ATN International

ATNI · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

ATNI · Last close · November 6, 2026

$28.02

ATN International's revenue fell 0.1% to $728 million in fiscal 2025. Its operating margin was 3.9%, up from −0.1% a year earlier. Free cash flow was $44 million, up 150.3%. It paid out $16 million in dividends and buybacks, 36% of free cash flow.

ATN INTERNATIONAL, INC. Latest fiscal year ended December 31, 2025 10-K filed March 16, 2026 · 0001104659-26-028515 Updated November 9, 2026

Revenue

$728M

0.1%

Operating margin

3.9%

4.0 pts

Net income

−$15M

Free cash flow

$44M

150.3%

Return on capital

2.1%

2.2 pts

Market cap

$434M

Nov 6 close

P/E

2.5x

On $11.19 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What ATN International does

ATN International provides digital infrastructure and communications services in the western United States, Alaska, and internationally, including Bermuda and the Caribbean. Since its founding in 1987 it has focused on smaller, often rural or remote markets.

Through its operating subsidiaries it sells fixed and mobile telecommunications connectivity to residential, business and government customers. It also sells carrier services, including terrestrial and submarine fiber optic transport, to large enterprise and government customers.

As of December 31, 2025, its network included more than 12,200 fiber route miles and passed approximately 523,500 homes with high-speed broadband, which it defines as download speeds of 100 megabits per second or more. It built these assets through its own investment and through federal, state, local and tribal funding programs, and plans to keep using them in 2026. It says it is cutting costs, using artificial intelligence to streamline operations, and focusing on long-lived network assets. It also describes a plan to sell its US towers.

Its biggest risks, as it describes them

Reliance on government funding that could change with policy.
Network outages, rising energy costs, and storms or other natural disasters in the regions it serves.
Competition that may force more spending or cost it customers.
Dependence on a limited number of key suppliers and vendors.
Not being able to close the sale of its US towers, and geopolitical instability in the Caribbean.

From ATN International's annual report on Form 10-K, filed March 16, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2018, earnings per share grew 28.6% a year and net income 20.1% a year, as buybacks cut the share count by 1%. ATN International then lost money in fiscal 2020, 2021, 2022, 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	80	55	50	74	103
Debt incl. finance leases	373	427	522	562	569
Net debt (negative means net cash)	293	372	473	488	466
Net debt to EBITDA	3.3x	2.6x	3.1x	3.5x	2.9x
Debt to equity	0.6x	0.7x	1.0x	1.1x	1.3x
Interest coverage	−1.6x	0.4x	0.3x	−0.0x	0.6x
Current ratio	1.1x	1.0x	1.0x	1.2x	1.2x
Quick ratio	1.1x	1.0x	1.0x	1.2x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project ATN International's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open ATN International's projections

What ATN International says to expect

Full year 2026: capital expendituresCapital expenditures continue to be expected in the original range of $105 million to $115 million (net of reimbursable expenditures)

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 4, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

No officer, director or 10% owner of ATN International reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	3 of 8	4 of 8	6 of 8
Rule of 40	−1.8%	−1.9%	5.9%
Altman Z''	1.40	1.44	1.54
Accruals ratio	−7.2%	−8.8%	−8.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	3 of 8	4 of 8	6 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put ATN International side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
ATN International	FY25	−0.1%	3.9%	6.0%	2.1%	2.9x	6
Telephone and Data Systems	FY25	−5.3%	−7.9%	16.2%	−1.5%	0.3x	5	Compare
IDT	FY26	5.4%	9.3%	5.2%	—	—	—	Compare
BCE	FY25	0.2%	—	13.5%	—	—	6	Compare
AT&T	FY25	2.7%	19.2%	15.5%	8.7%	2.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	457	481	451	439	455	603	726	762	729	728
Revenue growth	28.6%	5.3%	−6.2%	−2.8%	3.8%	32.3%	20.4%	5.0%	−4.3%	−0.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	51	55	61	13	9	−15	8	13	−1	28
Net income	24	49	35	2	−1	−21	−8	−14	−26	−15
Diluted EPS (US$)	0.75	1.94	1.24	−0.68	−0.89	−1.52	−0.67	−1.25	−2.10	−1.38
Diluted shares (millions)	16	16	16	16	16	16	16	16	15	15
Cash flow
Cash from operations	112	146	116	88	86	80	103	112	128	134
Capital expenditure	124	142	186	73	75	96	160	163	110	90
Free cash flow	−13	3	−70	15	11	−16	−57	−52	18	44
Dividends paid	21	19	11	11	11	11	11	13	15	16
Share buybacks	4	11	2	0	7	10	1	15	10	0
Acquisitions	146	1	3	25	3	340	18	1	0	0
Stock-based compensation	6	7	6	6	6	7	7	8	8	8
Balance sheet at fiscal year end
Cash and short-term investments	279	215	192	162	104	80	55	50	74	103
Debt incl. finance leases	157	156	91	86	74	373	427	522	562	569
Total assets	1,198	1,206	1,107	1,131	1,084	1,609	1,708	1,784	1,727	1,673
Total liabilities	389	375	284	325	329	833	939	1,060	1,055	1,032
Shareholders' equity	677	689	695	676	646	601	581	541	490	444
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	11.2%	11.5%	13.5%	3.0%	2.0%	−2.5%	1.1%	1.7%	−0.1%	3.9%
Net margin	5.3%	10.2%	7.7%	0.5%	−0.2%	−3.5%	−1.0%	−1.9%	−3.6%	−2.0%
Free cash flow margin	−2.8%	0.7%	−15.5%	3.5%	2.4%	−2.6%	−7.9%	−6.8%	2.4%	6.0%
Rule of 40 (growth + FCF margin)	25.8%	6.0%	−21.8%	0.7%	6.2%	29.7%	12.5%	−1.8%	−1.9%	5.9%
Return on capital	5.0%	7.6%	5.3%	0.9%	0.6%	−1.4%	0.6%	1.0%	−0.1%	2.1%
Return on equity	3.6%	7.2%	5.0%	0.3%	−0.1%	−3.3%	−1.3%	−2.6%	−5.1%	−3.2%
Return on assets	2.3%	4.1%	3.0%	0.2%	−0.1%	−1.6%	−0.5%	−0.8%	−1.5%	−0.9%
Net debt to EBITDA	−1.0x	−0.4x	−0.7x	−0.7x	−0.3x	3.3x	2.6x	3.1x	3.5x	2.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: ATN International's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with ATN International.