Anterix Inc. (ATEX)
NASDAQ:ATEX
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Anterix
(NASDAQ:ATEX)
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Rating:64Neutral
Price Target:
$87.00
▲(142.41% Upside)
Action:Downgraded
Date:06/12/26
The score is driven primarily by uneven financial performance—strong balance sheet flexibility but high volatility in revenue/profit quality and weak cash conversion—tempered by constructive earnings-call momentum and strong technical uptrend. Valuation is reasonable but not especially supportive without a dividend.
Positive Factors
Balance sheet strength
Very low leverage and a materially stronger equity base give Anterix durable financial flexibility to fund commercialization, absorb variable clearing costs, and pursue spectrum deliveries or partnerships without needing near-term external debt. This stability supports multi‑year network deployments and execution.
Negative Factors
Profitability driven by one‑time gains
A large portion of FY26 net income arose from noncash exchange gains and gains on sale rather than recurring operations. Reliance on such transaction gains weakens earnings quality and makes future profitability dependent on continued asset conversions or large one‑off transactions, reducing predictability of sustainable margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low leverage and a materially stronger equity base give Anterix durable financial flexibility to fund commercialization, absorb variable clearing costs, and pursue spectrum deliveries or partnerships without needing near-term external debt. This stability supports multi‑year network deployments and execution.
Read all positive factors
Anterix (ATEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.40B
Dividend YieldN/A
Average Volume (3M)473.96K
Price to Earnings (P/E)15.4
Beta (1Y)0.48
Revenue Growth7.79%
EPS GrowthN/A
CountryUS
Employees86
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)4.85
Shares Outstanding18,732,890
10 Day Avg. Volume692,351
30 Day Avg. Volume473,964
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.72
Price to Sales (P/S)109.78
P/FCF Ratio130.24
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue215.83
Enterprise Value/Gross Profit215.83
Enterprise Value/Ebitda-134.98
Forecast
1Y Price Target
$95.00Price Target Upside164.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.86
Revenue Forecast (FY)$6.68M
Anterix Business Overview & Revenue Model
Company Description
Anterix Inc. operates as a specialist in wireless communications, primarily focusing on monetizing its distinct radio spectrum holdings. The company's main objective is to empower essential utility and critical infrastructure clients by enabling t...
How the Company Makes Money
Anterix makes money primarily by monetizing its 900 MHz wireless spectrum through long-term arrangements with customers (most often electric utilities) to deploy private LTE broadband networks. The core revenue model centers on leasing/licensing s...
Anterix Earnings Call Summary
Earnings Call Date:Jun 10, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum and a materially improved financial position (significantly higher-than-expected cash collections, no debt, successful license conversions and gains, new utility wins, doubled interest in CatalyX, and successful initial satellite D2D testing). However, near-term GAAP recurring revenue remains modest and FY26 results relied heavily on noncash and one-time gains; there is also modeling uncertainty around clearing costs, timing of license deliveries, and the impact of the prospective ASC 606 change. On balance, the positives (cash generation, customer momentum, product traction, and a scarce, high-value spectrum asset with substantial uncontracted inventory) outweigh the near-term challenges and uncertainties.Positive Updates
Strong cash collection and balance sheet
Collected $127 million in cash receipts in fiscal 26 versus an initial plan of $80 million (≈+58.8%), ended the year with no debt and ~$98 million in cash (ex-escrow), and ~ $50 million still to be collected from signed contracts.
Negative Updates
FY26 results driven largely by noncash and one-time gains
A significant portion of FY26 profitability was attributable to noncash exchange gains ($105M) and gains on sale ($34.8M) rather than recurring operating revenue, leaving recurring GAAP revenue still modest (≈$2M quarterly).
Read all updates
Q4-2026 Updates
Positive
Negative
Strong cash collection and balance sheet
Collected $127 million in cash receipts in fiscal 26 versus an initial plan of $80 million (≈+58.8%), ended the year with no debt and ~$98 million in cash (ex-escrow), and ~ $50 million still to be collected from signed contracts.
Read all positive updates
Company Guidance
Management's guidance emphasized disciplined, metric-driven execution: FY26 closed with positive cash flow after collecting $127M (vs $80M anticipated), ending with ~$98M cash and no debt; about $50M remains receivable from signed contracts (roughly $25M expected in FY27) and a $13M CPS Energy sale is expected to be recognized in Q4 FY27 on delivery. They expect FY27 OpEx to be roughly $40M all‑in (stock comp included) with clearing costs variable (≈$27M last year, likely higher this year), GAAP revenue running near $2M per quarter (up from $1.6M), and revenue recognition for spectrum sales moving to gross treatment prospectively under ASC 606. On commercialization, only ~15% of nationwide MHz‑POPs are contracted to date, but the company converted 219 counties (yielding $105M noncash exchange gains) and sold broadband licenses covering 155 counties ($34.8M gains on sale); CatalyX interest has more than doubled since February, four utilities were signed in a three‑month span (two advancing directly to 10 MHz), the accelerator pricing program is closed, and management reiterated a phased 3x3→5x5 deployment and flexible pricing approach.Anterix Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
49
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.50M | 6.03M | 4.19M | 1.92M | 1.08M |
| Gross Profit | 6.04M | 6.03M | 4.19M | 1.92M | 1.08M |
| EBITDA | -41.16M | -48.48M | -51.62M | -53.43M | -46.50M |
| Net Income | 90.64M | -11.37M | -9.13M | -16.32M | -37.52M |
Balance Sheet | |||||
| Total Assets | 465.21M | 333.10M | 324.89M | 278.56M | 287.98M |
| Cash, Cash Equivalents and Short-Term Investments | 98.53M | 47.37M | 60.58M | 43.18M | 105.62M |
| Total Debt | 4.42M | 5.39M | 8.21M | 4.65M | 5.69M |
| Total Liabilities | 202.89M | 176.50M | 163.86M | 98.77M | 101.68M |
| Stockholders Equity | 262.32M | 156.60M | 161.03M | 179.79M | 186.30M |
Cash Flow | |||||
| Free Cash Flow | 5.48M | -47.45M | 24.66M | -54.38M | -9.50M |
| Operating Cash Flow | 5.51M | -29.26M | 41.99M | -27.25M | 17.91M |
| Investing Cash Flow | 40.53M | 22.75M | 8.09M | -27.13M | -27.41M |
| Financing Cash Flow | 3.59M | -6.59M | -25.14M | -8.06M | -2.42M |
Anterix Technical Analysis
Positive
35.89
Price Trends
56.56
Positive
45.85
Positive
33.64
Positive
Market Momentum
6.27
Negative
61.87
Neutral
58.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEX, the sentiment is Positive. The current price of 35.89 is below the 20-day moving average (MA) of 69.38, below the 50-day MA of 56.56, and above the 200-day MA of 33.64, indicating a bullish trend. The MACD of 6.27 indicates Negative momentum. The RSI at 61.87 is Neutral, neither overbought nor oversold. The STOCH value of 58.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ATEX.
Anterix Risk Analysis
Anterix disclosed 33 risk factors in its most recent earnings report. Anterix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anterix Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $470.25M | 51.21 | 10.01% | ― | 11.70% | ― | |
64 Neutral | $1.40B | 15.43 | 39.26% | ― | 7.79% | ― | |
61 Neutral | $396.21M | -44.86 | -1.96% | 4.63% | 1.29% | 57.21% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $450.92M | 14.33 | 7.85% | ― | -1.15% | ― | |
56 Neutral | $784.47M | -17.67 | -5.04% | 0.97% | 4.44% | -19.31% |
* Communication Services Sector Average
ATEX
Anterix
74.53
46.19
162.99%
ATNI
ATN International
25.76
10.27
66.26%
SHEN
Shenandoah Telecommunications Co
14.18
0.47
3.40%
RBBN
Ribbon Communications
2.56
-1.38
-35.03%
OOMA
Ooma
17.10
4.53
36.04%
Anterix Corporate Events
Business Operations and Strategy
Anterix Sells Spectrum to Enable Benton PUD Private Network
Positive
Apr 21, 2026
On April 21, 2026, Anterix announced that its subsidiary PDV Spectrum Holding Company agreed to sell a 10 MHz 900 MHz spectrum license to Public Utility District No. 1 of Benton County in Washington state, enabling what is described as the first p...
Business Operations and Strategy
Anterix Sells 900 MHz Licenses to NorthWestern Energy
Positive
Apr 6, 2026
On April 6, 2026, Anterix announced that subsidiary PDV Spectrum Holding sold 900 MHz broadband licenses to NorthWestern Energy, covering portions of Montana, South Dakota, and Wyoming. The deal includes a 6 MHz broadband configuration in nine cou...
Business Operations and Strategy
Anterix Expands Texas Utility Private Wireless Network Footprint
Positive
Apr 1, 2026
On March 25, 2026, Anterix’s subsidiary PDV Spectrum Holding sold a 900 MHz broadband license covering parts of Brazoria and Galveston counties in Texas to Texas‑New Mexico Power, enabling the utility to deploy a mission‑critical...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.