Company / Operating Margin
American Tower Operating Margin History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
45.5%
FY2025
5-year range
28.4% / 45.5%
FY2021-FY2025
Trend
+2.1%
vs FY2024
Sector context
#23 of 70
Real Estate
What the data says
At 45.5%, American Tower's operating margin ranks #23 of 70 in the Real Estate sector. Operating Margin has increased for 3 consecutive years, from 28.4% in FY2022 to 45.5% in FY2025.
Based on SEC 10-K filings.
45.5% in FY2025 with a 5-year CAGR of +9.6%.
Improved from 33.5% to 45.5% over the past 2 years.
Real Estate sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- +17.1pp
- 5-Year Change
- +9.6pp
- 10-Year Change
- -
Sector benchmark
#23 of 70 in Real EstateTop 33% of 70This company 45.5% Sector average 27.4%
▼
+66.1% above sector average
Key checks
Key Insights
- American Tower's operating margin has grown for 3 consecutive years.
- In FY2025, operating margin increased 2.1% year-over-year.
- Currently 18.1pp above the Real Estate sector average.
- Lowest operating margin in the period was in FY2018.
Company context
Key Data Points
- Altman Z-Score 0.32 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 45.5% | +2.1% |
| FY2024 | 44.6% | +33.3% |
| FY2023 | 33.5% | +17.9% |
| FY2022 | 28.4% | -15.2% |
| FY2021 | 33.5% | -6.8% |
| FY2020 | 35.9% | +1.2% |
| FY2019 | 35.5% | +38.5% |
| FY2018 | 25.6% | -14.6% |
| FY2017 | 30.0% | -14.4% |
| FY2016 | 35.0% | +3.7% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026