AMERICAN TOWER CORP /MA/ vs REALTY INCOME CORP, two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
For both these REITs the reported net margin misleads, AMT's 27.8% and Realty Income's 19.1% both depressed by property depreciation, so the dividend and the lease book matter more. American Tower rents vertical space on cell towers to carriers on long escalating contracts; Realty Income owns thousands of single-tenant retail-and-industrial properties on net leases. Realty Income pays the fatter monthly dividend, 5.1% against AMT's 3.88%, the trade-off for slower growth than towers. AMT carries 0.6 turns of debt, Realty Income almost none on this page. Both trade at optically high GAAP multiples that say little. The pair prices tower infrastructure against net-lease retail; AMT's leases escalate faster, Realty Income's diversify wider and yield more, and the reader should weigh cash and tenant quality, not the P/E.
Comparison updated 2026-07-11.
| Metric | AMT | O |
|---|---|---|
| Price | $175.33 | $63.09 |
| Market cap | $81.8B | $59.0B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 28.3 | 51.7 |
| P/B | 8.06 | 1.43 |
| P/S | 7.57 | 9.96 |
| EV/EBITDA | 17.9 | 23.2 |
| Revenue growth | +6.3% | +9.8% |
| Operating margin | 45.3% | — |
| Net margin | 27.8% | 19.1% |
| Return on equity | 29.6% | 2.7% |
| Return on assets | 4.8% | 1.5% |
| Return on invested capital | 25.6% | — |
| FCF yield | 4.6% | 6.9% |
| Dividend yield | 3.9% | 5.1% |
| Debt / equity | 0.60 | 0.01 |
| Current ratio | 0.30 | — |
| Altman Z (solvency) | 0.92 | 1.14 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.