Latest Ratios: P/E Ratio -28.5x · EV/EBITDA 5.5x · ROE -2.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $429M | $348M | $256M | $608M | $714M | $634M | $665M | $885M | $1.1B | $896M | $1.3B |
| Enterprise Value | $1.0B | $925M | $878M | $1.2B | $1.2B | $1.0B | $697M | $878M | $1.0B | $844M | $1.2B |
| P/E Ratio → | -28.48 | — | — | — | — | — | — | 461.58 | 57.69 | 28.34 | 102.73 |
| P/S Ratio | 0.59 | 0.48 | 0.35 | 0.80 | 0.98 | 1.05 | 1.46 | 2.02 | 2.54 | 1.86 | 2.85 |
| P/B Ratio | 0.66 | 0.54 | 0.38 | 0.84 | 0.93 | 0.82 | 0.88 | 1.10 | 1.39 | 1.08 | 1.61 |
| P/FCF | 9.78 | 7.92 | 15.09 | — | — | — | 120.24 | 58.33 | — | — | — |
| P/OCF | 3.21 | 2.60 | 2.00 | 5.44 | 6.93 | 7.87 | 7.71 | 10.07 | 9.90 | 6.15 | 11.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.27 | 1.20 | 1.59 | 1.69 | 1.71 | 1.53 | 2.00 | 2.32 | 1.75 | 2.60 |
| EV / EBITDA | 5.54 | 5.09 | 6.04 | 7.25 | 7.85 | 10.77 | 7.15 | 8.57 | 7.13 | 5.92 | 9.37 |
| EV / EBIT | 23.07 | 46.08 | — | 80.12 | 99.11 | — | 128.18 | 79.23 | 16.96 | 14.96 | 23.40 |
| EV / FCF | — | 21.06 | 51.74 | — | — | — | 126.09 | 57.85 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.3% | 37.3% | 56.6% | 56.7% | 54.7% | 52.7% | 57.0% | 56.6% | 58.4% | 59.4% | 59.8% |
| Operating Margin | 6.0% | 6.0% | -0.1% | 1.7% | 1.1% | -2.5% | 2.0% | 3.0% | 13.5% | 11.5% | 11.1% |
| Net Profit Margin | -2.0% | -2.0% | -3.6% | -1.9% | -0.8% | -3.7% | -3.1% | -2.5% | 4.4% | 6.5% | 2.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.3% | -2.3% | -3.8% | -1.9% | -0.7% | -2.9% | -1.8% | -1.3% | 2.4% | 3.8% | 1.6% |
| ROA | -0.9% | -0.9% | -1.5% | -0.8% | -0.3% | -1.6% | -1.3% | -1.0% | 1.7% | 2.6% | 1.2% |
| ROIC | 2.6% | 2.6% | -0.0% | 0.8% | 0.5% | -1.2% | 0.9% | 1.3% | 6.1% | 5.6% | 6.9% |
| ROCE | 3.0% | 3.0% | -0.1% | 0.9% | 0.6% | -1.3% | 0.9% | 1.4% | 6.1% | 5.3% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.08 | 1.08 | 1.03 | 0.91 | 0.74 | 0.61 | 0.18 | 0.19 | 0.11 | 0.19 | 0.19 |
| Debt / EBITDA | 3.82 | 3.82 | 4.78 | 3.91 | 3.63 | 4.97 | 1.40 | 1.50 | 0.62 | 1.09 | 1.24 |
| Net Debt / Equity | — | 0.90 | 0.93 | 0.84 | 0.66 | 0.51 | 0.04 | -0.01 | -0.12 | -0.06 | -0.14 |
| Net Debt / EBITDA | 3.18 | 3.18 | 4.28 | 3.62 | 3.28 | 4.14 | 0.33 | -0.07 | -0.69 | -0.37 | -0.89 |
| Debt / FCF | — | 13.14 | 36.65 | — | — | — | 5.85 | -0.48 | — | — | — |
| Interest Coverage | 0.42 | 0.42 | -0.03 | 0.35 | 0.61 | -1.36 | 1.02 | 2.21 | 7.74 | 6.38 | 9.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.16 | 0.96 | 0.99 | 1.05 | 1.62 | 1.91 | 1.96 | 2.12 | 2.45 |
| Quick Ratio | 1.26 | 1.26 | 1.10 | 0.89 | 0.91 | 1.01 | 1.59 | 1.87 | 1.92 | 2.02 | 2.35 |
| Cash Ratio | 0.45 | 0.45 | 0.28 | 0.17 | 0.24 | 0.36 | 0.70 | 1.35 | 1.37 | 1.33 | 1.86 |
| Asset Turnover | — | 0.44 | 0.42 | 0.43 | 0.42 | 0.37 | 0.42 | 0.39 | 0.41 | 0.40 | 0.38 |
| Inventory Turnover | — | — | 20.81 | 17.25 | 18.36 | 28.04 | 35.56 | 36.28 | 29.74 | 12.68 | 12.79 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 4.5% | 5.7% | 2.2% | 1.5% | 1.7% | 1.6% | 1.2% | 0.9% | 2.1% | 1.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | 54.8% | 61.1% | 167.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 0.2% | 1.7% | 3.5% | 1.0% |
| FCF Yield | 10.2% | 12.6% | 6.6% | — | — | — | 0.8% | 1.7% | — | — | — |
| Buyback Yield | 0.2% | 0.2% | 3.9% | 2.7% | 0.1% | 1.9% | 1.0% | 0.2% | 0.5% | 1.4% | 0.3% |
| Total Shareholder Yield | 3.9% | 4.7% | 9.6% | 4.9% | 1.6% | 3.6% | 2.6% | 1.4% | 1.5% | 3.6% | 1.9% |
| Shares Outstanding | — | $15M | $15M | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $16M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ATNI stock.
ATN International, Inc.'s current P/E ratio is -28.5x. The historical average is 24.7x.
ATN International, Inc.'s current EV/EBITDA is 5.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.1x.
ATN International, Inc.'s return on equity (ROE) is -2.3%. The historical average is 8.5%.
Based on historical data, ATN International, Inc. is trading at a P/E of -28.5x. Compare with industry peers and growth rates for a complete picture.
ATN International, Inc.'s current dividend yield is 3.68%.
ATN International, Inc. has 37.3% gross margin and 6.0% operating margin.
ATN International, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Eroding regulated asset base
Metrics are mathematically derived from official filings.
Valuation Distorted by Non-Recurring Charge
The reported TTM P/E of -30.88 appears meaningless given the likely non-recurring item that drove 2026Q2 EPS to $10.71, while the forward P/E of 2.46 and P/B of 0.72 suggest the market is pricing in minimal future earnings against a depressed book value.
The extreme divergence between trailing and forward P/E metrics strongly implies that the most recent quarter's results are not representative of ongoing earnings power. With the stock trading at a 28% discount to its tangible book value and a 3.4% dividend yield, the valuation seems to reflect skepticism about the sustainability of core operations and the integrity of the asset base. Investors should focus on the forward P/E and P/B, as they appear to better reflect the market's expectation of limited profitability relative to the capital employed.
Chronic Earned ROE Below Likely Hurdle
Excluding the anomalous 24.7% ROE in 2026Q2, ATNI's earned return on equity has been negative in seven of the last ten quarters, suggesting the company has consistently failed to earn its cost of capital and likely any authorized regulatory return.
The persistent sub-zero ROE, with the lowest point at -4.7% in 2024Q3, indicates a significant and prolonged gap between the company's actual performance and the minimum return required by investors. This chronic underperformance points to potential regulatory lag, operational inefficiencies, or a shrinking rate base that is not generating adequate returns. The dramatic swing in the most recent quarter warrants investigation into whether it represents a true operational turnaround or is driven by a one-time adjustment.
Moderate Leverage with Interest Coverage Strain
As reported in recent financial statements, ATNI's debt-to-capital ratio has hovered around 0.50-0.53, while interest coverage has been negative in four of the last ten quarters, indicating the capital structure may be strained relative to the company's inconsistent ability to service debt.
The company maintains a leverage ratio typical for a capital-intensive utility, but the volatile and sometimes negative interest coverage ratio reveals a fundamental disconnect between debt levels and core operational cash generation. The improvement to 23.05x coverage in 2026Q2 is likely an artifact of the same non-recurring item inflating net income and does not reflect sustainable debt service capacity. Credit quality appears contingent on the company's ability to stabilize recurring earnings, which remains unproven.
Minimal Payout Masks Underlying Weakness
The current 3.4% dividend yield is supported by a very low payout ratio of 2.5% in the latest quarter, according to the supplied financial data, but the history of payouts exceeding 100% of earnings in prior quarters suggests the dividend's long-term sustainability from core operations is questionable.
While the dividend appears secure in the near term given the massive headroom in the latest quarter, this is misleading. In prior periods like 2024Q4, the payout ratio exceeded 100%, meaning the dividend was funded from sources other than current earnings, likely debt or asset sales. The very low current yield on the stock price (1.0% in the ratio table) versus the higher stated 3.4% yield may indicate recent price appreciation has compressed the yield. The dividend is a minor use of cash but its continuity depends entirely on the company's ability to return to consistent profitability.
The Misleading Power of Operating Margin
The operating margin is the ratio most commonly misapplied to this utility's analysis, as the reported figures ranging from -21.5% to 129.9% are heavily distorted by regulatory accounting, pass-through costs, and likely non-recurring items, obscuring the true underlying profitability of the regulated business.
For a regulated utility, standard operating margin analysis is often invalid because major revenue and cost components like fuel and purchased power are typically pass-through items, inflating both line items without affecting net profitability. In ATNI's case, the wild volatility in this metric—from severe losses to a margin exceeding 100%—suggests it is being dominated by factors other than core operational efficiency. A more appropriate metric would be the earned ROE versus the authorized ROE, as it isolates the company's true performance relative to its regulatory compact, or the adjusted operating income excluding non-recurring items.