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1. Company Snapshot

1.a. Company Description

ATN International, Inc., through its subsidiaries, provides telecommunications services.It operates in three segments: International Telecom, US Telecom, and Renewable Energy.The International Telecom segment provides fixed data and voice; fixed, carrier, managed, and mobility services to customers in Bermuda, the Cayman Islands, Guyana, and the US Virgin Islands, as well as video services in Bermuda, the Cayman Islands, and the US Virgin Islands.


This segment also offers mobile, data, and voice services to retail and business customers in Bermuda, Guyana, and US Virgin Islands under the One, GTT+, and Viya brands; roaming services; and handsets and accessories.The US Telecom segment provides carrier services, such as wholesale roaming services; fixed, mobility, carrier, and managed services to business and consumer; private network services to enterprise and consumer customers; and site maintenance services and international long-distance services, as well as leases critical network infrastructure, including towers and transport facilities.The Renewable Energy segment provides distributed generation solar power to commercial and industrial customers in India.


As of December 31, 2021, it operated seven retail stores in the US Telecom segment and twenty-one retail stores in the International Telecom segment.The company was formerly known as Atlantic Tele-Network, Inc.and changed its name to ATN International, Inc.


in June 2016.ATN International, Inc.was incorporated in 1987 and is headquartered in Beverly, Massachusetts.

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1.b. Last Insights on ATNI

ATN International's recent performance was driven by several positive factors. The company's Q4 2025 earnings call revealed growing revenues and positive cash flows, with high-speed broadband homes passed expanding by 27% and total high-speed broadband subscribers growing by 3%. The announced sale of its US tower portfolio for up to $297 million is expected to close in Q2 2026, providing a major tailwind. Additionally, the company introduced ACS SmartHome, a new way for customers to manage their home network experience, powered by Calix SmartHome. Adjusted EBITDA is expected to be in the range of $190-200 million for 2026.

1.c. Company Highlights

2. ATN International's 2025 Earnings: A Year of Strategic Progress

ATN International, Inc. reported total revenues of $728 million for 2025, essentially flat compared to the previous year. However, the company saw an improvement in operating income, which increased to $28.4 million. Adjusted EBITDA grew 3% to $190.0 million, driven by growth in mobility and high-speed data subscribers in the International segment. The company's net loss narrowed to $14.9 million, or $1.38 per share, with actual EPS coming in at $0.03, in line with estimates.

Publication Date: Mar -08

📋 Highlights
  • Total Revenue and Adjusted EBITDA Growth:: 2025 total revenue remained flat at $728 million, while adjusted EBITDA increased by 3% to $190.0 million.
  • Tower Portfolio Sale:: Pending sale of Southwest U.S. tower portfolio for up to $297 million, expected to modestly reduce EBITDA but strengthen the balance sheet with proceeds.
  • 2026 EBITDA Outlook:: Adjusted EBITDA projected to rise to $190–200 million (excluding tower sale impact), with capital expenditures remaining disciplined at $105–115 million.
  • Subscriber Growth and Strategy Shift:: 11% YoY improvement in high-speed data subscribers in 2025; strategic focus on carrier services and broadband, exiting unprofitable legacy markets.
  • Balance Sheet Strengthening:: Cash, cash equivalents, and restricted cash rose to $117.2 million, with a net debt ratio of 2.36x as of 2025.

Segment Performance

The International segment saw growth in mobility and high-speed data subscribers, driving adjusted EBITDA expansion. In the U.S. segment, the company is shifting its focus towards carrier managed services and away from legacy consumer offerings. This strategic shift is expected to drive growth in high-speed data subscribers in 2026, with the company nearing a point where the decline of legacy services will no longer detract from the overall growth of its broadband business.

Outlook and Guidance

For 2026, the company expects adjusted EBITDA to increase modestly to a range of $190 million to $200 million, excluding the impact of the pending tower sale. Capital expenditures are expected to remain within a disciplined range of $105 million to $115 million. The company's CFO, Carlos R. Doglioli, highlighted the improvement in operating income, adjusted EBITDA, and cash generation, with total cash, cash equivalents, and restricted cash increasing to $117.2 million.

Valuation and Metrics

With a P/E Ratio of -24.75 and an EV/EBITDA of 5.78, the market is pricing in a challenging near-term environment. However, the company's Dividend Yield of 4.4% and Free Cash Flow Yield of 11.9% suggest that the stock may be attractive to income investors. The Net Debt / EBITDA ratio of 3.52x indicates a relatively high level of leverage, but the company's plans to strengthen its balance sheet through the pending tower sale are expected to mitigate this.

Strategic Developments

The company announced the pending sale of its Southwest U.S. tower portfolio for up to $297 million, which is expected to modestly reduce revenue and EBITDA but provide meaningful proceeds to strengthen the balance sheet. As Brad W. Martin explained, the sale will not impact the company's ability to provide managed services to carriers, and the company expects to continue driving operating efficiencies and allocating capital in a disciplined way.

3. NewsRoom

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ATN Board Declares Quarterly Dividend

Mar -18

Source: globenewswire.com

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Alaska Communications Expands High-Speed Broadband Network in Alaska with Support from NTIA BEAD Grant

Mar -17

Source: businesswire.com

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Contrasting ATN International (NASDAQ:ATNI) and Proxim Wireless (OTCMKTS:PRXM)

Mar -10

Source: defenseworld.net

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ATN International Q4 Earnings Call Highlights

Mar -07

Source: defenseworld.net

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ATN International, Inc. (ATNI) Q4 2025 Earnings Call Transcript

Mar -05

Source: seekingalpha.com

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ATN International (ATNI) Meets Q4 Earnings Estimates

Mar -04

Source: zacks.com

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ATN Reports Fourth Quarter and Full Year 2025 Results; Provides 2026 Outlook

Mar -04

Source: globenewswire.com

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Alaska Communications Introduces ACS SmartHome: Making ACS the Wi-Fi leader in Alaska

Feb -24

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.85%)

6. Segments

Unites States Telecom

Expected Growth: 4.73%

The 4.73% growth in US Telecom segment of ATN International, Inc. is driven by increasing demand for high-speed data services, expansion of 5G networks, and growing adoption of IoT devices. Additionally, strategic acquisitions and investments in network infrastructure have enhanced capacity and improved customer experience, contributing to the segment's growth.

International Telecom

Expected Growth: 7.04%

ATN International's 7.04% growth in International Telecom is driven by increasing demand for data services, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on network modernization and 4G/LTE upgrades has improved service quality, attracting more subscribers and driving revenue growth.

7. Detailed Products

Wireless Communications

ATN International provides wireless communications services, including mobile voice and data services, to customers in the US and international markets.

Fiber Optic Services

ATN offers fiber optic services, including high-speed internet, voice, and data services, to businesses and governments.

Data Center Services

ATN provides data center services, including colocation, cloud, and managed hosting, to businesses and governments.

Managed IT Services

ATN offers managed IT services, including network management, cybersecurity, and IT consulting, to businesses and governments.

International Wholesale Services

ATN provides international wholesale services, including voice, data, and SMS, to carriers and service providers.

8. ATN International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ATN International, Inc. is medium due to the presence of alternative telecommunications services and products.

Bargaining Power Of Customers

The bargaining power of customers for ATN International, Inc. is low due to the company's diversified customer base and lack of concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for ATN International, Inc. is medium due to the presence of multiple suppliers and the company's moderate bargaining power.

Threat Of New Entrants

The threat of new entrants for ATN International, Inc. is high due to the relatively low barriers to entry in the telecommunications industry.

Intensity Of Rivalry

The intensity of rivalry for ATN International, Inc. is high due to the presence of several established competitors in the telecommunications industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.65%
Debt Cost 6.44%
Equity Weight 48.35%
Equity Cost 6.44%
WACC 6.44%
Leverage 106.84%

11. Quality Control: ATN International, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
ATN International

A-Score: 5.3/10

Value: 9.0

Growth: 4.7

Quality: 3.2

Yield: 6.0

Momentum: 5.5

Volatility: 3.7

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A-Score: 4.7/10

Value: 8.0

Growth: 5.1

Quality: 2.6

Yield: 6.0

Momentum: 2.0

Volatility: 4.7

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Crexendo

A-Score: 4.6/10

Value: 2.4

Growth: 7.7

Quality: 7.4

Yield: 0.0

Momentum: 8.0

Volatility: 2.3

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Cable One

A-Score: 3.8/10

Value: 9.8

Growth: 4.1

Quality: 3.1

Yield: 3.0

Momentum: 0.0

Volatility: 2.7

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Ribbon Communications

A-Score: 3.6/10

Value: 7.6

Growth: 3.8

Quality: 4.3

Yield: 0.0

Momentum: 2.5

Volatility: 3.7

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Consolidated Communications Holdings

A-Score: 2.8/10

Value: 6.5

Growth: 0.7

Quality: 1.2

Yield: 0.0

Momentum: 6.5

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

26.17$

Current Price

26.17$

Potential

-0.00%

Expected Cash-Flows