AMT vs LAMR: American Tower and Lamar Advertising compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- American Tower is the larger company, worth $83.3B, about 5.5 times Lamar Advertising.
- Lamar Advertising grew revenue faster over the last year (+6.5% vs +4.7%).
- American Tower keeps more of each dollar of revenue as operating profit (44.8% vs 31.8%).
- On earnings, Lamar Advertising is the cheaper stock (27.6x vs 28.9x).
- Lamar Advertising's price assumes faster free cash flow growth: about 6% a year, against 6% for American Tower (reverse DCF).
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 | LAMR |
|---|---|---|
| Market cap | $83.3B | $15.1B |
| Share price | $182.24 | $146.47 |
| Revenue (last fiscal year) | $10.6B | $2.3B |
| Free cash flow (last fiscal year) | $3.8B | $683M |
| Revenue growth, last year | +4.7% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +3.3% | +6.1% |
| Operating margin | 44.8% | 31.8% |
| Net margin | 31.1% | 23.9% |
| Return on equity | 91.4% | 55.9% |
| P/E (trailing) | 28.9x | 27.6x |
| Price / free cash flow | 22.0x | 20.6x |
| EV / EBITDA | 17.5x | 18.3x |
| FCF growth the price implies | 6.3% | 6.3% |
| Dividend yield | 3.9% | 4.2% |
| Debt / equity | 14.3x | 6.02x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 10 | 0 |
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% |
Lamar Advertising
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | $608M | 29.2% |
| 2022 | $2.0B | $615M | 28.4% |
| 2023 | $2.1B | $605M | 32.0% |
| 2024 | $2.2B | $748M | 24.1% |
| 2025 | $2.3B | $683M | 34.2% |
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%
Lamar Advertising · by segments, 2025
Billboard$2.0B89%
Other$252M11%
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 Lamar Advertising?
American Tower (AMT), at $83.3B against $15.1B.
Is AMT or LAMR cheaper?
By trailing P/E, Lamar Advertising (27.6x) is cheaper than American Tower (28.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, AMT or LAMR?
Lamar Advertising: revenue grew +6.5% 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.