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We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, "towers"), (2) approximately 105,000 small cell nodes either currently generating revenue or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cel…
48.66% operating margin is above average. ROIC at 6.58%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 4.4% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $32.25B represents 11.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.21B
▼ -4.4% YoY
Net Income (TTM)
$1.06B
▲ +111.4% YoY
Op. Margin
47.92%
▲ +1.2pp YoY
ROIC
6.60%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.73B
▲ +3.9% YoY
Op. Cash Flow (TTM)
$2.92B
▲ +3.9% YoY
Net Debt
$29.82B
Cash & Equiv.
$55M
5Y CAGR: -6.1%
5Y CAGR: +15.0%
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