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Research · S&P 500 · Real Estate
AMT · American Tower
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · REIT version · run 2026-10-19
13 value checks for REITs: 12 scored 1 to 5, plus moat evidence
29/60
low-moderate value scoreREIT versionWhy this card is different. REITs must pay out most of their taxable income, and depreciation on their buildings lowers the earnings they report. So this card scores funds from operations (FFO) in place of earnings for five of its checks, and capital allocation uses REIT tests. Compare a REIT’s score with other REITs’ scores, not with other companies’: six of its checks are different.
What’s different
EPS trend→FFO per share trend
ROE trend→FFO payout ratio
ROIC→Debt to total assets
Retained earnings→FFO kept after distributions
Graham value→Price-to-FFO
Capital allocation→Capital allocation, REIT tests
Margin of safety uses the DCF value alone. Everything else is the same as on every card.
What is FFO?
Funds from operations. In short: net income with property depreciation added back, and gains or losses from selling property and property write-downs taken out. It is the standard measure REITs report, defined by Nareit, the REIT industry association.
Valerius uses Nareit FFO. Companies also report adjusted versions (AFFO, “normalized” FFO) under their own definitions, which can be higher or lower, so a figure in the news can differ from the one here.
Scored with the REIT version since Oct 2026. The earlier score, 38 of 60, used the standard version, whose checks don't fit how a REIT works. The two scores are not comparable: the method changed.
Earnings & returns
FFO per Share Trend REIT measure
2/5Nareit FFO per share (FFO from the 10-Ks divided by year-end shares outstanding, yfinance, where the 10-K prints no per-share figure): $11.34 (2022), $9.89 (2023), $11.20 (2024), $8.92 (2025). It ended at or below 2022; the framework scores that as 2.
Nareit FFO attributable to American Tower Corporation common stockholders $ 4,160.9 $ 5,233.2 (20) %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-24 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
FFO Payout Ratio REIT measure
4/5Distributions paid (yfinance) over Nareit FFO (10-K): 50% (2022), 64% (2023), 59% (2024), 76% (2025). 76% in 2025; the framework scores 70-80% as 4.
Nareit FFO attributable to American Tower Corporation common stockholders $ 4,160.9 $ 5,233.2 (20) %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-24 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
Profit Margins
5/5Net margin of 31.1%; the framework scores above 20% as 5; gross margin 73.8%, operating margin 45.4%.
Balance sheet & cash
Debt to Total Assets REIT measure
1/5Total debt over total assets (yfinance balance sheets): 70.0% (2022), 70.1% (2023), 72.0% (2024), 71.2% (2025). 71.2% in 2025; the framework scores over 60% as 1.
Debt-to-Equity
1/5Debt-to-equity of 4.39; the framework scores above 2.5 as 1 (total debt $44.98B, total cash $1.76B).
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $1.82B (2022), $2.92B (2023), $3.70B (2024), $3.78B (2025). It rose every year; the framework scores that as 5.
FFO Kept after Distributions REIT measure
1/5FFO kept after distributions (Nareit FFO from the 10-Ks minus distributions paid, yfinance): $2.65B (2022), $1.66B (2023), $2.16B (2024), $1.00B (2025). The latest figure is half the 2022 figure or less; the framework scores that as 1.
Nareit FFO attributable to American Tower Corporation common stockholders $ 4,160.9 $ 5,233.2 (20) %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-24 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
Valuation models
Price-to-FFO REIT measure
2/5Price $183.03 over 2025 FFO per share of $8.92 (derived from the 10-K FFO) = 20.5; the framework scores 20-25 as 2.
Nareit FFO attributable to American Tower Corporation common stockholders $ 4,160.9 $ 5,233.2 (20) %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-24 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
DCF Value
1/5FCF/share = $6.267, stage 1 growth = 3.1% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $25.91, PV of terminal value = $66.70, DCF value = $92.60. Current price $183.03; price is 97.6% above the model value.
Margin of Safety
1/5From the DCF value alone in the REIT version: DCF value $92.60; price is 97.6% above the model value.
Price-to-Book
1/5P/B of 22.93; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest 4.7%, highest 8.6%.
Gross margin, each year
Between 90.0% and 99.5% over 3 years (a range of 9.5 points).
Competition, in the company’s own words · 10-K filed Feb 24, 2026
Our industry is highly competitive. There are frequently new market participants that create additional competition. We compete, both for new business and for the acquisition of assets, with other public tower companies, such as Crown Castle International Corp., SBA Communications Corporation, Vertical Bridge, Telesites S.A.B. de C.V. and Cellnex Telecom, S.A., wireless carrier tower consortia and private tower companies, private equity sponsored firms, carrier-affiliated tower companies, independent wireless carriers, tower owners, broadcasters and owners of non-communications sites, including rooftops, utility towers, water towers and other alternative structures. Our data center business also competes with a variety of companies offering similar data center solutions and services, including space, power, interconnection and development services. We believe that location and capacity, grid distribution constraints, network and/or interconnection density, price, quality and speed of service have been, and will continue to be, significant competitive factors affecting owners, operators and managers of communications sites and data center facilities. Our services business competes with a variety of companies offering individual, or combinations of, competing services.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation (REIT), 2022-2025: distributions paid in every year (pass); distributions covered by FFO every year (pass); debt to total assets 70.0% to 71.2% (pass: up no more than 5 points); shares outstanding up 0.2% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the DCF value was calculated (the Graham value is not used in the REIT version)
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $7.27, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 30.3%)
IV = $344.76
Current price $183.03 vs Graham value $344.76 — price is 46.9% below the model value.
DCF:
FCF/share = $6.267
Stage 1 growth = 3.1% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $6.461 → PV $5.874
Y2: $6.661 → PV $5.505
Y3: $6.868 → PV $5.160
Y4: $7.081 → PV $4.836
Y5: $7.300 → PV $4.533
Stage 1 PV sum = $25.91
Terminal value at end of Y5 = $107.42
PV of terminal value = $66.70
DCF value = $92.60
Current price $183.03 vs DCF value $92.60 — price is 97.6% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $183.03. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: FFO per share trend, FFO payout ratio, debt to total assets, debt-to-equity, free cash flow, profit margins, FFO kept after distributions, price-to-FFO, DCF value, margin of safety, price-to-book and capital allocation (the REIT version). FFO figures were found in the 10-K filings by AI and checked in code before use; no AI sets a score. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.