What is American Tower Corp worth?
With the base-case assumptions below, a discounted cash flow model on American Tower Corp's reported free cash flow gives $150.35 per share. The share price was $189.94 on November 10, 2026, 26% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 1.0% | 10.0% | $89.77 | -53% |
| Base | 6.0% | 9.0% | $150.35 | -21% |
| Bull | 11.0% | 8.0% | $263.43 | +39% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $193.96 | $207.27 | $223.54 | $243.88 | $270.03 |
| 8.0% | $161.42 | $170.05 | $180.25 | $192.49 | $207.46 |
| 9.0% | $137.63 | $143.54 | $150.35 | $158.29 | $167.68 |
| 10.0% | $119.51 | $123.71 | $128.47 | $133.90 | $140.18 |
| 11.0% | $105.26 | $108.34 | $111.78 | $115.65 | $120.03 |
Where the presets come from
Base: years 1 to 5 grow at American Tower Corp's revenue growth rate over the last 5 fiscal years (5.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions