Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| ATN International, Inc.ATNI · telecom | |
|---|---|
| Grade |  Dfourth fifth of 558 graded peers; percentile 70.7, sampling error 2.1 points; lower is stronger |
| Rank | 375 of 558 |
| Profitability | Cpercentile 57.7 |
| Solvency | Cpercentile 56.5 |
| Growth and financing | C/Dpercentile 60.9 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.7B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Mar 16, 2026207 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $28.382026-10-08; market equity $437.1M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 16, 2026; the document on sec.gov.
We provide digital infrastructure and communications services in the United States (“US”), primarily in the western US, and Alaska, and internationally, including Bermuda and the Caribbean region. Since our founding in 1987, we have concentrated on smaller, often rural or remote markets with strong and growing demand for connectivity. We have invested in these markets to build durable network assets and establish a defensible market position. In select markets, we also serve carrier customers by leveraging our network assets to provide communications services.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 57.7 | |||||||
| Gross profitability | not computable | 28.0% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | 2.6% | [3-11] | 8.9% | 68.3 | 181 | 2025-12-31 | |
| Accruals ratio | (8.8%) | [1,12-14] | (7.3%) | 47.2 | 703 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 56.5 | |||||||
| Twelve-month failure probability | 0.04% | 0.05% | 43.8 | 106 | 2026-06-30 | ||
| Altman Z double-prime | 1.43 | [1,3,7,15-18] | 1.93 | 48.6 | 625 | 2025-12-31 | |
| Net debt to EBITDA | 2.87x | [3,6,8,19] | 1.71x | 65.1 | 190 | 2025-12-31 | |
| Interest coverage | not computable | 2.81x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.25x | [15-16] | 1.96x | 68.7 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 60.9 | |||||||
| Revenue growth, three-year compound | (2.8%) | [2,20-22] | 5.1% | 73.8 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 12.4% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | (83.1%) | [3-5,15-16,19,23-25] | 15.1% | 76.6 | 262 | 2025-12-31 | |
| Asset growth, three years | (0.7%) | [1,14,26-27] | 3.4% | 60.5 | 641 | 2025-12-31 | |
| Net share issuance, one year | (0.7%) | [28-29] | 0.5% | 32.8 | 434 | 2026-03-16 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.188; sampling error 2.1 percentile points on 558 peers.
Among 558 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 370 | Bruker Corp. (BRKR) Bruker Corp. (BRKR) Dfourth fifth; percentile 70.1 Nasdaq · Laboratory Analytical Instruments last close $57.90 No active warnings; 9 of 14 inputs | 70.1 | D | |
| 371 | Bruker Corp. (BRKRP) Bruker Corp. (BRKRP) Dfourth fifth; percentile 70.1 Nasdaq · Laboratory Analytical Instruments last close $473.35 No active warnings; 9 of 14 inputs | 70.1 | D | |
| 372 | Nexstar Media Group, Inc. (NXST) Nexstar Media Group, Inc. (NXST) Dfourth fifth; percentile 70.2 Nasdaq · Television Broadcasting Stations market equity $5.0B; last close $162.06 No active warnings; 10 of 14 inputs | 70.2 | D | |
| 373 | Cars.com Inc. (CARS) Cars.com Inc. (CARS) Dfourth fifth; percentile 70.4 NYSE · Services-Computer Processing & Data Preparation market equity $521.4M; last close $9.75 No active warnings; 10 of 14 inputs | 70.4 | D | |
| 374 | Blackbaud Inc. (BLKB) Blackbaud Inc. (BLKB) Dfourth fifth; percentile 70.6 Nasdaq · Services-Prepackaged Software market equity $2.0B; last close $44.86 No active warnings; 13 of 14 inputs | 70.6 | D | |
| 375 | ATN International, Inc. (ATNI) ATN International, Inc. (ATNI) Dfourth fifth; percentile 70.7 Nasdaq · Telephone Communications (No Radiotelephone) market equity $437.6M; last close $28.38 No active warnings; 10 of 14 inputs | 70.7 | D | |
| 376 | DigitalOcean Holdings, Inc. (DOCN) DigitalOcean Holdings, Inc. (DOCN) Dfourth fifth; percentile 70.8 NYSE · Services-Computer Programming, Data Processing, Etc. market equity $14.6B; last close $123.86 No active warnings; 10 of 14 inputs | 70.8 | D | |
| 377 | Evolv Technologies Holdings, Inc. (EVLV) Evolv Technologies Holdings, Inc. (EVLV) Dfourth fifth; percentile 71.0 Nasdaq · Computer Peripheral Equipment, NEC market equity $829.6M; last close $4.58 Warnings: late filer, fortress balance sheet; 8 of 14 inputs | 71.0 | D | late filer, fortress balance sheet |
| 378 | Dropbox, Inc. (DBX) Dropbox, Inc. (DBX) Dfourth fifth; percentile 71.2 Nasdaq · Services-Prepackaged Software last close $34.14 No active warnings; 9 of 14 inputs | 71.2 | D | |
| 379 | Adtran Holdings, Inc. (ADTN) Adtran Holdings, Inc. (ADTN) Dfourth fifth; percentile 71.4 Nasdaq · Telephone & Telegraph Apparatus market equity $610.3M; last close $7.50 Warnings: late filer, fortress balance sheet; 9 of 14 inputs | 71.4 | D | late filer, fortress balance sheet |
| 380 | 908 Devices Inc. (MASS) 908 Devices Inc. (MASS) Dfourth fifth; percentile 71.6 Nasdaq · Laboratory Analytical Instruments market equity $477.4M; last close $11.56 No active warnings; 9 of 14 inputs | 71.6 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 73.0 | 2204 |
| sector peers, equal sleeves (the grade) | D | 70.7 | 558 |
| same exchange, equal sleeves | D | 69.1 | 1219 |
| sector peers, equal inputs | D | 71.3 | 558 |
Each letter is one fifth of the 558 graded peers, about 111 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 108.2% | (0.3%) | 92 | hotter than 92 of 100 peers |
| Distance from 52-week high | (11.5%) | (29.7%) | 77 | closer to its high than 77 of 100 peers |
| EBIT to enterprise value | 4.5% | 1.4% | 75 | pricier than 25 of 100 peers |
| Free cash flow yield | 10.0% | 2.7% | 85 | pricier than 15 of 100 peers |
| Book value to price | 1.37 | 0.24 | 91 | pricier than 9 of 100 peers |
| Sales to price | 1.52 | 0.33 | 83 | pricier than 17 of 100 peers |
| Composite equity issuance, five years | (20.6%) | 3.2% | 15 | more equity-funded than 15 of 100 peers |
| Relative strength against the sector, log excess return | 0.79 | (0.23) | 97 | ahead of 97 of 100 peers |
Inputs: market equity $437.6M; EBIT $28.4M; free cash flow $43.9M; book equity $598.8M; sales $667.1M; debt $513.3M; cash $317.6M[30].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (0.9%) | ✗ fail[12,14] |
| Operating cash flow above zero | $133.9M | ✓ pass[13] |
| Return on assets improved | 0.9 pts | ✓ pass[12,14,26,31] |
| Operating cash flow exceeds net income | $148.8M | ✓ pass[12-13] |
| Long-term leverage fell | 1.0 pts | ✗ fail[1,14,26,32-33] |
| Current ratio improved | 9.0 pts | ✓ pass[15-16,24-25] |
| No new shares issued | (0.7%) | ✓ pass[28-29] |
| Gross margin improved | n/a | |
| Asset turnover improved | 0.8 pts | ✓ pass[2,14,20,26] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $317.6M[34] |
| Operating cash flow, four quarters | $127.6M[13,34-38] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 60 |
| 10-Q received Aug 10, 2026 | |
| Median daily dollar volume | $2.3M |
| 63 sessions | |
| Days since newest grade input | 207 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.7B | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $667.1M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | $28.4M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$27.8M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$4.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebt | $565.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $444.3M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $102.5M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebt | $557.4M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $489.5M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $73.4M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | -$14.9M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $133.9M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $1.7B | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $327.9M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $263.1M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $312.4M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 18 | liabilities | us-gaap:Liabilities | $1.0B | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 19 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $133.0M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $674.0M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $709.9M | 2023-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:Revenues | $725.7M | 2022-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $90.0M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $309.2M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $267.3M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $1.8B | 2023-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $1.7B | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 15,367,611 | 2026-03-16 | 2026-03-16 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 15,481,207 | 2025-03-17 | 2025-03-17 | 10-K | filing · viewer · series |
| 30 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 15,403,357 | 2026-08-10 | 2026-08-10 | 10-Q | filing · viewer · series |
| 31 | net income | us-gaap:ProfitLoss | -$31.9M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 32 | long term debt | us-gaap:LongTermDebtNoncurrent | $549.3M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 33 | long term debt | us-gaap:LongTermDebtNoncurrent | $549.1M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 34 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $317.6M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $53.5M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $29.8M | 2026-03-31 | 2026-05-11 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $97.7M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $59.8M | 2025-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 70.7 is 9.3 points from the nearest band edge; sampling error is 2.1 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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