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Anterix

ATEX on Nasdaq. Anterix sells licensed wireless spectrum and private networks to utilities and critical infrastructure. Market value $1.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Media & telecom stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
0.7%low

For every $100 of what the whole company costs, it produced $0.65 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to March 2026
n/a

The filings do not give us enough to work this out.

Quality score: 52 of 100. Price score: 42 of 100. Our list needs 70 on quality and 60 on price.

$83.41 a share, 374% above its 1-year low

Over the past year the price has ranged from $17.58 to $113.00.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
0.0
-0.0
0.0
0.0
2022202320242025202612 monthsto Jun '26

Spare cash swings from quarter to quarter here: $11 million in the past 12 months, $5 million in the year to March 2026.

Revenue
$1m$2m$4m$6m$7m
Operating margin
-3399.3%-857.8%-241.5%-194.2%1444.9%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.02bn0.02bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 7 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 47.8% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2 million last quarter, up 38% on a year ago.
  • Profit: $240,000, down 99% on a year ago.
  • It keeps 1011 cents of each $1 of sales as operating profit, up from 435 cents a year earlier.
  • Spare cash over the past 12 months: $11 million. A year earlier it spent $30 million more than it brought in.
  • 5% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2m
December 2024$2m
March 2025$1m
June 2025$1m
September 2025$2m
December 2025$2m
March 2026$2m
June 2026$2m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$13m
December 2024$8m
March 2025$9m
June 2025$25m
September 2025$54m
December 2025-$7m
March 2026$19m
June 2026$240,000

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 June 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

2 long-term investors we follow own it, up from 1 last quarter. 172 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Jeffrey A. Altman
    at least 28.5%
    (filed with 1 related holder)
    Since 25 June 2026
  • 12.0%
    Since 30 June 2026
  • Heard Capital LLC
    Insider or founder
    at least 9.4%
    (filed with 3 related holders)
    Since 28 February 2025
    What they said

    Item 4 is hereby amended to add the following: On February 28, 2025, Mr. Heard elected to begin receiving stock compensation under the Issuer's non-employee director compensation program.

    Read the filing
  • BlackRock, Inc.
    Passive investor
    5.1%+0.1 pts
    Since 30 June 2026
  • at least 4.0%−1.2 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $75,072 of shares on the open market. 10 sold $27m, $1m of it under preset trading plans.

  • Lang Scott A.
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    21 September 2026
    Shares
    15,000
    Price
    $80.00
    Value
    $1m
  • Martin Heather
    Chief Marketing Officer
    Sold
    Date
    10 September 2026
    Shares
    8,064
    Price
    $84.20
    Value
    $678,998
  • DANIELS LESLIE B
    Director
    Sold
    Date
    10 September 2026
    Shares
    2,500
    Price
    $83.83
    Value
    $209,575
  • Ashe Gena L
    Chief Legal Officer & Corp Sec
    Sold
    Date
    8 September 2026
    Shares
    4,357
    Price
    $85.44
    Value
    $372,262
  • DANIELS LESLIE B
    Director
    Sold
    Date
    4 September 2026
    Shares
    4,100
    Price
    $87.07
    Value
    $357,000
  • DANIELS LESLIE B
    Director
    Sold
    Date
    3 September 2026
    Shares
    6,000
    Price
    $87.15
    Value
    $522,900
  • Guttman-McCabe Christopher
    Chief Reg & Comm Officer
    Sold
    Date
    25 August 2026
    Shares
    23,439
    Price
    $92.36
    Value
    $2m
  • Kuhn Thomas R.
    Director
    Sold
    Date
    24 August 2026
    Shares
    10,000
    Price
    $88.85
    Value
    $888,526
  • Heard William
    Director
    Sold
    Date
    14 August 2026
    Shares
    46,400
    Price
    $90.11
    Value
    $4m
  • Lang Scott A.
    President and CEO, Director
    Sold
    Date
    14 August 2026
    Shares
    35,057
    Price
    $90.22
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Jun 2026, plus the 10-Q filed 11 Aug 2026 and 3 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On June 26, 2025, Anterix Inc. (the “Company”) notified Grant Thornton LLP (“Grant Thornton”) that it was dismissed as the Company’s independent registered public accounting firm, effective immediately.”

    From an 8-K filed 30 June 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.