Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
American Tower Corp
Physical assets are 45.5% of total assets, a mixed footprint. Capex is 0.82x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.9%, above an 8% cost-of-capital hurdle.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.37x.
Physical asset ratio
45.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.82x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$35.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $181.36.
Fixed-charge coverage
1.00x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.5%
Latest free cash flow divided by current market cap ($84.51B).
ROIC
8.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 34.4% | 0.66x | 0.43x | -$22.06 | 0.89x | $2.84B | 7.5% | 0.17x |
| 2019 | 45.6% | 0.39x | 0.56x | -$26.73 | 0.94x | $2.76B | 7.8% | 0.14x |
| 2020 | 43.9% | 0.39x | 0.55x | -$36.63 | 2.19x | $2.85B | 6.9% | 0.14x |
| 2021 | 42.1% | 0.32x | 0.59x | -$55.17 | 0.86x | $3.44B | 5.2% | 0.11x |
| 2022 | 43.2% | 0.33x | 0.56x | -$40.05 | 0.83x | $1.82B | 5.1% | 0.09x |
| 2023 | 43.4% | 0.35x | 0.58x | -$39.16 | 0.92x | $2.92B | 6.1% | 0.11x |
| 2024 | 44.4% | 0.37x | 0.75x | -$35.45 | 1.09x | $3.70B | 9.0% | 0.17x |
| 2025 | 45.5% | 0.37x | 0.82x | -$35.02 | 1.00x | $3.78B | 8.9% | 0.17x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $28.78B
Inventory: $0.00
Total assets: $63.19B
Goodwill: $12.26B
Intangibles: $14.53B
Liabilities: $52.84B
Tangible book: -$16.43B
Shares: 469,142,857
Revenue: $10.65B
Capex: $1.68B
D&A: $2.04B
EBITDA: $6.10B
Interest: $1.02B
Short-term debt: $3.39B
Free cash flow: $3.78B
Operating income: $4.88B
Invested capital: $47.14B
Tax rate: 13.7%