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Held by 1,662 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $175.58 today, the market must believe free cash flow compounds 10.3%/yr for a decade (off $3.5B normalized FCF).
The market's 10.3% is more optimistic than its 9-yr track record.
2-stage DCF · 0.47B shares · net debt $1.9B
mean 11.4% · volatility σ 30% · implied rate exceeded in 4/9 yrs
Central path = implied 10.3%/yr growth; shaded band = ±1σ (30%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
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
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
7/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
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: $3.2B dividends + $365M buybacks = $3.5B returned on $3.8B 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: 37%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.5B is below the $4.5B 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).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~40.1% on $3.4B of debt.
Cash of $1.5B is below short-term debt of $3.4B — 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 2026-09-17
How a revenue dollar becomes profit — FY2025
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.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 38th 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
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
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, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
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 | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
Peers = companies sharing AMT's sector (Real Estate) 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.