American Tower Corporation (AMT) vs Digital Realty Trust, Inc. (DLR)
A side-by-side comparison of American Tower Corporation and Digital Realty Trust, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
Total return — AMT vs DLR
growth of $100 · dividends reinvested · last 10yAMT vs DLR: by the numbers
- •AMT is the larger company ($82.87B vs $69.77B market cap).
- •AMT converts more revenue to profit (30.88% vs 11.67% net margin).
- •DLR grew revenue faster over the past five years (9.91% vs 4.95% CAGR).
- •AMT pays the higher dividend yield (4.04% vs 2.63%).
Metrics side by side
Valuation
| Metric | AMT | DLR |
|---|---|---|
| P/E ratio | 24.46 | 91.10 |
| Forward P/E | 25.52 | 69.63 |
| P/S ratio | 7.57 | 10.19 |
| P/B ratio | 22.28 | 2.54 |
| EV / EBITDA | 18.15 | 26.75 |
| FCF yield | 4.78% | 1.96% |
For REITs like American Tower Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Digital Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | AMT | DLR |
|---|---|---|
| Gross margin | 73.19% | 55.39% |
| Operating margin | 44.40% | 17.87% |
| Net margin | 30.88% | 11.67% |
| ROE | 90.83% | 2.91% |
| ROIC | 7.27% | 2.25% |
Dividends
| Metric | AMT | DLR |
|---|---|---|
| Dividend yield | 4.04% | 2.63% |
| Payout ratio | 96.01% | 235.75% |
American Tower Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Digital Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | AMT | DLR |
|---|---|---|
| Revenue CAGR (5Y) | 4.95% | 9.91% |
| EPS CAGR (5Y) | 7.23% | 29.87% |
| FCF CAGR (5Y) | 6.23% | 12.36% |
| Total return CAGR (5Y) | -7.19% | 7.20% |
Frequently asked
- Which has grown faster, AMT or DLR?
- Over the past five years, DLR grew revenue faster — AMT at a 4.95% CAGR versus DLR at 9.91%.
- Does AMT or DLR pay a bigger dividend?
- AMT yields 4.04% and DLR yields 2.63% based on trailing dividends and the latest price.
- Is AMT or DLR more profitable?
- AMT runs the higher net margin — AMT at 30.88% versus DLR at 11.67%.
- How have AMT and DLR total returns compared?
- Over the past 10 years, AMT delivered 7.31% and DLR delivered 10.50% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
American Tower & Digital Realty Trust appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 10, 2026.