Anterix

ATEX · Nasdaq · Communication Services · Financials, fiscal 2017 to 2026

ATEX · Last close · November 6, 2026

$74.36

Anterix's revenue rose 7.8% to $6 million in fiscal 2026. Its operating margin was 1,444.8%, up from −194.2% a year earlier. Free cash flow was $5 million. It paid out $1 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 1.0%.

Anterix Inc. Latest fiscal year ended March 31, 2026 10-K filed June 25, 2026 · 0001304492-26-000027 Updated November 8, 2026

Revenue

$6M

7.8%

Operating margin

1,444.8%

1639.1 pts

Net income

$91M

Free cash flow

$5M

Return on equity

43.3%

50.4 pts

Market cap

$1.5B

Nov 6 close

P/E

21.2x

On $3.50 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Anterix does

Anterix holds licenses for radio spectrum in the 900 MHz band that cover the contiguous United States, Hawaii, Alaska and Puerto Rico. It says it is the largest holder of this spectrum. Its customers are electric utilities and other critical infrastructure companies that want private wireless broadband networks for things like grid monitoring, remote automation and security.

Anterix makes money by selling and leasing this spectrum. It also clears the spectrum of other users and swaps narrowband licenses for broadband ones, and it is building products and services around it, including TowerX, a tower site access service, and CatalyX, a connectivity management service, which it hopes will bring recurring revenue.

In its 2026 fiscal year the company changed from mostly long-term leasing to a broader model in which spectrum sales are part of its ordinary business. It signed new sale agreements with CPS Energy, Texas-New Mexico Power and NorthWestern Energy, and received $127.0 million of contracted proceeds from customers. In February 2026 the FCC widened the broadband part of the band from 6 MHz to 10 MHz.

Its biggest risks, as it describes them

It may not succeed in selling or leasing its spectrum to utility and critical infrastructure customers as planned.
It depends on getting broadband licenses from the FCC and clearing other users from the band on time.
Its new products and services may not sell, and it needs to win new customers.
It has had net losses in most years since it began.
It may misjudge its costs and future cash proceeds and need more financing.

From Anterix's annual report on Form 10-K, filed June 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	106	43	61	47	98
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	12.0x	1.9x	4.1x	2.2x	3.3x
Quick ratio	12.0x	1.9x	4.1x	2.2x	3.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Anterix's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Anterix's projections

Insider trades

No officer, director or 10% owner of Anterix reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	—	—	—
Rule of 40	1,113.0%	−442.8%	92.1%
Altman Z''	−1.80	−2.48	1.78
Accruals ratio	−16.9%	5.4%	21.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Anterix side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Anterix	FY26	7.8%	1,444.8%	84.3%	—	—	—
AST SpaceMobile	FY25	1,511.8%	—	−1,602.2%	—	—	4	Compare
Shenandoah Telecommunications	FY25	9.1%	−6.5%	−72.1%	−1.3%	5.8x	3	Compare
Veon	FY25	9.9%	32.7%	—	36.4%	0.6x	—	Compare
Millicom	FY25	0.3%	28.2%	18.6%	15.2%	1.8x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	5	6	6	2	1	1	2	4	6	6
Revenue growth	35.1%	32.8%	2.3%	−75.9%	−41.1%	17.7%	77.0%	118.4%	43.9%	7.8%
Gross profit	−2	−2	−1	−1	−1	1	2	—	—	—
Research and development	2	2	2	3	4	4	4	6	6	5
Operating income	−33	−32	−43	−38	−55	−37	−16	−10	−12	94
Net income	−39	−25	−42	−38	−54	−38	−16	−9	−11	91
Diluted EPS (US$)	−2.72	−1.70	−2.88	−2.29	−3.13	−2.07	−0.87	−0.49	−0.61	4.83
Diluted shares (millions)	14	14	15	16	17	18	19	19	19	19
Cash flow
Cash from operations	−26	−22	−23	−28	−10	18	−27	42	−29	6
Capital expenditure	2	1	1	0	0	1	2	0	0	0
Free cash flow	−28	−23	−24	−28	−10	17	−29	42	−29	5
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	15	8	25	8	1
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	5	6	10	6	16	14	18	16	14	12
Balance sheet at fiscal year end
Cash and short-term investments	124	98	77	138	118	106	43	61	47	98
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	246	220	197	267	253	278	279	325	333	465
Total liabilities	18	12	16	22	40	92	99	164	176	203
Shareholders' equity	228	209	181	245	212	186	180	161	157	262
Margins and ratios
Gross margin	−47.2%	−24.3%	−11.6%	−81.1%	−74.4%	99.5%	100.0%	—	—	—
Operating margin	−684.8%	−499.2%	−657.6%	−2,399.8%	−5,951.0%	−3,399.3%	−857.8%	−241.5%	−194.2%	1,444.8%
Net margin	−818.6%	−386.6%	−646.1%	−2,406.5%	−5,910.3%	−3,461.2%	−850.3%	−217.8%	−188.6%	1,394.2%
Free cash flow margin	−587.9%	−360.9%	−366.4%	−1,808.6%	−1,106.3%	1,555.3%	−1,530.8%	994.7%	−486.6%	84.3%
Rule of 40 (growth + FCF margin)	−552.9%	−328.2%	−364.1%	−1,884.6%	−1,147.4%	1,573.0%	−1,453.8%	1,113.0%	−442.8%	92.1%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−16.0%	−11.2%	−21.5%	−17.7%	−23.8%	−18.8%	−8.9%	−5.4%	−7.2%	43.3%
Return on assets	−15.1%	−10.6%	−20.1%	−16.2%	−20.9%	−14.1%	−5.9%	−3.0%	−3.5%	22.7%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Anterix's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Anterix.