AMT vs EQIX: American Tower and Equinix compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Equinix is the larger company, worth $98.5B, close to American Tower's $83.3B.
- Equinix grew revenue faster over the last year (+16.4% vs +4.7%).
- American Tower keeps more of each dollar of revenue as operating profit (44.8% vs 21.8%).
- On earnings, American Tower is the cheaper stock (28.9x vs 69.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AMT | EQIX |
|---|---|---|
| Market cap | $83.3B | $98.5B |
| Share price | $182.24 | $1,026.06 |
| Revenue (last fiscal year) | $10.6B | $9.2B |
| Free cash flow (last fiscal year) | $3.8B | -$400M |
| Revenue growth, last year | +4.7% | +16.4% |
| Revenue growth per year, last 5 fiscal years | +3.3% | +8.6% |
| Operating margin | 44.8% | 21.8% |
| Net margin | 31.1% | 15.6% |
| Return on equity | 91.4% | 10.7% |
| P/E (trailing) | 28.9x | 69.0x |
| Price / free cash flow | 22.0x | — |
| EV / EBITDA | 17.5x | 27.2x |
| FCF growth the price implies | 6.3% | — |
| Dividend yield | 3.9% | 1.9% |
| Debt / equity | 14.3x | 1.85x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 7 |
| Insider purchases, last 12 months | 10 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Tower
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.4B | $3.4B | 33.5% |
| 2022 | $9.6B | $1.8B | 28.4% |
| 2023 | $10.0B | $2.9B | 31.2% |
| 2024 | $10.1B | $3.7B | 44.6% |
| 2025 | $10.6B | $3.8B | 45.5% |
Equinix
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.6B | -$204M | 16.7% |
| 2022 | $7.3B | $685M | 16.5% |
| 2023 | $8.2B | $436M | 17.6% |
| 2024 | $8.7B | $183M | 15.2% |
| 2025 | $9.2B | -$400M | 20.0% |
Where the revenue comes from
American Tower · by segments, 2025
U.S. & Canada$5.2B49%
Latin America$1.6B15%
Africa & APAC$1.4B13%
Data Centers$1.1B10%
Europe$938M9%
Services$340M3%
Equinix · by products, 2025
Colocation$6.5B70%
Interconnection$1.7B18%
Non-recurring revenues$478M5%
Managed infrastructure$466M5%
Other$143M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AMT in InvestinglyQuestions
Which is bigger, American Tower or Equinix?
Equinix (EQIX), at $98.5B against $83.3B.
Is AMT or EQIX cheaper?
By trailing P/E, American Tower (28.9x) is cheaper than Equinix (69.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, AMT or EQIX?
Equinix: revenue grew +16.4% over the last year, against +4.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.