Anterix Inc. Common Stock (ATEX)

FairStock Score: 46/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a durable business with predictable earnings and a margin of safety. Anterix owns scarce 900 MHz spectrum, which could be a moat if utilities and critical infrastructure pay to use it. But the reported numbers are not those of a mature, predictable enterprise. In fiscal 2026, the year ended 2026-03-31, revenue was $6.5M and net income was $90.6M, or $4.83 per diluted share. That profit is far larger than revenue, signaling one-time gains rather than recurring operating earnings. The swings confirm it: fiscal Q2 2026, the quarter ended 2025-09-30, net income was $53.5M; fiscal Q3 2026, the quarter ended 2025-12-31, was a loss of $6.6M; and fiscal Q1 2027, the quarter ended 2026-06-30, net income was only $240,000 on revenue of $2.0M. Trailing free cash flow is negative $19.3M, and ROCE is -5.94% per FairStock. The balance sheet is conservative with debt/equity 0.01, but that does not create earnings. At the 2026-10-13 close of $84.87, the market cap is $1.7B, or roughly 260 times fiscal 2026 revenue. The FairStock Graham Number is $33.88, implying the price is far above asset-based value. P/B is 5.81 and P/E is 24.32, but the E is boosted by nonrecurring items. FairStock reports revenue growth of 38.08% and profit growth of -99.05%, yet the growth is off a tiny base and profit quality is poor. The Lynch category is TURNAROUND, returned to profit after a loss within the last three years, but the turnaround is not yet visible in recurring revenue or cash flow. I would need evidence of durable contracts converting spectrum into recurring cash before calling this a bargain.

In plain English: Anterix owns licensed 900 MHz radio spectrum and sells connectivity and tower services to utilities and critical infrastructure customers. The business looks weak and uneven: in fiscal 2026, the year ended 2026-03-31, revenue was $6.5 million, profits swing because of one-time gains, and free cash flow is negative. At the latest close of $84.87, the stock looks expensive compared with the company's small revenue, book value, and cash generation.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2027 10-Q (period ended 2026-06-30) · fiscal Q3 2026 10-Q (period ended 2025-12-31) · fiscal Q2 2026 10-Q (period ended 2025-09-30) · fiscal Q1 2026 10-Q (period ended 2025-06-30) · FY2026 10-K (period ended 2026-03-31) · FY2025 10-K (period ended 2025-03-31) · FY2024 10-K (period ended 2024-03-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer