Aureus
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American Tower Corporation (REI(AMT)

C

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

FCF Margin35.5%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 / FCF11.9xElevated debt burden
Current Ratio0.40Tight short-term liquidity
YoY FCF Growth+12.3%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-2Very high debt-to-FCF ratio (11.9x)
→
-1Current ratio below 1.0 (0.40)
→
+0.5Modest YoY FCF growth (12.3% YoY)
→
+0.5Highly consistent quarterly FCF
→
FinalC

Analysis Summary

Strengths

  • Exceptional FCF margin (35.5%)
  • Excellent cash conversion (216%)
  • Highly consistent quarterly FCF
  • FCF trend is improving

Concerns

  • Heavy debt position ($43.5B net debt, 11.9x FCF)
  • High debt-to-FCF ratio (11.9x)
  • Current ratio below 1.0 — tight short-term liquidity

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin35.5%
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 / FCF11.9xElevated debt burden
Current Ratio0.40Tight liquidity
Debt / Equity12.31High leverage

Quarterly FCF Trend

+12.3% YoYImproving (+12.3%)

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 Margin35.5%
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 / FCF11.9x
YoY FCF Growth+12.3%
Positive Quarters5 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeC
Data SourceYahoo Finance

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