Aureus
BGood

American Tower Corporation (REI(AMT)

B

Financial data as of Dec 31, 2025Stable · Real Estate

FCF Margin33.9%Free Cash Flow / Revenue
Cash Conversion216.0%Operating CF / Net Income
Free Cash Flow$3.8B
Revenue$10.6B
Net Cash-$43.5BNet debt position
Debt / FCF12.5xElevated debt burden
Current Ratio0.40Tight short-term liquidity
YoY FCF Growth-2.0%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-1High debt-to-FCF ratio (12.5x; 7.1x sector-adjusted)
→
+0.5Healthy FCF margin with manageable debt (33.9%, 12.5x; 7.1x sector-adjusted)
→
-1Current ratio below 1.0 (0.40)
→
+0.5Highly consistent quarterly FCF
→
FinalB

Analysis Summary

Strengths

  • Exceptional FCF margin (33.9%)
  • Excellent cash conversion (216%)
  • Highly consistent quarterly FCF

Concerns

  • Heavy debt position ($43.5B net debt, 12.5x FCF)
  • High debt-to-FCF ratio (12.5x)
  • Current ratio below 1.0 — tight short-term liquidity

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin33.9%
Net Margin23.8%
Operating CF Margin51.3%
CapEx Ratio15.8%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$43.5BNet debt position
Debt / FCF12.5xElevated debt burden
Current Ratio0.40Tight liquidity
Debt / Equity12.31High leverage

Quarterly FCF Trend

-2.0% YoYStable (-2.0%)

Free cash flow per quarter

Sector Comparison — Real Estate

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameAmerican Tower Corporation (REI
SectorReal Estate
Free Cash Flow$3.8B
Revenue$10.6B
Net Income$2.5B
Operating Cash Flow$5.5B
Capital Expenditure$1.7B
FCF Margin33.9%
Cash Conversion Rate216.0%
Net Margin23.8%
Total Debt$45.0B
Total Cash$1.5B
Net Cash-$43.5B
Current Ratio0.40
Debt / Equity12.31
Debt / FCF12.5x
YoY FCF Growth-2.0%
Positive Quarters5 of 5
Trend DirectionStable
Report DateDec 31, 2025
GradeB
Data SourceYahoo Finance

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