American Tower Corp (AMT) is slightly overvalued and SBA Communications Corp (SBAC) is fairly valued.
Both trade above our estimate of their intrinsic value. SBAC is the closer of the two: -4%, against -16% for AMT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $151.19; the price of $175.25 is 16% above that value, and 77% of that value comes from beyond year five.
Leak Score 45/100 on 9 of 12 signals
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $169.34; the price of $175.84 is 4% above that value, and 75% of that value comes from beyond year five.
Leak Score 60/100 on 8 of 12 signals
| Metric | AMT | SBAC |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $175.25 | $175.84 |
| Intrinsic value | $151.19 | $169.34 |
| Margin of safety | -16% | -4% |
| Leak Score | 45/100 (9/12) | 60/100 (8/12) |
| Market cap | $81.7B | $18.7B |
| Revenue growth, 5 years | 5.8% | 6.2% |
| Operating margin | 45.2% | 53.7% |
| Net margin | 31.1% | 34.5% |
| Return on equity | 91.5% | — |
| Debt to equity | 12.09 | — |
| P/E | 24.1x | 18.9x |
| Forward P/E | 24.9x | 21.0x |
| P/B | 21.9x | — |
| Dividend yield | 4.1% | 2.8% |