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American Tower vs Welltower: revenue, profit, margins and growth compared

American Tower brought in $10.6B of revenue in fiscal 2025, Welltower $10.8B in fiscal 2025. Revenue changed by +5.1% at American Tower and +35.6% at Welltower on the year before, so Welltower grew faster. American Tower kept 23.8% of its revenue as net profit, Welltower 8.6%. Free cash flow was $3.8B at American Tower and $1.8B at Welltower.

Side by side, latest fiscal year

AMTWELL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$10.6B$10.8B
Revenue growth+5.1%+35.6%
Net income$2.5B$936.8M
Net margin23.8%8.6%
Free cash flow$3.8B$1.8B
Free cash flow margin35.5%16.9%
Earnings per share (diluted)$5.40$1.39
Cash$1.5B$5B
Debt$3.4B$19.2B
Price to earnings31.3166.4
Market value$78.8B$166.8B
Dividend yield3.98%1.22%
Rank by revenue in sector#2 of 162 · Real estate#1 of 162 · Real estate

Over the years

Revenue
AMT FY2018: $7.4BAMT FY2019: $7.6BAMT FY2020: $8BAMT FY2021: $9.4BAMT FY2022: $9.6BAMT FY2023: $10BAMT FY2024: $10.1BAMT FY2025: $10.6BWELL FY2018: $4.7BWELL FY2019: $5.1BWELL FY2020: $4.6BWELL FY2021: $4.7BWELL FY2022: $5.9BWELL FY2023: $6.6BWELL FY2024: $8BWELL FY2025: $10.8BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $10.6BWELL $10.8B
Net income
AMT FY2018: $1.2BAMT FY2019: $1.9BAMT FY2020: $1.7BAMT FY2021: $2.6BAMT FY2022: $1.8BAMT FY2023: $1.5BAMT FY2024: $2.3BAMT FY2025: $2.5BWELL FY2018: $758.3MWELL FY2019: $1.2BWELL FY2020: $978.8MWELL FY2021: $336.1MWELL FY2022: $141.2MWELL FY2023: $340.1MWELL FY2024: $951.7MWELL FY2025: $936.8MFY18FY19FY20FY21FY22FY23FY24FY25
AMT $2.5BWELL $936.8M
Net margin
AMT FY2018: 16.6%AMT FY2019: 24.9%AMT FY2020: 21.0%AMT FY2021: 27.4%AMT FY2022: 18.3%AMT FY2023: 14.8%AMT FY2024: 22.3%AMT FY2025: 23.8%WELL FY2018: 16.1%WELL FY2019: 24.1%WELL FY2020: 21.3%WELL FY2021: 7.1%WELL FY2022: 2.4%WELL FY2023: 5.1%WELL FY2024: 11.9%WELL FY2025: 8.6%FY18FY19FY20FY21FY22FY23FY24FY25
AMT 23.8%WELL 8.6%
Revenue growth
AMT FY2019: +1.9%AMT FY2020: +6.1%AMT FY2021: +16.4%AMT FY2022: +3.1%AMT FY2023: +3.8%AMT FY2024: +1.1%AMT FY2025: +5.1%WELL FY2019: +9.0%WELL FY2020: -10.1%WELL FY2021: +3.0%WELL FY2022: +23.6%WELL FY2023: +13.3%WELL FY2024: +20.4%WELL FY2025: +35.6%FY19FY20FY21FY22FY23FY24FY25
AMT +5.1%WELL +35.6%
Free cash flow
AMT FY2018: $2.8BAMT FY2019: $2.8BAMT FY2020: $2.8BAMT FY2021: $3.4BAMT FY2022: $1.8BAMT FY2023: $2.9BAMT FY2024: $3.7BAMT FY2025: $3.8BWELL FY2018: $1.3BWELL FY2019: $1.2BWELL FY2020: $1.1BWELL FY2021: $992.7MWELL FY2022: $852.7MWELL FY2023: $1.1BWELL FY2024: $1.4BWELL FY2025: $1.8BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $3.8BWELL $1.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about American Tower and Welltower

Which is bigger by revenue, American Tower or Welltower?

Welltower is bigger by revenue: $10.8B in fiscal 2025, against $10.6B for American Tower in fiscal 2025.

Which keeps more of its revenue as profit, American Tower or Welltower?

American Tower had a net margin of 23.8% in fiscal 2025; Welltower had 8.6% in fiscal 2025.

Which grew revenue faster, American Tower or Welltower?

In their latest fiscal years revenue changed by +5.1% at American Tower and +35.6% at Welltower.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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