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ATEX, Anterix Inc.

Through TowerX, CatalyX, and the Anterix Active Ecosystem, which includes more than 150 technology innovators, we provide customers with a complete and integrated, pathway from spectrum acquisition to network deployment and operation.

In the ordinary course of business, we now secure and expand our spectrum position, clear and retune spectrum, monetize spectrum through both sales and long-term leases, and develop a growing portfolio of products and services offerings around our spectrum that are designed to generate recurring revenue.

Our new brand and visual identity, introduced during the fourth quarter, reflects this evolution.

Latest annual: FY2026 10-K

ATEX · Anterix Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$7M

+7.8% YoY · 48% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7M 5-yr avg $4M

Operating margin 1444.9% 5-yr avg −649.6%

ROIC 54% 5-yr avg −2%

Owner-earnings margin 84% 5-yr avg 123%

Free cash flow margin 84% 5-yr avg 123%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has reached 1445% at its best but run negative through the cycle (median −685%) on a −24% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −69 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on subscribers, revenue per user, and network capex. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −24%, above 15% in 1 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMar 2026
											Income statement
$5M	$6M	$6M	$2M	$921K	$1M	$2M	$4M	$6M	$7M	$7M	RevenueRevenue
−47%	−24%	−12%	−81%	−74%	—	—	—	—	—	—	Gross marginGross mgn
471%	328%	302%	n/m	n/m	n/m	n/m	n/m	708%	555%	555%	SG&A / revenueSG&A/rev
48%	37%	35%	189%	472%	331%	231%	136%	95%	72%	72%	R&D / revenueR&D/rev
($33M)	($32M)	($43M)	($38M)	($55M)	($37M)	($16M)	($10M)	($12M)	$94M	$94M	Operating incomeOp. inc.
−684.8%	−499.2%	−657.6%	n/m	n/m	n/m	−857.8%	−241.5%	−194.2%	n/m	n/m	Operating marginOp. mgn
($39M)	($25M)	($42M)	($38M)	($54M)	($38M)	($16M)	($9M)	($11M)	$91M	$91M	Net incomeNet inc.
											Cash flow & returns
($27M)	($22M)	($23M)	($28M)	($10M)	$18M	($27M)	$42M	($29M)	$6M	$6M	Operating cash flowOp. cash
$2M	$3M	$3M	$4M	$4M	$1M	$1M	$844K	$548K	$464K	$464K	DepreciationDeprec.
$10M	($263K)	$16M	$6M	$41M	$54M	($12M)	$50M	($18M)	($86M)	($93M)	Working capital & otherWC & other
$2M	$950K	$724K	$464K	$230K	$1M	$2M	$307K	$87K	$31K	$31K	CapexCapex
34.3%	14.9%	11.1%	29.7%	25.0%	97.1%	110.8%	7.3%	1.4%	0.5%	0.5%	Capex / revenueCapex/rev
($28M)	($23M)	($24M)	($28M)	($10M)	$17M	($29M)	$42M	($29M)	$5M	$5M	Owner earningsOwner earn.
−587.9%	−360.9%	−366.4%	n/m	n/m	n/m	n/m	994.7%	−486.7%	84.3%	84.3%	Owner earnings marginOE mgn
($28M)	($23M)	($24M)	($28M)	($10M)	$17M	($29M)	$42M	($29M)	$5M	$5M	Free cash flowFCF
−587.9%	−360.9%	−366.4%	n/m	n/m	n/m	n/m	994.7%	−486.7%	84.3%	84.3%	Free cash flow marginFCF mgn
—	—	—	$0	$0	$15M	$8M	$25M	$8M	$990K	—	BuybacksBuybacks
-25%	-23%	-32%	-28%	-46%	-36%	-10%	-8%	-8%	54%	54%	ROICROIC
-17%	-12%	-23%	-15%	-26%	-20%	-9%	-6%	-7%	35%	35%	Return on equityROE
−17%	−12%	−23%	−15%	−26%	−20%	−9%	−6%	−7%	35%	35%	Retained to equityRetained/eq
											Balance sheet
$124M	$98M	$77M	$137M	$118M	$106M	$43M	$61M	$47M	$99M	$99M	Cash & investmentsCash+inv
$636K	$935K	$444K	$61K	$4K	$0	—	—	—	—	$0	ReceivablesReceiv.
$128K	$173K	—	—	—	—	—	—	—	—	$173K	InventoryInvent.
$670K	$479K	$743K	$645K	$500K	$1M	$755K	$696K	$1M	$695K	$695K	Accounts payablePayables
$94K	$629K	($299K)	($584K)	($496K)	($1M)	—	—	—	—	($522K)	Operating working capitalOper. WC
$126M	$100M	$78M	$142M	$121M	$116M	$59M	$73M	$61M	$120M	$120M	Current assetsCur. assets
$5M	$5M	$9M	$9M	$9M	$10M	$32M	$18M	$27M	$36M	$36M	Current liabilitiesCur. liab.
26.6×	19.2×	8.9×	16.1×	14.1×	12.0×	1.9×	4.1×	2.2×	3.3×	3.3×	Current ratioCurr. ratio
$245M	$220M	$197M	$267M	$253M	$278M	$279M	$325M	$333M	$465M	$465M	Total assetsAssets
-6556.6×	-10575.3×	—	—	—	—	—	—	—	—	31310.0×	Interest coverageInt. cov.
$228M	$209M	$181M	$245M	$213M	$186M	$180M	$161M	$157M	$262M	$262M	Shareholders’ equityEquity
											Per share
14.4M	14.5M	14.6M	16.4M	17.4M	18.1M	18.8M	18.8M	18.6M	18.8M	18.8M	Shares out (diluted)Shares
$0.33	$0.44	$0.45	$0.10	$0.05	$0.06	$0.10	$0.22	$0.32	$0.35	$0.35	Revenue / shareRev/sh
$-2.72	$-1.70	$-2.88	$-2.29	$-3.13	$-2.07	$-0.87	$-0.49	$-0.61	$4.83	$4.83	EPS (diluted)EPS
$-1.96	$-1.59	$-1.63	$-1.72	$-0.59	$0.93	$-1.56	$2.22	$-1.58	$0.29	$0.29	Owner earnings / shareOE/sh
$-1.96	$-1.59	$-1.63	$-1.72	$-0.59	$0.93	$-1.56	$2.22	$-1.58	$0.29	$0.29	Free cash flow / shareFCF/sh
$0.11	$0.07	$0.05	$0.03	$0.01	$0.06	$0.11	$0.02	$0.00	$0.00	$0.00	Cap. spending / shareCapex/sh
$15.84	$14.48	$12.40	$14.92	$12.20	$10.27	$9.54	$8.58	$8.44	$13.99	$13.99	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+0.5%/yr	+45.6%/yr
Capital spending / share	−37.5%/yr	−34.0%/yr
Book value / share	−1.4%/yr	+2.8%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net income+897.0%
“Our net income for Fiscal 2026 increased by approximately $102.0 million, or 897%, to $90.6 million from a net loss of $11.4 million in Fiscal 2025. The increase in net income was primarily due to the following: •Spectrum revenues increased by $0.5 million, or 8%, to $6.5 million in Fiscal 2026 from $6.0 million in Fiscal 2025.”
✓ figure matches the filed record

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

19Mpeak FY2023

ROIC

54%low FY2021

Gross margin

−74%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$5Mowner earningsvs.$91Mnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2022FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business reported $91M of profit but $5M of owner earnings: $85M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$91M

Owner earnings$5M · 84% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$91M	($11M)	($9M)	($16M)	($38M)
Depreciation & amortizationnon-cash charge added back	+$464K	+$548K	+$844K	+$1M	+$1M
Working capital & othertiming of cash in and out, other non-cash items	−$86M	−$18M	+$50M	−$12M	+$54M
Cash from operations	$6M	($29M)	$42M	($27M)	$18M
Capital expenditurecash put back in to keep running and to grow	−$31K	−$87K	−$307K	−$2M	−$1M
Owner earnings	$5M	($29M)	$42M	($29M)	$17M
Owner-earnings marginowner earnings ÷ revenue	84%	-487%	995%	-1531%	1555%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Much of fiscal 2026's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 31310.0×

Comfortable

Operating income $94M ÷ interest expense $3K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$98M

Net cash

Cash $99M − debt $497K

What this means
Cash and short-term investments exceed every dollar of debt by $98M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -25%

Below average through the cycle

10-yr median, range -46%–54%; 54% latest = NOPAT $89M ÷ invested capital $164M

Industry peers: median 1%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 54% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 84%

Positive this year, negative across the cycle

latest $5M = operating cash $6M − maintenance capex $31K (positive this year), after an earlier loss stretch (10-yr median -487%)

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 84% of revenue this year, a -487% median across 10 years. Treating stock comp as the real expense it is (less $7M of SBC) leaves ($1M).
Are earnings backed by cash? 0.06×

Thinly cash-backed

Cash from ops $6M ÷ net income $91M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 18%

Reinvests most of it

Dividends + buybacks $990K ÷ Owner Earnings $5M

What this means
Of $5M Owner Earnings, $990K (18%) went back to shareholders, $0 dividends, $990K buybacks. But the buybacks barely exceed stock issued to employees ($7M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.07×

Harvesting

Capex $31K ÷ depreciation $464K

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $7M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.33×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $497K vs $84M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 9 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.20/share (latest year $4.65), the averaged base the calculator's gate runs on, and book value is $13.45/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 10

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Operating margin −614% → 336% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −614% early to 336% lately, median −685% — pricing power intact or improving.
Worst year 2021 · −5951.0% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.
Share count +3.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$120M

Cash & short-term investments$99M
Inventory$173K
Other current assets$21M

Current liabilities$36M

Accounts payable$695K
Other current liabilities$35M

Current ratio3.33×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.33×stricter: inventory excluded

Cash ratio2.74×strictest: cash alone against what's due

Working capital$84Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+0.4%the freshest read on whether the business is still growing

Current ratio, recent quarters4.0× → 3.3×

Deeper floors

Tangible book value$262Mequity stripped of goodwill & intangibles

Net current asset value($83M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$4M$4M of it operating leases

Deferred revenue$161Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2024	Robert H. Schwartz	$3.7M	$3.2M	$42M
2025	Robert H. Schwartz	$2.8M	−$1.5M	($29M)
2025	Scott A. Lang	$3.9M	$4.3M	($29M)
2026	Scott A. Lang	$3.8M	$4.3M	$5M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 107% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Telecom Operators

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
IDTIDT Corporation	$1.2B	24%	2.8%	75%	2%
ATNIATN International Inc.	$667M	—	2.5%	1%	3%
ADEAAdeia Inc.	$443M	—	34.5%	13%	47%
GSATGlobalstar Inc.	$273M	96%	-47.3%	-6%	10%
NMAXNewsmax Inc.	$189M	—	-52.8%	-92%	-57%
ADArray Digital Infrastructure Inc.	$163M	72%	1.4%	1%	5%
SPIRSpire Global Inc.	$72M	40%	-101.4%	-44%	-83%
ATEXAnterix Inc.	$7M	-47%	-671.2%	-24%	-427%
Group median	—	40%	-22.9%	-3%	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Anterix Inc. has delivered.

Today’s price $

Base Normalize · through-cycle ($6M) Net of stock comp (−$7M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $5M on 19M shares outstanding, per the 10-K cover, as of 2026-06-19; net cash $98M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ATEX against another business →

Cite: Owner Scorecard, "Anterix Inc. (ATEX), the owner's record," https://ownerscorecard.com/c/ATEX, data as of 2026-07-09.

Manual order: ← ATEN its page in the Manual ATHS →

Industry order: ← ASTS the Telecom Operators chapter ATNI →