Motley Fool: AMT has "nosebleed" price to sales ratio, the lower this ratio is, the better it is for investors
All three of these (comm) companies have a "nosebleed" price to sales ratio, or P/S. Simply put, all things being equal, the lower this ratio is, the better it is for investors. The industry median P/S is important, and Crown Castle is the "cheapest" using this metric. However, investors need to realize that 1.5 is the current median S&P 500 price to sales ratio. Although it is difficult to compare industries, just for perspective Google's P/S ratio is 5.65, Apple's is 2.4 (and pays a 2.8% dividend, just saying), and Amazon's P/S is 2.16.
American Tower's internal rate of return in each market outside of the U.S. was lower than the cost of capital (long term bond) in every country American Tower does business, with the exception of Germany.