American Tower vs Samsung: Revenue, Profit and Business Model
American Tower reported $10.6B of revenue in FY2025 and $2.5B of net income. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B 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
Samsung
- Latest revenue
- ~$236.9B (FY2025)
- Net income
- ~$31.4B
- Net margin
- 13.3%
- Revenue growth
- +4.5% a year, FY2021–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.
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
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 |
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | 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.
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
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.
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
Questions about American Tower vs Samsung
Which company has higher revenue — American Tower Corporation or Samsung Electronics Co., Ltd.?
American Tower Corporation reported $10.6B (FY2025), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with American Tower Corporation reporting a smaller revenue base.
What is the market cap of American Tower Corporation vs Samsung Electronics Co., Ltd.?
American Tower Corporation's market capitalisation stands at $76.6B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., 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 Samsung Electronics Co., Ltd.?
American Tower Corporation generates $2.19M / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / 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 Samsung Electronics Co., Ltd. make money?
American Tower Corporation and Samsung Electronics Co., 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. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.
Which company is valued higher relative to revenue — American Tower Corporation or Samsung Electronics Co., Ltd.?
On a price-to-sales (P/S) basis, American Tower Corporation trades at 7.2x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. American Tower Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Samsung Electronics Co., 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 Samsung Electronics Co., Ltd.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (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 Samsung overview