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We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as towers or sites. In addition, we own and operate towers in South America, Central America, and Africa.
47.70% operating margin is above average. ROIC at 7.43%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 5.1%, steady but not accelerating. Margins contracted 5.9pp, which offsets some of the top-line progress.
Net debt of $15.05B represents 14.1x FCF, leverage limits flexibility. Operating margin contracted 5.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$2.85B
▲ +5.1% YoY
Net Income (TTM)
$1.02B
▲ +40.6% YoY
Op. Margin
47.32%
▼ -5.9pp YoY
ROIC
8.63%
▼ -1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.02B
▼ -3.6% YoY
Op. Cash Flow (TTM)
$1.25B
▼ -3.3% YoY
Net Debt
$12.58B
Cash & Equiv.
$381M
5Y CAGR: +6.2%
5Y CAGR: +1.3%
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