American Tower (MEX:AMT) Beneish M-Score: -2.66 (As of Jul. 01, 2026)

What is American Tower Beneish M-Score?

American Tower MEX:AMT -2.70% 57 Beneish M-Score is -2.66 as of Jul. 01, 2026. GuruFocus rates MEX:AMT with a GF Score™ of 57/100 and a GF Value™ of MXN3,658.64 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 763 REITs companies, American Tower ranks better than 68.68% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for American Tower's Beneish M-Score or its related term are showing as below:

MEX:AMT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.56 Max: -2.05
Current: -2.66

During the past 13 years, the highest Beneish M-Score of American Tower was -2.05. The lowest was -2.92. And the median was -2.56.

American Tower Beneish M-Score Related Terms

American Tower Beneish M-Score Historical Data

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The historical data trend for American Tower's Beneish M-Score 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 Beneish M-Score Chart

American Tower Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.22

-2.65

-2.87

-2.76

-2.51

American Tower Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.87	-2.74	-2.40	-2.51	-2.66

MEX:AMT vs DLR, EQIX, IRM: Beneish M-Score Comparison

For the REIT - Specialty subindustry, American Tower's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, American Tower's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where American Tower's Beneish M-Score falls into.

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57GF Score

American Tower Corp MEX:AMT

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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American Tower Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of American Tower for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.889

0.528 * 1.008

0.404 * 0.9885

0.892 * 0.9808

0.115 * 1.0049

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9733

4.679 * -0.039093

0.327 * 0.9978

-2.78

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN17,272 Mil.
Revenue was 49364.516 + 49290.604 + 49848.529 + 49462.425 = MXN197,966 Mil.
Gross Profit was 36682.118 + 36432.733 + 36809.472 + 36494.755 = MXN146,419 Mil.
Total Current Assets was MXN53,312 Mil.
Total Assets was MXN1,140,291 Mil.
Property, Plant and Equipment(Net PPE) was MXN521,746 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN37,834 Mil.
Selling, General, & Admin. Expense(SGA) was MXN17,575 Mil.
Total Current Liabilities was MXN175,267 Mil.
Long-Term Debt & Capital Lease Obligation was MXN691,920 Mil.
Net Income was 15499.106 + 14777.278 + 15653.106 + 6906.551 = MXN52,836 Mil.
Non Operating Income was 1626.55 + 446.541 + 508.134 + -7040.238 = MXN-4,459 Mil.
Cash Flow from Operations was 25256.6 + 25703.137 + 26782.532 + 24129.62 = MXN101,872 Mil.

Total Receivables was MXN19,810 Mil.
Revenue was 52430.275 + 53131.981 + 49664.844 + 46619.166 = MXN201,846 Mil.
Gross Profit was 39449.547 + 39484.011 + 36830.706 + 34723.923 = MXN150,488 Mil.
Total Current Assets was MXN71,728 Mil.
Total Assets was MXN1,269,546 Mil.
Property, Plant and Equipment(Net PPE) was MXN561,222 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN40,910 Mil.
Selling, General, & Admin. Expense(SGA) was MXN18,412 Mil.
Total Current Liabilities was MXN129,337 Mil.
Long-Term Debt & Capital Lease Obligation was MXN838,258 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(17271.72 / 197966.074)	/	(19809.675 / 201846.266)
	=	0.087246	/	0.098142
	=	0.889

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(150488.187 / 201846.266)	/	(146419.078 / 197966.074)
	=	0.745558	/	0.739617
	=	1.008

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (53311.874 + 521745.519) / 1140290.572)	/	(1 - (71728.495 + 561221.618) / 1269545.877)
	=	0.495692	/	0.501436
	=	0.9885

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	197966.074	/	201846.266
	=	0.9808

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(40909.872 / (40909.872 + 561221.618))	/	(37834.409 / (37834.409 + 521745.519))
	=	0.067942	/	0.067612
	=	1.0049

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(17574.548 / 197966.074)	/	(18411.603 / 201846.266)
	=	0.088776	/	0.091216
	=	0.9733

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((691920.109 + 175267.025) / 1140290.572)	/	((838258.379 + 129336.74) / 1269545.877)
	=	0.760497	/	0.762158
	=	0.9978

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(52836.041 - -4459.013	-	101871.889)	/	1140290.572
	=	-0.039093

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

American Tower has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.66 mean?

American Tower (MEX:AMT) has a Beneish M-Score of -2.66 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on American Tower and its competitors. According to the industry distribution chart, American Tower ranks #239 out of 763 companies in the REITs industry, placing it in the top 31.3%.

Is American Tower's Beneish M-Score too high?

American Tower's current Beneish M-Score is -2.66. Based on the distribution chart, American Tower ranks #239 out of 763 companies in the REITs industry, which is above the industry midpoint. Overall, American Tower has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does American Tower's Beneish M-Score compare to DLR and EQIX?

According to the REITs industry distribution chart, American Tower ranks #239 out of 763 companies for Beneish M-Score. This puts American Tower in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a REITs company?

A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on American Tower and its competitors. American Tower's current Beneish M-Score is -2.66. 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 (MEX:AMT) is currently considered Modestly Undervalued. The stock's GF Value™ is MXN3,658.64, compared to a current price of MXN2,887.13 — trading 21.1% below its estimated fair value. The current Beneish M-Score is -2.66. American Tower's overall GF Score™ is 57/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For American Tower (MEX:AMT), the current Beneish M-Score is -2.66 as of Jul. 01, 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 (MEX:AMT) Overvalued in 2026?

Based on GuruFocus' analysis, American Tower stock appears to be undervalued. The current stock price of MXN2,887.13 is trading 21.1% below its estimated GF Value™ of MXN3,658.64. GuruFocus considers American Tower to be Modestly Undervalued.

Key valuation signals for MEX:AMT:

Beneish M-Score: -2.66
GF Value™: MXN3,658.64 vs. price of MXN2,887.13 (21.1% below fair value)
GF Score™: 57/100 with 5 warning signs

No single metric tells the full story. See the MEX:AMT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

American Tower Business Description

Industry Real Estate REITs

Comparable Companies DLR EQIX IRM CCI SBAC WY LAMR GLPI RYN FRMI OUT BSP:ZIFI11 EPR MEX:EDUCA18 BOM:543385 XBRU:SHUR UNIT BXDC XTAE:KSTN ASX:WPR

Other Exchanges AMT:USA 1AMT:Italy 0HEU:UK A0T:Germany T1OW34:Brazil

Address 222 Berkeley Street, 7th Floor, Boston, MA, USA, 02116

Website https://www.americantower.com

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.

57GF Score

Get the complete analysis for MEX:AMT

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN2,887.13

Price

MXN3,658.64

GF Value

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