Anterix Inc (ATEX)
🔔 Watch stock
Anterix (Nasdaq: ATEX) owns the largest contiguous block of 900 MHz radio spectrum in the United States and leases it to utilities. Our in-house stock scanner lights up four times at once: "CEO buys", "insiders buy (net)", "institutions + CEO buy", "institutional + insider build-up". We read the insider filings (Form 4) and the annual and quarterly reports: the CEO did buy — for about $174,000, but at $20 to $22 in the fall of 2025; at roughly $80 the same insiders are now selling. And the net income is a one-off from spectrum sales, while recurring revenue is just $6.5 million — against more than $2 billion of market value. A radio message that reaches you long after the sender moved on. Not investment advice — just the difference between a real asset and the price you pay for it today.
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This stock currently matches 33 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralErneut geprüft am 10.07.2026 gegen den Geschäftsbericht (10-K) für das Geschäftsjahr 2026 (per 31.03.2026, eingereicht 25.06.2026) und die vier jüngsten Quartalsberichte (10-Q): Anterix verdient sein Geld mit der Vermietung und dem Verkauf von 900-MHz-Funklizenzen an Versorger. In den ausgewerteten SEC-Filings gibt es keine KI-Umsatzquelle, kein konkretes KI-Geschäftsrisiko für das eigene Modell und keinen belegten operativen KI-Einsatz. KI taucht nur ein einziges Mal beiläufig auf — als eine mögliche Anwendung, die Versorger über das private Funknetz betreiben könnten („AI-enabled edge applications“ im 10-K, Beschreibung der Kunden-Nutzung, nicht des eigenen Geschäfts); die Quartalsberichte erwähnen KI gar nicht. Nach dem Kriterienkatalog bleibt es damit bei „neutral“ (Endmarkt-Anwendung beim Kunden begründet weder „verkauft“ noch „nutzt“). Befund gegenüber der Vor-Einstufung bestätigt.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-06-25 · 10-Q 2026-02-11 · 10-Q 2025-11-12 · 10-Q 2025-08-12 · 10-Q 2025-02-11 · 10-K 2025-06-24
Rated on July 10, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.41 | 2,267.30 | 2 | 23.20 | 492.30 | -8 | -2 |
| 2025: Q1 | 0.49 | – | 1 | 10.20 | 662.90 | -17 | -22 |
| 2025: Q2 | 1.35 | – | 1 | -7.00 | 1,775.70 | -3 | -7 |
| 2025: Q3 | 2.86 | – | 2 | 0.10 | 3,449.50 | 1 | -12 |
| 2025: Q4 | -0.35 | -186.10 | 2 | 0.40 | -419.60 | -8 | -4 |
| 2026: Q1 | 0.98 | 99.50 | 2 | 41.00 | 945.90 | 16 | 29 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Real, but a rear-view mirror: the only genuine open-market buys (code "P") came from CEO Scott Lang — roughly 8,260 shares for about $174,000 at $20–22 in the fall of 2025 (about 4.6 percent of his $3.81 million annual pay). At around $80 (May/June 2026) the same insiders exercised options and sold. The four-fold scanner signal describes the fall of 2025, not the summer of 2026 — an echo, not a fresh commitment.
The strong side: the largest contiguous 900 MHz spectrum block in the U.S. — scarce, hard to replicate, with a structural tailwind from grid modernization; the FCC widened the broadband band from 6 to 10 MHz. Plus a balance-sheet fortress: practically debt-free, $98.5 million in cash and roughly $360 million of prepayments already collected (contracts worth about $412 million).
Backlog is not yet revenue: lease income is stretched over 20 to 30 years, and reported revenue in fiscal year 2026 was only $6.5 million. The $90.6 million net income comes almost entirely from one-time spectrum gains ($105.4 + $34.8 million); the recurring core business loses money, "net losses most years since our inception".
A few large utilities carry almost everything: revenue is so thin that each spectrum customer except TECO cleared 10 percent of total revenue, and the three largest contracts (Oncor, Xcel, San Diego) make up more than half of the contract volume. Each customer moves at its own slow pace; the FCC holds part of the key. Add governance turbulence: activist Heard Capital on the board (since August 2024), a contested 2025 annual meeting and a change at the top.
Extreme: a price-to-sales ratio of about 320 on $6.5 million of recurring revenue; the price-to-earnings ratio of about 19–22 is distorted by the one-time gain. The price already generously anticipates the spectrum’s asset value — the analyst target sits roughly at the current price (after +260 percent in six months), with about 15 percent of the float sold short as a counter-bet.
Anterix is a substance riddle: it owns the largest contiguous 900 MHz spectrum block in the United States, is practically debt-free, and has already collected about $360 million on contracts worth roughly $412 million — real substance. Yet almost everything driving the stock is a rear-view mirror: the four-fold scanner insider signal rests on CEO buys of about $174,000 at $20–22 in the fall of 2025, while the same insiders sold at around $80; net income of $90.6 million came from one-time spectrum sales, and recurring revenue is just $6.5 million (price-to-sales about 320). The treasure exists — the question is how much you pay for it today and how long you wait for it to be lifted. Not investment advice.
- Materiality gate (July 10, 2026) — finding by finding: (1) Extreme valuation (price-to-sales ~320): a price finding, weighty because after +260 percent in six months it already anticipates the entire spectrum asset value (analyst target roughly at the current price) → shifts the verdict, not an existential finding. (2) Profit only from one-off items ($105.4 + $34.8 million of spectrum gains carry the $90.6 million net income; core business loss-making): a structure/quality finding — real, but not existential given the debt-free, cash-backed balance sheet. (3) Backlog-vs-actual gap ($412 million committed, ~$360 million cash in hand, but only $6.5 million GAAP revenue, leases stretched over 20–30 years): a structure finding, systematic, not fraud. (4) Customer concentration (each spectrum customer except TECO over 10 percent of revenue; top-three contracts Oncor/Xcel/San Diego over half the volume) with creditworthy, regulated utilities and most of the money already received → structure finding, mitigated. (5) Insider signal stale (bought at the bottom, sold at the top): devalues the scanner’s bull case, but is signal quality, not a company-existence finding. Result: no existential finding (hence not "caution"), but several stacked price/structure findings plus a devalued signal against a richly priced asset → "watch" (not "buy"/"hold", because there is no margin of safety at the current level).
- Insider-buy verification (Form 4): open-market buys (transaction code "P") — CEO Scott A. Lang 4,650 shares at $21.28 (09/19/2025), 2,450 at $20.41 (12/10/2025), 1,160 at $21.61 (12/19/2025) = ~8,260 shares / ~$174,000; former CFO Timothy Gray 50 shares at $22.07 (~$1,100). Counter-check: at around $80 (May/June 2026) option exercises (code "M") and sales (code "S") by Lang, CFO Elena Marquez and CLO Gena Ashe (Ashe ~17,700 shares at $81–82). CEO total compensation FY2026 $3,808,874 per the DEF 14A (June 25, 2026); Lang holding roughly 564,000 shares.
- Backlog build-up: lease contracts Ameren $47.7 / Evergy $30.2 / Xcel $80.0 / TECO $34.5 million = $192.4 million; sale contracts SDG&E $50.0 / LCRA $30.0 + $13.5 extension / Oncor $102.5 / CPS $13.0 / TNMP $3.2 / NWE $7.7 million = $219.9 million; total roughly $412 million, of which ~$360 million payments received, ~$52 million outstanding (10-K FY2026, spectrum lease/sale tables). Deferred revenue on the balance sheet roughly $161 million. Cash $98.5 million (03/31/2026), debt-to-equity ~0.02.
- Special-situation screening (EDGAR submissions, re-checked July 17, 2026): activist Heard Capital LLC (William E. Heard) filed a Schedule 13D on July 29, 2024, and has sat as an independent director since August 2024; the 2025 annual meeting was contested (DEFN14A / non-management proxy). As of mid-July 2026 the governance situation is still live: additional proxy materials (DEFA14A, July 17, 2026) for the annual meeting scheduled for August 4, 2026, and an amended activist filing (Schedule 13D/A, July 8, 2026) from Heard Capital — consistent with the contest described above; a formal, announced sale process of the whole company was NOT evidenced in the filings. The FY2026 10-K figures remain the basis of this analysis. The FCC report and order widened the 900 MHz broadband segment from 6 to 10 MHz.
- Price and valuation figures are dated to mid-2026 (market value about $2.08 billion on roughly 19.5 million shares); analyses are evergreen, daily prices are not a buy argument. AI classification: category "neutral" (rated July 10, 2026) — no AI revenue source, no concrete AI business risk, no documented operational use of AI; AI appears only in passing as a possible customer application ("AI-enabled edge applications"). Anterix’s fiscal year ends March 31 — every quarterly reference carries that offset.
About the Company
Anterix Inc. konzentriert sich auf die Vermarktung von Spektrum-Assets, um gezielten Versorgungs- und kritischen Infrastrukturkunden den Aufbau privater Breitbandnetze und -lösungen zu ermöglichen.
| CEO Insider Trades (12 Mo.) | buying own stock |
|---|---|
| Employees | 63 |
| Headquarters | Woodland Park, NJ |
| Website | anterix.com |
| IPO Date | 3. Feb 2015 |
| Next Earnings | 11. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Scott A. Lang | CEO, President & Director | 1963 |
| Christopher Guttman-McCabe | Chief Regulatory & Communications Officer | 1968 |
| Heather Martin | Chief Marketing Officer & Chief of Staff | 1978 |
| Thomas R. Kuhn | Executive Chairman | 1946 |
| Elena Marquez | Chief Financial Officer | 1987 |
| Carlos Eduardo L'Abbate | Chief Technology & Engineering Officer | – |
| Natasha Vecchiarelli | Vice President of Investor Relations & Corporate Communications | – |
| Gena L. Ashe J.D. | Chief Legal Officer & Corporate Secretary | 1962 |
| Richard J. Creegan | Vice President of Sales | – |
| Robert H. Schwartz | Advisor to the Board | 1966 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.