Question 1

What is American Tower's P/FCF ratio?

Accepted Answer

American Tower (AMT) P/FCF ratio is 20.6× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for American Tower?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For American Tower specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is American Tower's P/FCF ratio high or low?

Accepted Answer

American Tower's P/FCF ratio of 20.6× is below its own 5-year average of 34.2× and above the sector median of 15.9×. That places the current reading at the 1th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is American Tower's historical P/FCF ratio range?

Accepted Answer

In the available daily series, American Tower (AMT) P/FCF ratio has ranged from a low of 18.2× in 2005 to a high of 260.7× in 2003. The 5-year average is 34.2× and the 5-year median is 30.4×.

Question 7

What was American Tower's P/FCF ratio in 2025?

Accepted Answer

American Tower (AMT) P/FCF ratio at the end of 2025 was 21.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does American Tower's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$82.4B	$3.78B	21.8×	-1.4×	Dec 31, 2025
2024	$85.7B	$3.7B	23.2×	-11.3×	Dec 31, 2024
2023	$101B	$2.92B	34.4×	-19.7×	Dec 31, 2023
2022	$98.6B	$1.82B	54.1×	+15.4×	Dec 31, 2022
2021	$133B	$3.44B	38.7×	+3.7×	Dec 31, 2021
2020	$99.7B	$2.85B	35.0×	-1.9×	Dec 31, 2020
2019	$102B	$2.76B	36.9×	+12.3×	Dec 31, 2019
2018	$69.7B	$2.84B	24.6×	-4.2×	Dec 31, 2018
2017	$61.2B	$2.12B	28.8×	+6.6×	Dec 31, 2017
2016	$45B	$2.02B	22.3×	-6.0×	Dec 31, 2016
2015	$41.1B	$1.45B	28.2×	-5.5×	Dec 31, 2015
2014	$39.2B	$1.16B	33.8×	-2.2×	Dec 31, 2014
2013	$31.5B	$875M	36.0×	-0.1×	Dec 31, 2013
2012	$30.5B	$846M	36.1×	-0.7×	Dec 31, 2012
2011	$23.6B	$643M	36.8×	+6.3×	Dec 31, 2011
2010	$20.5B	$674M	30.5×	+1.1×	Dec 31, 2010
2009	$17.4B	$592M	29.4×	+7.4×	Dec 31, 2009
2008	$11.6B	$530M	22.0×	-9.4×	Dec 31, 2008
2007	$16.9B	$538M	31.4×	-0.4×	Dec 31, 2007
2006	$15.7B	$494M	31.8×	-4.5×	Dec 31, 2006
2005	$11.2B	$309M	36.3×	+12.3×	Dec 31, 2005
2004	$4.2B	$175M	24.1×	-1.0×	Dec 31, 2004
2003	$2.38B	$94.8M	25.1×	—	Dec 31, 2003
2002	$690M	-$75.3M	—	—	Dec 31, 2002


Digital Realty Trust (DLR)	53.9×
CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for American Tower (AMT) 2003-2026

P/FCF Ratio daily chart for American Tower (AMT)

Historical P/FCF Ratio for American Tower (AMT) from 2002 to 2025

About P/FCF Ratio at American Tower (AMT)

American Tower P/FCF Ratio by Year

American Tower P/FCF Ratio 2025: 21.8×

American Tower P/FCF Ratio 2024: 23.2×

American Tower P/FCF Ratio 2023: 34.4×

American Tower P/FCF Ratio 2022: 54.1×

American Tower P/FCF Ratio 2021: 38.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

American Tower (AMT) Key Financials