American Tower vs Crown Castle
American Tower reported revenue of $10.6 billion in fiscal 2025, 2.5 times Crown Castle's $4.3 billion in fiscal 2025. American Tower's revenue grew 5.1% in its latest year, and Crown Castle's fell 4.4%. American Tower had an operating margin of 45.5%, against 48.7% at Crown Castle.
Side by side
| American Tower | Crown Castle | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $10.6B | $4.3B |
| Revenue growth | 5.1% | −4.4% |
| Revenue growth a year, last 5 years | 5.8% | −6.1% |
| Gross margin | — | — |
| Operating margin | 45.5% | 48.7% |
| Net margin | 24.7% | 10.4% |
| Free cash flow | $3.8B | — |
| Free cash flow margin | 35.5% | — |
| Return on capital | 9.3% | 8.8% |
| Net debt to EBITDA | 5.2x | 8.8x |
| Dividends and buybacks | $3.5B | $2.1B |
| Change in diluted share count | 0.1% | 0.7% |
| Last close | $188.28 | $87.47 |
| P/E at the last close | 25.9× | 44.4× |
| Insider trades, last 12 months | bought $2.0 million, sold $23.2 million | bought $73,997, sold $1.0 million |
| Piotroski F-score | 5 of 8 | 5 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
American TowerCrown Castle
Operating margin
Percent of revenue
American TowerCrown Castle
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
American TowerCrown Castle
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the American Tower and Crown Castle pages.