Anterix Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
After the materiality gate, none of the negative findings is an existential one: Anterix is practically debt-free, holds $98.5 million in cash plus roughly $360 million of prepayments already collected, and owns a unique, scarce asset — a reflexive "caution" (which would signal solvency risk) would clearly overstate it. At the same time we see no basis for "buy" or a comfortable "hold": the valuation is extreme (price-to-sales about 320), the reported profit is a one-off, the recurring business loses money, and the insider signal that put the stock on our radar is stale (bought at the bottom, sold at the top). So a proven but richly priced asset stands against several stacked price and structural findings and a devalued signal — we see the stock as worth watching, but without a margin of safety at the current level. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Anterix is a substance riddle: it owns the largest contiguous 900 MHz spectrum block in the United States, is practically debt-free, and has already collected about $360 million on contracts worth roughly $412 million — real substance. Yet almost everything driving the stock is a rear-view mirror: the four-fold scanner insider signal rests on CEO buys of about $174,000 at $20–22 in the fall of 2025, while the same insiders sold at around $80; net income of $90.6 million came from one-time spectrum sales, and recurring revenue is just $6.5 million (price-to-sales about 320). The treasure exists — the question is how much you pay for it today and how long you wait for it to be lifted. Not investment advice.
Insider signal — timing & size
Real, but a rear-view mirror: the only genuine open-market buys (code "P") came from CEO Scott Lang — roughly 8,260 shares for about $174,000 at $20–22 in the fall of 2025 (about 4.6 percent of his $3.81 million annual pay). At around $80 (May/June 2026) the same insiders exercised options and sold. The four-fold scanner signal describes the fall of 2025, not the summer of 2026 — an echo, not a fresh commitment.
Spectrum asset & balance sheet
The strong side: the largest contiguous 900 MHz spectrum block in the U.S. — scarce, hard to replicate, with a structural tailwind from grid modernization; the FCC widened the broadband band from 6 to 10 MHz. Plus a balance-sheet fortress: practically debt-free, $98.5 million in cash and roughly $360 million of prepayments already collected (contracts worth about $412 million).
Backlog-vs-actual & earnings quality
Backlog is not yet revenue: lease income is stretched over 20 to 30 years, and reported revenue in fiscal year 2026 was only $6.5 million. The $90.6 million net income comes almost entirely from one-time spectrum gains ($105.4 + $34.8 million); the recurring core business loses money, "net losses most years since our inception".
Concentration & regulation
A few large utilities carry almost everything: revenue is so thin that each spectrum customer except TECO cleared 10 percent of total revenue, and the three largest contracts (Oncor, Xcel, San Diego) make up more than half of the contract volume. Each customer moves at its own slow pace; the FCC holds part of the key. Add governance turbulence: activist Heard Capital on the board (since August 2024), a contested 2025 annual meeting and a change at the top.
Valuation & market
Extreme: a price-to-sales ratio of about 320 on $6.5 million of recurring revenue; the price-to-earnings ratio of about 19–22 is distorted by the one-time gain. The price already generously anticipates the spectrum’s asset value — the analyst target sits roughly at the current price (after +260 percent in six months), with about 15 percent of the float sold short as a counter-bet.
Worth Noting
Materiality gate (July 10, 2026) — finding by finding: (1) Extreme valuation (price-to-sales ~320): a price finding, weighty because after +260 percent in six months it already anticipates the entire spectrum asset value (analyst target roughly at the current price) → shifts the verdict, not an existential finding. (2) Profit only from one-off items ($105.4 + $34.8 million of spectrum gains carry the $90.6 million net income; core business loss-making): a structure/quality finding — real, but not existential given the debt-free, cash-backed balance sheet. (3) Backlog-vs-actual gap ($412 million committed, ~$360 million cash in hand, but only $6.5 million GAAP revenue, leases stretched over 20–30 years): a structure finding, systematic, not fraud. (4) Customer concentration (each spectrum customer except TECO over 10 percent of revenue; top-three contracts Oncor/Xcel/San Diego over half the volume) with creditworthy, regulated utilities and most of the money already received → structure finding, mitigated. (5) Insider signal stale (bought at the bottom, sold at the top): devalues the scanner’s bull case, but is signal quality, not a company-existence finding. Result: no existential finding (hence not "caution"), but several stacked price/structure findings plus a devalued signal against a richly priced asset → "watch" (not "buy"/"hold", because there is no margin of safety at the current level).
Insider-buy verification (Form 4): open-market buys (transaction code "P") — CEO Scott A. Lang 4,650 shares at $21.28 (09/19/2025), 2,450 at $20.41 (12/10/2025), 1,160 at $21.61 (12/19/2025) = ~8,260 shares / ~$174,000; former CFO Timothy Gray 50 shares at $22.07 (~$1,100). Counter-check: at around $80 (May/June 2026) option exercises (code "M") and sales (code "S") by Lang, CFO Elena Marquez and CLO Gena Ashe (Ashe ~17,700 shares at $81–82). CEO total compensation FY2026 $3,808,874 per the DEF 14A (June 25, 2026); Lang holding roughly 564,000 shares.
Backlog build-up: lease contracts Ameren $47.7 / Evergy $30.2 / Xcel $80.0 / TECO $34.5 million = $192.4 million; sale contracts SDG&E $50.0 / LCRA $30.0 + $13.5 extension / Oncor $102.5 / CPS $13.0 / TNMP $3.2 / NWE $7.7 million = $219.9 million; total roughly $412 million, of which ~$360 million payments received, ~$52 million outstanding (10-K FY2026, spectrum lease/sale tables). Deferred revenue on the balance sheet roughly $161 million. Cash $98.5 million (03/31/2026), debt-to-equity ~0.02.
Special-situation screening (EDGAR submissions, re-checked July 17, 2026): activist Heard Capital LLC (William E. Heard) filed a Schedule 13D on July 29, 2024, and has sat as an independent director since August 2024; the 2025 annual meeting was contested (DEFN14A / non-management proxy). As of mid-July 2026 the governance situation is still live: additional proxy materials (DEFA14A, July 17, 2026) for the annual meeting scheduled for August 4, 2026, and an amended activist filing (Schedule 13D/A, July 8, 2026) from Heard Capital — consistent with the contest described above; a formal, announced sale process of the whole company was NOT evidenced in the filings. The FY2026 10-K figures remain the basis of this analysis. The FCC report and order widened the 900 MHz broadband segment from 6 to 10 MHz.
Price and valuation figures are dated to mid-2026 (market value about $2.08 billion on roughly 19.5 million shares); analyses are evergreen, daily prices are not a buy argument. AI classification: category "neutral" (rated July 10, 2026) — no AI revenue source, no concrete AI business risk, no documented operational use of AI; AI appears only in passing as a possible customer application ("AI-enabled edge applications"). Anterix’s fiscal year ends March 31 — every quarterly reference carries that offset.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 18.00 $ to 108.20 $ · Last price: 77.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Telecom Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Anterix Inc ATEX | 1.5 | 17.7 | -12.4 | 100.0 | – | 7.8 | 263.0 |
| Verizon Communications Inc VZ | 199.1 | 12.3 | 8.3 | 59.5 | 25.2 | 2.5 | 16.8 |
| AT&T Inc. T | 178.8 | 9.0 | 6.0 | 59.7 | 22.7 | 2.7 | -10.0 |
| T-Mobile US Inc TMUS | 175.8 | 18.0 | 9.7 | 63.1 | 24.0 | 8.5 | -29.0 |
| Comcast Corp CMCSA | 81.2 | 4.8 | 5.0 | 69.4 | 13.2 | 0.0 | -21.0 |
| EchoStar Corporation SATS | 28.2 | – | 20.1 | 27.1 | 8.9 | -5.2 | 313.2 |
| EchoStar Corporation ECHO | 27.3 | – | 20.1 | 29.5 | 14.3 | -5.2 | 33.9 |
| Charter Communications Inc CHTR | 19.9 | 3.9 | 5.3 | 55.2 | 23.9 | -0.6 | -50.2 |
| Millicom International Cellular SA TIGO | 16.2 | 13.7 | 8.0 | 76.6 | 21.8 | 0.3 | 116.7 |
| Median of companies shown | 28.2 | 12.3 | 8.0 | 59.7 | 22.3 | 0.3 | 16.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 5 | -33 | -39 | -2.72 | -27 | 228 | 245 |
| 2018 | 6 | -32 | -31 | -2.12 | -22 | 202 | 220 |
| 2019 | 7 | -43 | -42 | -2.88 | -23 | 181 | 197 |
| 2020 | 2 | -38 | -38 | -2.29 | -31 | 245 | 267 |
| 2021 | 1 | -55 | -54 | -3.13 | -10 | 213 | 253 |
| 2022 | 1 | -37 | -38 | -2.07 | 18 | 186 | 288 |
| 2023 | 2 | -16 | -16 | -0.87 | -27 | 180 | 279 |
| 2024 | 4 | -10 | -9 | -0.49 | 42 | 161 | 325 |
| 2025 | 6 | -12 | -11 | -0.61 | -29 | 157 | 333 |
| 2026 | 7 | -42 | 91 | 4.83 | 6 | 262 | 465 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.41 | 2,267.30 | 2 | 23.20 | 492.30 | -8 | -2 |
| 2025: Q1 | 0.49 | – | 1 | 10.20 | 662.90 | -17 | -22 |
| 2025: Q2 | 1.35 | – | 1 | -7.00 | 1,775.70 | -3 | -7 |
| 2025: Q3 | 2.86 | – | 2 | 0.10 | 3,449.50 | 1 | -12 |
| 2025: Q4 | -0.35 | -186.10 | 2 | 0.40 | -419.60 | -8 | -4 |
| 2026: Q1 | 0.98 | 99.50 | 2 | 41.00 | 945.90 | 16 | 29 |
| 2026: Q2 | 0.01 | -99.30 | 2 | 42.90 | 10.00 | 2 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 30 of our scanner strategies — each hit links to the scanner.
Growth
- Dan Zanger: Leader
- EPS & Revenue Power
- EPS Acceleration
- Patrick Walker: 40, 40 Screen
- Quality Growth
- William O'Neil (CAN SLIM)
Quality & Balance Sheet
- CEO Buys
- Insider Buying (Net)
- Institutional + Insiders Building Positions
- Institutional Accumulation
- Institutions + CEO Buying
- Pros 80%
- U/D Accumulation
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- Qullamaggie: Top Gainers 6M
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
- Strength on Stress Days
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | -1.11 | -1.50 – -0.73 | 21 | – | 2 |
| 03/31/2028 | -0.59 | -2.07 – 2.06 | 18 | 104.0% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 29.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $14.6M |
|---|---|
| Market cap | $1.46B |
| Free cash flow in year ten | $200.2M |
| Terminal value as a share of market value | 72.1% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Erneut geprüft am 10.07.2026 gegen den Geschäftsbericht (10-K) für das Geschäftsjahr 2026 (per 31.03.2026, eingereicht 25.06.2026) und die vier jüngsten Quartalsberichte (10-Q): Anterix verdient sein Geld mit der Vermietung und dem Verkauf von 900-MHz-Funklizenzen an Versorger. In den ausgewerteten SEC-Filings gibt es keine KI-Umsatzquelle, kein konkretes KI-Geschäftsrisiko für das eigene Modell und keinen belegten operativen KI-Einsatz. KI taucht nur ein einziges Mal beiläufig auf — als eine mögliche Anwendung, die Versorger über das private Funknetz betreiben könnten („AI-enabled edge applications“ im 10-K, Beschreibung der Kunden-Nutzung, nicht des eigenen Geschäfts); die Quartalsberichte erwähnen KI gar nicht. Nach dem Kriterienkatalog bleibt es damit bei „neutral“ (Endmarkt-Anwendung beim Kunden begründet weder „verkauft“ noch „nutzt“). Befund gegenüber der Vor-Einstufung bestätigt.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-06-25 · 10-Q 2026-02-11 · 10-Q 2025-11-12 · 10-Q 2025-08-12 · 10-Q 2025-02-11 · 10-K 2025-06-24
Rated on July 10, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 50.2%
- More than 10% revenue growth is expected for the coming year 33.7%
- Share count grows by less than 3% a year -0.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 92.1%
- Gross margin at 40% or higher and without meaningful erosion 92.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 94 m net cash
- Operating cash flow covers the profits of the last three years -52 m
- Return on capital at 15% or higher, or up versus two years ago -9.7%
- Insiders hold at least 10% or are net buyers 2.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.5%
- Exp. sales growth 3Y > 5% 65.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 65.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -9.7%
- Expected return > 10% 66.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Martin Heather | Chief Marketing Officer | Sell | 8,064 | 84.20 | 678,998 |
| Sep 10, 2026 | Daniels Leslie B | Director | Sell | 2,500 | 83.83 | 209,575 |
| Sep 9, 2026 | Martin Heather | Chief Marketing Officer | Other | 3,465 | 85.44 | 296,050 |
| Sep 8, 2026 | Ashe Gena L | Chief Legal Officer & Corp Sec | Sell | 4,064 | 85.44 | 347,228 |
| Sep 8, 2026 | Ashe Gena L | Chief Legal Officer & Corp Sec | Sell | 293 | 85.44 | 25,034 |
| Sep 4, 2026 | Daniels Leslie B | Director | Sell | 1,200 | 86.50 | 103,800 |
| Sep 4, 2026 | Daniels Leslie B | Director | Sell | 2,900 | 87.31 | 253,200 |
| Sep 3, 2026 | Daniels Leslie B | Director | Sell | 6,000 | 87.15 | 522,900 |
| Aug 25, 2026 | Guttman-McCabe Christopher | Chief Reg & Comm Officer | Sell | 2,696 | 90.61 | 244,283 |
| Aug 25, 2026 | Guttman-McCabe Christopher | Chief Reg & Comm Officer | Sell | 7,580 | 91.69 | 695,044 |
The company
About the Company
Anterix Inc. konzentriert sich auf die Vermarktung von Spektrum-Assets, um gezielten Versorgungs- und kritischen Infrastrukturkunden den Aufbau privater Breitbandnetze und -lösungen zu ermöglichen.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 63
- Headquarters
- Woodland Park, NJ
- Address
- 3 Garret Mountain Plaza, 07424 Woodland Park, United States
- Phone
- 973 771 0300
- Website
- anterix.com
- IPO Date
- 02/03/2015
- ISIN
- US03676C1009
Management
| Name | Title | Birth Year |
|---|---|---|
| Scott A. Lang | CEO, President & Director | 1963 |
| Christopher Guttman-McCabe | Chief Regulatory & Communications Officer | 1968 |
| Heather Martin | Chief Marketing Officer & Chief of Staff | 1978 |
| Thomas R. Kuhn | Executive Chairman | 1946 |
| Elena Marquez | Chief Financial Officer | 1987 |
| Carlos Eduardo L'Abbate | Chief Technology & Engineering Officer | – |
| Natasha Vecchiarelli | Vice President of Investor Relations & Corporate Communications | – |
| Gena L. Ashe J.D. | Chief Legal Officer & Corporate Secretary | 1962 |
| Richard J. Creegan | Vice President of Sales | – |
| Robert H. Schwartz | Advisor to the Board | 1966 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/11/2026 Anterix Inc. (ATEX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/06/2026 Anterix Inc. (ATEX): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.