On 12 Nov 2026 our base value for American Tower is $194.02 a share, 2.2% above its $189.79 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $194.02 | +2.2% | funds from operations $9.95 a share (FY2025) at its own 5-year median of 19.5× (today 19.1×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $2.57bn | $2.33bn | $4.90bn | 453.29m | $10.81 | $292.50 | 27.1× |
| 2022 | $1.70bn | $3.36bn | $5.05bn | 462.75m | $10.92 | $211.86 | 19.4× |
| 2023 | $1.37bn | $3.09bn | $4.45bn | 467.16m | $9.53 | $215.88 | 22.6× |
| 2024 | $2.28bn | $2.12bn | $4.41bn | 468.12m | $9.41 | $183.41 | 19.5× |
| 2025 | $2.63bn | $2.04bn | $4.67bn | 469.14m | $9.95 | $175.57 | 17.6× |
| Median P/FFO | 19.5× |
| Latest FFO per share (FY2025) | $9.95 |
| Value per share = median × latest FFO per share | $194.02 |
For a REIT the base value is the price-to-FFO value: $194.02 a share.
Bear $193.18 · Base $194.02 · Bull $225.42 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 57% chance the price is higher than today's $189.79 in a year, from 28.92% volatility. The simulation assumes the price drifts up at our discount rate of 9.27% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $162.20 | $194.02 |
| 9 Oct 2026 | $182.24 | $194.02 |
| 16 Oct 2026 | $185.27 | $194.02 |
| 23 Oct 2026 | $188.97 | $194.02 |
| 30 Oct 2026 | $187.78 | $194.02 |
| 6 Nov 2026 | $188.79 | $194.02 |
| 12 Nov 2026 | $189.79 | $194.02 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on AMT · American Tower company page · Call and put prices