Anterix (ATEX) AI Stock Analysis

• Market Cap: $615.94M
• Dividend Yield: N/A
• Average Volume (3M): 442.58K
• Price to Earnings (P/E): 7.9
• Beta (1Y): 0.37
• Revenue Growth: 5.67%
• EPS Growth: N/A
• Country: US
• Employees: 86
• Sector: Communication Services
• Sector Strength: 97
• Industry: Telecommunications Services
• EPS (TTM): -0.35
• Shares Outstanding: 18,732,890
• 10 Day Avg. Volume: 595,338
• 30 Day Avg. Volume: 442,584
• PEG Ratio: -2.44
• Price to Book (P/B): 4.34
• Price to Sales (P/S): 112.65
• P/FCF Ratio: -14.32
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 110.47
• Enterprise Value/Gross Profit: 110.47
• Enterprise Value/Ebitda: -15.87
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 3.08
• Revenue Forecast (FY): $5.97M

• Rating: 72 Outperform
• Price Target: $40.00 ▲(11.36% Upside)
• Action: Upgraded Date: 02/12/26
• Date: Action: Upgraded 02/12/26

The score is driven by strong technical momentum and a low P/E, plus a constructive earnings-call outlook (raised cash proceeds guidance, zero debt, commercial/regulatory momentum). Offsetting these positives, financial performance is constrained by volatile/small revenue and negative TTM operating/free cash flow despite improved reported profitability.

Positive Factors

Balance Sheet Strength & Cash Position

A debt-free capital structure with meaningful cash and raised cash‑proceeds guidance materially increases financial flexibility. Over the next 2–6 months this supports funding deployments, bridges timing gaps on utility collections, and reduces refinancing risk while management executes growth initiatives.

Proprietary Spectrum Asset & Coverage

Controlling licensed 900 MHz spectrum across large geographies is a durable competitive asset for private utility networks. High Texas coverage and other licenses create structural entry barriers, enabling long‑term contract pricing power and defensible customer relationships as utilities modernize networks.

Commercial Momentum and Anchor Contracts

A sizable pipeline and multi‑customer flagship wins indicate product-market fit for utility private LTE. Large contracted values and early upfront payments (CPS structure) create durable revenue optionality and validate go‑to‑market strategy, supporting recurring spectrum monetization over multiple years.

Negative Factors

Weak and Volatile Cash Generation

Persistent negative operating and free cash flow raises structural funding risk if collections or upfront payments slow. Over a multi‑month horizon, cash burn can constrain deployment support, limit reinvestment in product/enabling services, and force opportunistic financing or asset sales.

Small, Volatile Revenue and Uneven Profitability

Low and volatile top‑line base undermines sustainable margins despite recent profitability. With revenue concentrated and uneven, forecasting cash flow and scaling operating leverage is difficult; the company remains vulnerable to single‑deal timing and execution swings over coming quarters.

Regulatory & Execution Uncertainty

A favorable FCC outcome is structural to scaling the five‑by‑five spectrum model; uncertainty plus long utility procurement cycles and on‑site deployment complexity can materially slow contract conversions. These regulatory and execution risks can persist for months and affect revenue realization.

Anterix Business Overview & Revenue Model

Company Description

Anterix Inc. operates as a wireless communications company. The company focuses on commercializing its spectrum assets to enable the targeted utility and critical infrastructure customers to deploy private broadband networks, technologies, and solutions. It holds licensed spectrum in the 900 MHz band with coverage throughout the United States, Alaska, Hawaii, and Puerto Rico. The company was formerly known as pdvWireless, Inc. and changed its name to Anterix Inc. in August 2019. Anterix Inc. was incorporated in 1997 and is headquartered in Woodland Park, New Jersey.

How the Company Makes Money

Anterix generates revenue primarily through spectrum leasing agreements, which allow clients to utilize its 900 MHz spectrum for their communications needs. This leasing model provides a stable and recurring revenue stream as clients deploy private networks over the licensed spectrum. Additionally, the company may earn revenue through partnerships with technology providers and system integrators who implement their solutions within client operations. Anterix's focus on critical infrastructure sectors presents opportunities for long-term contracts and collaborations, further enhancing its revenue potential. The company also benefits from a growing demand for private network solutions as businesses increasingly seek secure and reliable communications technologies.

Anterix Financial Statement Overview

Summary

Strong balance sheet (low leverage, rising equity) supports flexibility, but operating quality is mixed: revenue remains small/volatile with a sharp recent decline, and TTM cash flow is negative despite improved profitability—raising sustainability and earnings-quality concerns.

Income Statement

Revenue has grown strongly over the past several annual periods (2022–2025 annual), but remains very small and volatile. Profitability improved meaningfully from deep losses in earlier years to a large profit in TTM (Trailing-Twelve-Months), with positive operating income and net income; however, the latest TTM (Trailing-Twelve-Months) revenue declined sharply versus the prior period, and prior annual results (through 2025 annual) still show operating losses and negative net margins—highlighting an uneven path to sustainable profitability.

Balance Sheet

The balance sheet is conservatively positioned with very low debt relative to equity across all periods, indicating limited leverage risk. Equity has remained sizeable and increased in the latest TTM (Trailing-Twelve-Months) snapshot, supporting financial flexibility. The main weakness is that returns on equity were negative for multiple years before turning strongly positive in TTM (Trailing-Twelve-Months), suggesting the business model’s earnings power has been inconsistent despite a strong capital base.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months) and were also negative in multiple annual periods, implying ongoing cash burn. While 2024 annual showed strong positive operating and free cash flow, the pattern is volatile, and the latest results show cash outflows despite reported profitability—raising questions about earnings quality and near-term funding needs if cash burn persists.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.93M	6.03M	4.19M	1.92M	1.08M	921.00K
Gross Profit	5.93M	6.03M	4.19M	1.92M	1.08M	-685.00K
EBITDA	-41.29M	-48.48M	-51.62M	-53.43M	-46.50M	-47.27M
Net Income	81.32M	-11.37M	-9.13M	-16.32M	-37.52M	-54.43M
Balance Sheet
Total Assets	417.00M	333.10M	324.89M	278.56M	287.98M	253.06M
Cash, Cash Equivalents and Short-Term Investments	37.89M	47.37M	60.58M	43.18M	105.62M	117.54M
Total Debt	7.88M	5.39M	8.21M	4.65M	5.69M	7.07M
Total Liabilities	181.05M	176.50M	163.86M	98.77M	101.68M	40.55M
Stockholders Equity	235.95M	156.60M	161.03M	179.79M	186.30M	212.51M
Cash Flow
Free Cash Flow	-45.26M	-47.45M	24.66M	-54.38M	-9.50M	-24.13M
Operating Cash Flow	-26.56M	-29.26M	41.99M	-27.25M	17.91M	-9.96M
Investing Cash Flow	29.84M	22.75M	8.09M	-27.13M	-27.41M	-14.17M
Financing Cash Flow	-1.82M	-6.59M	-25.14M	-8.06M	-2.42M	4.22M

Anterix Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 35.92 is above the 20-day moving average (MA) of 29.37, above the 50-day MA of 25.38, and above the 200-day MA of 23.63, indicating a bullish trend. The MACD of 2.91 indicates Negative momentum. The RSI at 77.83 is Negative, neither overbought nor oversold. The STOCH value of 84.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ATEX.

Anterix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATEX	72 Outperform	$615.94M	7.92	42.72%	―	5.67%	―
OOMA	62 Neutral	$319.33M	144.85	2.59%	―	4.22%	―
ATNI	61 Neutral	$429.80M	-30.76	-1.70%	4.63%	-3.10%	66.00%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
RBBN	51 Neutral	$356.73M	9.25	-11.40%	―	7.38%	20.81%
SHEN	50 Neutral	$723.56M	-18.45	-4.41%	0.97%	11.59%	-106.83%

Anterix Corporate Events

Anterix Reports Q3 Results, Gains FCC Spectrum Boost

On February 11, 2026, Anterix reported third‑quarter fiscal 2026 results for the period ended December 31, 2025, highlighting about $123 million of contracted proceeds outstanding and visibility to collecting more than $80 million of that in the fourth quarter. The company exchanged narrowband for broadband licenses in 12 counties and delivered broadband licenses in 10 counties, recorded modest gains on these transactions, invested $3 million in spectrum clearing, and continued to advance an approximately $3 billion pipeline across more than 60 prospective customers.

The company ended December 31, 2025, with no debt, $29.5 million in cash and cash equivalents, and $8.4 million of restricted cash in escrow, while leaving $226.7 million available under its share repurchase authorization with no buybacks during the quarter. Strategically, Anterix’s position was bolstered when the FCC on January 27, 2026, announced a vote to expand the 900 MHz broadband allocation from 6 MHz to 10 MHz, and the company signed a new $13 million spectrum sale agreement with CPS Energy on January 30, 2026, with payments split between upfront cash and fiscal 2027.

The most recent analyst rating on (ATEX) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Anterix stock, see the ATEX Stock Forecast page.

Anterix Sells 900 MHz Spectrum License to CPS Energy

On February 2, 2026, Anterix announced that its subsidiary PDV Spectrum Holding Company sold a 900 MHz broadband spectrum license covering Bexar County, Texas, to CPS Energy under a spectrum purchase agreement that will allow the utility to build a mission‑critical private wireless broadband network. The deal advances CPS Energy’s grid automation and digital transformation strategy by enabling advanced field automation, faster outage detection and restoration, and real-time situational awareness, while also marking a key milestone for Anterix’s AnterixAccelerator funding program and reinforcing the company’s role at the center of a growing national shift toward utility-owned 900 MHz private wireless networks, now spanning 15 states and covering more than 93% of Texas counties through Anterix’s utility partners.

The most recent analyst rating on (ATEX) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on Anterix stock, see the ATEX Stock Forecast page.

Anterix Eliminates COO Role Amid Leadership Reorganization

On January 7, 2026, Anterix Inc. announced that Chief Operating Officer Ryan Gerbrandt will leave the company effective January 9, 2026, as part of an internal reorganization that eliminates the COO role. Subject to his signing a release of claims in favor of the company, Gerbrandt will receive severance benefits applicable to a Legacy Tier 1 Executive under Anterix’s Executive Severance Plan, signaling a notable shift in the firm’s senior leadership structure and cost framework.

The most recent analyst rating on (ATEX) stock is a Hold with a $21.50 price target. To see the full list of analyst forecasts on Anterix stock, see the ATEX Stock Forecast page.