How do American Tower and AvalonBay Communities compare by revenue?

American Tower reported revenue of $219.8M in Q4 2025, while AvalonBay Communities reported $1.8M in Q4 2025. American Tower is 119.7× larger by last-quarter revenue.

Which is growing revenue faster, American Tower or AvalonBay Communities?

American Tower's latest revenue grew 4.5% year-over-year, versus 5.5% for AvalonBay Communities. AvalonBay Communities is growing faster on a YoY basis.

Which has a higher net margin, American Tower or AvalonBay Communities?

American Tower's net margin is 380.7% vs AvalonBay Communities's 9040.6%. AvalonBay Communities has the higher bottom-line margin.

Which generates more free cash flow, American Tower or AvalonBay Communities?

American Tower generated $848.3M of free cash flow last quarter, versus $322.5M for AvalonBay Communities. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for American Tower vs AvalonBay Communities?

Over the trailing 8 quarters, American Tower compounded revenue at roughly 12.0% per year, versus 1.1% for AvalonBay Communities. American Tower has the faster medium-term growth trajectory.

Where does this AMT vs AVB data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of American Tower (AMT) and AvalonBay Communities (AVB), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

American Tower is the larger business by last-quarter revenue ($219.8M vs $1.8M, roughly 119.7× AvalonBay Communities). AvalonBay Communities runs the higher net margin — 380.7% vs 9040.6%, a 8659.9% gap on every dollar of revenue. On growth, AvalonBay Communities posted the faster year-over-year revenue change (5.5% vs 4.5%). American Tower produced more free cash flow last quarter ($848.3M vs $322.5M). Over the past eight quarters, American Tower's revenue compounded faster (12.0% CAGR vs 1.1%).

American TowerAMTEarnings & Financial Report

NYSE · Real Estate · REIT - Specialty

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.

AvalonBay CommunitiesAVBEarnings & Financial Report

NYSE · Real Estate · real estate investment trust

AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.

AMT vs AVB — Head-to-Head

Bigger by revenue

AMT

119.7× larger

$219.8M

$1.8M

Growing faster (revenue YoY)

AVB

+1.0% gap

5.5%

4.5%

Higher net margin

AVB

8659.9% more per $

9040.6%

380.7%

More free cash flow

AMT

$525.8M more FCF

$848.3M

$322.5M

Faster 2-yr revenue CAGR

AMT

Annualised

12.0%

1.1%

Income Statement — Q4 2025 vs Q4 2025

Metric	AMT	AVB
Revenue	$219.8M	$1.8M
Net Profit	$836.8M	$166.0M
Gross Margin	—	—
Operating Margin	—	—
Net Margin	380.7%	9040.6%
Revenue YoY	4.5%	5.5%
Net Profit YoY	-32.0%	-41.2%
EPS (diluted)	$1.76	$1.18

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.

Revenue

AMT

AVB

Q4 25	$219.8M	$1.8M
Q3 25	$246.4M	$1.9M
Q2 25	$243.7M	$1.6M
Q1 25	$226.0M	$1.7M
Q4 24	$210.4M	$1.7M
Q3 24	$190.4M	$1.7M
Q2 24	$198.6M	$1.8M
Q1 24	$175.2M	$1.8M

Net Profit

AMT

AVB

Q4 25	$836.8M	$166.0M
Q3 25	$912.6M	$381.3M
Q2 25	$380.5M	$268.7M
Q1 25	$498.6M	$236.6M
Q4 24	$1.2B	$282.1M
Q3 24	$-780.4M	$372.5M
Q2 24	$908.4M	$253.9M
Q1 24	$921.7M	$173.4M

Net Margin

AMT

AVB

Q4 25	380.7%	9040.6%
Q3 25	370.4%	20390.7%
Q2 25	156.1%	16854.8%
Q1 25	220.6%	13581.9%
Q4 24	584.8%	16212.2%
Q3 24	-409.9%	21708.6%
Q2 24	457.4%	13876.2%
Q1 24	526.1%	9662.9%

EPS (diluted)

AMT

AVB

Q4 25	$1.76	$1.18
Q3 25	$1.82	$2.68
Q2 25	$0.78	$1.88
Q1 25	$1.04	$1.66
Q4 24	$2.63	$1.99
Q3 24	$-1.69	$2.61
Q2 24	$1.92	$1.78
Q1 24	$1.96	$1.22

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	AMT	AVB
Cash + ST InvestmentsLiquidity on hand	$1.5B	$187.2M
Total DebtLower is stronger	$33.8B	$9.3B
Stockholders' EquityBook value	$3.7B	$11.6B
Total Assets	$63.2B	$22.2B
Debt / EquityLower = less leverage	9.26×	0.80×

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

AMT

AVB

Q4 25	$1.5B	$187.2M
Q3 25	$2.0B	$123.3M
Q2 25	$2.1B	$102.8M
Q1 25	$2.1B	$53.3M
Q4 24	$2.0B	$108.6M
Q3 24	$2.2B	$552.4M
Q2 24	$2.5B	$545.8M
Q1 24	$2.4B	$287.9M

Total Debt

AMT

AVB

Q4 25	$33.8B	$9.3B
Q3 25	$34.9B	$8.7B
Q2 25	$35.2B	$8.7B
Q1 25	$34.0B	$8.3B
Q4 24	$32.8B	$8.1B
Q3 24	$33.4B	$8.4B
Q2 24	$35.6B	$8.4B
Q1 24	$36.2B	$8.0B

Stockholders' Equity

AMT

AVB

Q4 25	$3.7B	$11.6B
Q3 25	$4.0B	$11.9B
Q2 25	$3.7B	$11.9B
Q1 25	$3.5B	$11.9B
Q4 24	$3.4B	$11.9B
Q3 24	$3.6B	$11.9B
Q2 24	$3.9B	$11.7B
Q1 24	$4.0B	$11.7B

Total Assets

AMT

AVB

Q4 25	$63.2B	$22.2B
Q3 25	$63.9B	$21.9B
Q2 25	$63.8B	$21.8B
Q1 25	$62.1B	$21.2B
Q4 24	$61.1B	$21.0B
Q3 24	$62.8B	$21.3B
Q2 24	$65.8B	$21.0B
Q1 24	$66.7B	$20.6B

Debt / Equity

AMT

AVB

Q4 25	9.26×	0.80×
Q3 25	8.82×	0.73×
Q2 25	9.48×	0.72×
Q1 25	9.63×	0.70×
Q4 24	9.70×	0.68×
Q3 24	9.16×	0.70×
Q2 24	9.24×	0.71×
Q1 24	8.94×	0.68×

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	AMT	AVB
Operating Cash FlowLast quarter	$1.4B	$400.4M
Free Cash FlowOCF − Capex	$848.3M	$322.5M
FCF MarginFCF / Revenue	385.9%	17563.8%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	263.5%	4246.2%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	1.71×	2.41×
TTM Free Cash FlowTrailing 4 quarters	$3.8B	$1.4B

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

AMT

AVB

Q4 25	$1.4B	$400.4M
Q3 25	$1.5B	$477.0M
Q2 25	$1.3B	$377.8M
Q1 25	$1.3B	$415.9M
Q4 24	$1.2B	$328.8M
Q3 24	$1.5B	$486.2M
Q2 24	$1.3B	$380.0M
Q1 24	$1.3B	$412.9M

Free Cash Flow

AMT

AVB

Q4 25	$848.3M	$322.5M
Q3 25	$994.5M	$402.2M
Q2 25	$976.9M	$317.1M
Q1 25	$963.9M	$367.5M
Q4 24	$755.6M	$271.9M
Q3 24	$1.0B	$434.2M
Q2 24	$1.0B	$333.0M
Q1 24	$886.9M	$375.4M

FCF Margin

AMT

AVB

Q4 25	385.9%	17563.8%
Q3 25	403.6%	21507.4%
Q2 25	400.9%	19896.0%
Q1 25	426.5%	21098.3%
Q4 24	359.1%	15626.2%
Q3 24	548.7%	25305.2%
Q2 24	510.2%	18195.7%
Q1 24	506.2%	20914.5%

Capex Intensity

AMT

AVB

Q4 25	263.5%	4246.2%
Q3 25	188.9%	3998.4%
Q2 25	125.0%	3806.1%
Q1 25	146.5%	2776.7%
Q4 24	210.7%	3271.1%
Q3 24	223.1%	3026.3%
Q2 24	163.7%	2568.9%
Q1 24	226.4%	2088.6%

Cash Conversion

AMT

AVB

Q4 25	1.71×	2.41×
Q3 25	1.60×	1.25×
Q2 25	3.37×	1.41×
Q1 25	2.60×	1.76×
Q4 24	0.97×	1.17×
Q3 24	—	1.31×
Q2 24	1.47×	1.50×
Q1 24	1.39×	2.38×

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.