Anterix Inc. is a US-listed company in the wireless telecommunication services industry. Its financial year ends in March.
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Under review: every model's value for Anterix Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Anterix Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $7m, up 18.9% on a year earlier, faster than the 7.8% growth a quarter earlier. Free-cash-flow margin rose to 151.0% from -508.6% a year earlier. Operating margin widened to 1011.3% from 435.2%. It passes 1 of our 2 financial-health checks.
Our model value for Anterix is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Anterix Inc.'s trailing-twelve-month revenue grew 18.9% year on year, with a free-cash-flow margin of 151.0%.
Current signal Operating margin expanding: TTM operating margin reached 1011.3%, up 576.1pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $34.34 | $21.85 | $29.85 | $35.16 | $45.67 | $47.16 | $57.90 | $33.04 | $33.61 | $36.60 | $38.19 | $82.21 |
| Market value | $486m | $314m | $431m | $512m | $750m | $821m | $1.1bn | $623m | $631m | $679m | $716m | $1.6bn |
| + Net debt (− = net cash) | −$152m | −$123m | −$98m | −$77m | −$137m | −$118m | −$106m | −$43m | −$61m | −$47m | −$99m | −$116m |
| Enterprise value | $334m | $191m | $333m | $436m | $613m | $704m | $945m | $579m | $570m | $632m | $618m | $1.4bn |
| Multiples | ||||||||||||
| Price / sales | 137.2x | 65.7x | 67.9x | 78.9x | n/m | n/m | n/m | n/m | 150.5x | 112.6x | 110.2x | n/m |
| Price / earnings | — | — | — | — | — | — | — | — | — | — | 7.9x | 23.8x |
| Price / free cash flow | — | — | — | — | — | — | 62.3x | — | 15.1x | — | 130.7x | 146.9x |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | 6.5x | 20.2x |
Weak moat
How hard Anterix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -13.1% of total assets over 6 years.
Gross margin has been a median -17.9%, moving by 53.5 percentage points (standard deviation) across 8 years.
Operating margin has been a median -562.3%; its worst year was -6081.0%.
Free cash flow was positive in 3 of 10 years, at a median -496.1% of revenue.
The diluted share count rose 8.2% over five years; stock-based pay has been a median 260.8% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
Next results: November 10, 2026, after the close. Analysts expect revenue of $2m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.11 | −123% | $21m | +220% |
| Next | −$0.59 | +47% | $18m | −14% |
The consensus EPS forecast for the current fiscal year is −16.0% on 90 days ago. In the last 30 days, 0 analysts raised Anterix Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$1.33 | $4.51 |
| 60 days ago | −$1.01 | $4.51 |
| 30 days ago | −$1.56 | $1.26 |
| 7 days ago | −$1.54 | −$0.59 |
| Now | −$1.11 | $0.00 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.17 | $0.01 | +106.0% |
| Mar 2026 | $1.37 | $0.98 | −28.5% |
| Dec 2025 | −$0.55 | −$0.35 | +36.4% |
| Sept 2025 | −$0.60 | $2.86 | +576.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +306.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $6m | $7m | +18.9% |
| Net margin | 495.1% | 933.0% | +88.4% |
| P/E multiple | 12.8x | 23.8x | +85.1% |
| Share count | 19m | 19m | −1.9% |
Biggest factor: net margin.
Last 3 years +161.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2m | $7m | +221.2% |
| P/S multiple | n/m | n/m | −18.4% |
| Share count | 19m | 19m | −0.3% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ATEX | +56% | −45% | +4% | −8% | −29% | +277% |
| Industry peers (median) | −13% | −35% | +20% | +39% | +7% | −16% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ATEX | 67% | 33% | 50% | 50% | 33% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ATEX | −14% | −49% | −25% | −29% | −57% | −32% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 72% from November 2, 2021 to November 6, 2025. Getting back needed a 261% gain, reached on May 28, 2026, 203 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 11, 2026 | −4.3% | −0.1% | −2.2% | −10.8% |
| June 10, 2026 | +26.2% | +0.1% | +22.6% | +60.1% |
| February 11, 2026 | +1.6% | −1.6% | +19.5% | +28.5% |
| November 12, 2025 | +15.9% | −1.6% | +16.1% | +27.8% |
| August 12, 2025 | +2.1% | +1.4% | +5.0% | +3.0% |
| June 24, 2025 | −5.5% | +1.2% | −11.9% | −24.2% |
| February 11, 2025 | +25.9% | −0.2% | +47.2% | +31.0% |
| November 13, 2024 | −5.5% | −0.6% | −2.1% | −0.8% |
| August 6, 2024 | −0.2% | +0.2% | +2.0% | −1.8% |
| June 26, 2024 | +16.1% | +0.3% | +24.4% | +28.9% |
| February 14, 2024 | +23.1% | +1.6% | +25.6% | +12.8% |
| November 13, 2023 | +4.6% | +1.8% | +7.3% | +18.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $2.8M |
| FY24 Q3 | $3.5M |
| FY24 Q4 | $4.2M |
| FY25 Q1 | $5.1M |
| FY25 Q2 | $5.6M |
| FY25 Q3 | $5.9M |
| FY25 Q4 | $6M |
| FY26 Q1 | $5.9M |
| FY26 Q2 | $5.9M |
| FY26 Q3 | $5.9M |
| FY26 Q4 | $6.5M |
| FY27 Q1 | $7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | 95.9% |
| FY24 Q3 | 115.0% |
| FY24 Q4 | 118.4% |
| FY25 Q1 | 133.0% |
| FY25 Q2 | 97.0% |
| FY25 Q3 | 66.8% |
| FY25 Q4 | 43.9% |
| FY26 Q1 | 16.0% |
| FY26 Q2 | 5.7% |
| FY26 Q3 | 0.5% |
| FY26 Q4 | 7.8% |
| FY27 Q1 | 18.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q2 | 235.1% |
| FY24 Q3 | 453.9% |
| FY24 Q4 | -241.5% |
| FY25 Q1 | -436.5% |
| FY25 Q2 | -672.1% |
| FY25 Q3 | -535.8% |
| FY25 Q4 | -194.2% |
| FY26 Q1 | 435.2% |
| FY26 Q2 | 1680.7% |
| FY26 Q3 | 1407.5% |
| FY26 Q4 | 1444.9% |
| FY27 Q1 | 1011.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | -291.0% |
| FY24 Q3 | 746.8% |
| FY24 Q4 | 994.7% |
| FY25 Q1 | 931.1% |
| FY25 Q2 | 617.7% |
| FY25 Q3 | -112.7% |
| FY25 Q4 | -486.7% |
| FY26 Q1 | -508.6% |
| FY26 Q2 | -439.4% |
| FY26 Q3 | -448.7% |
| FY26 Q4 | 84.3% |
| FY27 Q1 | 151.0% |
| Fiscal year | 2013 Mar 2013 | 2014 Mar 2014 | 2015 Mar 2015 | 2016 Mar 2016 | 2017 Mar 2017 | 2018 Mar 2018 | 2019 Mar 2019 | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 3 | 4 | 3 | 4 | 5 | 6 | 6 | 2 | 1 | 1 | 2 | 4 | 6 | 7 | 7 |
| Gross profit | 2 | 2 | 2 | 0 | −2 | −2 | −1 | −1 | −1 | 1 | 2 | — | — | — | — |
| EBITDA | −1 | −1 | −14 | −21 | −31 | −29 | −40 | −34 | −51 | −35 | −15 | −9 | −11 | 94 | 72 |
| Operating income | −1 | −1 | −14 | −22 | −33 | −32 | −43 | −38 | −55 | −37 | −16 | −10 | −12 | 94 | 71 |
| Net income | −1 | −1 | −15 | −22 | −39 | −25 | −42 | −38 | −54 | −38 | −16 | −9 | −11 | 91 | 66 |
| Diluted EPS | −$9.78 | −$9.56 | −$1.46 | −$1.54 | −$2.72 | −$1.70 | −$2.88 | −$2.29 | −$3.13 | −$2.07 | −$0.87 | −$0.49 | −$0.61 | $4.83 | $3.46 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +28.2% | −10.4% | +11.7% | +35.1% | +32.8% | +2.3% | −75.9% | −41.1% | +17.7% | +77.0% | +118.4% | +43.9% | +7.8% | +18.9% |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +172.7% |
| Operating income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +176.2% |
| Net income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +124.0% |
| Diluted EPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +119.6% |
| Margins | |||||||||||||||
| Gross margin | 70.1% | 68.2% | 66.5% | 2.1% | −47.3% | −24.3% | −11.6% | −81.1% | −74.4% | 99.5% | 100.0% | — | — | — | — |
| EBITDA margin | −34.9% | −23.4% | −443.5% | −603.1% | −638.2% | −454.5% | −613.8% | <−999% | <−999% | <−999% | −783.8% | −221.4% | −185.1% | >999% | >999% |
| Operating margin | −36.8% | −25.0% | −446.5% | −618.8% | −684.8% | −499.2% | −657.6% | <−999% | <−999% | <−999% | −857.8% | −241.5% | −194.2% | >999% | >999% |
| Net margin | −44.9% | −34.2% | −463.9% | −615.9% | −818.6% | −386.6% | −646.1% | <−999% | <−999% | <−999% | −850.3% | −217.8% | −188.6% | >999% | 933.0% |
| Free-cash-flow margin | −27.4% | −23.1% | −66.0% | −814.6% | −587.9% | −360.9% | −366.4% | <−999% | <−999% | >999% | <−999% | 994.7% | −486.7% | 84.3% | 151.0% |
| Cash flow | |||||||||||||||
| Cash from operations | −1 | −1 | 4 | −20 | −27 | −22 | −23 | −28 | −10 | 18 | −27 | 42 | −29 | 6 | 11 |
| Capital spending | 0 | 0 | 6 | 9 | 2 | 1 | 1 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 |
| Free cash flow | −1 | −1 | −2 | −29 | −28 | −23 | −24 | −28 | −10 | 17 | −29 | 42 | −29 | 5 | 11 |
| Stock-based pay | 0 | 0 | 7 | 5 | 5 | 6 | 10 | 6 | 16 | 14 | 18 | 16 | 14 | 11 | 11 |
| Free cash flow after stock pay | −1 | −1 | −9 | −34 | −33 | −29 | −34 | −34 | −26 | 3 | −47 | 26 | −43 | −6 | −1 |
| Balance sheet | |||||||||||||||
| Cash | 0 | 0 | 120 | 153 | 124 | 98 | 77 | 137 | 118 | 106 | 43 | 61 | 47 | 99 | 116 |
| Total debt | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −0 | −0 | −120 | −152 | −123 | −98 | −77 | −137 | −118 | −106 | −43 | −61 | −47 | −99 | −116 |
| Diluted shares | — | — | 10m | 14m | 14m | 14m | 15m | 16m | 17m | 18m | 19m | 19m | 19m | 19m | 19m |
| Returned to shareholders | |||||||||||||||
| Buybacks | — | — | — | — | — | — | — | 0 | 0 | 15 | 8 | 25 | 8 | 1 | — |
| Total returned | — | — | — | — | — | — | — | 0 | 0 | 15 | 8 | 25 | 8 | 1 | — |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 2 |
| EBITDA | −13 | 7 | 9 | 23 | 61 | −9 | 20 | −0 |
| Operating income | −13 | 7 | 9 | 22 | 61 | −9 | 20 | −0 |
| Net income | −13 | 8 | 9 | 25 | 54 | −7 | 19 | 0 |
| Diluted EPS | −$0.69 | $0.41 | $0.50 | $1.35 | $2.86 | −$0.35 | $0.98 | $0.01 |
| Growth (year on year) | ||||||||
| Revenue | +47.4% | +23.2% | +10.2% | −7.0% | +0.1% | +0.4% | +41.0% | +38.1% |
| EBITDA | −625.9% | +514.7% | — | — | — | −224.9% | +110.5% | −100.6% |
| Operating income | −681.2% | +625.7% | — | — | — | −228.9% | +111.1% | −101.1% |
| Net income | −715.8% | +>999% | — | — | — | −185.6% | +101.1% | −99.0% |
| Diluted EPS | −727.3% | +>999% | — | — | — | −185.4% | +96.0% | −99.3% |
| Margins | ||||||||
| EBITDA margin | −836.8% | 458.1% | 681.9% | >999% | >999% | −569.4% | >999% | −7.4% |
| Operating margin | −846.6% | 449.0% | 676.5% | >999% | >999% | −576.0% | >999% | −12.6% |
| Net margin | −823.1% | 492.3% | 662.9% | >999% | >999% | −419.6% | 945.9% | 12.3% |
| Free-cash-flow margin | −173.4% | −491.6% | <−999% | −221.4% | 90.5% | −526.4% | 791.5% | 102.6% |
| Cash flow | ||||||||
| Cash from operations | −3 | −8 | −17 | −3 | 1 | −8 | 16 | 2 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −3 | −8 | −17 | −3 | 1 | −8 | 15 | 2 |
| Stock-based pay | 3 | 3 | 3 | 4 | 3 | 2 | 3 | 3 |
| Free cash flow after stock pay | −6 | −11 | −20 | −7 | −2 | −10 | 13 | −1 |
| Last 12 months unless stated | ATEX | CHAI | SURG | ASTS | SPOK | ECHO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $7m | $55m | $67m | $115m | $135m | $14.7bn | $125m |
| Revenue growth, last 12 months | 18.9% | 58.6% | 83.9% | 706.3% | −3.3% | −5.2% | 17.7% |
| Revenue growth, 3-year average | 47.5% | — | −22.3% | 160.0% | −0.8% | −6.4% | 2.7% |
| Revenue growth, latest quarter | 38.1% | — | 40.7% | >999% | −2.6% | −4.0% | 22.7% |
| Gross margin | −74.4% | −0.5% | −19.6% | 0.0% | 78.6% | — | 0.0% |
| Operating margin | >999% | −12.9% | −41.0% | −38.6% | 12.9% | −112.7% | −2.9% |
| Operating margin, 3-year average | 336.7% | — | −58.6% | — | 13.6% | −40.7% | 12.1% |
| Net margin | 933.0% | −57.2% | −47.9% | −536.7% | 13.9% | −38.7% | −19.8% |
| Cash from operations / revenue | 151.9% | −12.0% | −23.0% | −125.5% | 24.7% | −0.6% | 12.1% |
| Free-cash-flow margin | 151.0% | — | −23.0% | <−999% | 22.3% | −4.9% | 19.9% |
| Free-cash-flow margin, 3-year average | 191.1% | — | −36.1% | <−999% | 19.8% | −4.1% | 18.9% |
| Stock pay / revenue | 158.2% | — | 0.2% | 128.3% | 4.4% | 0.5% | 0.9% |
| Change in share count | 2.0% | — | 14.9% | — | 2.4% | −4.6% | −1.1% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Owl Creek Asset Management, L.P. | $557M | 5.4M | 28.3% | 0.0% |
| T. Rowe Price Investment Management, Inc. | $242M | 2.3M | 12.3% | New |
| Heard Capital LLC | $177M | 1.7M | 9.0% | 0.0% |
| Blackrock, Inc. | $111M | 1.1M | 5.6% | ▲ 6.7% |
| Price T Rowe Associates Inc | $77.3M | 750K | 3.9% | ▲ 9333.7% |
| Jupiter Topco LLC | $68.2M | 662K | 3.5% | — |
| Vanguard Capital Management LLC | $56.9M | 553K | 2.9% | ▼ 3.6% |
| Plustick Management LLC | $53.5M | 520K | 2.7% | ▲ 4.1% |
| State Street Corp | $51.1M | 496K | 2.6% | ▲ 27.8% |
| GAMCO Investors, Inc. Et Al | $42.8M | 416K | 2.2% | ▼ 2.4% |
| Geode Capital Management, LLC | $40M | 388K | 2.0% | ▲ 3.7% |
| Qvt Financial LP | $39.5M | 384K | 2.0% | ▼ 23.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Anterix Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Marquez Elena Chief Financial Officer | October 9, 2026 | Sell pre-set plan | 210 | $81.90 | $17,199 |
| Marquez Elena Chief Financial Officer | October 9, 2026 | Sell pre-set plan | 1,017 | $80.22 | $81,589 |
| Marquez Elena Chief Financial Officer | October 9, 2026 | Sell pre-set plan | 100 | $82.50 | $8,250 |
| Marquez Elena Chief Financial Officer | October 9, 2026 | Sell pre-set plan | 400 | $81.80 | $32,720 |
| Marquez Elena Chief Financial Officer | October 9, 2026 | Sell pre-set plan | 3,254 | $80.16 | $260,849 |
| Lang Scott A. President and CEO | September 21, 2026 | Sell | 15,000 | $80.00 | $1.2M |
| Lang Scott A. President and CEO | September 21, 2026 | Sell pre-set plan | 15,000 | $80.00 | $1.2M |
| Daniels Leslie B Director | September 10, 2026 | Sell | 2,500 | $83.83 | $209,575 |
| Martin Heather Chief Marketing Officer | September 10, 2026 | Sell | 8,064 | $84.20 | $678,989 |
| Ashe Gena L Chief Legal Officer & Corp Sec | September 8, 2026 | Sell | 293 | $85.44 | $25,034 |
| Ashe Gena L Chief Legal Officer & Corp Sec | September 8, 2026 | Sell | 4,064 | $85.44 | $347,228 |
| Ashe Gena L Chief Legal Officer & Corp Sec | September 8, 2026 | Sell | 4,064 | $85.44 | $347,228 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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