American Tower Corporation (AMT) vs Realty Income Corporation (O)
A side-by-side comparison of American Tower Corporation and Realty Income Corporation 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 O
growth of $100 · dividends reinvested · last 10yAMT vs O: by the numbers
- •AMT is the larger company ($82.87B vs $55.48B market cap).
- •O pays the higher dividend yield (5.44% vs 4.04%).
Metrics side by side
Valuation
| Metric | AMT | O |
|---|---|---|
| P/E ratio | 24.46 | 43.43 |
| Forward P/E | 25.52 | 39.13 |
| P/S ratio | 7.57 | N/A |
| P/B ratio | 22.28 | 1.40 |
| EV / EBITDA | 18.15 | N/A |
| FCF yield | 4.78% | 3.93% |
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 Realty Income 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.
Profitability
| Metric | AMT | O |
|---|---|---|
| Gross margin | 73.19% | N/A |
| Operating margin | 44.40% | N/A |
| Net margin | 30.88% | N/A |
| ROE | 90.83% | N/A |
| ROIC | 7.27% | N/A |
Dividends
| Metric | AMT | O |
|---|---|---|
| Dividend yield | 4.04% | 5.44% |
| Payout ratio | 96.01% | 236.57% |
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.
Realty Income 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.
Growth (annualized)
| Metric | AMT | O |
|---|---|---|
| Revenue CAGR (5Y) | 4.95% | N/A |
| EPS CAGR (5Y) | 7.23% | 0.35% |
| FCF CAGR (5Y) | 6.23% | 13.20% |
| Total return CAGR (5Y) | -7.19% | 3.31% |
Frequently asked
- Does AMT or O pay a bigger dividend?
- AMT yields 4.04% and O yields 5.44% based on trailing dividends and the latest price.
- How have AMT and O total returns compared?
- Over the past 10 years, AMT delivered 7.31% and O delivered 4.46% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
American Tower & Realty Income 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.