Question 1

What is American Tower's P/B ratio?

Accepted Answer

American Tower (AMT) P/B ratio is 24.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For American Tower specifically, the relevant sector benchmark is the current sector median of 2.1×.

Question 5

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

Accepted Answer

American Tower's P/B ratio of 24.8× is above its own 5-year average of 22.1× and above the sector median of 2.1×. That places the current reading at the 78th 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/B ratio range?

Accepted Answer

In the available daily series, American Tower (AMT) P/B ratio has ranged from a low of 0.2× in 2002 to a high of 33.0× in 2021. The 5-year average is 22.1× and the 5-year median is 22.3×.

Question 7

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

Accepted Answer

American Tower (AMT) P/B ratio at the end of 2025 was 22.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$82.37B	$3.65B	22.6×	-2.8×	Dec 31, 2025
2024	$85.71B	$3.38B	25.3×	+1.4×	Dec 31, 2024
2023	$100.65B	$4.20B	24.0×	+6.3×	Dec 31, 2023
2022	$98.64B	$5.57B	17.7×	-8.5×	Dec 31, 2022
2021	$133.23B	$5.08B	26.2×	+1.9×	Dec 31, 2021
2020	$99.73B	$4.09B	24.4×	+4.2×	Dec 31, 2020
2019	$101.80B	$5.06B	20.1×	+7.1×	Dec 31, 2019
2018	$69.74B	$5.34B	13.1×	+3.3×	Dec 31, 2018
2017	$61.18B	$6.24B	9.8×	+3.1×	Dec 31, 2017
2016	$45.03B	$6.76B	6.7×	+0.5×	Dec 31, 2016
2015	$41.08B	$6.65B	6.2×	-3.7×	Dec 31, 2015
2014	$39.20B	$3.95B	9.9×	+1.0×	Dec 31, 2014
2013	$31.51B	$3.53B	8.9×	+0.4×	Dec 31, 2013
2012	$30.54B	$3.57B	8.5×	+1.4×	Dec 31, 2012
2011	$23.64B	$3.29B	7.2×	+1.3×	Dec 31, 2011
2010	$20.54B	$3.50B	5.9×	+0.6×	Dec 31, 2010
2009	$17.39B	$3.32B	5.2×	+1.4×	Dec 31, 2009
2008	$11.65B	$2.99B	3.9×	-1.7×	Dec 31, 2008
2007	$16.92B	$3.02B	5.6×	+2.0×	Dec 31, 2007
2006	$15.72B	$4.38B	3.6×	+1.1×	Dec 31, 2006
2005	$11.21B	$4.53B	2.5×	-0.4×	Dec 31, 2005
2004	$4.20B	$1.47B	2.9×	+1.5×	Dec 31, 2004
2003	$2.38B	$1.71B	1.4×	+1.0×	Dec 31, 2003
2002	$690.48M	$1.74B	0.4×	-0.2×	Dec 31, 2002
2001	$1.85B	$2.87B	0.6×	—	Dec 31, 2001


Essex Property Trust (ESS)	2.9×
Federal Realty Investment Trust (FRT)	2.8×
Digital Realty Trust (DLR)	2.7×
Mid-America Apartment Communities (MAA)	2.6×
Camden Property Trust (CPT)	2.5×
Prologis (PLD)	2.3×
CoStar Group (CSGP)	2.1×
Equity Residential (EQR)	2.1×
Regency Centers (REG)	2.1×
Extra Space Storage (EXR)	2.1×
AvalonBay Communities (AVB)	1.9×
Host Hotels & Resorts (HST)	1.9×
STAG Industrial (STAG)	1.9×
NNN REIT (NNN)	1.8×
Invitation Homes (INVH)	1.7×
BXP (BXP)	1.6×
Healthpeak Properties (DOC)	1.5×
Kimco Realty (KIM)	1.5×
Agree Realty (ADC)	1.4×
Realty Income (O)	1.4×
VICI Properties (VICI)	1.0×
Apartment Investment and Management (AIV)	0.8×
Medical Properties Trust (MPT)	0.6×
Alexandria Real Estate Equities (ARE)	0.6×
Arbor Realty Trust (ABR)	0.5×

P/B Ratio for American Tower (AMT)

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

Historical P/B Ratio for American Tower (AMT) from 2001 to 2025

About P/B Ratio at American Tower (AMT)

American Tower P/B Ratio by Year

American Tower P/B Ratio 2025: 22.6×

American Tower P/B Ratio 2024: 25.3×

American Tower P/B Ratio 2023: 24.0×

American Tower P/B Ratio 2022: 17.7×

American Tower P/B Ratio 2021: 26.2×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

American Tower (AMT) Key Financials

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

Historical P/B Ratio for American Tower (AMT) from 2001 to 2025

About P/B Ratio at American Tower (AMT)

American Tower P/B Ratio by Year

American Tower P/B Ratio 2025: 22.6×

American Tower P/B Ratio 2024: 25.3×

American Tower P/B Ratio 2023: 24.0×

American Tower P/B Ratio 2022: 17.7×

American Tower P/B Ratio 2021: 26.2×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is American Tower's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for American Tower?

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

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

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

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

American Tower (AMT) Key Financials