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American Tower AMT Free cash flow margin

Free cash flow margin at other companies

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SBA CommunicationsSBAC
35.7%-6.2pp
Crown Castle logo
Crown CastleCCI
64.7%+0.8pp
Equinix, Inc. logo
Equinix, Inc.EQIX
-10.6%-14.6pp
Realty Income logo
Realty IncomeO
66.7%+2.7pp
Welltower logo
WelltowerWELL
15.9%-1.4pp
AvalonBay Communities logo
AvalonBay CommunitiesAVB
45.7%-2.0pp

Other financials

Income statement

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Revenue$2.7B+6.8%
Operating income$1.2B-1.2%
Net income$878.5M+76.2%
EPS (diluted)$1.84+76.9%

Balance sheet

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Cash & equivalents$1.6B-23.5%
Total debt$13.9B+34.7%
Total equity$3.5B-0.3%
Total assets$63.2B+1.9%

Cash flow

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Operating cash flow$1.4B+8.2%
CapEx$449.5M+35.8%
Free cash flow$951.1M-1.3%

Valuation

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Market cap$82.02B-20.9%
Enterprise value$94.36B-15.6%
P/E27.3×-28.6×
P/S7.6×-2.6×

Profitability

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Gross margin99.5%
Operating margin44.7%-0.8pp
Net margin27.8%+9.6pp

Returns & leverage

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Return on equity85.3%+36.3pp
Debt / equity+1.0×
Current ratio0.3×-0.3×

Where this comes from

Calculated from American Tower’s reported figures.

Based on trailing twelve months.

The official record: American Tower’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Tower's free cash flow margin?
American Tower (AMT) reported free cash flow margin of 34.9% in Q1 2026.
How has American Tower's free cash flow margin changed year-over-year?
American Tower's free cash flow margin decreased by 6.1% year-over-year, from 37.1% to 34.9%.
What is the long-term trend for American Tower's free cash flow margin?
Over 5 years (2020 to 2025), American Tower's free cash flow margin has grown at a 0.1% compound annual growth rate (CAGR), from 35.4% to 35.5%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.