American Tower vs BYD: Revenue, Profit and Business Model
American Tower reported $10.6B of revenue in FY2025 and $2.5B of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
American Tower
- Latest revenue
- $10.6B (FY2025)
- Net income
- $2.5B
- Net margin
- 23.8%
- Revenue growth
- +7.0% a year, FY2016–FY2025
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Financial summary
American Tower
American Tower is structured as a REIT, so qualifying US real estate income is distributed to shareholders rather than taxed at the corporate level, while international operations sit in taxable REIT subsidiaries. FY2025 revenue was $10,645 million, up 5.1%, with property revenue of $10,305 million and adjusted EBITDA of $7.1 billion at a 67.0% cash margin. Net income attributable to common stockholders was $2,529.5 million, and attributable AFFO per share, as adjusted, grew about 8% for the year. Net leverage ended 2025 at 4.9 times adjusted EBITDA, and S&P Global raised the company's issuer rating to BBB+ with a stable outlook in July 2025. American Tower also repurchased about $365 million of stock during 2025, its largest annual buyback since 2017.
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Revenue and profit by year
American Tower
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $10.6B | $2.5B | 23.8% | +5.1% | Source |
| FY2024 | $10.1B | $2.3B | 22.3% | +1.1% | Source |
| FY2023 | $10B | $1.5B | 14.8% | +3.8% | Source |
| FY2022 | $9.6B | $1.8B | 18.3% | +3.1% | Source |
| FY2021 | $9.4B | $2.6B | 27.4% | +16.4% | Source |
| FY2020 | $8B | $1.7B | 21.0% | +6.1% | Source |
| FY2019 | $7.6B | $1.9B | 24.9% | +1.9% | Source |
| FY2018 | $7.4B | $1.2B | 16.5% | +11.6% | Source |
| FY2017 | $6.7B | $1.2B | 17.3% | +15.2% | Source |
| FY2016 | $5.8B | $849.3M | 14.7% | — | Source |
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Where the revenue comes from
American Tower
- Site Rental~87%
Leasing space on communications sites under long-term contracts with escalators and renewal options. Property revenue excluding data centers was $9,252 million of the $10,645 million FY2025 total.
- Data Center Services~10%
CoreSite data center, power and interconnection revenue, which was $1,053 million in FY2025, up about 14% year over year.
- Services and Other~3%
Site acquisition, zoning, permitting and construction work performed for carriers, plus other revenue. This line was $340 million in FY2025.
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Business model and strategy
American Tower
How it makes money
American Tower owns the tower structure and controls the land beneath it, then leases vertical space to mobile operators such as T-Mobile, AT&T and Verizon so they can mount antennas. The economics turn on colocation: once a tower stands, adding a second or third tenant costs comparatively little, so incremental rent converts largely into operating profit.
Growth strategy
After selling its India business in 2024, American Tower concentrates capital on developed markets and on data centers. About 85% of planned 2026 discretionary capital spending goes to developed markets, including more than $700 million for CoreSite data center development, where revenue grew about 14% in 2025.
Competitive advantage
The advantage is the site itself. Zoning approval, environmental review and land control make a new macro tower slow and costly to add in a populated area, so a carrier that needs coverage in a specific location usually has to lease space on a structure that already stands there.
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Questions about American Tower vs BYD
Which company has higher revenue — American Tower Corporation or BYD Company Ltd?
American Tower Corporation reported $10.6B (FY2025), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with American Tower Corporation reporting a smaller revenue base.
What is the market cap of American Tower Corporation vs BYD Company Ltd?
American Tower Corporation's market capitalisation stands at $76.6B, while BYD Company Ltd's is $113.4B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to American Tower Corporation.
Which is more financially efficient — American Tower Corporation or BYD Company Ltd?
American Tower Corporation generates $2.19M / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. American Tower Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do American Tower Corporation and BYD Company Ltd make money?
American Tower Corporation and BYD Company Ltd generate revenue in fundamentally different ways. American Tower Corporation: American Tower owns the tower structure and controls the land beneath it, then leases vertical space to mobile operators such as T-Mobile, AT&T and Verizon so they can mount antennas. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems.
Which company is valued higher relative to revenue — American Tower Corporation or BYD Company Ltd?
On a price-to-sales (P/S) basis, American Tower Corporation trades at 7.2x P/S and BYD Company Ltd at 1.0x P/S. American Tower Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Tower Corporation bigger than BYD Company Ltd?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to American Tower Corporation ($10.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the American Tower vs BYD overview