# American Tower Corporation (AMT) — Stock CV

American Tower Corporation is a $84.5B real estate company. Revenue grew 14.2% over the last year, it keeps 31¢ of every dollar of sales as profit, and its net debt equals ~8.2 years of free cash flow. It trades at 25.0× earnings — near the lowest of its own history.

> 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 through its CoreSite segment.

## Identity

- **Ticker**: AMT
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: BOSTON, MA
- **Employees**: 4 866
- **Website**: https://www.americantower.com
- **Market cap**: $84.5B
- **Last price**: $181.25
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $10.9B
- **Net income**: $3.40B
- **Free cash flow**: $3.96B
- **Net debt**: $32.4B
- **P/E**: 25.0
- **Revenue growth (YoY)**: 14.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 61 |
| Growth | 23 |
| Profitability | 80 |
| Health | 13 |
| Quality | 85 |
| Moat | 75 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +14.2% YoY
- [x] Profitable — $3.40B TTM
- [x] Profit growing — +12.2% YoY
- [x] Generates cash — $3.96B TTM
- [ ] Debt under control — ~8.2y of cash flow to repay
- [x] Established company — $84.5B market cap
- [x] Not printing shares — +5.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 3.81%
- [x] Valuation not extreme — P/E 25.0

## Experience (career milestones)

- **FY2022** — Revenue crossed $10B: $10.7B for the year
- **FY2021** — Best year on record: $2.57B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.79B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## Strengths

- High gross margin (73.8%)
- Strongly profitable — 31.1% net margin
- Revenue growing 14.2% year over year
- Strong cash conversion — FCF is 36.2% of revenue

## Watch-outs

- Altman Z-Score 0.09 — elevated financial-distress risk
- Net debt would take ~10.6 years of free cash flow to repay
- Net debt equals ~8.2 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.36B | $2.57B | $3.44B |
| FY2022 | $10.7B | $1.77B | $1.82B |
| FY2023 | $11.1B | $1.48B | $2.92B |
| FY2024 | $10.1B | $2.25B | $3.70B |
| FY2025 | $10.6B | $2.53B | $3.78B |

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Source: https://stockcv.com/AMT — derived from company filings; may be delayed or incomplete. Information, not investment advice.