American Tower

Leverage sits around 5.1x net debt to annualized Q2’25 EBITDA with about 35.4 billion dollars of net debt and roughly 10.5 billion dollars of liquidity. The company repaid 2025 maturities and issued longer‑dated euro notes, and it continues to prioritize debt paydown.

On cash generation, trailing twelve‑month free cash flow is approximately 3.7 billion dollars (Q3’24 FCF 1.037b, Q4’24 0.746b, Q1’25 0.955b, Q2’25 0.969b). The quarterly dividend was 1.70 dollars in Q2’25 and management has resumed mid‑single‑digit growth, with payout covered by AFFO.

FX remains a swing factor and leverage is higher than we prefer, but the funding profile and liquidity are solid for a large, investment‑grade tower REIT.