American Tower Corporation Financial Ratios — AMT Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	3.51	4.84	3.21	3.97	2.84	3.31	3.87	3.73	4.98	3.76	4.38	2.58	2.23	3.55	4.07
Return on Capital (%)	13.28	15.08	9.75	10.17	7.88	8.94	10.01	- -	- -	7.18	7.39	5.46	5.75	7.34	7.8
Return on Invested Capital (%)	7.01	8.19	7.06	7.5	6.13	6.49	7.94	- -	- -	7.3	5.86	4.58	5.72	7.49	7.85
Gross Margin (%)	74.68	74.94	74.47	73.36	72.61	69.1	69.14	70.77	70.79	72.3	71.34	73.36	74.42	74.58	74.18
EBITDA Margin (%)	60.39	61.34	59.93	60.75	60.74	59.32	59.4	60.42	60.76	62.3	60.5	65.09	66.15	66.43	65.49
Operating Margin (%)	37.66	38.93	36.12	36.27	33.8	32.95	33.65	32.05	37.3	38.89	35.57	30.3	35.32	45.45	46.31
Incremental Operating Margin (%)	29.63	46.15	19.48	36.91	18.75	28.97	38.26	18.29	316.05	65.03	15.27	-140.62	167.42	927.13	63.05
Pretax Margin (%)	20.74	24.38	16.12	21.11	17.39	19.46	18.85	15.52	25.28	22.65	30.24	21.63	15.27	35.79	28.6
Profit Margin (%)	16.22	22.16	16.4	20.12	14.36	16.53	18.59	16.62	24.9	21.02	27.44	18.31	14.81	22.27	23.76
Net Income to Common Margin (%)	16.22	22.16	16.4	19.54	12.47	14.68	17.28	16.49	24.9	21.02	27.44	18.31	14.81	22.27	23.76
Effective Tax Rate (%)	24.68	15.3	10.99	7.22	19.04	13.81	2.44	- -	- -	7.12	9.25	5.41	5.94	10.11	13.66
Dvd Payout Ratio (%)	37.52	64.56	105.23	52.37	124.02	101	95.78	103.85	82.4	113.93	88.45	138.14	223.04	93.64	115.75
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	7,236	8,753	14,478	14,540	17,119	18,534	20,205	21,160	31,060	36,712	52,009	47,051	46,307	43,954	44,964
ST Debt	102	60	70	897	50	239	775	2,755	3,423	1,330	5,281	5,303	3,758	4,270	3,973
LT Debt	7,134	8,693	14,408	13,643	17,069	18,295	19,430	18,405	27,638	35,382	46,727	41,748	42,549	39,684	40,991
Total Debt/EBITDA	4.9	4.96	7.19	5.84	5.91	5.4	5.1	4.71	6.74	7.33	9.19	7.49	6.99	6.53	6.45
Net Debt/EBITDA	4.68	4.75	7.04	5.71	5.8	5.17	4.9	4.44	4.9	5.5	7.3	5.84	5.59	5.13	5.13
Total Debt/EBIT	7.86	7.82	11.92	9.78	10.61	9.72	9.01	8.87	10.98	11.74	15.63	16.1	13.09	9.55	9.12
Net Debt/EBIT	7.51	7.49	11.68	9.57	10.42	9.31	8.65	8.37	7.98	8.81	12.41	12.54	10.47	7.5	7.25
EBITDA to Interest Expense	4.71	4.38	4.38	4.28	4.86	4.78	5.28	5.45	5.66	6.31	6.5	5.53	4.77	4.79	5.13
EBITDA-CapEx/Interest Expense	3.04	2.97	2.81	2.61	3.64	3.83	4.21	4.34	4.44	5.01	4.92	3.88	3.48	3.66	3.89
EBIT to Interest Expense	2.94	2.78	2.64	2.56	2.7	2.65	2.99	2.89	3.47	3.94	3.82	2.57	2.55	3.28	3.63
Interest Expense	313	403	460	582	597	718	750	826	814	794	871	1,136	1,388	1,404	1,359
Common Equity/Total Assets	-12.04	-8.47	-5.31	-3.92	-3.7	-3.47	-3.17	-3.62	-2.37	-2.83	-1.63	-3.12	-5.5	-7.24	-8.04
Long-Term Debt/Equity (%)	209.21	235.96	401.34	336.58	254.27	226.77	244.27	266.57	419.58	740.13	515.21	336.45	391.6	411.29	395.85
Long-Term Debt/Capital (%)	121.23	113.32	107.07	98.81	105.45	97.5	93.13	85.47	87.52	98.12	85.18	80.61	86.24	86.64	87.99
Long-Term Debt/Total Assets (%)	58.28	61.7	71.03	64.16	63.44	59.25	58.5	55.76	64.57	74.91	66.86	62.13	64.44	64.97	64.87
Total Debt/Equity (%)	212.2	237.59	403.29	358.72	255.02	229.73	254.01	306.47	471.55	767.95	573.44	379.18	426.19	455.54	434.21
Total Debt/Capital (%)	122.96	114.1	107.59	105.31	105.76	98.77	96.84	98.27	98.36	101.81	94.8	90.85	93.85	95.97	96.52
Total Debt/Total Assets (%)	59.11	62.13	71.38	68.38	63.63	60.02	60.83	64.1	72.57	77.72	74.42	70.02	70.13	71.96	71.16
Net Debt to Equity	202.52	227.59	395.11	350.99	250.24	219.97	243.93	288.96	342.41	576.12	455.41	295.3	340.97	357.58	345.19
Net Debt/Capital (%)	124.32	114.81	107.76	105.44	105.88	98.72	96.71	98.16	74.98	80.26	78.07	73.63	77.85	78.77	79.24
EBITDA	1,476	1,764	2,014	2,491	2,898	3,432	3,958	4,495	4,606	5,010	5,661	6,278	6,623	6,728	6,971
EBITDA-CapEx	953	1,196	1,290	1,516	2,169	2,750	3,155	3,582	3,615	3,978	4,284	4,404	4,825	5,138	5,290
Operating Income (Loss)	920	1,120	1,214	1,487	1,613	1,907	2,243	2,385	2,828	3,128	3,328	2,923	3,537	4,603	4,929

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.45	0.59	0.33	0.17	0.27	0.49	0.32	0.26	0.27	0.48	0.22	0.24	0.24	0.28	0.21
Current Ratio	0.99	1.32	1.06	0.5	0.83	1.04	0.81	0.51	0.47	0.79	0.41	0.44	0.51	0.45	0.4
Quick Ratio	0.68	0.91	0.61	0.29	0.51	0.73	0.59	0.4	0.4	0.68	0.33	0.38	0.35	0.39	0.34
CFO/Avg Current Liab	1.76	2	2.04	1.49	1.38	1.91	1.41	1.04	0.74	0.85	0.76	0.43	0.61	0.74	0.78
Common Equity/Total Assets	-12.04	-8.47	-5.31	-3.92	-3.7	-3.47	-3.17	-3.62	-2.37	-2.83	-1.63	-3.12	-5.5	-7.24	-8.04
Long-Term Debt/Equity (%)	209.21	235.96	401.34	336.58	254.27	226.77	244.27	266.57	419.58	740.13	515.21	336.45	391.6	411.29	395.85
Long-Term Debt/Capital (%)	121.23	113.32	107.07	98.81	105.45	97.5	93.13	85.47	87.52	98.12	85.18	80.61	86.24	86.64	87.99
Long-Term Debt/Total Assets (%)	58.28	61.7	71.03	64.16	63.44	59.25	58.5	55.76	64.57	74.91	66.86	62.13	64.44	64.97	64.87
Total Debt/Equity (%)	212.2	237.59	403.29	358.72	255.02	229.73	254.01	306.47	471.55	767.95	573.44	379.18	426.19	455.54	434.21
Total Debt/Capital (%)	122.96	114.1	107.59	105.31	105.76	98.77	96.84	98.27	98.36	101.81	94.8	90.85	93.85	95.97	96.52
Total Debt/Total Assets (%)	59.11	62.13	71.38	68.38	63.63	60.02	60.83	64.1	72.57	77.72	74.42	70.02	70.13	71.96	71.16
CFO/Total Liabilities	13.2	13.59	9.58	12.4	10.73	11.84	11.58	14.36	10.36	9.14	7.93	6.75	8.56	10.29	10.34
CFO/CapEx	2.23	2.49	2.21	2.19	2.97	3.96	3.64	4.1	3.79	3.76	3.5	1.97	2.63	3.33	3.25
Altman's Z-Score	2.09	2.4	1.73	2.01	1.86	1.91	2.21	2.26	2.18	2	1.65	1.37	1.42	1.41	1.34

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	26.92	23.56	22.81	23.41	22.38	21.6	16.21	15.3	16.46	16.52	15.09	12.97	15.33	18.62	17.89
Days Sales Outstanding	13.56	15.49	16	15.59	16.31	16.9	22.51	23.86	22.18	22.1	24.2	28.14	23.8	19.6	20.41
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	2.43	4.72	6.54	8.3	13.97	16.6	15.72	15.89	15.88	15.51	13.04	10.47	10.9	10.46	10.98
Accounts Payable Turnover Days	150	77.36	55.82	43.99	26.13	21.99	23.21	22.97	22.99	23.53	28	34.88	33.48	34.89	33.24
Cash Conversion Cycle	-136.44	-61.87	-39.82	-28.4	-9.82	-5.09	-0.7	0.89	-0.81	-1.43	-3.81	-6.74	-9.68	-15.29	-12.84
Inventory to Cash Days	13.56	15.49	16	15.59	16.31	16.9	22.51	23.86	22.18	22.1	24.2	28.14	23.8	19.6	20.41
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	23,747	30,504	31,532	39,140	40,613	44,929	61,089	69,541	101,654	99,579	132,063	97,777	100,614	85,654	82,153
- Cash & Cash Equivalents	330	369	294	313	321	787	802	1,209	1,501	1,746	1,950	2,028	1,754	2,000	1,475
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	123	111	56	100	61	1,304	1,713	1,568	1,532	687	3,988	6,836	6,667	6,266	6,703
+ Total Debt	7,236	8,753	14,478	14,540	17,119	18,534	20,205	21,160	31,060	36,712	52,009	47,051	46,307	43,954	44,964
Enterprise Value	30,753	38,994	45,754	53,461	57,473	63,975	82,203	91,061	132,744	135,232	186,110	149,636	151,834	133,875	132,345
Total Capital	5,885	7,672	13,457	13,807	16,186	18,764	20,864	21,533	31,580	36,060	54,859	51,790	49,340	45,801	46,586
Total Debt/Capital (%)	122.96	114.1	107.59	105.31	105.76	98.77	96.84	98.27	98.36	101.81	94.8	90.85	93.85	95.97	96.52
Total Debt / EV	0.24	0.22	0.32	0.27	0.3	0.29	0.25	0.23	0.23	0.27	0.28	0.31	0.3	0.33	0.34
EV/Sales	12.59	13.56	13.61	13.04	12.04	11.06	12.34	12.24	17.51	16.82	19.89	15.51	15.16	13.22	12.43
EV/EBITDA	20.84	22.11	22.71	21.46	19.83	18.64	20.77	20.26	28.82	26.99	32.88	23.84	22.92	19.9	18.99
EV/EBIT	33.42	34.82	37.68	35.95	35.64	33.55	36.66	38.19	46.94	43.24	55.92	51.2	42.93	29.08	26.85
EV/Cash Flow to Firm	21.94	22.21	22.78	19.99	21.69	19.27	22.48	19.57	29.07	29.28	33.17	31.37	25.19	20.43	19.94
EV/Free Cash Flow to Firm	15.98	16.78	16.74	14.65	17.01	15.98	18.43	16.36	23.88	23.93	26.64	22.52	19.4	16.44	15.91
Diluted Market Cap	24,016	30,853	31,860	39,549	41,011	45,367	61,589	70,072	102,389	100,133	132,588	98,038	100,851	85,858	82,300
Diluted Enterprise Value	31,045	39,349	46,100	53,875	57,871	64,417	82,705	91,591	133,480	135,785	186,636	149,897	152,071	134,079	132,492
EV per Share	77.72	98.78	115.82	135.02	137.2	150.48	191.98	207.14	300.11	304.82	412.21	324.23	325.78	286.66	282.84
TTM Sales	2,444	2,876	3,361	4,100	4,772	5,786	6,664	7,440	7,580	8,042	9,357	9,645	10,012	10,127	10,645
TTM EBITDA	1,476	1,764	2,014	2,491	2,898	3,432	3,958	4,495	4,606	5,010	5,661	6,278	6,623	6,728	6,971
TTM Operating Income	920	1,120	1,214	1,487	1,613	1,907	2,243	2,385	2,828	3,128	3,328	2,923	3,537	4,603	4,929
TTM Cash Flow to Firm	1,402	1,756	2,008	2,674	2,650	3,321	3,657	4,653	4,567	4,618	5,610	4,771	6,028	6,553	6,638
TTM Free Cash Flow to Firm	1,925	2,324	2,733	3,649	3,379	4,003	4,460	5,566	5,558	5,650	6,987	6,644	7,826	8,143	8,318

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	14.22	15.56	13.71	12.72	14.16	13.41	16.52	15.03	21.58	20.38	21.4	17.6	15.47	12.48	11.52
EV/EBIT	33.42	34.82	37.68	35.95	35.64	33.55	36.66	38.19	46.94	43.24	55.92	51.2	42.93	29.08	26.85
Enterprise Value	30,753	38,994	45,754	53,461	57,473	63,975	82,203	91,061	132,744	135,232	186,110	149,636	151,834	133,875	132,345
Low Price	45.85	57.98	67.89	78.38	86.83	83.07	102.51	130.37	153.93	174.32	197.5	178.17	154.58	170.46	170.77
EV/Sales	12.59	13.56	13.61	13.04	12.04	11.06	12.34	12.24	17.51	16.82	19.89	15.51	15.16	13.22	12.43
EV/EBITDA	20.84	22.11	22.71	21.46	19.83	18.64	20.77	20.26	28.82	26.99	32.88	23.84	22.92	19.9	18.99
Price/Earnings	59.9	47.87	57.19	48.86	68.27	52.9	53.05	56.68	53.85	58.9	51.43	55.37	67.83	37.98	32.48
Price/Earnings Average	53.22	42.38	54.86	44.72	67.49	52.99	48.38	52.21	47.67	63.39	45.61	62.73	61.01	42.22	37.1
Price/Earnings High	60.79	47.87	61.09	52.55	73.32	59.2	57.74	60.4	56.7	71.43	53.41	76.46	74.02	50.44	43.35
Price/Earnings Low	45.76	35.92	48.64	38.74	61.14	41.58	38.12	46.71	36.07	45.74	34.73	46.57	48.57	35.3	31.59
Price/Book Value	-16.11	-25.57	-29.26	-46.97	-40.85	-41.88	-57.98	-58.19	-100.42	-74.4	-116.08	-46.63	-27.69	-19.38	-16.17
Price/Book Value Average	-14.32	-22.64	-28.07	-42.99	-40.38	-41.95	-52.87	-53.6	-88.9	-80.08	-102.94	-52.82	-24.9	-21.54	-18.47
Price/Book Value High	-16.35	-25.57	-31.26	-50.51	-43.87	-46.87	-63.1	-62.02	-105.74	-90.23	-120.53	-64.38	-30.21	-25.74	-21.58
Price/Book Value Low	-12.31	-19.19	-24.89	-37.24	-36.58	-32.92	-41.66	-47.96	-67.26	-57.78	-78.38	-39.21	-19.82	-18.01	-15.73
Price/Tangible Book Value	-13.48	-12.9	-4.61	-5.75	-5.63	-5.43	-6.45	-7.12	-8.54	-6.09	-5.28	-5.28	-5.87	-5.16	-5
Price/Tangible Book Value Average	-11.98	-11.42	-4.43	-5.27	-5.56	-5.44	-5.88	-6.56	-7.56	-6.56	-4.68	-5.98	-5.28	-5.74	-5.71
Price/Tangible Book Value High	-13.69	-12.9	-4.93	-6.19	-6.04	-6.07	-7.02	-7.58	-8.99	-7.39	-5.48	-7.29	-6.4	-6.85	-6.67
Price/Tangible Book Value Low	-10.3	-9.68	-3.92	-4.56	-5.04	-4.27	-4.64	-5.86	-5.72	-4.73	-3.57	-4.44	-4.2	-4.8	-4.86
Price/Sales	9.72	10.61	9.38	9.55	8.51	7.77	9.17	9.35	13.41	12.38	14.11	10.14	10.05	8.46	7.72
Price/Sales Average	8.64	9.39	9	8.74	8.41	7.78	8.36	8.61	11.87	13.33	12.52	11.48	9.04	9.4	8.82
Price/Sales High	9.86	10.61	10.02	10.27	9.14	8.69	9.98	9.96	14.12	15.02	14.66	14	10.97	11.23	10.3
Price/Sales Low	7.43	7.96	7.98	7.57	7.62	6.1	6.59	7.7	8.98	9.62	9.53	8.53	7.2	7.86	7.51
Price/Cash Flow	20.37	21.57	19.72	18.34	18.74	16.63	20.88	18.55	27.09	25.66	27.4	26.45	21.31	16.19	15.04
Price/Cash Flow Average	18.1	19.1	18.92	16.78	18.53	16.66	19.04	17.09	23.98	27.61	24.3	29.97	19.16	18	17.17
Price/Cash Flow High	20.67	21.57	21.06	19.72	20.13	18.61	22.73	19.77	28.52	31.11	28.45	36.53	23.25	21.5	20.07
Price/Cash Flow Low	15.56	16.18	16.77	14.54	16.79	13.07	15	15.29	18.14	19.92	18.5	22.25	15.26	15.05	14.62
Price/Free Cash Flow Average	12.63	13.78	13.15	11.64	14	13.43	15.06	13.85	19.11	21.94	18.98	19.94	13.91	13.87	13.16
Price/Free Cash Flow High	14.43	15.56	14.65	13.68	15.21	15	17.98	16.02	22.73	24.72	22.22	24.31	16.88	16.57	15.37
Price/Free Cash Flow Low	10.86	11.68	11.66	10.09	12.68	10.54	11.87	12.39	14.46	15.83	14.45	14.8	11.07	11.6	11.2
EV/Sales Average	11.51	12.35	13.24	12.23	11.95	11.07	11.53	11.5	15.97	17.76	18.29	16.86	14.15	14.16	13.53
EV/Sales High	12.74	13.56	14.26	13.76	12.67	11.98	13.15	12.85	18.22	19.45	20.43	19.37	16.08	15.99	15.02
EV/Sales Low	10.3	10.91	12.22	11.06	11.16	9.4	9.76	10.6	13.08	14.05	15.31	13.9	12.31	12.62	12.22
EV/EBITDA Average	19.06	20.13	22.08	20.13	19.67	18.66	19.41	19.04	26.29	28.51	30.24	25.91	21.4	21.32	20.66
EV/EBITDA High	21.1	22.11	23.79	22.65	20.87	20.2	22.13	21.27	29.99	31.22	33.77	29.77	24.31	24.07	22.93
EV/EBITDA Low	17.06	17.79	20.38	18.21	18.37	15.84	16.42	17.54	21.53	22.55	25.3	21.36	18.61	19	18.66
EV/EBIT Average	30.57	31.71	36.64	33.73	35.35	33.59	34.26	35.89	42.82	45.67	51.43	55.64	40.07	31.16	29.22
EV/EBIT High	33.83	34.83	39.46	37.94	37.5	36.36	39.06	40.1	48.85	50.01	57.44	63.94	45.52	35.19	32.43
EV/EBIT Low	27.36	28.03	33.81	30.51	33.01	28.51	28.99	33.06	35.07	36.13	43.03	45.88	34.85	27.77	26.39
Last Price	60.01	77.27	79.82	98.85	96.95	105.68	142.67	158.19	229.82	224.46	292.5	211.86	215.88	183.41	175.57
High Price	60.91	77.27	85.26	106.31	104.12	118.26	155.28	168.58	242	272.2	303.72	292.55	235.57	243.56	234.33
Enterprise Value Average	28,130	35,505	44,488	50,148	57,009	64,052	76,821	85,576	121,085	142,826	171,164	162,628	141,716	143,435	144,031
Enterprise Value High	31,132	39,000	47,922	56,421	60,476	69,327	87,604	95,628	138,132	156,411	191,176	186,876	161,011	161,966	159,840
Enterprise Value Low	25,172	31,385	41,060	45,362	53,233	54,367	65,009	78,831	99,177	112,988	143,218	134,088	123,265	127,828	130,099

Shares Outstanding	394	395	395	397	424	427	429	441	443	444	456	466	466	467	466
Diluted Weighted Avg Shares	400	399	399	400	423	429	432	443	446	446	453	463	467	468	469
Basic Weighted Avg Shares	396	395	395	396	419	425	428	440	442	444	451	462	466	467	468
Revenue per Share	6.18	7.29	8.51	10.35	11.39	13.61	15.56	16.92	17.14	18.13	20.72	20.9	21.48	21.69	22.75
EBITDA per Share	3.73	4.47	5.1	6.29	6.92	8.07	9.24	10.23	10.41	11.29	12.54	13.6	14.21	14.41	14.9
Operating Income per Share	2.33	2.84	3.07	3.76	3.85	4.48	5.24	5.42	6.39	7.05	7.37	6.33	7.59	9.86	10.53
Basic EPS, GAAP	1	1.61	1.4	2.02	1.42	2	2.69	2.79	4.27	3.81	5.69	3.83	3.18	4.83	5.41
Basic EPS from Cont Ops	0.96	1.5	1.22	2.03	1.6	2.28	2.86	2.88	4.33	3.81	5.69	4.28	3.09	6.98	5.62
Diluted EPS, GAAP	0.99	1.6	1.38	2	1.41	1.98	2.67	2.77	4.24	3.79	5.66	3.82	3.18	4.82	5.4
Diluted EPS from Cont Ops	0.95	1.49	1.21	2.01	1.59	2.26	2.84	2.86	4.3	3.79	5.66	4.26	3.08	6.96	5.61
Dividend per Share	0.35	0.9	1.1	1.06	1.9	2.34	2.72	3.05	3.62	4.35	5.03	5.7	6.33	6.58	6.75
Cash Flow per Share	2.95	3.58	4.05	5.39	5.17	6.35	6.83	8.53	8.48	8.75	10.68	8.01	10.13	11.33	11.68
Free Cash Flow per Basic Share	1.62	2.14	2.21	2.93	3.43	4.75	4.96	6.45	6.24	6.42	7.63	3.95	6.27	7.92	8.09
Cash & Equivalents per Share	0.89	0.95	0.79	0.81	0.77	1.86	1.88	2.75	3.39	3.94	4.32	4.4	3.76	4.28	3.15
Book Value per Share	-3.72	-3.02	-2.73	-2.1	-2.37	-2.52	-2.46	-2.72	-2.29	-3.02	-2.52	-4.54	-7.8	-9.46	-10.86
Tangible Book Value per Share	-4.45	-5.99	-17.3	-17.18	-17.23	-19.47	-22.11	-22.23	-26.93	-36.84	-55.39	-40.15	-36.8	-35.53	-35.11

American Tower Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)