In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
American Tower's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-123.53.
The industry rank for American Tower's Net-Net Working Capital or its related term are showing as below:
AMT's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 18.58 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
American Tower (NYSE:AMT) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
American Tower Net-Net Working Capital Related Terms
American Tower Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for American Tower's Net-Net Working Capital 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.
AMT vs DLR, EQIX, IRM: Net-Net Working Capital Comparison
For the REIT - Specialty subindustry, American Tower's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs REITs Industry
For the REITs industry and Real Estate sector, American Tower's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where American Tower's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-123.53 mean?
American Tower (AMT) has a Net-Net Working Capital of $-123.53 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on American Tower According to the industry distribution chart, American Tower ranks #999999 out of 115 companies in the REITs industry.
Is American Tower's Net-Net Working Capital too high?
American Tower's current Net-Net Working Capital is $-123.53. Based on the distribution chart, American Tower ranks #999999 out of 115 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, American Tower has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does American Tower's Net-Net Working Capital compare to DLR and EQIX?
According to the REITs industry distribution chart, American Tower ranks #999999 out of 115 companies for Net-Net Working Capital. This places American Tower in the lower half of its industry. The industry median Net-Net Working Capital is 18.58. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a REITs company?
The median Net-Net Working Capital among REITs companies is 18.58, based on 115 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on American Tower For the REITs industry, the median Net-Net Working Capital is 18.58 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. American Tower's current Net-Net Working Capital is $-123.53. 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 $207.41, compared to a current price of $169.55 — trading 18.3% below its estimated fair value. The current Net-Net Working Capital is $-123.53. American Tower's overall GF Score™ is 79/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For American Tower (AMT), the current Net-Net Working Capital is $-123.53 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 $169.55 is trading 18.3% below its estimated GF Value™ of $207.41.
GuruFocus considers American Tower to be Modestly Undervalued.
Key valuation signals for AMT:
Net-Net Working Capital: $-123.53
GF Value™: $207.41 vs. price of $169.55 (18.3% below fair value)
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.
79GF Score
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