olivLaw · US equity research
ATN International, Inc. ATNI
Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)
ATN International provides digital infrastructure and communications services, focused on rural and remote markets in the US, Alaska, Bermuda and the Caribbean. In the second quarter of 2026 revenue rose slightly, and the company completed the initial closing of part of its US tower portfolio sale, a step that could support debt reduction and capital returns to shareholders.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ATN International, Inc. (ATNI) stock was 25.79 USD (+1.14% on the day), with market capitalisation 397.3 m USD, P/E 2.4 on diluted EPS of 10.72 USD over the last 12 months, dividend yield 4.34%, beta 0.53, 52-week range 14.50–32.11 USD. Latest reported quarter (Q2 2026): revenue of 184.5 m USD (+1.8% YoY), net income of 167.3 m USD, diluted EPS 10.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 24.63 – 27.20
- in the lower half of the band · %B 0.45 · band width 9.9%
- SMA 50 / 200
- 28.04 / 27.07
- mixed trend
- MACD (12, 26, 9)
- -0.63 / -0.73
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.2% | −1.1% | −7.1 pp | — |
| 3 months | +7.4% | −0.5% | +7.9 pp | — |
| 6 months | −5.9% | +4.4% | −10.3 pp | — |
| Year to date | +13.1% | +12.3% | +0.8 pp | — |
| 1 year | +81.6% | +13.5% | +68.1 pp | −14.4% |
| 3 years | −23.9% | +76.4% | −100.3 pp | +20.5% |
| 5 years | −41.1% | +63.7% | −104.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 178.5 m | 180.5 m | 179.3 m | 181.3 m | 183.2 m | 184.2 m | 182.2 m | 184.5 m |
| SG&A | 53.6 m | 56.3 m | 55.2 m | 56.2 m | 54.3 m | 53.9 m | 56.2 m | 55.3 m |
| Operating income | -38.4 m | 8.7 m | 2.7 m | 233.0 k | 9.8 m | 15.7 m | 11.7 m | 239.7 m |
| Depreciation & amortisation | 37.3 m | 31.1 m | 34.5 m | 33.9 m | 32.9 m | 31.6 m | 31.2 m | 30.2 m |
| Interest expense | 12.7 m | 13.0 m | 12.0 m | 12.8 m | 11.6 m | 11.4 m | 10.5 m | 10.9 m |
| Pre-tax income | -51.5 m | -4.7 m | -11.6 m | -13.0 m | -1.1 m | -2.0 m | -1.9 m | 228.6 m |
| Income tax | -12.0 m | -8.9 m | -192.0 k | -3.8 m | -5.1 m | 4.8 m | 1.6 m | 42.1 m |
| Net income | -39.5 m | 9.6 m | -8.9 m | -7.0 m | 3.9 m | 1.8 m | -2.8 m | 167.3 m |
| Diluted EPS | -2.26 | 0.64 ≈ | -0.69 | -0.56 | 0.18 | 0.12 ≈ | -0.29 | 10.71 |
| Operating cash flow | 39.0 m ≈ | 30.5 m | 35.9 m | 23.9 m ≈ | 37.8 m ≈ | 36.2 m | 29.8 m | 23.8 m ≈ |
| Capex | 23.8 m ≈ | 24.7 m | 20.8 m | 21.2 m ≈ | 18.9 m ≈ | 29.1 m | 21.0 m | 17.2 m ≈ |
| Dividends paid | 3.6 m ≈ | 3.6 m | 3.6 m | 3.7 m ≈ | 4.2 m ≈ | 4.2 m | 4.2 m | 4.2 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 12-quarter history (min 2.5, median 50.6, max 5,837.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 451.2 m | 438.7 m | 455.4 m | 602.7 m | 725.7 m | 762.2 m | 729.1 m | 728.0 m |
| Revenue YoY | −6.2% | −2.8% | +3.8% | +32.3% | +20.4% | +5.0% | −4.3% | −0.2% |
| Net income | 34.9 m | 2.0 m | -708.0 k | -20.8 m | -7.6 m | -14.5 m | -26.4 m | -14.9 m |
| Net income YoY | −28.7% | −94.4% | −136.0% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 1.24 | -0.68 | -0.89 | -1.52 | -0.67 | -1.25 | -2.10 | -1.38 |
| Diluted EPS YoY | −36.1% | −154.8% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 7.7% | 0.4% | -0.2% | -3.5% | -1.0% | -1.9% | -3.6% | -2.0% |
| Free cash flow | -70.1 m | 15.2 m | 11.0 m | -15.9 m | -57.2 m | -51.7 m | 17.5 m | 43.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 102.5 m USD
- Financial debt
- 565.2 m USD
- Net debt
- 462.7 m USD
- Equity
- 554.0 m USD
- Total assets
- 1.7 bn USD
- Debt / equity
- 1.02x
- Current ratio
- 1.25x
- ROE
- -2.6%
- ROA
- -0.9%
- FCF margin
- 6.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 455.4 m | 602.7 m | 725.7 m | 762.2 m | 729.1 m | 728.0 m | SEC (XBRL)· 16 Mar 2026verified |
| SG&A | 139.0 m | 181.7 m | 224.4 m | 242.7 m | 228.9 m | 219.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 9.2 m | -15.0 m | 7.9 m | 13.2 m | -795.0 k | 28.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 88.3 m | 102.7 m | 135.1 m | 141.6 m | 138.3 m | 133.0 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 97.5 m ≈ | 87.7 m ≈ | 143.1 m ≈ | 154.8 m ≈ | 137.5 m ≈ | 161.4 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 5.3 m | 9.6 m | 20.4 m | 42.7 m | 49.5 m | 47.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 93.0 k | -22.7 m | -8.1 m | -27.5 m | -51.0 m | -27.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 801.0 k | -1.9 m | -473.0 k | -8.8 m | -19.1 m | -4.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -708.0 k | -20.8 m | -7.6 m | -14.5 m | -26.4 m | -14.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | -0.89 | -1.52 | -0.67 | -1.25 | -2.10 | -1.38 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 15.9 m | 15.9 m | 15.8 m | 15.6 m | 15.2 m | 15.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | 0.68 | 0.68 | 0.72 | 0.87 | 0.96 | 1.07 | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 103.9 m | 79.6 m | 54.7 m | 49.2 m | 73.4 m | 102.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 44.2 m | 73.7 m | 86.8 m | 88.0 m | 83.7 m | 80.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 240.1 m | 232.6 m | 229.7 m | 281.3 m | 309.2 m | 327.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 536.5 m | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Goodwill | 60.7 m | 40.1 m | 40.1 m | 40.1 m | 4.8 m | 4.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 7.0 m | 44.3 m | 32.0 m | 19.6 m | 12.0 m | 7.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 1.1 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 96.2 m | 151.5 m | 155.2 m | 182.1 m | 178.2 m | 173.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 3.8 m | 4.7 m | 6.2 m | 24.3 m | 8.2 m | 15.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 69.1 m | 327.1 m | 415.7 m | 492.6 m | 549.1 m | 549.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 147.9 m | 220.9 m | 233.2 m | 293.2 m | 267.3 m | 263.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 329.4 m | 833.4 m | 938.6 m | 1.1 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 754.3 m | 702.3 m | 676.8 m | 637.8 m | 595.5 m | 554.0 m | SEC (XBRL)· 16 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 86.3 m | 80.5 m | 102.9 m | 111.6 m | 127.9 m | 133.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 75.3 m | 96.4 m | 160.1 m | 163.3 m | 110.4 m | 90.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 11.0 m ≈ | -15.9 m ≈ | -57.2 m ≈ | -51.7 m ≈ | 17.5 m ≈ | 43.9 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -70.2 m | -426.6 m | -167.2 m | -165.1 m | -103.8 m | -86.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -73.4 m | 321.7 m | 43.4 m | 55.9 m | 2.9 m | -19.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 10.9 m | 10.8 m | 10.7 m | 13.2 m | 14.7 m | 15.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | 6.6 m | 10.5 m | 942.0 k | 15.0 m | 10.0 m | — | SEC (XBRL)· 17 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 397.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet58
- Valuation90
- Quality64
- Growth1
- Returns76
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 58.86 – 210.14 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)72.69 – 158.34 (Mid 100.56)WACC 6.8% · starting FCFF 77.2 m USD · terminal value share of EV 81%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA58.86 – 198.72 (Mid 87.72)6 companies used · median multiple 3.8x · quartiles 2.7x – 8.1xLUMN, SHEN, T, TDS, UNIT, VZ
- Peers: P/E123.47 – 210.14 (Mid 126.22)6 companies used · median multiple 11.8x · quartiles 11.5x – 19.6xATEX, IDT, T, TDS, UNIT, VZ
- Dividend discount (DDM)outside the aggregate14.06 – 18.91 (Mid 16.13)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 22.7% | 92 (vs peers) | 11% |
| Net margin · Quality | 23.2% | 80 (vs peers) | 7% |
| FCF conversion · Quality | 24.3% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 0.1% | 1 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.5x | 45 (vs peers) | 11% |
| Interest coverage · Balance sheet | 6.2x | 73 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 2.4x | 88 (vs peers) | 11% |
| EV/EBITDA · Valuation | 1.5x | 86 (vs peers) | 11% |
| FCF yield · Valuation | 10.4% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 40.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 3/3 factors with a value
- Growth· partial1/100 · 1/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation90/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ATN INTERNATIONAL, INC. (ATNI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 728.0 m USD in 2025; YoY growth -0.2%; net margin 23.2%; ROE 32.2%; net debt/EBITDA 0.5x.
The estimated value range is 72.69–198.72 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 100.56 USD, the price of 25.79 USD leaves a potential of 289.9% (value / price − 1) and a margin of safety of 74.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 22.7%
- Net margin: 23.2%
- Interest coverage: 6.2x
- P/E (TTM): 2.4x
- EV/EBITDA: 1.5x
- FCF yield: 10.4%
- Payout ratio (FCF): 40.7%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 24.3%
- Revenue CAGR 3Y: 0.1%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMXAmerica Movil Sab De Cv | 1,508.4 bn | 1,107.5 | 6.8% | 3.2% | −11.2% | +8% / +38% |
| VZVerizon Communications Inc. | 191.4 bn | 11.8 | 15.4% | 11.8% | +2.5% | +12% / +20% |
| TAt&T Inc. | 147.1 bn | 11.8 | 10.5% | 10.2% | +2.7% | −16% / +32% |
| LUMNLumen Technologies, Inc. | 4.6 bn | — | — | -5.8% | −5.4% | −45% / +241% |
| TDSTelephone And Data Systems, Inc. | 4.1 bn | 11.4 | 8.2% | 33.2% | −5.3% | −11% / +83% |
| ATEXAnterix Inc. | 1.5 bn | 22.2 | 27.9% | 933.0% | +7.8% | +278% / +138% |
| UNITUniti Group Inc. | 1.3 bn | 1.7 | 666.9% | 30.4% | +91.5% | −14% / −41% |
| SHENShenandoah Telecommunications Company | 575.2 m | — | -4.4% | -10.2% | +9.1% | −5% / −53% |
| ATNIAtn International, Inc. | 397.3 m | 2.4 | 32.2% | 23.2% | −0.2% | +82% / −24% |
| CXDOCrexendo, Inc. | 174.7 m | 43.6 | 5.6% | 4.5% | +12.0% | −25% / +78% |
| NXPLNextPlat Corp | 21.8 m | — | -43.1% | -17.8% | −17.8% | +34% / −47% |
| IQSTIQSTEL Inc. | 9.0 m | — | -56.0% | -2.2% | +11.9% | −80% / −94% |
| SURGSurgepays, Inc. | 8.2 m | — | — | -47.9% | −6.4% | −92% / −98% |
| KTKT Corporation | — | — | 2.8% | 1.7% | +0.4% | +1% / +41% |
| CTGGQwest Corp | 0 | — | -15.8% | -40.1% | −13.8% | unavailable / unavailable |
| TKCTurkcell Iletisim Hizmetleri A S | — | — | 10.8% | 11.7% | +14.6% | −15% / −5% |
| TIMBTim S.A. | — | — | 17.1% | 16.2% | +4.6% | −22% / +3% |
| PHIPLDT Inc. | — | — | 29.3% | 14.9% | +2.8% | −19% / −22% |
| BCEBce Inc. | — | — | 32.5% | 26.6% | +0.2% | −10% / −46% |
| IDTIDT Corporation | — | 24.3 | 25.4% | 6.7% | +5.4% | +69% / +186% |
| TEOTelecom Argentina SA | — | — | -2.4% | -2.0% | +53.0% | −17% / +26% |
1- and 3-year price returns: for ATNI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.02 Total return -38% · Per year -38% | 26.62 Total return 8% · Per year 8% | 40.18 Total return 61% · Per year 61% |
| 3 years | 13.32 Total return -39% · Per year -15% | 26.67 Total return 17% · Per year 5% | 44.38 Total return 89% · Per year 24% |
| 5 years | 11.81 Total return -39% · Per year -9% | 26.73 Total return 26% · Per year 5% | 49.02 Total return 120% · Per year 17% |
- Exit P/E± 6.67
- Net margin± 4.67
- Annual revenue growth± 4.00
- Annual dilution± 0.39
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
ATN International provides digital infrastructure and communications services, focused on rural and remote markets in the US, Alaska, Bermuda and the Caribbean. In the second quarter of 2026 revenue rose slightly, and the company completed the initial closing of part of its US tower portfolio sale, a step that could support debt reduction and capital returns to shareholders 3.
SWOT
Strengths
- The company has an extensive fiber network in isolated markets that smaller competitors find hard to match, and solid relationships with mobile carriers.
- Local management teams, supported by central expertise, sustain customer trust and operational stability.
- The balance sheet improved after the tower sale, with leverage falling significantly in 2026 3.
Weaknesses
- High energy costs and aging equipment in island and remote areas can lead to outages and heavy maintenance spending 1.
- Fixed consumer revenue declined after the loss of a government subsidy 3.
- The company relies on a limited number of suppliers and on local management that is difficult to replace in small markets 1.
Opportunities
- Public broadband funding programs could open new areas for network expansion in rural regions.
- Carrier demand for higher transport capacity could increase wholesale service revenue.
- Sales of spectrum licenses and other assets could provide extra resources for debt reduction and shareholder returns.
Threats
- Low earth orbit satellites could reduce the market share of terrestrial broadband in rural areas.
- Geopolitical tensions and military presence in the Caribbean could affect subsea cables and regional operations 1.
- Delays in permitting and in processing government grants could postpone planned investment 1.
Risks
- Cyber attackshigh
Dependence on IT systems and increasingly sophisticated attacks, including those using AI, could lead to disruptions, customer losses and penalties 1.
- Dependence on public fundinghigh
Revenue from government programs could be reduced or clawed back if conditions are not met, and federal policies may change 1.
- Completion of the tower salemedium
Final closing depends on approvals and on conditions for each site, so it is not certain when or whether all sites will transfer 1.
- Competition and capital intensitylow
Competition may require additional capital spending or cause customer losses in small markets 1.
Investment thesis
What would need to be true (bull case)
- If revenue and adjusted EBITDA keep growing and debt stays low after the tower sale, the company could gain more room for dividends and share repurchases 3.
- If public funding for rural broadband expands, the company's fiber network could generate stable long-term revenue 1.
- If mobile operators continue to outsource network construction and maintenance, the carrier services segment could grow in importance 1.
What would break the thesis
- If the loss of subsidies and satellite competition persist, fixed service revenue could remain under pressure 3.
- Capital spending on networks and high energy costs could limit margins, especially in isolated islands 1.
- If part of the gain from the tower sale is not repeatable, future results could look weaker than the 2026 figures 3.
What to watch
- Subsequent closings of the tower sale and collection of the remaining amountsnext ten months
- Delivery against the 2026 adjusted EBITDA outlook of 183 to 193 million dollars2026
- Trend in fixed services revenue after the loss of the government subsidyQ3 2026
- Results of the E-ACAM and ACF programs and compliance with build deadlines2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
ATN International, also known as ATN, offers fixed and mobile connectivity, services for carriers (including tower leasing and terrestrial and submarine fiber transport) and managed IT services. The company focuses on small, often rural or remote markets where it has built durable network assets, including more than 12200 fiber route miles at the end of 2025 1. Its strategy rests on network modernization, cost optimization to expand free cash flow and disciplined capital allocation 1.
Segments
US Telecom
The US Telecom segment covers Alaska and the western US and generated approximately 48% of consolidated revenue in fiscal 2025 and 2024 1. In Alaska the company controls Alaska Communications, and in the west it serves network operators, including construction and maintenance contracts for wireless networks of major carriers 1.
International Telecom
The International Telecom segment operates in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands under the One Communications brand, offering fixed, mobile, carrier transport and managed services 1. Revenue in this segment rose slightly in the second quarter of 2026, supported by carrier services 3.
Market context
Connectivity demand in rural and remote areas remains steady, and public funding through federal, state and tribal programs forms an important part of investment 1. Demand for transport capacity from mobile operators grows as they upgrade networks, which may support the carrier services business 1.
Competition from larger operators and low earth orbit satellite providers shapes pricing and customer retention in both segments 1. Fixed and carrier revenues remain the main drivers of the consolidated result 3.
Trends
- Public funding for rural broadbandmixed
Federal and state programs for rural broadband expansion could support the company's build-out plans, but each grant carries strict delivery and reporting conditions, and administrative delays can slow construction 1.
- Demand for transport capacitytailwind
Network operators need higher-capacity and lower-latency backhaul in isolated areas, which could create demand for the company's fiber network 1.
- Competitive pressure and energy costsheadwind
Competition from larger providers and satellites may reduce prices, and high energy costs in remote areas could pressure margins 1.
- Monetizing infrastructure assetstailwind
The tower sale and the planned spectrum license sale show a strategy of unlocking value from infrastructure, which could reduce debt and support dividends and share repurchases 3.
Competitive position
In Alaska the company competes with GCI and AT&T at the state level and with smaller local providers, while in the western US it faces ILEC operators such as AT&T, Comcast, Windstream, Lumen and Frontier, along with national fiber provider Zayo 1. Low earth orbit satellite providers add growing pressure on fixed services 1.
- GCI
Main competitor in Alaska for statewide voice and broadband services.
- AT&T
Competitor in Alaska and the western US, and also an important partner in the FirstNet network build.
- Zayo
National fiber provider with extensive wholesale channel solutions, competing in transport.
- Lumen and Frontier
ILEC operators in the western US competing on fixed and broadband services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- ATN International Eyes Growth, Margin Gains After $268M Tower SaleYahoo Finance — News · 29 Aug 2026 · EN
The latest news item in our archive is from 29 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report (amendment)03 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report06 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report31 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote
- Current report03 Jun 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ATN International, Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ATN International, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ATN International, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.