MeritValue

AMERICAN TOWER CORP /MA/

AMTdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$717.2M1$840.7M2$747.3M3$774.6M3$935.9M3
Net income$2.57B4$1.7B5$1.37B6$2.28B6$2.63B6
Operating cash flow$4.82B7$3.7B8$4.72B9$5.29B9$5.46B9
Capital expenditure$1.38B10$1.87B11$1.8B12$1.59B12$1.68B12
Free cash flow (derived)$3.44B7$1.82B8$2.92B9$3.7B9$3.78B9
Total debt$48.1B13$43.4B14$3.07B15$3.69B16$3.39B16
Cash & equivalents$1.95B17$1.55B18$1.75B19$2B19$1.47B19
Diluted shares453.3M462.8M467.2M468.1M468.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000021%
of the whole company
Your share of last year’s profit
$56.07
Your share of its debt
$72.27
Your share of free cash flow
$80.72
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$208.96
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth9.1%
  • fcfBase$3.7B
DCF · Growth Exit 5Y
$166.59
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth9.1%
  • fcfBase$3.7B
Earnings Power Value
$51.26
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.28B
  • growthAssumed0.0%
Graham Number
$30.77
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years9.1%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $166.59

Default growth 9.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001053507-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001053507-25-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001053507-26-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001053507-24-000011 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001053507-25-000025 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001053507-26-000035 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001053507-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001053507-25-000025 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001053507-26-000035 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001053507-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001053507-25-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001053507-26-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001053507-23-000023 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001053507-24-000011 (LongTermDebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001053507-25-000025 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001053507-26-000035 (LongTermDebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001053507-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001053507-25-000025 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001053507-26-000035 (CashAndCashEquivalentsAtCarryingValue)