| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 33 | 24.4x | 17.8x | Bottom tier | |
Growth | 63 | 6.6% | 7.1% | Around median | |
Quality | 88 | 9.2% | 4.5% | Top tier | |
Safety | 37 | 5.9x | 2.6x | Bottom tier | |
Capital Return | 73 | 3.78% | 2.12% | Top tier | |
Momentum | 40 | -12.7% | 2.9% | Around median | |
Sentiment | 88 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
American Tower Corporation operates digital infrastructure that includes communications towers in the United States and Canada, Europe, Africa, and Latin America, alongside the CoreSite data center platform. The revenue model relies on leasing tower sites and facilities to network operators, with periodic contractual escalators and revenue from adding equipment and new sites, while CoreSite generates revenue from highly interconnected colocation and direct connectivity among enterprises, cloud providers, and artificial intelligence companies. In fiscal year 2026 quarter 2, growth came from the global tower portfolio and CoreSite, which recorded its fifth consecutive quarter of double-digit revenue growth.
American Tower generated approximately $2.75 billion in revenue in fiscal year 2026 quarter 2, and adjusted earnings per share were $1.87. Property revenue grew by more than 5% year over year after excluding non-cash straight-line revenue and currency effects, and growth increased to more than 7% after neutralizing the one-time impact of the DISH exit; cash data center revenue also grew by approximately 12%. At the tower level, organic growth was approximately 1% in the United States and Canada and approximately 5% excluding the DISH impact, approximately 11% in Africa and Asia-Pacific, and approximately 4% in Europe, while it declined by more than 2% in Latin America due to higher churn in Brazil.
Adjusted EBITDA grew by more than 3% in fiscal year 2026 quarter 2 after excluding currency and straight-line effects, or by more than 6% after neutralizing the DISH impact. The adjusted cash EBITDA margin declined by approximately 40 basis points year over year due to the DISH impact and the timing of general and administrative expenses, but increased by approximately 30 basis points when excluding DISH. Attributable AFFO per share increased by approximately 1% after excluding currency, or by more than 5% after neutralizing the DISH impact and refinancing costs.
The average analyst price target is $209.89, approximately 2.3% above the 52-week range high of $205.22, while the target range extends from $188 to $240 versus an annual range of $160.06 to $205.22. The “Buy” consensus supports the positive outlook, but the $52 spread between the lowest and highest targets reflects significant variation in assessments of CoreSite's growth impact versus DISH and interest-rate pressures and weak currency-neutral AFFO growth in fiscal year 2026.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Revenue was approximately $2.75 billion, and adjusted earnings per share were $1.87 in fiscal year 2026 quarter 2. Property revenue grew by more than 5% year over year after excluding currency and straight-line effects, or by more than 7% after neutralizing the DISH impact. CoreSite also achieved cash growth of nearly 12% and recorded new business during the quarter exceeding what it added throughout 2021.
CoreSite is American Tower's fastest-growing segment, and the company raised its fiscal year 2026 revenue growth forecast from 13% to approximately 15%. The facilities host 9 of the 10 largest artificial intelligence companies and 3 of the 5 largest emerging cloud companies, with demand for direct connectivity and data transfer between cloud and artificial intelligence environments. Since the acquisition in 2021, operating capacity has increased 1.5 times, and the development pipeline provides a path to nearly three times the existing capacity.
The DISH impact reduces attributable AFFO per share growth in fiscal year 2026 by approximately 400 basis points. In fiscal year 2026 quarter 2, consolidated organic growth was approximately 2% but increased to nearly 4% after excluding DISH, while growth in the United States and Canada was approximately 1% or nearly 5% after neutralizing it. Management says this non-recurring impact makes fiscal year 2026 a trough year for AFFO growth, with its pressure expected to disappear in fiscal year 2027.
Automated analysis for informational purposes only — not investment advice.
Management said on the July 28, 2026 call that operators had moved into the capacity and densification phase, reflected in an increase in new colocation sites within the demand pipeline. The company expects new activity to contribute approximately 250 basis points to organic tenant billings growth in the United States during fiscal year 2026, alongside contractual escalators of approximately 3%. It also expects approximately 800 megahertz of new spectrum to become available over the following years, beginning with the upper C-band in 2027, which could support equipment modifications and additional sites.
Leverage was 4.9 times at the end of fiscal year 2026 quarter 2, within the target range of 3 to 5 times. The company plans to spend approximately $1.9 billion on its capital program during the year, including more than $700 million for data centers and approximately $370 million for tower construction. Since the beginning of fiscal year 2026, it has allocated more than $200 million to share repurchases, with approximately $1.4 billion remaining under an authorized $2 billion program.
The company expects attributable AFFO per share growth of approximately 3%, but it is close to zero on a currency-neutral basis. DISH creates a headwind of approximately 400 basis points, higher refinancing costs create a headwind of approximately 150 basis points, and the decline in services revenue from approximately $340 million to nearly $245 million adds a headwind of approximately 100 basis points. After neutralizing these non-recurring items, management estimated growth of approximately 7% on a currency-neutral basis.
