American Tower stock forecast
American Tower's weighted scenario is $189.17 in October 2027. American Tower's outcome hinges on leasing outrunning churn and CoreSite capacity becoming paying rent before leverage constrains the business.
Where could American Tower's shares be by 2029?
The weighted price is $189.17 in October 2027. That represents an 8% return including dividends. The weighted price is $205.62 in October 2029. That represents a 26% return including dividends. The bear case has a 25% probability, and the base case has 55%. The bull case has 20%.
The weighted price is $189.17 in October 2027, an 8% return including dividends. It reaches $196.80 in October 2028, a 17% return. By October 2029, it reaches $205.62, a 26% return.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 25 % | 163.68 (-6 %) | 152.41 (-8 %) | 142.60 (-10 %) |
| Base | 55 % | 191.53 (+10 %) | 200.13 (+19 %) | 209.13 (+28 %) |
| Bull | 20 % | 214.57 (+23 %) | 243.14 (+43 %) | 274.76 (+65 %) |
| Weighted | 100 % | 189.17 (+8 %) | 196.80 (+17 %) | 205.62 (+26 %) |
What this means. The weighted row is a probability-based average of the bear, base, and bull cases, not a guaranteed share price.
What has to go right or wrong for American Tower?
The bear case starts with a 1.5% decline, then remains flat before recovering slightly. That reflects cancellations exceeding new leasing, only 0.5% U.S. and Canada organic-billings guidance, and refinancing pressure. The bull case assumes 7.0% annual growth because carrier amendments, colocations and CoreSite lease-up overcome current weakness; CoreSite revenue was already growing 13.4%.
How much cash does American Tower really make?
FFO starts with accounting earnings and removes much of the depreciation and property-sale noise. AFFO then makes company-defined adjustments for straight-line rent, stock compensation, taxes and financing, while deducting capital improvements. In 2025, AFFO per share was $10.76 against a dividend of $6.80, producing a 63.2% payout.
Maintenance capital was modest relative to property revenue, which supports the idea that mature towers need limited recurring investment. But redevelopment, new capacity, land purchases and data-center construction require additional cash. Operating cash flow was $5,464.0 million, while free cash flow after total capital expenditure was approximately $3,743 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| AFFO (company's measure) | 5,041.6 | 4,661.1 | 4,397.5 | ||
| AFFO per share (company's measure) | 10.76 | 9.96 | 9.41 | ||
| Dividends paid | 3,157.2 | 3,074.9 | 2,949.3 | 2,630.4 | 2,271.0 |
| AFFO payout ratio | 63.2% | 65.1% | 68.5% |
What this means. The company’s adjusted profit measure excludes its India business and assumes a full year of savings from repaying debt, so it does not show exactly what the company actually earned.
What does an investor pay today for American Tower?
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 181.36 |
| Market value (calculated) | 84,506.51 |
| Price to AFFO (calculated) | 16.5x |
| Dividend yield (calculated) | 3.9% |
What this means. The market value uses the number of shares counted on July 21, so it may not exactly match the company's value today.