operating Liabilities	959	1,143	1,244	1,265	7,447	7,869	9,232	8,779	7,965	7,889
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	823	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,713	6,976	6,828	5,900	5,490	4,568	9,070	12,409	10,865	9,649
Total Preferred & Common Equity	6,652	6,764	6,242	5,336	5,055	4,094	5,081	5,572	4,198	3,382
Total Common Equity	6,652	6,764	6,242	5,336	5,055	4,094	5,081	5,572	4,198	3,382
Common Stock	9,695	10,048	10,252	10,385	10,122	10,478	12,245	14,694	14,878	15,062
Retained Earnings	-999	-1,077	-1,058	-1,200	-1,017	-1,343	-1,142	-2,102	-3,639	-4,424
Treasury Stock	-208	-208	-974	-1,207	-1,226	-1,282	-1,282	-1,301	-1,301	-1,301
Accumulated Other Comprehensive Income / (Loss)	-1,837	-1,999	-1,978	-2,643	-2,824	-3,759	-4,739	-5,718	-5,740	-5,955
Noncontrolling Interest	61	212	587	564	435	475	3,988	6,836	6,667	6,267

This table presents American Tower's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	66,513	67,195	66,818	66,879	65,653	66,028	66,679	65,838	62,817	61,077
Total Current Assets	3,759	3,622	3,450	3,681	3,850	3,710	4,240	4,114	3,400	3,179
Cash & Equivalents	2,122	2,028	1,803	2,016	2,119	1,754	2,389	2,492	2,150	2,000
Restricted Cash	128	112	122	134	113	120	128	127	132	109
Accounts Receivable	722	758	705	684	648	548	738	712	538	540
Prepaid Expenses	787	723	819	848	971	560	985	783	580	531
Other Current Nonoperating Assets	-	-	-	-	-	730	-	-	0.00	0.00
Plant, Property, & Equipment, net	19,403	19,998	19,843	19,759	19,612	18,863	20,094	19,928	19,278	19,057
Total Noncurrent Assets	43,351	43,574	43,524	43,439	42,191	43,454	42,345	41,796	40,140	38,842
Noncurrent Note & Lease Receivables	11,736	11,958	-	12,266	12,184	3,478	12,797	12,662	11,991	11,800
Goodwill	12,686	12,957	12,997	13,051	12,570	12,084	12,557	12,483	12,046	11,768
Intangible Assets	18,320	17,983	17,637	17,286	16,655	15,932	16,119	15,759	15,195	14,474
Noncurrent Deferred & Refundable Income Taxes	116	129	107	126	127	179	161	139	143	123
Other Noncurrent Operating Assets	493	547	12,783	710	655	8,960	711	753	764	677
Other Noncurrent Nonoperating Assets	-	-	-	-	-	2,821	-	-	0.00	0.00
Total Liabilities & Shareholders' Equity	66,513	67,195	66,818	66,879	65,653	66,028	66,679	65,838	62,817	61,077
Total Liabilities	54,194	54,786	54,567	54,872	54,419	55,162	56,017	55,414	52,624	51,429
Total Current Liabilities	6,623	8,312	7,532	6,926	6,869	7,249	6,730	6,889	7,070	7,076
Short-Term Debt	3,015	4,514	3,856	3,205	3,158	3,067	3,068	3,329	3,731	3,693
Accounts Payable	212	219	206	216	216	251	182	206	221	241
Accrued Expenses	1,203	1,344	1,172	1,182	1,223	1,053	1,134	1,166	982	1,082
Dividends Payable	697	745	745	751	776	906	777	778	779	780
Current Deferred Revenue	530	440	554	516	473	434	544	392	496	329
Other Current Liabilities	766	789	790	795	780	690	715	703	600	577
Other Current Nonoperating Liabilities	200	261	209	261	244	848	310	314	260	374
Total Noncurrent Liabilities	47,572	46,474	47,035	47,946	47,550	47,913	49,288	48,526	45,554	44,353
Long-Term Debt	35,314	34,156	34,686	35,590	35,442	35,734	36,192	35,639	33,368	32,809
Asset Retirement Reserve & Litigation Obligation	2,010	2,047	2,094	2,123	2,113	2,080	2,607	2,562	2,503	2,394
Noncurrent Deferred & Payable Income Tax Liabilities	1,497	1,492	1,506	1,488	1,423	1,311	1,394	1,399	1,401	1,262
Other Noncurrent Operating Liabilities	8,751	8,779	8,751	8,746	8,572	7,965	9,094	8,925	8,282	7,889
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	823	-	-	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,319	12,409	12,250	12,007	11,235	10,865	10,662	10,424	10,193	9,649
Total Preferred & Common Equity	6,282	5,572	5,407	5,166	4,533	4,198	4,048	3,856	3,642	3,382
Total Common Equity	6,282	5,572	5,407	5,166	4,533	4,198	4,048	3,856	3,642	3,382
Common Stock	14,652	14,694	14,730	14,784	14,828	14,878	14,908	14,960	15,019	15,062
Retained Earnings	-689	-2,102	-2,497	-2,756	-2,927	-3,639	-3,481	-3,341	-4,894	-4,424
Treasury Stock	-1,282	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301
Accumulated Other Comprehensive Income / (Loss)	-6,398	-5,718	-5,526	-5,561	-6,066	-5,740	-6,078	-6,462	-5,182	-5,955
Noncontrolling Interest	6,037	6,836	6,844	6,841	6,701	6,667	6,614	6,568	6,551	6,267

This table displays calculated financial ratios and metrics derived from American Tower's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.38%	21.26%	15.18%	11.65%	1.88%	6.08%	16.36%	3.08%	3.80%	1.15%
EBITDA Growth	14.28%	20.89%	12.45%	7.86%	11.04%	1.14%	33.07%	8.32%	-9.74%	19.16%
EBIT Growth	3.72%	22.16%	12.43%	-4.97%	40.29%	-2.19%	39.72%	-14.19%	-11.79%	74.84%
NOPAT Growth	-5.35%	22.31%	22.07%	7.03%	28.85%	-0.25%	5.97%	-8.86%	13.49%	38.10%
Net Income Growth	-16.33%	44.40%	26.28%	3.21%	51.55%	-11.74%	51.79%	-33.92%	-19.43%	66.79%
EPS Growth	-29.50%	40.43%	34.85%	3.75%	53.07%	-10.61%	49.34%	-32.51%	-16.75%	51.57%
Operating Cash Flow Growth	1.51%	24.68%	8.29%	28.12%	0.11%	3.43%	24.18%	-23.31%	27.76%	12.03%
Free Cash Flow Firm Growth	-681.52%	80.51%	144.18%	614.00%	-88.93%	-302.11%	-2,649.65%	123.37%	72.12%	-6.28%
Invested Capital Growth	28.75%	10.02%	6.16%	-1.31%	8.85%	10.87%	54.37%	-1.83%	-6.26%	-3.47%
Revenue Q/Q Growth	5.15%	4.70%	2.54%	6.09%	-2.67%	2.53%	3.57%	-7.71%	-6.99%	-10.70%
EBITDA Q/Q Growth	5.64%	4.06%	-1.29%	10.93%	-0.65%	0.20%	6.14%	-8.76%	12.62%	15.69%
EBIT Q/Q Growth	3.67%	4.46%	-6.76%	4.23%	10.66%	-2.04%	4.19%	-21.12%	31.17%	31.40%
NOPAT Q/Q Growth	3.09%	1.81%	0.67%	6.49%	11.62%	-8.12%	-2.26%	-2.05%	16.22%	16.99%
Net Income Q/Q Growth	6.33%	1.18%	-3.02%	8.39%	16.87%	-10.94%	3.20%	-40.56%	114.55%	114.51%
EPS Q/Q Growth	5.22%	0.00%	1.14%	4.14%	18.11%	-10.61%	2.91%	-39.27%	110.60%	103.38%
Operating Cash Flow Q/Q Growth	2.77%	3.84%	2.30%	14.48%	-6.70%	3.70%	-8.60%	15.86%	-0.90%	1.09%
Free Cash Flow Firm Q/Q Growth	9.10%	29.35%	-71.26%	47.86%	-89.93%	-137.84%	-66.94%	156.26%	89.43%	-5.98%
Invested Capital Q/Q Growth	0.62%	-0.57%	2.65%	0.18%	10.20%	15.86%	25.97%	1.32%	-3.71%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.57%	69.05%	69.66%	70.73%	70.76%	72.30%	71.34%	73.36%	99.40%	74.58%
EBITDA Margin	58.05%	57.88%	56.51%	54.59%	59.50%	56.73%	64.88%	68.18%	59.28%	69.84%
Operating Margin	33.80%	32.03%	29.99%	25.60%	35.47%	35.91%	33.47%	28.39%	31.22%	44.60%
EBIT Margin	30.97%	31.20%	30.46%	25.92%	35.70%	32.91%	39.52%	32.90%	27.96%	48.33%
Profit (Net Income) Margin	14.08%	16.77%	18.39%	17.00%	25.28%	21.03%	27.44%	17.59%	13.65%	22.52%
Tax Burden Percent	80.96%	86.19%	97.56%	109.54%	100.01%	92.88%	90.75%	81.34%	89.39%	62.91%
Interest Burden Percent	56.16%	62.37%	61.89%	59.86%	70.82%	68.81%	76.51%	65.74%	54.63%	74.06%
Effective Tax Rate	19.04%	13.81%	2.44%	-9.54%	-0.01%	7.12%	9.25%	5.41%	5.94%	10.11%
Return on Invested Capital (ROIC)	6.20%	6.42%	7.26%	7.59%	9.43%	8.56%	6.78%	5.14%	6.08%	8.82%
ROIC Less NNEP Spread (ROIC-NNEP)	2.16%	2.84%	3.42%	3.49%	5.88%	4.70%	6.00%	2.89%	1.80%	3.85%
Return on Net Nonoperating Assets (RNNOA)	6.28%	6.71%	8.04%	9.43%	18.99%	21.20%	30.30%	10.66%	5.67%	13.41%
Return on Equity (ROE)	12.48%	13.13%	15.30%	17.02%	28.41%	29.76%	37.08%	15.80%	11.75%	22.23%
Cash Return on Invested Capital (CROIC)	-18.93%	-3.12%	1.28%	8.91%	0.95%	-1.75%	-35.97%	6.99%	12.53%	12.35%
Operating Return on Assets (OROA)	6.14%	6.25%	6.33%	5.83%	7.14%	5.88%	6.32%	4.63%	4.20%	7.70%
Return on Assets (ROA)	2.79%	3.36%	3.82%	3.82%	5.06%	3.76%	4.38%	2.48%	2.05%	3.59%
Return on Common Equity (ROCE)	12.30%	11.92%	12.42%	13.26%	21.88%	23.95%	24.56%	7.84%	4.93%	8.21%
Return on Equity Simple (ROE_SIMPLE)	10.10%	14.35%	19.63%	23.70%	37.91%	41.32%	50.53%	30.45%	32.56%	67.42%
Net Operating Profit after Tax (NOPAT)	1,306	1,597	1,950	2,087	2,689	2,682	2,842	2,591	2,940	4,060
NOPAT Margin	27.37%	27.60%	29.26%	28.05%	35.47%	33.35%	30.38%	26.86%	29.36%	40.09%
Net Nonoperating Expense Percent (NNEP)	4.05%	3.58%	3.84%	4.10%	3.55%	3.86%	0.78%	2.25%	4.28%	4.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.07%	5.92%	8.80%
Cost of Revenue to Revenue	27.43%	30.95%	30.86%	29.27%	29.24%	27.70%	28.66%	26.64%	0.60%	25.42%
SG&A Expenses to Revenue	11.83%	10.66%	13.40%	16.75%	11.83%	12.99%	12.93%	9.35%	9.45%	9.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.77%	37.03%	39.15%	45.12%	35.29%	36.40%	37.86%	44.97%	68.18%	29.98%
Earnings before Interest and Taxes (EBIT)	1,478	1,805	2,030	1,929	2,706	2,647	3,698	3,173	2,799	4,894
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,770	3,349	3,766	4,062	4,510	4,562	6,071	6,576	5,936	7,073
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.08	5.59	8.40	11.44	17.95	22.12	24.28	16.56	23.19	25.34
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.09	6.53	7.87	8.20	11.97	11.26	13.19	9.57	9.72	8.46
Price to Earnings (P/E)	56.83	44.50	45.53	49.74	48.07	53.57	48.05	52.25	65.62	38.01
Dividend Yield	2.27%	2.44%	2.14%	2.27%	1.85%	2.22%	1.92%	2.96%	3.09%	3.53%
Earnings Yield	1.76%	2.25%	2.20%	2.01%	2.08%	1.87%	2.08%	1.91%	1.52%	2.63%
Enterprise Value to Invested Capital (EV/IC)	2.13	2.17	2.65	3.02	3.86	3.60	3.31	2.72	3.01	2.80
Enterprise Value to Revenue (EV/Rev)	10.59	9.80	11.01	11.08	15.14	14.76	17.98	14.06	14.08	12.48
Enterprise Value to EBITDA (EV/EBITDA)	18.24	16.93	19.49	20.30	25.44	26.01	27.72	20.63	23.74	17.87
Enterprise Value to EBIT (EV/EBIT)	34.19	31.40	36.16	42.75	42.41	44.84	45.50	42.74	50.35	25.82
Enterprise Value to NOPAT (EV/NOPAT)	38.69	35.49	37.65	39.51	42.68	44.25	59.21	52.36	47.94	31.12
Enterprise Value to Operating Cash Flow (EV/OCF)	23.32	20.98	25.09	22.00	30.58	30.58	34.91	36.70	29.84	23.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	213.87	33.65	423.00	0.00	0.00	38.49	23.24	22.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.55	2.30	2.54	3.06	3.65	6.13	4.77	3.12	3.57	3.78
Long-Term Debt to Equity	2.54	2.27	2.44	2.67	3.21	5.96	4.27	2.75	3.29	3.40
Financial Leverage	2.91	2.37	2.35	2.70	3.23	4.51	5.05	3.69	3.16	3.49
Leverage Ratio	4.47	3.91	4.00	4.46	5.62	7.92	8.46	6.38	5.72	6.20
Compound Leverage Factor	2.51	2.44	2.48	2.67	3.98	5.45	6.47	4.20	3.13	4.59
Debt to Total Capital	71.83%	69.67%	71.75%	75.40%	78.50%	85.97%	82.67%	75.71%	78.12%	79.09%
Short-Term Debt to Total Capital	0.21%	0.90%	2.75%	9.82%	9.56%	2.32%	8.73%	8.84%	6.18%	8.00%
Long-Term Debt to Total Capital	71.62%	68.77%	69.00%	65.58%	68.95%	83.65%	73.93%	66.87%	71.95%	71.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.26%	4.90%	6.08%	5.59%	5.00%	2.02%	7.62%	13.38%	13.42%	13.58%
Common Equity to Total Capital	27.91%	25.43%	22.16%	19.01%	16.50%	12.02%	9.71%	10.91%	8.45%	7.33%
Debt to EBITDA	6.18	5.53	5.37	5.21	5.33	6.42	7.13	5.88	6.54	5.16
Net Debt to EBITDA	6.01	5.25	5.11	4.89	4.98	6.01	6.74	5.56	6.22	4.86
Long-Term Debt to EBITDA	6.16	5.46	5.16	4.53	4.68	6.25	6.37	5.19	6.02	4.64
Debt to NOPAT	13.11	11.60	10.36	10.14	8.95	10.92	15.22	14.93	13.20	8.99
Net Debt to NOPAT	12.76	11.02	9.87	9.52	8.36	10.23	14.39	14.10	12.56	8.47
Long-Term Debt to NOPAT	13.07	11.46	9.97	8.82	7.86	10.63	13.61	13.19	12.15	8.08
Altman Z-Score	1.30	1.33	1.59	1.69	1.77	1.58	1.41	1.18	1.21	1.25
Noncontrolling Interest Sharing Ratio	1.50%	9.23%	18.83%	22.08%	22.98%	19.52%	33.76%	50.40%	58.02%	63.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	1.04	0.81	0.51	0.47	0.79	0.41	0.44	0.51	0.45
Quick Ratio	0.46	0.67	0.52	0.36	0.36	0.62	0.30	0.34	0.32	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,985	-777	343	2,450	271	-548	-15,076	3,524	6,065	5,684
Operating Cash Flow to CapEx	297.32%	395.85%	364.06%	410.46%	378.55%	376.21%	350.11%	197.28%	262.63%	332.74%
Free Cash Flow to Firm to Interest Expense	-5.89	-1.08	0.42	2.96	0.32	-0.63	-16.58	3.10	4.37	4.05
Operating Cash Flow to Interest Expense	3.20	3.77	3.57	4.52	4.49	4.49	5.30	3.25	3.40	3.77
Operating Cash Flow Less CapEx to Interest Expense	2.13	2.82	2.59	3.42	3.30	3.29	3.79	1.60	2.11	2.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.20	0.21	0.22	0.20	0.18	0.16	0.14	0.15	0.16
Accounts Receivable Turnover	22.38	21.60	16.21	15.30	16.46	16.52	15.09	12.97	15.34	18.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.55	0.57	0.62	0.67	0.65	0.65	0.57	0.48	0.52	0.53
Accounts Payable Turnover	13.99	16.62	15.72	15.91	15.90	15.51	13.04	10.47	0.26	10.46
Days Sales Outstanding (DSO)	16.31	16.90	22.51	23.86	22.18	22.10	24.20	28.14	23.80	19.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.09	21.96	23.21	22.94	22.96	23.53	28.00	34.88	1,426.90	34.89
Cash Conversion Cycle (CCC)	-9.78	-5.06	-0.70	0.92	-0.78	-1.43	-3.81	-6.74	-1,403.10	-15.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,695	26,068	27,675	27,311	29,729	32,959	50,877	49,944	46,820	45,196
Invested Capital Turnover	0.23	0.23	0.25	0.27	0.27	0.26	0.22	0.19	0.21	0.22
Increase / (Decrease) in Invested Capital	5,291	2,374	1,606	-364	2,417	3,230	17,918	-933	-3,125	-1,624
Enterprise Value (EV)	50,525	56,687	73,393	82,451	114,751	118,677	168,280	135,633	140,935	126,366
Market Capitalization	33,808	37,791	52,431	61,028	90,742	90,564	123,381	92,267	97,339	85,706
Book Value per Share	$15.70	$15.89	$14.55	$12.11	$11.41	$9.22	$11.16	$11.97	$9.01	$7.24
Tangible Book Value per Share	($17.18)	($22.51)	($26.07)	($25.74)	($30.35)	($38.34)	($63.67)	($54.48)	($51.09)	($48.92)
Total Capital	23,832	26,601	28,159	28,064	30,642	34,068	52,324	51,079	49,667	46,151
Total Debt	17,119	18,534	20,205	21,160	24,055	29,288	43,254	38,670	38,801	36,502
Total Long-Term Debt	17,069	18,295	19,430	18,405	21,127	28,498	38,686	34,156	35,734	32,809
Net Debt	16,656	17,593	19,249	19,855	22,477	27,426	40,911	36,530	36,928	34,394
Capital Expenditures (CapEx)	729	683	804	913	991	1,032	1,377	1,874	1,798	1,590
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-616	-643	-655	-855	-1,584	-1,822	-3,113	-2,316	-2,345	-2,312
Debt-free Net Working Capital (DFNWC)	-153	297	301	450	-5.70	40	-769	-175	-472	-204
Net Working Capital (NWC)	-204	59	-474	-2,305	-2,934	-750	-5,338	-4,690	-3,539	-3,897
Net Nonoperating Expense (NNE)	634	627	724	822	772	991	275	894	1,573	1,780
Net Nonoperating Obligations (NNO)	16,982	18,001	19,721	20,407	23,142	28,179	41,808	37,536	35,954	35,548
Total Depreciation and Amortization (D&A)	1,292	1,543	1,736	2,133	1,804	1,915	2,373	3,403	3,136	2,179
Debt-free, Cash-free Net Working Capital to Revenue	-12.92%	-11.12%	-9.83%	-11.49%	-20.89%	-22.65%	-33.26%	-24.01%	-23.43%	-22.83%
Debt-free Net Working Capital to Revenue	-3.21%	5.14%	4.51%	6.05%	-0.08%	0.50%	-8.22%	-1.82%	-4.71%	-2.01%
Net Working Capital to Revenue	-4.27%	1.01%	-7.11%	-30.98%	-38.70%	-9.33%	-57.05%	-48.62%	-35.35%	-38.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.42	$2.00	$2.69	$2.79	$4.27	$3.81	$5.69	$3.83	$3.18	$4.83
Adjusted Weighted Average Basic Shares Outstanding	418.91M	425.14M	428.18M	439.61M	442.32M	443.64M	451.50M	461.52M	466.06M	467.01M
Adjusted Diluted Earnings per Share	$1.41	$1.98	$2.67	$2.77	$4.24	$3.79	$5.66	$3.82	$3.18	$4.82
Adjusted Weighted Average Diluted Shares Outstanding	423.02M	429.28M	431.69M	442.96M	445.52M	446.10M	453.29M	462.75M	467.16M	468.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	423.90M	427.20M	440.85M	441.13M	442.91M	444.38M	455.88M	465.65M	466.35M	467.46M
Normalized Net Operating Profit after Tax (NOPAT)	1,306	1,597	1,950	1,334	1,882	2,682	2,842	2,591	3,015	4,060
Normalized NOPAT Margin	27.37%	27.60%	29.26%	17.92%	24.83%	33.35%	30.38%	26.86%	30.12%	40.09%
Pre Tax Income Margin	17.39%	19.46%	18.85%	15.52%	25.28%	22.65%	30.24%	21.63%	15.27%	35.79%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.19	2.52	2.48	2.33	3.24	3.06	4.07	2.79	2.02	3.48
NOPAT to Interest Expense	1.93	2.23	2.38	2.52	3.21	3.10	3.13	2.28	2.12	2.89
EBIT Less CapEx to Interest Expense	1.11	1.57	1.50	1.23	2.05	1.87	2.55	1.14	0.72	2.35
NOPAT Less CapEx to Interest Expense	0.85	1.28	1.40	1.42	2.03	1.91	1.61	0.63	0.82	1.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	117.31%	77.77%	95.02%	108.90%	87.83%	114.72%	97.14%	155.67%	219.14%	151.99%
Augmented Payout Ratio	117.31%	77.77%	157.56%	127.31%	111.06%	168.97%	103.98%	156.78%	219.14%	151.99%

This table displays calculated financial ratios and metrics derived from American Tower's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.85%	-32.96%	4.02%	3.64%	-5.63%	19.09%	2.42%	4.64%	0.05%	-4.19%
EBITDA Growth	26.39%	-48.58%	-17.93%	-21.64%	-5.87%	31.74%	29.02%	22.90%	-27.91%	93.27%
EBIT Growth	13.79%	-112.80%	-30.67%	-31.72%	1.42%	288.17%	99.11%	70.60%	-24.66%	632.08%
NOPAT Growth	-19.08%	-22.61%	-5.61%	9.48%	37.23%	-2.61%	66.71%	33.56%	3.23%	114.08%
Net Income Growth	12.88%	-262.42%	-55.17%	-48.20%	-29.57%	101.86%	192.60%	96.84%	-235.18%	9,151.88%
EPS Growth	13.92%	-252.04%	-53.85%	-47.69%	-30.00%	112.08%	172.22%	88.24%	-234.13%	1,361.11%
Operating Cash Flow Growth	-55.53%	74.55%	61.32%	32.13%	39.50%	-3.64%	19.91%	10.67%	12.98%	5.00%
Free Cash Flow Firm Growth	25.82%	107.69%	111.83%	118.08%	118.47%	163.03%	14.53%	100.73%	126.17%	-29.88%
Invested Capital Growth	22.06%	-1.83%	-2.85%	-1.22%	-1.36%	-6.26%	-2.67%	-3.62%	-5.29%	-3.47%
Revenue Q/Q Growth	-0.10%	-38.64%	2.30%	0.16%	-9.04%	-22.57%	1.70%	2.34%	-13.03%	-25.84%
EBITDA Q/Q Growth	2.13%	-64.61%	344.68%	5.79%	22.69%	-50.47%	70.39%	0.77%	-28.03%	32.79%
EBIT Q/Q Growth	-2.52%	-108.52%	240.13%	16.92%	44.80%	-84.19%	286.04%	0.18%	-36.06%	53.61%
NOPAT Q/Q Growth	-19.40%	-35.27%	393.43%	28.08%	1.03%	-54.06%	308.16%	2.61%	-21.91%	-4.73%
Net Income Q/Q Growth	-7.99%	-187.42%	143.96%	46.51%	25.09%	-97.70%	6,830.08%	-1.44%	-185.91%	257.68%
EPS Q/Q Growth	-7.69%	-182.78%	148.32%	41.67%	23.53%	-85.71%	988.89%	-2.04%	-188.02%	255.62%
Operating Cash Flow Q/Q Growth	1.86%	27.11%	-9.66%	12.98%	7.54%	-12.20%	12.41%	4.28%	9.78%	-18.40%
Free Cash Flow Firm Q/Q Growth	-2.50%	116.15%	99.20%	-31.27%	4.70%	129.99%	98.23%	20.45%	17.97%	-28.69%
Invested Capital Q/Q Growth	-1.95%	1.32%	-0.25%	-0.31%	-2.10%	-3.71%	-1.01%	-1.29%	-3.80%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.69%	93.27%	70.87%	99.38%	99.50%	139.73%	72.19%	71.66%	74.16%	83.30%
EBITDA Margin	75.97%	43.82%	53.19%	56.18%	75.78%	48.47%	67.01%	65.98%	54.60%	97.78%
Operating Margin	24.44%	35.28%	28.03%	31.52%	36.21%	28.85%	43.63%	44.28%	45.17%	45.78%
EBIT Margin	42.35%	-5.88%	24.49%	28.59%	45.52%	9.29%	47.62%	46.62%	34.27%	71.00%
Profit (Net Income) Margin	30.68%	-43.71%	11.38%	16.65%	22.90%	0.68%	32.52%	31.32%	-30.94%	65.78%
Tax Burden Percent	95.78%	182.20%	85.50%	97.22%	70.04%	-9.63%	89.41%	88.33%	-141.76%	121.23%
Interest Burden Percent	75.64%	407.99%	54.35%	59.90%	71.83%	-76.13%	76.39%	76.07%	63.68%	76.43%
Effective Tax Rate	4.22%	0.00%	14.50%	2.78%	6.01%	0.00%	10.59%	11.67%	22.23%	1.45%
Return on Invested Capital (ROIC)	5.46%	4.72%	5.13%	6.69%	7.48%	4.18%	8.90%	9.10%	8.41%	9.93%
ROIC Less NNEP Spread (ROIC-NNEP)	6.03%	1.90%	4.25%	5.69%	6.73%	3.14%	8.41%	8.49%	3.86%	11.01%
Return on Net Nonoperating Assets (RNNOA)	18.54%	7.01%	15.75%	19.32%	21.25%	9.92%	27.67%	28.44%	13.21%	38.39%
Return on Equity (ROE)	24.00%	11.74%	20.88%	26.02%	28.73%	14.10%	36.57%	37.53%	21.63%	48.32%
Cash Return on Invested Capital (CROIC)	-13.97%	6.99%	7.46%	5.89%	6.54%	12.53%	9.11%	10.75%	12.77%	12.35%
Operating Return on Assets (OROA)	6.97%	-0.83%	3.88%	4.62%	7.41%	1.40%	8.00%	7.97%	6.05%	11.31%
Return on Assets (ROA)	5.05%	-6.15%	1.80%	2.69%	3.73%	0.10%	5.46%	5.35%	-5.46%	10.48%
Return on Common Equity (ROCE)	12.75%	5.82%	10.46%	13.88%	13.19%	5.92%	15.09%	15.10%	8.25%	17.85%
Return on Equity Simple (ROE_SIMPLE)	45.44%	0.00%	24.21%	17.03%	14.06%	0.00%	48.76%	62.78%	29.19%	0.00%
Net Operating Profit after Tax (NOPAT)	625	405	663	849	858	394	1,106	1,134	886	844
NOPAT Margin	23.41%	24.69%	23.97%	30.65%	34.04%	20.19%	39.01%	39.11%	35.12%	45.12%
Net Nonoperating Expense Percent (NNEP)	-0.57%	2.83%	0.87%	1.00%	0.76%	1.04%	0.49%	0.60%	4.55%	-1.08%
Return On Investment Capital (ROIC_SIMPLE)	-	0.79%	-	-	-	0.79%	-	-	-	1.83%
Cost of Revenue to Revenue	31.31%	6.73%	29.13%	0.62%	0.50%	-39.73%	27.81%	28.34%	25.84%	16.70%
SG&A Expenses to Revenue	10.63%	3.39%	14.14%	8.82%	8.74%	4.61%	9.17%	8.08%	9.03%	11.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.25%	57.99%	42.84%	67.86%	63.29%	110.89%	28.55%	27.45%	28.79%	37.69%
Earnings before Interest and Taxes (EBIT)	1,131	-96	678	793	1,148	181	1,350	1,352	865	1,328
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,030	718	1,472	1,557	1,910	946	1,899	1,914	1,377	1,829
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.91	16.56	16.73	16.89	16.21	23.19	22.37	23.54	29.61	25.34
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.96	9.57	8.36	7.99	6.83	9.72	8.08	8.00	9.51	8.46
Price to Earnings (P/E)	32.26	52.25	65.07	90.20	102.82	65.62	43.85	36.46	97.13	38.01
Dividend Yield	2.75%	2.96%	3.02%	3.29%	3.91%	3.09%	3.32%	3.37%	2.84%	3.53%
Earnings Yield	3.10%	1.91%	1.54%	1.11%	0.97%	1.52%	2.28%	2.74%	1.03%	2.63%
Enterprise Value to Invested Capital (EV/IC)	2.75	2.72	2.69	2.63	2.40	3.01	2.76	2.79	3.24	2.80
Enterprise Value to Revenue (EV/Rev)	12.99	14.06	12.38	11.98	10.83	14.08	11.94	11.79	13.16	12.48
Enterprise Value to EBITDA (EV/EBITDA)	18.84	20.63	23.01	24.26	22.11	23.74	21.29	20.11	24.41	17.87
Enterprise Value to EBIT (EV/EBIT)	33.75	42.74	53.86	61.73	54.61	50.35	38.83	33.36	40.06	25.82
Enterprise Value to NOPAT (EV/NOPAT)	51.33	52.36	58.07	56.04	46.07	47.94	42.50	38.80	42.99	31.12
Enterprise Value to Operating Cash Flow (EV/OCF)	42.55	36.70	32.63	29.73	24.46	29.84	27.13	26.40	28.51	23.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	38.49	35.53	44.40	36.40	23.24	29.89	25.49	24.68	22.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.11	3.12	3.15	3.23	3.44	3.57	3.68	3.74	3.64	3.78
Long-Term Debt to Equity	2.87	2.75	2.83	2.96	3.15	3.29	3.39	3.42	3.27	3.40
Financial Leverage	3.08	3.69	3.70	3.40	3.16	3.16	3.29	3.35	3.42	3.49
Leverage Ratio	5.77	6.38	6.35	5.94	5.61	5.72	5.83	5.92	6.00	6.20
Compound Leverage Factor	4.37	26.04	3.45	3.56	4.03	-4.36	4.45	4.50	3.82	4.74
Debt to Total Capital	75.68%	75.71%	75.88%	76.36%	77.46%	78.12%	78.64%	78.90%	78.45%	79.09%
Short-Term Debt to Total Capital	5.95%	8.84%	7.59%	6.31%	6.34%	6.18%	6.14%	6.74%	7.89%	8.00%
Long-Term Debt to Total Capital	69.72%	66.87%	68.29%	70.06%	71.12%	71.95%	72.50%	72.16%	70.56%	71.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	11.92%	13.38%	13.47%	13.47%	13.45%	13.42%	13.25%	13.30%	13.85%	13.58%
Common Equity to Total Capital	12.40%	10.91%	10.64%	10.17%	9.10%	8.45%	8.11%	7.81%	7.70%	7.33%
Debt to EBITDA	5.32	5.88	6.62	7.20	7.32	6.54	6.24	5.86	6.07	5.16
Net Debt to EBITDA	5.01	5.56	6.29	6.80	6.90	6.22	5.84	5.47	5.70	4.86
Long-Term Debt to EBITDA	4.90	5.19	5.96	6.60	6.72	6.02	5.75	5.36	5.46	4.64
Debt to NOPAT	14.49	14.93	16.71	16.63	15.26	13.20	12.46	11.31	10.69	8.99
Net Debt to NOPAT	13.64	14.10	15.88	15.71	14.38	12.56	11.66	10.55	10.03	8.47
Long-Term Debt to NOPAT	13.35	13.19	15.04	15.25	14.01	12.15	11.49	10.34	9.61	8.08
Altman Z-Score	1.18	1.02	1.06	1.04	0.91	1.08	1.09	1.10	1.28	1.06
Noncontrolling Interest Sharing Ratio	46.87%	50.40%	49.91%	46.66%	54.08%	58.02%	58.74%	59.78%	61.85%	63.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.57	0.44	0.46	0.53	0.56	0.51	0.63	0.60	0.48	0.45
Quick Ratio	0.43	0.34	0.33	0.39	0.40	0.32	0.46	0.47	0.38	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8,282	1,338	2,126	1,461	1,530	3,519	2,435	2,933	3,460	2,467
Operating Cash Flow to CapEx	203.03%	180.04%	231.76%	287.34%	332.89%	217.67%	323.57%	411.59%	345.99%	270.41%
Free Cash Flow to Firm to Interest Expense	-28.13	4.42	6.25	4.19	4.29	10.25	6.64	8.03	9.70	7.82
Operating Cash Flow to Interest Expense	3.17	3.91	3.15	3.47	3.65	3.33	3.50	3.66	4.12	3.80
Operating Cash Flow Less CapEx to Interest Expense	1.61	1.74	1.79	2.26	2.55	1.80	2.42	2.77	2.93	2.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.14	0.16	0.16	0.16	0.15	0.17	0.17	0.18	0.16
Accounts Receivable Turnover	14.19	12.97	14.18	14.78	15.71	15.34	15.53	16.24	19.13	18.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.62	0.48	0.54	0.55	0.55	0.52	0.56	0.57	0.58	0.53
Accounts Payable Turnover	14.88	10.47	15.52	12.00	7.66	0.26	16.71	19.17	21.43	10.46
Days Sales Outstanding (DSO)	25.72	28.14	25.74	24.69	23.23	23.80	23.50	22.47	19.08	19.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.53	34.88	23.51	30.41	47.63	1,426.90	21.84	19.04	17.04	34.89
Cash Conversion Cycle (CCC)	1.19	-6.74	2.23	-5.72	-24.40	-1,403.10	1.66	3.44	2.04	-15.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	49,295	49,944	49,821	49,664	48,623	46,820	48,491	47,866	46,048	45,196
Invested Capital Turnover	0.23	0.19	0.21	0.22	0.22	0.21	0.23	0.23	0.24	0.22
Increase / (Decrease) in Invested Capital	8,908	-933	-1,463	-612	-672	-3,125	-1,330	-1,799	-2,575	-1,624
Enterprise Value (EV)	135,753	135,633	133,904	130,748	116,546	140,935	133,895	133,688	149,207	126,366
Market Capitalization	93,636	92,267	90,444	87,262	73,477	97,339	90,538	90,771	107,840	85,706
Book Value per Share	$13.49	$11.97	$11.61	$11.09	$9.72	$9.01	$8.68	$8.26	$7.80	$7.24
Tangible Book Value per Share	($53.10)	($54.48)	($54.18)	($54.01)	($52.97)	($51.09)	($52.79)	($52.22)	($50.52)	($48.92)
Total Capital	50,648	51,079	50,792	50,802	49,834	49,667	49,921	49,392	47,291	46,151
Total Debt	38,329	38,670	38,542	38,795	38,600	38,801	39,260	38,968	37,098	36,502
Total Long-Term Debt	35,314	34,156	34,686	35,590	35,442	35,734	36,192	35,639	33,368	32,809
Net Debt	36,080	36,530	36,617	36,645	36,368	36,928	36,743	36,350	34,816	34,394
Capital Expenditures (CapEx)	459	658	462	421	391	525	397	325	425	443
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,098	-2,316	-2,151	-2,189	-2,093	-2,345	-1,939	-2,064	-2,222	-2,312
Debt-free Net Working Capital (DFNWC)	152	-175	-226	-39	139	-472	578	555	61	-204
Net Working Capital (NWC)	-2,864	-4,690	-4,082	-3,244	-3,019	-3,539	-2,490	-2,775	-3,670	-3,897
Net Nonoperating Expense (NNE)	-194	1,121	348	388	281	381	184	226	1,666	-387
Net Nonoperating Obligations (NNO)	36,976	37,536	37,570	37,657	37,388	35,954	37,829	37,442	35,856	35,548
Total Depreciation and Amortization (D&A)	898	815	794	765	763	765	549	562	513	501
Debt-free, Cash-free Net Working Capital to Revenue	-20.07%	-24.01%	-19.88%	-20.05%	-19.44%	-23.43%	-17.30%	-18.20%	-19.59%	-22.83%
Debt-free Net Working Capital to Revenue	1.45%	-1.82%	-2.09%	-0.36%	1.29%	-4.71%	5.15%	4.89%	0.53%	-2.01%
Net Working Capital to Revenue	-27.40%	-48.62%	-37.73%	-29.72%	-28.04%	-35.35%	-22.21%	-24.47%	-32.36%	-38.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.80	($1.49)	$0.72	$1.02	$1.26	$0.18	$1.97	$1.93	($1.70)	$2.63
Adjusted Weighted Average Basic Shares Outstanding	465.59M	461.52M	465.74M	466.09M	466.17M	466.06M	466.52M	467.04M	467.20M	467.01M
Adjusted Diluted Earnings per Share	$1.80	($1.49)	$0.72	$1.02	$1.26	$0.18	$1.96	$1.92	($1.69)	$2.63
Adjusted Weighted Average Diluted Shares Outstanding	466.80M	462.75M	466.81M	466.98M	467.16M	467.16M	467.66M	467.78M	468.26M	468.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	465.61M	465.65M	466.04M	466.16M	466.17M	466.35M	466.98M	467.08M	467.29M	467.46M
Normalized Net Operating Profit after Tax (NOPAT)	625	405	663	909	883	394	1,106	1,134	886	844
Normalized NOPAT Margin	23.41%	24.69%	23.97%	32.81%	35.03%	20.19%	39.01%	39.11%	35.12%	45.12%
Pre Tax Income Margin	32.03%	-23.99%	13.31%	17.13%	32.70%	-7.07%	36.37%	35.46%	21.83%	54.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.84	-0.32	1.99	2.27	3.22	0.53	3.68	3.70	2.42	4.21
NOPAT to Interest Expense	2.12	1.34	1.95	2.44	2.41	1.15	3.02	3.10	2.48	2.67
EBIT Less CapEx to Interest Expense	2.28	-2.49	0.63	1.07	2.12	-1.00	2.60	2.81	1.23	2.80
NOPAT Less CapEx to Interest Expense	0.56	-0.84	0.59	1.23	1.31	-0.38	1.93	2.21	1.29	1.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	89.19%	155.67%	209.69%	323.45%	458.22%	219.14%	162.82%	134.68%	324.26%	151.99%
Augmented Payout Ratio	89.19%	156.78%	209.69%	323.45%	458.22%	219.14%	162.82%	134.68%	324.26%	151.99%

Frequently Asked Questions About American Tower's Financials

When does American Tower's financial year end?

According to the most recent income statement we have on file, American Tower's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has American Tower's net income changed over the last 9 years?

American Tower's net income appears to be on an upward trend, with a most recent value of $2.28 billion in 2024, rising from $672 million in 2015. The previous period was $1.37 billion in 2023.

What is American Tower's operating income?

American Tower's total operating income in 2024 was $4.52 billion, based on the following breakdown:

Total Gross Profit: $7.55 billion
Total Operating Expenses: $3.04 billion

How has American Tower revenue changed over the last 9 years?

Over the last 9 years, American Tower's total revenue changed from $4.77 billion in 2015 to $10.13 billion in 2024, a change of 112.2%.

How much debt does American Tower have?

American Tower's total liabilities were at $51.43 billion at the end of 2024, a 6.8% decrease from 2023, and a 154.7% increase since 2015.

How much cash does American Tower have?

In the past 9 years, American Tower's cash and equivalents has ranged from $320.69 million in 2015 to $2.03 billion in 2022, and is currently $2.00 billion as of their latest financial filing in 2024.

How has American Tower's book value per share changed over the last 9 years?

Over the last 9 years, American Tower's book value per share changed from 15.70 in 2015 to 7.24 in 2024, a change of -53.9%.

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This page (NYSE:AMT) was last updated on 4/14/2025 by MarketBeat.com Staff

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American Tower (AMT) Financials

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American Tower (AMT) Financials

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