American Tower Corp

American Tower owns and operates cell towers and communications sites across the globe. Wireless carriers, broadcasters, and government agencies rent space on these towers under long-term contracts to install their antennas and equipment. The company also offers related services like zoning, permitting, and construction management to support tenant equipment installations.

American Tower is one of the world's largest real estate investment trusts (REITs) specializing in wireless infrastructure — it owns and leases space on over 149,000 cell towers globally to carriers like Verizon and AT&T [Yahoo Finance]. The company generates $10.6B in annual revenue with strong 73.7% gross margins, but trades at 29.5x earnings and carries 7.1x net debt to EBITDA, reflecting both its stable cash flow model and high leverage [Yahoo Finance]. Recent news highlights a Bernstein upgrade to Outperform with a $207 price target, citing durable 5G demand and declining interest rate sensitivity [Yahoo Finance].

American Tower generates strong cash flow from its tower leasing business, but carries elevated debt levels typical of infrastructure REITs.