One-glance verdict
Undervalued
$83.24 our estimate vs market $29.62
Wall Street consensus: $69.00 (-17.1% lower than our fair-value estimate)
64% below our estimate, below the bear case
Fundamentals snapshot
ATN International, Inc.
ATNI · NMS · Communication Services · Telecom Services
Current price
$29.62
52-week range
$13.86 - $33.41
Market cap
$456.25M
Balance sheet
Distressed
0.91x Concerning
Net debt $356.09M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 0.8% last year.
- Reward Returns 24.6% on equity, ahead of 60% of its peers.
- Risk Forward P/E (27.4x) is higher than trailing (2.9x) - earnings are expected to drop.
- Risk Net debt grew 15.7% over 3 years.
What this company does
ATN International, Inc.
ATN International provides essential internet and phone services to homes and businesses in places like the United States, Guyana, and the Caribbean. The company makes money from customers' monthly bills and by leasing its physical infrastructure, like cell phone towers, to other communication providers. Because internet and phone access are modern necessities, this business model can generate predictable recurring revenue (income that comes in consistently at regular intervals).
How the company got here
Founded in 1987 as Atlantic Tele-Network, the company's early strategy focused on acquiring and operating telecom services in smaller, often overlooked international markets. This history of operating in challenging and remote areas remains a core part of its identity. Over the years, ATN has reshaped its portfolio of businesses, selling some international holdings while expanding its presence in the United States. A key recent move was the 2021 acquisition of Alaska Communications, which significantly grew its U.S. operations.
What it actually does
ATN International provides the essential digital connections for homes, businesses, and governments in areas that larger telecom companies often find too difficult or remote to serve. This includes a range of services like high-speed internet, mobile and fixed-line phone service, and even video services. They also build and lease out critical infrastructure, such as fiber optic cables and cell towers, to other communication companies. Think of them as the company that brings modern digital life to underserved communities, from the mountains and deserts of the western U.S. to island nations in the Caribbean.
International Telecom
This segment provides a bundle of communication services to residential and business customers in island markets, including Bermuda, the Cayman Islands, Guyana, and the U.S. Virgin Islands. Customers in these locations pay ATN for mobile phone service, high-speed internet, and traditional phone lines. This part of the company is a significant contributor to revenue and is currently the main driver of the company's profitability (the money left over after all expenses are paid).
US Telecom
This division focuses on providing similar communication services within the United States, specifically in Alaska and rural areas of the western U.S. It serves both individual consumers and businesses with internet and phone services, often through brands like Alaska Communications and Commnet. A key part of this segment's business is providing wholesale services to other major carriers, essentially renting out its network infrastructure so those carriers can offer coverage in these hard-to-reach areas. While a large part of the business, it has recently been less profitable than the international segment.
What management is betting on now
The company's current strategy is to focus on being a specialized provider of digital infrastructure in markets that require local expertise. Management is working to improve profitability by controlling costs and making targeted capital expenditures (spending on physical assets like network equipment) rather than massive new builds. A recent major step was selling its portfolio of U.S. cell towers to free up cash. The plan is to use this money to reduce debt and reinvest in its most promising operations to create long-term value.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$15.17M
FY2024 Q4
$5.79M
FY2025 Q1
$15.07M
FY2025 Q2
$2.75M
FY2025 Q3
$18.94M
FY2025 Q4
$7.15M
FY2026 Q1
$8.76M
FY2026 Q2
$6.52M
Revenue
$184.50M
Net income
$167.29M
Diluted EPS
10.71
Operating cash flow
$23.76M
Free cash flow
$6.52M
Fetching…
Sources
Revenue
$182.22M
Net income
$-2.80M
Diluted EPS
-0.29
Operating cash flow
$29.78M
Free cash flow
$8.76M
Fetching…
Sources
Revenue
$184.22M
Net income
$-5.98M
Diluted EPS
-0.31
Operating cash flow
$36.25M
Free cash flow
$7.15M
Fetching…
Sources
Revenue
$183.16M
Net income
—
Diluted EPS
0.18
Operating cash flow
$37.85M
Free cash flow
$18.94M
Fetching…
Sources
Revenue
$181.30M
Net income
$-7.03M
Diluted EPS
-0.56
Operating cash flow
$23.94M
Free cash flow
$2.75M
Fetching…
Sources
Revenue
$179.29M
Net income
$-8.93M
Diluted EPS
-0.69
Operating cash flow
$35.91M
Free cash flow
$15.07M
Fetching…
Sources
Revenue
$180.55M
Net income
$-26.43M
Diluted EPS
0.16
Operating cash flow
$30.49M
Free cash flow
$5.79M
Fetching…
Sources
Revenue
$178.45M
Net income
—
Diluted EPS
-2.26
Operating cash flow
$39.02M
Free cash flow
$15.17M
Fetching…
Sources
Is it cheap or expensive?
Fair value $83.24 vs current price $29.62
Wall Street consensus is the average analyst price target: $69.00 (-17.1% lower than our fair-value estimate).
Our most-likely fair value is $83.24 a share — about 181.0% above today's price of $29.62, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $356.1M. Interest coverage 0.9x.
Net debt
$356.09M
Interest coverage
0.91x
ATN International, Inc.'s profit covers its interest bill about 0.9 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
ATNI
BASELINE
ATN International, Inc.
Total debt $674.07M Interest coverage 0.91x This is the baseline the peer rows are being compared against.
Total debt $733.52M Interest coverage -0.87x -100% vs ATNI This peer has almost no interest-payment cushion compared with ATNI.
Total debt $8.99B Interest coverage 1.10x +20% vs ATNI Carries about 1.2x more debt cushion than ATNI.
Total debt $1.38M Interest coverage 17.33x +1,800% vs ATNI Carries about 19.0x more debt cushion than ATNI.
What you should know
The case for and against ATNI
3 Rewards
2 Risks
Rewards
-
Revenue grew 0.8% last year.
-
Returns 24.6% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
-
Forward P/E (27.4x) is higher than trailing (2.9x) - earnings are expected to drop.
-
Net debt grew 15.7% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
2.87x
Forward P/E
27.43x
P/B
0.74x
P/S
0.62x
EV/EBITDA
5.32x
PEG ratio
2.72x
Profitability
How much profit each dollar creates
Gross margin
56.9%
Operating margin
9.5%
Net margin
22.6%
ROE
24.6%
ROA
2.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.83x
Current ratio
1.63x
Quick ratio
1.36x
Total debt
$674.07M
Total cash
$317.98M
Growth
How the business has been compounding
Revenue TTM
$734.10M
Revenue 5Y CAGR
4.8%
EPS TTM
10.32
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$127.63M
Free CF TTM
$43.91M
FCF margin
6.0%
Dividend
Shareholder payout
Yield
3.8%
Payout ratio
10.8%
Last ex-div date
2026-06-30