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Held by 1,679 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $169.1B | 168.8× | — | 15.6× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,546 |
| PLD | $120.6B | 35.7× | — | 13.7× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,671 |
| EQIX | $98.3B | 72.4× | 25.1× | 10.7× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | -0.1× | 1,313 |
| AMT | $84.5B | 33.6× | 20.2× | 7.9× | 5.1% | — | 24.7% | 72.0% | 6.4% | 6.0× | 1,679 |
| SPG | $65.8B | 14.3× | — | 10.3× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,317 |
| DLR | $64.7B | 48.7× | — | 10.6× | 10.0% | — | 21.4% | 5.7% | 5.7% | — | — |
| PSA | $55.2B | 32.8× | — | 11.4× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,087 |
| O | $52.6B | 47.5× | — | 9.1× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,430 |
| VTR | $43.5B | 157.2× | — | 7.5× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 923 |
| CCI | $34.0B | 79.2× | 23.8× | 8.0× | -4.4% | 97.3% | 10.4% | -27.2% | 1.7% | 10.5× | 909 |
| IRM | $33.5B | 230.0× | 22.8× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.4× | 1,127 |
| EXR | $29.1B | 30.0× | 13.6× | 8.6× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | -0.1× | 769 |
| AVB | $27.1B | 25.6× | 12.3× | 8.9× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.1× | 733 |
| VICI | $25.8B | 9.0× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 914 |
| SBAC | $19.5B | 18.8× | 21.8× | 6.9× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.6× | 656 |
| ESS | $17.3B | 25.9× | 11.4× | 9.2× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | -0.1× | 609 |
| HST | $16.3B | 21.7× | — | 2.7× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 718 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.4× | 673 |
| LAMR | $15.0B | 25.7× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 741 |
| SUI | $14.1B | 10.7× | 116.2× | 6.1× | 2.0% | — | 61.3% | 20.3% | 20.3% | -4.9× | 513 |
| WY | $14.0B | 43.1× | 15.4× | 2.0× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.1× | 881 |
Peers = companies sharing AMT's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 84% of free cash flow — sustainable but with limited headroom. Last year: $3.18B dividends + $364.6M buybacks = $3.55B returned on $3.78B FCF.
9 consecutive years of dividend increases · 14%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.55B is below the $4.51B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (10-K).
Coverage is adequate but not comfortable. Effective rate ~3.7% on $37.22B of debt.
Cash of $1.47B is below short-term debt of $3.39B — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.64B 100.0% | $10.13B 100.0% | $10.01B 100.0% | $9.65B 100.0% | $9.36B 100.0% | $8.04B 100.0% | $7.58B 100.0% | $7.44B 100.0% | $6.66B 100.0% | $5.79B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | $43.1M 0.6% | $49.1M 0.7% | $34.6M 0.5% | — |
| Cost of Services | — | — | — | — | — | — | — | — | $34.6M 0.5% | $27.7M 0.5% |
| Selling, General & Admin | $940.7M 8.8% | $933.4M 9.2% | $946.0M 9.4% | $902.1M 9.4% | $811.6M 8.7% | $778.7M 9.7% | $730.4M 9.6% | $733.2M 9.9% | $637.0M 9.6% | $543.4M 9.4% |
| Total Operating Expenses | $5.80B 54.5% | $5.61B 55.4% | $6.89B 68.8% | $6.91B 71.6% | $6.22B 66.5% | $5.15B 64.1% | $4.89B 64.5% | $5.54B 74.4% | $4.67B 70.0% | $3.93B 68.0% |
| Operating Income | $4.85B 45.5% | $4.52B 44.6% | $3.13B 31.2% | $2.74B 28.4% | $3.13B 33.5% | $2.89B 35.9% | $2.69B 35.5% | $1.91B 25.6% | $2.00B 30.0% | $1.85B 32.0% |
| Interest Expense | $1.36B 12.8% | $1.40B 13.9% | $1.40B 14.0% | $1.14B 11.8% | $870.9M 9.3% | $793.5M 9.9% | $814.2M 10.7% | $825.5M 11.1% | $749.6M 11.2% | — |
| Interest & Investment Income | $134.0M 1.3% | $135.2M 1.3% | $118.6M 1.2% | $49.1M 0.5% | $40.4M 0.4% | $39.7M 0.5% | $46.8M 0.6% | $54.7M 0.7% | $35.4M 0.5% | — |
| Other Income (Expense), net | -$1.80B -16.9% | -$891.7M -8.8% | -$1.60B -15.9% | -$652.6M -6.8% | -$302.6M -3.2% | -$1.07B -13.3% | -$772.0M -10.2% | -$750.4M -10.1% | -$742.3M -11.1% | -$727.1M -12.6% |
| Pretax Income | $3.04B 28.6% | $3.62B 35.8% | $1.53B 15.3% | $2.09B 21.6% | $2.83B 30.2% | $1.82B 22.6% | $1.92B 25.3% | $1.15B 15.5% | $1.26B 18.8% | $1.13B 19.5% |
| Income Tax Expense | $415.7M 3.9% | $366.3M 3.6% | $90.8M 0.9% | $112.8M 1.2% | $261.8M 2.8% | $129.6M 1.6% | -$200K -0.0% | -$110.1M -1.5% | $30.7M 0.5% | $155.5M 2.7% |
| Net Income | $2.63B 24.7% | $2.28B 22.5% | $1.37B 13.7% | $1.70B 17.6% | $2.57B 27.4% | $1.69B 21.0% | $1.89B 24.9% | $1.24B 16.6% | $1.24B 18.6% | $956.4M 16.5% |
| Per Share | ||||||||||
| EPS (Basic) | $5.41 | $4.83 | $3.18 | $3.83 | $5.69 | $3.81 | $4.27 | $2.79 | $2.69 | $2.00 |
| EPS (Diluted) | $5.40 | $4.82 | $3.18 | $3.82 | $5.66 | $3.79 | $4.24 | $2.77 | $2.67 | $1.98 |
| Weighted Avg Shares (Basic) | 467.9M | 467.0M | 466.1M | 461.5M | 451.5M | 443.6M | 442.3M | 439.6M | 428.2M | 425.1M |
| Weighted Avg Shares (Diluted) | 468.8M | 468.1M | 467.2M | 462.8M | 453.3M | 446.1M | 445.5M | 443.0M | 431.7M | 429.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 48th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 72% against ROIC 6% — 66% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 74.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 0.7 | 0.6 | — | — | — | — | — | — |
| SG&A | 9.9 | 9.6 | 9.7 | 8.7 | 9.4 | 9.4 | 9.2 | 8.8 |
| Operating Income | 25.6 | 35.5 | 35.9 | 33.5 | 28.4 | 31.2 | 44.6 | 45.5 |
| Income Tax | -1.5 | -0.0 | 1.6 | 2.8 | 1.2 | 0.9 | 3.6 | 3.9 |
| Net Income | 16.6 | 24.9 | 21.0 | 27.4 | 17.6 | 13.7 | 22.5 | 24.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AMT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 32.0% | 16.5% |
| FY2017 | 99.5% | 30.0% | 18.6% |
| FY2018 | 99.3% | 25.6% | 16.6% |
| FY2019 | 99.4% | 35.5% | 24.9% |
| FY2020 | not reported | 35.9% | 21.0% |
| FY2021 | not reported | 33.5% | 27.4% |
| FY2022 | not reported | 28.4% | 17.6% |
| FY2023 | not reported | 31.2% | 13.7% |
| FY2024 | not reported | 44.6% | 22.5% |
| FY2025 | not reported | 45.5% | 24.7% |
Leverage and buybacks account for 66 points of the 72% return on equity in FY2025. The business earns 6% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.52x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 5% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Leverage is not measurable this way for a reit.
This schedule comes from a filing dated 2022-12-31, 1385 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2022-12-31 (10-K); cash from the 2022-12-31 balance sheet; FCF from FY2022.
Balance sheet at 2022-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $181.36, free cash flow must compound 16.04%/yr for 10 years. It has done 5.39%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 3.2% | 16.0% |
| FY2021 | 20.8% | 16.0% |
| FY2022 | −47.1% | 16.0% |
| FY2023 | 60.4% | 16.0% |
| FY2024 | 26.5% | 16.0% |
| FY2025 | 2.2% | 16.0% |
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.63B | $2.63B |
| Share-based comp | $174M | $2.80B |
| Other non-cash & working capital | $2.66B | $5.46B |
| Operating cash flow | $5.46B | $5.46B |
| Capex | −$1.68B | $3.78B |
| Free cash flow | $3.78B | $3.78B |
| FCF after SBC | $3.61B | $3.61B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 6.1% | 10.7% | 4.6 points |
| FY2021 | 16.4% | 42.5% | 26.1 points |
| FY2022 | 3.1% | 4.0% | 1.0 points |
| FY2023 | 3.8% | -27.8% | -31.6 points |
| FY2024 | 1.1% | -1.4% | -2.5 points |
| FY2025 | 5.1% | 20.4% | 15.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 22.3 days | not reported | 1254.2 days | -1232 days |
| FY2020 | 23.2 days | not reported | not reported | not reported |
| FY2021 | 28.4 days | not reported | not reported | not reported |
| FY2022 | 28.7 days | not reported | not reported | not reported |
| FY2023 | 20 days | not reported | not reported | not reported |
| FY2024 | 19.5 days | not reported | not reported | not reported |
| FY2025 | 22.3 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.4 percent |
| FY2020 | -4.6 percent |
| FY2021 | -3.2 percent |
| FY2022 | -3.0 percent |
| FY2023 | -5.1 percent |
| FY2024 | -4.9 percent |
| FY2025 | -4.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.