American Tower Corporation (AMT) vs Welltower Inc. (WELL)
A side-by-side comparison of American Tower Corporation and Welltower 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 WELL
growth of $100 · dividends reinvested · last 10yAMT vs WELL: by the numbers
- •WELL is the larger company ($169.72B vs $82.87B market cap).
- •AMT converts more revenue to profit (30.88% vs 10.67% net margin).
- •WELL grew revenue faster over the past five years (23.85% vs 4.95% CAGR).
- •AMT pays the higher dividend yield (4.04% vs 1.30%).
Metrics side by side
Valuation
| Metric | AMT | WELL |
|---|---|---|
| P/E ratio | 24.46 | 124.62 |
| Forward P/E | 25.52 | 82.92 |
| P/S ratio | 7.57 | 13.46 |
| P/B ratio | 22.28 | 3.66 |
| EV / EBITDA | 18.15 | 58.93 |
| FCF yield | 4.78% | 1.57% |
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 Welltower 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 | WELL |
|---|---|---|
| Gross margin | 73.19% | 38.82% |
| Operating margin | 44.40% | 5.40% |
| Net margin | 30.88% | 10.67% |
| ROE | 90.83% | 2.90% |
| ROIC | 7.27% | 0.96% |
Dividends
| Metric | AMT | WELL |
|---|---|---|
| Dividend yield | 4.04% | 1.30% |
| Payout ratio | 96.01% | 162.43% |
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.
Welltower 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 | WELL |
|---|---|---|
| Revenue CAGR (5Y) | 4.95% | 23.85% |
| EPS CAGR (5Y) | 7.23% | -9.79% |
| FCF CAGR (5Y) | 6.23% | 17.78% |
| Total return CAGR (5Y) | -7.19% | 25.30% |
Frequently asked
- Which has grown faster, AMT or WELL?
- Over the past five years, WELL grew revenue faster — AMT at a 4.95% CAGR versus WELL at 23.85%.
- Does AMT or WELL pay a bigger dividend?
- AMT yields 4.04% and WELL yields 1.30% based on trailing dividends and the latest price.
- Is AMT or WELL more profitable?
- AMT runs the higher net margin — AMT at 30.88% versus WELL at 10.67%.
- How have AMT and WELL total returns compared?
- Over the past 10 years, AMT delivered 7.31% and WELL delivered 16.35% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
American Tower & Welltower 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.