American Tower
American Tower returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 9.55% | 8.73% | — | 91.52% | 5.53% | 1.8 pp |
| FY 2026 Q1 | Mar 31, 2026 | 9.32% | 8.84% | 4.63% | 82.19% | 4.8% | 1.6 pp |
| FY 2025 Q4 | Dec 31, 2025 | 9.27% | 8.79% | 6.36% | 71.91% | 4.23% | 1.6 pp |
| FY 2025 Q3 | Sep 30, 2025 | 9.33% | 8.39% | 64.05% | 77.38% | 4.77% | 1.6 pp |
| FY 2025 Q2 | Jun 30, 2025 | 8.56% | 8% | — | 34.16% | 2.05% | 0.9 pp |
| FY 2025 Q1 | Mar 31, 2025 | 9.03% | 8.23% | — | 48.17% | 2.89% | 1.3 pp |
| FY 2024 Q4 | Dec 31, 2024 | 8.83% | 8.01% | — | 59.5% | 3.59% | 1.1 pp |
| FY 2024 Q3 | Sep 30, 2024 | 7.9% | 7.46% | — | 27.16% | 1.65% | 0.2 pp |
| FY 2024 Q2 | Jun 30, 2024 | 7.01% | 6.38% | — | 55.18% | 3.65% | -0.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 6.33% | 5.67% | — | 43.68% | 2.96% | -1.4 pp |
| FY 2023 Q4 | Dec 31, 2023 | 5.61% | 5.14% | — | 30.36% | 2.05% | -2.1 pp |
| FY 2023 Q3 | Sep 30, 2023 | 4.55% | 4.21% | — | 13.21% | — | -3.1 pp |
| FY 2023 Q2 | Jun 30, 2023 | 4.75% | 4.14% | — | 15.96% | — | -3 pp |
| FY 2023 Q1 | Mar 31, 2023 | 4.62% | 4.01% | — | 25.81% | — | -3.1 pp |
| FY 2022 Q4 | Dec 31, 2022 | 4.67% | 3.93% | — | 33.15% | 2.48% | -3 pp |
| FY 2022 Q3 | Sep 30, 2022 | 5.99% | 4.89% | -3% | 49.65% | — | -1.7 pp |
| FY 2022 Q2 | Jun 30, 2022 | 6.2% | 5.21% | -0.7% | 43.83% | — | -1.5 pp |
| FY 2022 Q1 | Mar 31, 2022 | 6.74% | 5.87% | 0.14% | 56.98% | — | -1 pp |
| FY 2021 Q4 | Dec 31, 2021 | 6.89% | 6% | 0.88% | 55.97% | 4.38% | -0.8 pp |
| FY 2021 Q3 | Sep 30, 2021 | 8.67% | 6.9% | — | 54.24% | 4.88% | 1 pp |
| FY 2021 Q2 | Jun 30, 2021 | 8.43% | 7.08% | — | 47.38% | 4.43% | 0.7 pp |
| FY 2021 Q1 | Mar 31, 2021 | 9.32% | 7.6% | — | 51.09% | 4.39% | 1.6 pp |
| FY 2020 Q4 | Dec 31, 2020 | 8.92% | 7.14% | — | 36.96% | 3.76% | 1.2 pp |
| FY 2020 Q3 | Sep 30, 2020 | — | 7.91% | — | 42.09% | 4.68% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 8.07% | — | 42.26% | 4.77% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 8.01% | — | 42.43% | 4.78% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | 8.19% | — | 36.33% | 4.98% | — |
| FY 2019 Q3 | Sep 30, 2019 | 9.25% | 7.67% | — | 30.27% | 4.43% | 1.5 pp |
| FY 2019 Q2 | Jun 30, 2019 | — | 7.17% | — | 26.68% | 4.07% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 6.58% | — | 23.09% | 3.68% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | 6.46% | — | 21.2% | 3.73% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | 6.3% | — | 19.7% | 3.66% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 6.4% | — | 18.29% | 3.51% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 6.37% | — | 17.26% | 3.64% | — |
| FY 2017 Q4 | Dec 31, 2017 | 7.65% | 6.67% | 23.36% | 17.71% | 3.87% | -0 pp |
| FY 2017 Q3 | Sep 30, 2017 | 7.67% | 7.29% | 56.08% | 17.15% | 3.91% | -0 pp |
| FY 2017 Q2 | Jun 30, 2017 | 7.37% | 7.17% | 137.65% | 16.2% | 3.74% | -0.3 pp |
| FY 2017 Q1 | Mar 31, 2017 | 6.8% | 7.06% | 17.16% | 12.92% | 3.37% | -0.9 pp |
| FY 2016 Q4 | Dec 31, 2016 | 6.62% | 6.74% | 24.04% | 12.66% | 3.31% | -1.1 pp |
| FY 2016 Q3 | Sep 30, 2016 | 6.49% | 6.46% | 20.15% | 12.8% | 3.33% | -1.2 pp |
| FY 2016 Q2 | Jun 30, 2016 | 5.6% | 6.19% | -3.61% | 9.82% | 2.79% | -2.1 pp |
| FY 2016 Q1 | Mar 31, 2016 | 5.82% | 6.57% | -9.08% | 9.24% | 2.89% | -1.9 pp |
| FY 2015 Q4 | Dec 31, 2015 | 6.24% | 7.15% | -1.43% | 11.22% | 2.84% | -1.5 pp |
| FY 2015 Q3 | Sep 30, 2015 | 6.14% | 7.04% | -0.17% | 10.31% | 2.66% | -1.6 pp |
| FY 2015 Q2 | Jun 30, 2015 | 6.87% | 7% | 4.45% | 11.63% | 3.12% | -0.8 pp |
| FY 2015 Q1 | Mar 31, 2015 | 7.06% | 7.17% | 5.68% | 14.19% | 3.52% | -0.6 pp |
| FY 2014 Q4 | Dec 31, 2014 | 7.64% | 7.67% | 52.06% | 21.4% | 3.97% | -0.1 pp |
| FY 2014 Q3 | Sep 30, 2014 | 8.49% | 7.96% | 3.75% | 18.97% | 3.84% | 0.8 pp |
| FY 2014 Q2 | Jun 30, 2014 | 7.91% | 8.44% | 1.97% | 17.99% | 4.08% | 0.2 pp |
| FY 2014 Q1 | Mar 31, 2014 | 7.63% | 7.72% | 3.11% | 15.86% | 3.34% | -0.1 pp |
| FY 2013 Q4 | Dec 31, 2013 | 7.24% | 7.4% | 2.32% | 15.51% | 3.21% | -0.5 pp |
| FY 2013 Q3 | Sep 30, 2013 | 9.26% | 8.15% | 1.4% | 16.57% | 3.77% | 1.6 pp |
| FY 2013 Q2 | Jun 30, 2013 | 9.53% | 9.36% | 8.81% | 18.59% | 4.72% | 1.8 pp |
| FY 2013 Q1 | Mar 31, 2013 | 8.57% | 9.01% | 7.17% | 16.43% | 4.33% | 0.9 pp |
| FY 2012 Q4 | Dec 31, 2012 | 8.47% | 8.99% | 14.57% | 18.58% | 4.84% | 0.8 pp |
| FY 2012 Q3 | Sep 30, 2012 | 10.57% | 10.06% | 31.21% | 20.72% | 5.92% | 2.9 pp |
| FY 2012 Q2 | Jun 30, 2012 | 9.62% | 9.51% | 28.19% | 13.26% | 3.88% | 1.9 pp |
| FY 2012 Q1 | Mar 31, 2012 | 8.79% | 9.03% | 19.45% | 15.07% | 4.5% | 1.1 pp |
| FY 2011 Q4 | Dec 31, 2011 | 7.48% | 8.65% | 7.88% | 11.68% | 3.51% | -0.2 pp |
| FY 2011 Q3 | Sep 30, 2011 | 5.76% | 9.54% | -2.06% | 8.19% | 2.7% | -1.9 pp |
| FY 2011 Q2 | Jun 30, 2011 | 6.3% | 9.62% | 1.08% | 10.99% | 3.93% | -1.4 pp |
| FY 2011 Q1 | Mar 31, 2011 | 6.37% | 9.06% | 5.75% | 10.6% | 3.79% | -1.3 pp |
| FY 2010 Q4 | Dec 31, 2010 | 6.8% | 8.74% | 15.76% | 10.94% | 3.95% | -0.9 pp |
| FY 2010 Q3 | Sep 30, 2010 | 6.76% | 8.97% | — | 10.59% | 3.97% | -0.9 pp |
| FY 2010 Q2 | Jun 30, 2010 | 6.81% | 8.84% | — | 10.06% | 3.84% | -0.9 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · AMT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.