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Side-by-side financial comparison of American Tower (AMT) and Welltower (WELL), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Welltower is the larger business by last-quarter revenue ($2.6B vs $219.8M, roughly 11.6× American Tower). American Tower runs the higher net margin — 380.7% vs 4.6%, a 376.1% gap on every dollar of revenue. On growth, Welltower posted the faster year-over-year revenue change (45.1% vs 4.5%). American Tower produced more free cash flow last quarter ($848.3M vs $340.4M). Over the past eight quarters, Welltower's revenue compounded faster (37.1% CAGR vs 12.0%).
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. As of December 31, 2022, the company had investments in approximately 3,000 properties, all of which were in the United States, Canada, and the United Kingdom.
AMT vs WELL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $219.8M | $2.6B |
| Net Profit | $836.8M | $117.8M |
| Gross Margin | — | 24.3% |
| Operating Margin | — | — |
| Net Margin | 380.7% | 4.6% |
| Revenue YoY | 4.5% | 45.1% |
| Net Profit YoY | -32.0% | -4.8% |
| EPS (diluted) | $1.76 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $219.8M | $2.6B | ||
| Q3 25 | $246.4M | $2.1B | ||
| Q2 25 | $243.7M | $2.0B | ||
| Q1 25 | $226.0M | $1.9B | ||
| Q4 24 | $210.4M | $1.8B | ||
| Q3 24 | $190.4M | $1.5B | ||
| Q2 24 | $198.6M | $1.4B | ||
| Q1 24 | $175.2M | $1.4B |
| Q4 25 | $836.8M | $117.8M | ||
| Q3 25 | $912.6M | $282.2M | ||
| Q2 25 | $380.5M | $304.6M | ||
| Q1 25 | $498.6M | $257.3M | ||
| Q4 24 | $1.2B | $123.8M | ||
| Q3 24 | $-780.4M | $456.8M | ||
| Q2 24 | $908.4M | $260.7M | ||
| Q1 24 | $921.7M | $131.6M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% | ||
| Q1 24 | — | 19.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | 14.2% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | — | 12.2% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 10.4% |
| Q4 25 | 380.7% | 4.6% | ||
| Q3 25 | 370.4% | 13.7% | ||
| Q2 25 | 156.1% | 15.5% | ||
| Q1 25 | 220.6% | 13.8% | ||
| Q4 24 | 584.8% | 7.0% | ||
| Q3 24 | -409.9% | 30.2% | ||
| Q2 24 | 457.4% | 18.7% | ||
| Q1 24 | 526.1% | 9.7% |
| Q4 25 | $1.76 | $0.13 | ||
| Q3 25 | $1.82 | $0.41 | ||
| Q2 25 | $0.78 | $0.45 | ||
| Q1 25 | $1.04 | $0.40 | ||
| Q4 24 | $2.63 | $0.20 | ||
| Q3 24 | $-1.69 | $0.73 | ||
| Q2 24 | $1.92 | $0.42 | ||
| Q1 24 | $1.96 | $0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $5.0B |
| Total DebtLower is stronger | $33.8B | $19.2B |
| Stockholders' EquityBook value | $3.7B | $42.1B |
| Total Assets | $63.2B | $67.3B |
| Debt / EquityLower = less leverage | 9.26× | 0.46× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.5B | $5.0B | ||
| Q3 25 | $2.0B | $6.8B | ||
| Q2 25 | $2.1B | $4.4B | ||
| Q1 25 | $2.1B | $3.5B | ||
| Q4 24 | $2.0B | $3.5B | ||
| Q3 24 | $2.2B | $3.6B | ||
| Q2 24 | $2.5B | $2.8B | ||
| Q1 24 | $2.4B | $2.4B |
| Q4 25 | $33.8B | $19.2B | ||
| Q3 25 | $34.9B | $16.9B | ||
| Q2 25 | $35.2B | $16.0B | ||
| Q1 25 | $34.0B | $15.7B | ||
| Q4 24 | $32.8B | $15.5B | ||
| Q3 24 | $33.4B | $15.8B | ||
| Q2 24 | $35.6B | $13.9B | ||
| Q1 24 | $36.2B | $14.2B |
| Q4 25 | $3.7B | $42.1B | ||
| Q3 25 | $4.0B | $38.8B | ||
| Q2 25 | $3.7B | $35.9B | ||
| Q1 25 | $3.5B | $34.0B | ||
| Q4 24 | $3.4B | $32.0B | ||
| Q3 24 | $3.6B | $30.3B | ||
| Q2 24 | $3.9B | $29.0B | ||
| Q1 24 | $4.0B | $27.5B |
| Q4 25 | $63.2B | $67.3B | ||
| Q3 25 | $63.9B | $59.5B | ||
| Q2 25 | $63.8B | $55.8B | ||
| Q1 25 | $62.1B | $53.3B | ||
| Q4 24 | $61.1B | $51.0B | ||
| Q3 24 | $62.8B | $49.0B | ||
| Q2 24 | $65.8B | $45.5B | ||
| Q1 24 | $66.7B | $44.6B |
| Q4 25 | 9.26× | 0.46× | ||
| Q3 25 | 8.82× | 0.43× | ||
| Q2 25 | 9.48× | 0.44× | ||
| Q1 25 | 9.63× | 0.46× | ||
| Q4 24 | 9.70× | 0.49× | ||
| Q3 24 | 9.16× | 0.52× | ||
| Q2 24 | 9.24× | 0.48× | ||
| Q1 24 | 8.94× | 0.52× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.4B | $654.3M |
| Free Cash FlowOCF − Capex | $848.3M | $340.4M |
| FCF MarginFCF / Revenue | 385.9% | 13.3% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 263.5% | 12.3% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.71× | 5.56× |
| TTM Free Cash FlowTrailing 4 quarters | $3.8B | $1.8B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.4B | $654.3M | ||
| Q3 25 | $1.5B | $858.4M | ||
| Q2 25 | $1.3B | $770.0M | ||
| Q1 25 | $1.3B | $599.0M | ||
| Q4 24 | $1.2B | $559.2M | ||
| Q3 24 | $1.5B | $685.0M | ||
| Q2 24 | $1.3B | $605.4M | ||
| Q1 24 | $1.3B | $406.8M |
| Q4 25 | $848.3M | $340.4M | ||
| Q3 25 | $994.5M | $595.3M | ||
| Q2 25 | $976.9M | $537.2M | ||
| Q1 25 | $963.9M | $358.6M | ||
| Q4 24 | $755.6M | $240.4M | ||
| Q3 24 | $1.0B | $443.8M | ||
| Q2 24 | $1.0B | $440.3M | ||
| Q1 24 | $886.9M | $274.3M |
| Q4 25 | 385.9% | 13.3% | ||
| Q3 25 | 403.6% | 28.9% | ||
| Q2 25 | 400.9% | 27.3% | ||
| Q1 25 | 426.5% | 19.2% | ||
| Q4 24 | 359.1% | 13.6% | ||
| Q3 24 | 548.7% | 29.4% | ||
| Q2 24 | 510.2% | 31.6% | ||
| Q1 24 | 506.2% | 20.2% |
| Q4 25 | 263.5% | 12.3% | ||
| Q3 25 | 188.9% | 12.8% | ||
| Q2 25 | 125.0% | 11.8% | ||
| Q1 25 | 146.5% | 12.9% | ||
| Q4 24 | 210.7% | 18.1% | ||
| Q3 24 | 223.1% | 16.0% | ||
| Q2 24 | 163.7% | 11.8% | ||
| Q1 24 | 226.4% | 9.7% |
| Q4 25 | 1.71× | 5.56× | ||
| Q3 25 | 1.60× | 3.04× | ||
| Q2 25 | 3.37× | 2.53× | ||
| Q1 25 | 2.60× | 2.33× | ||
| Q4 24 | 0.97× | 4.52× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | 1.47× | 2.32× | ||
| Q1 24 | 1.39× | 3.09× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
AMT
| Other | $82.9M | 38% |
| Non Lease Property Revenue | $72.5M | 33% |
| Services Revenue | $64.4M | 29% |
WELL
Segment breakdown not available.
