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Side-by-side financial comparison of American Tower (AMT) and Zoetis (ZTS). Click either name above to swap in a different company.
American Tower is the larger business by last-quarter revenue ($2.7B vs $2.4B, roughly 1.1× Zoetis). American Tower runs the higher net margin — 110.1% vs 25.3%, a 84.9% gap on every dollar of revenue. On growth, American Tower posted the faster year-over-year revenue change (6.8% vs 3.0%). American Tower produced more free cash flow last quarter ($941.0M vs $732.0M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs 3.7%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
AMT vs ZTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.4B |
| Net Profit | $3.0B | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | 0.0% | 31.9% |
| Net Margin | 110.1% | 25.3% |
| Revenue YoY | 6.8% | 3.0% |
| Net Profit YoY | -2.6% | 3.8% |
| EPS (diluted) | — | $1.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.4B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.6B | $2.2B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.5B | $2.4B | ||
| Q2 24 | $2.5B | $2.4B |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $603.0M | ||
| Q3 25 | $912.6M | $721.0M | ||
| Q2 25 | $380.5M | $718.0M | ||
| Q1 25 | $498.6M | $631.0M | ||
| Q4 24 | $1.2B | $581.0M | ||
| Q3 24 | $-780.4M | $682.0M | ||
| Q2 24 | $908.4M | $624.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 31.9% | ||
| Q3 25 | 45.4% | 37.0% | ||
| Q2 25 | 45.6% | 36.7% | ||
| Q1 25 | 48.9% | 36.5% | ||
| Q4 24 | 42.4% | 31.6% | ||
| Q3 24 | 45.2% | 36.6% | ||
| Q2 24 | 45.4% | 33.0% |
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 25.3% | ||
| Q3 25 | 33.6% | 30.0% | ||
| Q2 25 | 14.5% | 29.2% | ||
| Q1 25 | 19.5% | 28.4% | ||
| Q4 24 | 48.3% | 25.1% | ||
| Q3 24 | -30.9% | 28.6% | ||
| Q2 24 | 35.7% | 26.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $1.37 | ||
| Q3 25 | $1.82 | $1.63 | ||
| Q2 25 | $0.78 | $1.61 | ||
| Q1 25 | $1.04 | $1.41 | ||
| Q4 24 | $2.63 | $1.29 | ||
| Q3 24 | $-1.69 | $1.50 | ||
| Q2 24 | $1.92 | $1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $10.2B | $3.3B |
| Total Assets | — | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.1B | $1.7B | ||
| Q4 24 | $2.0B | $2.0B | ||
| Q3 24 | $2.2B | $1.7B | ||
| Q2 24 | $2.2B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | — | ||
| Q3 25 | $34.9B | — | ||
| Q2 25 | $35.2B | — | ||
| Q1 25 | $34.0B | — | ||
| Q4 24 | $32.8B | — | ||
| Q3 24 | $33.4B | — | ||
| Q2 24 | $35.6B | — |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $3.3B | ||
| Q3 25 | $4.0B | $5.4B | ||
| Q2 25 | $3.7B | $5.0B | ||
| Q1 25 | $3.5B | $4.7B | ||
| Q4 24 | $3.4B | $4.8B | ||
| Q3 24 | $3.6B | $5.2B | ||
| Q2 24 | $3.9B | $5.0B |
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $15.5B | ||
| Q3 25 | $63.9B | $15.2B | ||
| Q2 25 | $63.8B | $14.5B | ||
| Q1 25 | $62.1B | $14.1B | ||
| Q4 24 | $61.1B | $14.2B | ||
| Q3 24 | $62.8B | $14.4B | ||
| Q2 24 | $65.8B | $14.2B |
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | — | ||
| Q3 25 | 8.82× | — | ||
| Q2 25 | 9.48× | — | ||
| Q1 25 | 9.63× | — | ||
| Q4 24 | 9.70× | — | ||
| Q3 24 | 9.16× | — | ||
| Q2 24 | 9.24× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $893.0M |
| Free Cash FlowOCF − Capex | $941.0M | $732.0M |
| FCF MarginFCF / Revenue | 34.4% | 30.7% |
| Capex IntensityCapex / Revenue | 16.8% | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $6.7B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $893.0M | ||
| Q3 25 | $1.5B | $938.0M | ||
| Q2 25 | $1.3B | $486.0M | ||
| Q1 25 | $1.3B | $587.0M | ||
| Q4 24 | $5.3B | $905.0M | ||
| Q3 24 | $1.5B | $951.0M | ||
| Q2 24 | $1.3B | $502.0M |
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $732.0M | ||
| Q3 25 | $994.5M | $805.0M | ||
| Q2 25 | $976.9M | $308.0M | ||
| Q1 25 | $963.9M | $438.0M | ||
| Q4 24 | $3.7B | $689.0M | ||
| Q3 24 | $1.0B | $784.0M | ||
| Q2 24 | $1.0B | $370.0M |
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 30.7% | ||
| Q3 25 | 36.6% | 33.5% | ||
| Q2 25 | 37.2% | 12.5% | ||
| Q1 25 | 37.6% | 19.7% | ||
| Q4 24 | 145.3% | 29.7% | ||
| Q3 24 | 41.4% | 32.8% | ||
| Q2 24 | 39.8% | 15.7% |
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 6.7% | ||
| Q3 25 | 17.1% | 5.5% | ||
| Q2 25 | 11.6% | 7.2% | ||
| Q1 25 | 12.9% | 6.7% | ||
| Q4 24 | 62.4% | 9.3% | ||
| Q3 24 | 16.8% | 7.0% | ||
| Q2 24 | 12.8% | 5.6% |
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.48× | ||
| Q3 25 | 1.60× | 1.30× | ||
| Q2 25 | 3.37× | 0.68× | ||
| Q1 25 | 2.60× | 0.93× | ||
| Q4 24 | 4.30× | 1.56× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 1.47× | 0.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMT
Segment breakdown not available.
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
