The business behind the dividend
| Measure | ATNI | Median | Formula |
|---|---|---|---|
| Return on equity | -3.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 2.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $28.05m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $43.91m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 4.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -2.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.27x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.59x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.25x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 8.48x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -3.4% | -5.4% | -2.7% | -1.3% | -3.5% | -0.1% | 0.3% | 5.0% | 7.1% | 3.6% | -1.3% |
| Return on capital employed | 2.8% | -0.1% | 1.2% | 0.8% | -1.6% | 1.3% | 1.8% | 7.8% | 6.5% | 6.1% | 1.3% |
| Operating margin | 4.3% | -0.1% | 1.9% | 1.2% | -2.7% | 2.0% | 3.0% | 13.5% | 11.5% | 11.2% | 2.0% |
| Net margin | -2.2% | -3.9% | -2.0% | -1.1% | -3.7% | -0.2% | 0.4% | 7.7% | 10.2% | 5.3% | -1.1% |
| Debt to equity | 1.27x | 1.14x | 0.96x | 0.73x | 0.55x | 0.11x | 0.13x | 0.13x | 0.23x | 0.23x | 0.23x |
| Current ratio | 1.25x | 1.16x | 0.96x | 0.99x | 1.05x | 1.62x | 1.91x | 1.96x | 2.12x | 2.45x | 1.25x |
| Cash conversion | — | — | — | — | — | — | 44.69x | 3.32x | 2.98x | 4.61x | 4.61x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, ATN International pays out less than 8 of them. The median for that group is 28.4%, against this company’s 35.7%.
Closest on free cash flow
- Sirius XM Holdings (SIRI) 29.3%
- Nexstar Media Group (NXST) 30.4%
- Deluxe (DLX) 31.5%
- AT&T (T) 42.1%
Same sector and same denominator, so the figures are comparable. All 31 in communications →