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We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a num…
$187.53
+$0.57 (+0.30%)
Price from 2 days ago
45.52% operating margin is above average. ROIC at 9.23%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 5.1%, steady but not accelerating.
At 30x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Net debt of $43.51B represents 11.5x FCF, leverage limits flexibility.
30.2x earnings, 23.2x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$10.82B
▲ +5.1% YoY
Net Income (TTM)
$2.90B
▲ +12.2% YoY
Op. Margin
44.65%
▲ +0.9pp YoY
ROIC
9.00%
▲ +0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3.77B
▲ +2.2% YoY
Op. Cash Flow (TTM)
$5.57B
▲ +3.3% YoY
Net Debt
$43.54B
Cash & Equiv.
$1.61B
5Y CAGR: +5.8%
5Y CAGR: +5.8%
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