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Anterix
(NASDAQ:ATEX)
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Rating:71Outperform
Price Target:
$110.00
▲(17.02% Upside)
Action:Upgraded
Date:08/07/26
ATEX scores as above-average primarily due to strong technical momentum and a solid, low-debt balance sheet. The score is capped by financial volatility (including the 2026 revenue anomaly and uneven cash conversion) and an earnings profile that management notes was boosted by noncash/one-time gains, despite improving liquidity and commercialization progress.
Positive Factors
Low leverage and strong cash balance
A near-zero leverage position and ~$98M cash provide durable financial flexibility to fund multi-year spectrum commercialization, absorb variable clearing costs, and support contract deliveries without immediate external financing. This underpins execution optionality across 2–6 months and beyond.
Negative Factors
Earnings driven by noncash, one-time gains
Material FY26 profitability was largely transactional rather than operating: noncash exchange and gains-on-sale drove net income, while recurring GAAP revenue remains modest. This undermines the sustainability of reported earnings and complicates assessment of core operating margin trends.
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Positive Factors
Negative Factors
Low leverage and strong cash balance
A near-zero leverage position and ~$98M cash provide durable financial flexibility to fund multi-year spectrum commercialization, absorb variable clearing costs, and support contract deliveries without immediate external financing. This underpins execution optionality across 2–6 months and beyond.
Read all positive factors
Anterix (ATEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.79B
Dividend YieldN/A
Average Volume (3M)497.62K
Price to Earnings (P/E)26.1
Beta (1Y)0.46
Revenue Growth18.86%
EPS Growth122.89%
CountryUS
Employees64
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)3.51
Shares Outstanding19,609,785
10 Day Avg. Volume354,393
30 Day Avg. Volume497,618
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$124.50Price Target Upside32.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.28
Revenue Forecast (FY)$18.41M
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:Aug 11, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call emphasized strong balance-sheet fundamentals, active deal momentum, realized license gains, and multiple avenues to monetize a scarce low-band spectrum asset. Management highlighted significant optionality (pipeline of nearly a dozen deals, D2D trial success, SpaceX-driven industry discussion) and confidence in execution (40% of counties cleared, capability to monetize nationwide). Key negatives relate to limited near-term revenue recognition relative to operating expenses, the fact that ~85% of MHz-POPs remain unmonetized (so value is largely forward-looking), uncertain clearing costs and modest near-term gain visibility. On balance, the positives around liquidity, strategic optionality, demonstrated transaction benchmarks, and an active pipeline outweigh the near-term execution and valuation risks.Positive Updates
Strong Balance Sheet and Liquidity
Ended the quarter with approximately $116 million in cash and no debt; received ~$16 million in customer payments and ~$20 million from stock option exercises during the quarter; expect ~ $10 million of additional contracted proceeds in FY2027; invested ~ $7 million in spectrum clearing during the quarter.
Negative Updates
Modest Near-Term GAAP Revenue
GAAP revenue for the quarter was only $2 million versus operating expenses of $12.856 million, indicating limited near-term revenue recognition relative to operating cost base.
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Q1-2027 Updates
Positive
Negative
Strong Balance Sheet and Liquidity
Ended the quarter with approximately $116 million in cash and no debt; received ~$16 million in customer payments and ~$20 million from stock option exercises during the quarter; expect ~ $10 million of additional contracted proceeds in FY2027; invested ~ $7 million in spectrum clearing during the quarter.
Read all positive updates
Company Guidance
Management's guidance and metrics from the call included Q1 FY2027 GAAP revenue of $2.0M, operating expenses of $12.856M, and ≈$11M of broadband license exchange gains; the company finished the quarter with ≈$116M cash, no debt, received ≈$16M in customer payments and $20M from option exercises, expects ≈$10M of additional contracted proceeds in FY2027, and spent ≈$7M on spectrum clearing; operationally ~40% of counties are cleared in the full 10 MHz configuration, management believes it can effectuate nationwide clearing and still has ≈3 billion MHz‑POPs (≈85% of total) to monetize, with executed utility deals averaging ≈$1.40 per MHz‑POP (vs. the AWS‑3 auction average of ≈$2.50 and a market‑cap implied value of ≈$0.60 per MHz‑POP); they cited nearly a dozen active opportunities (including 7‑, 8‑ and 9‑digit deals), successful D2D trials (started May 31), an expectation of at least single‑digit million license gains next quarter, and ~$226M remaining on the buyback authorization (likely to be renewed in September).Anterix Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.04M | 6.50M | 6.03M | 4.19M | 1.92M | 1.08M |
| Gross Profit | 7.04M | 6.04M | 6.03M | 4.19M | 1.92M | 1.08M |
| EBITDA | 1.96M | -41.16M | -48.48M | -51.62M | -53.43M | -46.50M |
| Net Income | 65.69M | 90.64M | -11.37M | -9.13M | -16.32M | -37.52M |
Balance Sheet | ||||||
| Total Assets | 497.93M | 465.21M | 333.10M | 324.89M | 278.56M | 287.98M |
| Cash, Cash Equivalents and Short-Term Investments | 116.01M | 98.53M | 47.37M | 60.58M | 43.18M | 105.62M |
| Total Debt | 4.09M | 4.42M | 5.39M | 8.21M | 4.65M | 5.69M |
| Total Liabilities | 212.13M | 202.89M | 176.50M | 163.86M | 98.77M | 101.68M |
| Stockholders Equity | 285.79M | 262.32M | 156.60M | 161.03M | 179.79M | 186.30M |
Cash Flow | ||||||
| Free Cash Flow | 14.60M | 5.48M | -47.45M | 24.66M | -54.38M | -9.50M |
| Operating Cash Flow | 10.70M | 5.51M | -29.26M | 41.99M | -27.25M | 17.91M |
| Investing Cash Flow | 36.46M | 40.53M | 22.75M | 8.09M | -27.13M | -27.41M |
| Financing Cash Flow | 24.19M | 3.59M | -6.59M | -25.14M | -8.06M | -2.42M |
Anterix Technical Analysis
Neutral
94.00
Price Trends
91.66
Negative
70.36
Positive
48.32
Positive
Market Momentum
-0.21
Positive
46.63
Neutral
39.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEX, the sentiment is Neutral. The current price of 94 is below the 20-day moving average (MA) of 96.23, above the 50-day MA of 91.66, and above the 200-day MA of 48.32, indicating a neutral trend. The MACD of -0.21 indicates Positive momentum. The RSI at 46.63 is Neutral, neither overbought nor oversold. The STOCH value of 39.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ATEX.
Anterix Risk Analysis
Anterix disclosed 31 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.79B | 26.06 | 25.65% | ― | 18.86% | 122.89% | |
68 Neutral | $572.82M | 63.16 | 10.01% | ― | 11.70% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $488.44M | 3.03 | 34.33% | 4.71% | 2.02% | ― | |
51 Neutral | $377.32M | 23.09 | 3.85% | ― | -7.62% | ― | |
49 Neutral | $734.69M | -16.38 | -4.77% | 0.96% | 5.01% | -23.53% |
* Communication Services Sector Average
ATEX
Anterix
91.53
69.30
311.74%
ATNI
ATN International
31.71
16.58
109.64%
SHEN
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13.27
0.89
7.21%
RBBN
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2.11
-1.79
-45.90%
OOMA
Ooma
20.83
9.15
78.34%
Anterix Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Anterix Shareholders Approve Stock Plan Expansion and Leadership
Positive
Aug 6, 2026
On August 4, 2026, Anterix stockholders approved an amendment to the company’s 2023 Stock Plan that adds 1.0 million shares of common stock available for issuance, potentially expanding capacity for equity-based compensation and aligning man...
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.