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American TowerAMT -1.76%77 Earnings Yield (Joel Greenblatt) % is 3.70% as of Mar. 2026, which is 65% above its 10-year median of 2.24. GuruFocus rates AMT with a GF Score™ of 77/100 and a GF Value™ of $207.49 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 973 REITs companies, American Tower ranks better than 53.96% on this metric.
American Tower's Enterprise Value for the quarter that ended in Mar. 2026 was $130,572 Mil.
American Tower's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was $4,826 Mil. American Tower's Earnings Yield (Joel Greenblatt) for the quarter that ended in Mar. 2026 was 3.70%.
The historical rank and industry rank for American Tower's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
AMT'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: 1.72 Med: 2.24 Max: 3.88
Current: 3.77
During the past 13 years, the highest Earnings Yield (Joel Greenblatt) of American Tower was 3.88%. The lowest was 1.72%. And the median was 2.24%.
AMT's Earnings Yield (Joel Greenblatt) % is ranked better than 53.96% of 973
companies
in the REITs industry
Industry Median: 3.42
vs AMT: 3.77
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. American Tower's Forward Rate of Return (Yacktman) % for the quarter that ended in Mar. 2026 was 6.68%. The Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
American Tower (NYSE:AMT) Earnings Yield (Joel Greenblatt) % Explanation
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
American Tower Earnings Yield (Joel Greenblatt) % Related Terms
American Tower Earnings Yield (Joel Greenblatt) % Historical Data
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The historical data trend for American Tower's Earnings Yield (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
American Tower Earnings Yield (Joel Greenblatt) % Chart
AMT vs DLR, EQIX, IRM: Earnings Yield (Joel Greenblatt) % Comparison
For the REIT - Specialty subindustry, American Tower's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
American Tower Earnings Yield (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, American Tower's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where American Tower's Earnings Yield (Joel Greenblatt) % falls into.
American Tower Earnings Yield (Joel Greenblatt) % Calculation
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
American Towers Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Dec. 2025 is calculated as
American Tower's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $4,826 Mil.
What does a Earnings Yield (Joel Greenblatt) % of 3.70% mean?
American Tower (AMT) has a Earnings Yield (Joel Greenblatt) % of 3.70% as of Mar. 2026. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on American Tower and its competitors. This is 65% above median its historical median of 2.24. Over the past decade, American Tower's Earnings Yield (Joel Greenblatt) % has ranged from 1.72 to 3.88. According to the industry distribution chart, American Tower ranks #448 out of 973 companies in the REITs industry, placing it in the top 46%.
Is American Tower's Earnings Yield (Joel Greenblatt) % too high?
American Tower's current Earnings Yield (Joel Greenblatt) % of 3.70% is 65% above median its 10-year median of 2.24. Over the past 10 years, this metric has ranged from a low of 1.72 to a high of 3.88. The REITs industry median Earnings Yield (Joel Greenblatt) % is 3.42. American Tower's value of 3.70% is 8.2% above this industry median. Based on the distribution chart, American Tower ranks #448 out of 973 companies in the REITs industry, which is above the industry midpoint. Overall, American Tower has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does American Tower's Earnings Yield (Joel Greenblatt) % compare to DLR and EQIX?
According to the REITs industry distribution chart, American Tower ranks #448 out of 973 companies for Earnings Yield (Joel Greenblatt) %. This puts American Tower in the upper half of its industry. The industry median Earnings Yield (Joel Greenblatt) % is 3.42. American Tower's value of 3.70% is 8.2% above this benchmark. Historically, American Tower's own Earnings Yield (Joel Greenblatt) % has ranged from 1.72 to 3.88 over the past decade. While the company's 10-year median is 2.24 vs. the industry median of 3.42, American Tower has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Earnings Yield (Joel Greenblatt) % for a REITs company?
The median Earnings Yield (Joel Greenblatt) % among REITs companies is 3.42, based on 973 companies in the industry. Companies in the top quartile (top 25%) have a Earnings Yield (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, Earnings Yield (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. American Tower's current Earnings Yield (Joel Greenblatt) % of 3.70% is 8.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Earnings Yield (Joel Greenblatt) % mean?
A high Earnings Yield (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on American Tower and its competitors. For the REITs industry, the median Earnings Yield (Joel Greenblatt) % is 3.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. American Tower's current Earnings Yield (Joel Greenblatt) % is 3.70%, which is 65% above median its own 10-year median of 2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is American Tower stock overvalued right now?
Based on GuruFocus' analysis, American Tower (AMT) is currently considered Modestly Undervalued. The stock's GF Value™ is $207.49, compared to a current price of $167.06 — trading 19.5% below its estimated fair value. The current Earnings Yield (Joel Greenblatt) % is 3.70%, which is 65% above median its 10-year median of 2.24 and 8.2% above the REITs industry median of 3.42. American Tower's overall GF Score™ is 77/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Earnings Yield (Joel Greenblatt) % calculated?
Earnings Yield (Joel Greenblatt) % is calculated from a company's financial statements. For American Tower (AMT), the current Earnings Yield (Joel Greenblatt) % is 3.70% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is American Tower (AMT) Overvalued in 2026?
Based on GuruFocus' analysis, American Tower stock appears to be undervalued.
The current stock price of $167.06 is trading 19.5% below its estimated GF Value™ of $207.49.
GuruFocus considers American Tower to be Modestly Undervalued.
Key valuation signals for AMT:
Earnings Yield (Joel Greenblatt) %: 3.70% (65% above median its 10-year median of 2.24)
GF Value™: $207.49 vs. price of $167.06 (19.5% below fair value)
Industry Position: 8.2% above the REITs median (#448 of 973)
No single metric tells the full story. See the AMT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets through its CoreSite segment. The company's customer base in the tower business is very concentrated, with most revenue in each market generated by the top three or four mobile carriers. The company operates 42,000 towers in the US, which accounted for about half of total revenue in 2025. Outside the US, American Tower operates about 47,000 towers in Latin America (dominated by Brazil), 33,000 towers in Europe, and 28,000 towers in Africa. American Tower operates as a REIT.
77GF Score
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