REIT Report Card · August 15, 2026
American Tower is the tower landlord: $81.8B of equity, about $519 million a day. Shares are −14.0% over the past year. You still get a 4.08% indicated yield and 64.4% EBITDA margins, against 6.14x Net Debt / EBITDA.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A+ | A thick daily market |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | B+ | Interest is covered, without a huge cushion |
| Operating Quality | A- | Strong operating profits |
| Cash Generation | A- | Good cash generation versus the current price |
| Dividend | B+ | Useful income, and coverage looks okay |
| Valuation | B+ | A moderate price. Not a bargain |
| Recent Performance | C+ | The share price is down a meaningful amount |
| Overall | B+ | Solid tower economics, a down year, and more debt than the lightest names |
1. Valuation
EV / EBITDA asks what the whole firm costs per dollar of trailing EBITDA.
At about 17.8x EV / EBITDA, AMT screens cheaper than a lot of large REITs.
Bottom line: A lower multiple can cushion a miss, or it can mean the market already sees a problem. Read the rest of the card.
2. Leverage
For every $1 of annual EBITDA AMT generates, it has about $6.14 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: AMT carries a lot of debt relative to EBITDA, so refinancing and rates matter more.
3. Debt Exposure
About 35% of AMT's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
AMT generates about 5.06x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
AMT turns about 64 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
AMT generated operating cash flow equal to about 7.1% of its current equity value.
For every $100 of current equity value, the company generated about $7.05 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 82% of AMT's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers AMT's annualized dividend about 1.73x.
AMT generates roughly 1.73x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
AMT is not mainly a high-income REIT.
Put $10,000 into AMT at the current indicated yield and you'd get about $408 a year if the dividend stays the same.
Bottom line: People who buy AMT are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $519 million of AMT stock changes hands on an average trading day.
Bottom line: About $519 million a day is a lot of REIT volume.
If you put $10,000 into AMT today, based on the numbers in this report:
AMT has $44.98B of total debt against $1.76B of cash (6.14x net debt / EBITDA). Interest coverage of 5.1x makes that load easier to live with that load.
At 17.8x EV / EBITDA, this is a middle-of-the-range price versus the other names here.
OCF dividend coverage is 1.73x and the indicated yield is 4.08%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $519.4M, one of the more active names on this list.
American Tower is a down-year tower stock (−14.0%) with a 4.08% yield and 6.14x of leverage. The operating margins (64.4%) are still the strongest part of the page.
Interest coverage is 5.1x and OCF dividend coverage is 1.73x. The credit math is acceptable. The −14.0% year is what you have to look past.
17.8x EV / EBITDA, 6.14x leverage, 1.73x coverage. A 4.1% yield is useful. It is not large enough to ignore the down year or the debt.
| Metric | AMT |
|---|---|
| Market Capitalization | $81.81B |
| Enterprise Value | $125.03B |
| Share Price | $175.58 |
| Revenue (TTM) | $10.94B |
| EBITDA (TTM) | $7.04B |
| EBIT (TTM) | $4.97B |
| Operating Cash Flow (TTM) | $5.77B |
| CapEx (TTM) | $1.82B |
| Cash | $1.76B |
| Total Debt | $44.98B |
| Average Daily $ Volume | $519.4M |
| Daily Equity Turnover | 0.63% |
| EV / EBITDA | 17.76x |
| EBITDA Yield on EV | 5.63% |
| EBITDA Margin | 64.35% |
| Net Debt / EBITDA | 6.14x |
| Net Debt / Market Cap | 52.83% |
| Net Debt / Enterprise Value | 34.57% |
| Debt / Total Capital | 35.48% |
| Cash / Debt | 3.91% |
| EV Premium to Equity | 52.83% |
| Operating Cash Flow Yield | 7.05% |
| OCF / EBITDA Conversion | 81.96% |
| CapEx / Operating Cash Flow | 31.54% |
| CapEx / Revenue | 16.64% |
| Post-CapEx Cash Yield | 4.83% |
| Dividend / OCF Burden | 0.58x |
| OCF Dividend Coverage | 1.73x |
| Implied Interest / Revenue | 12.73% |
| EBITDA Interest Coverage | 5.06x |
| Reported Interest Coverage (source) | 3.57x |
| Dividend Yield | 4.08% |
| 52-Week Price Change | −13.99% |
| Approx. 1-Year Total Carry | −9.91% |
| Beta (5Y) | 0.89 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/amt/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.