Anterix ATEX

NASDAQ ATEX

$77.79 -0.08 (-0.10%)

As of: Oct 20, 2026 · 9:58 AM EDT

Anterix (ATEX) stock price is $77.79, down 0.10% on the day, as of Oct 20, 2026. It has a market cap of $1.48Bn and a P/E ratio of 22.60, and is classified in the Wireless Carriers industry (Communication Services sector).

Key Stats

Market Cap1.48 Bn

P/E22.60

P/S210.86

Div. Yield0.00

Revenue Growth (1y) (Qtr)38.08

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About

Anterix Inc. is the utility industry’s partner that empowers enhanced visibility, control and security for a modern grid through private wireless broadband connectivity. The company’s vision is to deliver secure, scalable solutions enabled by its licensed 900 MHz spectrum for the benefit of utilities and the communities they serve. As the largest holder of licensed spectrum in the 900 MHz band throughout the contiguous United States, plus Hawaii, Alaska and Puerto Rico, Anterix is uniquely positioned to provide private broadband networks that support resilient, customer‑controlled operations. Its core activity involves converting nationwide narrowband holdings into valuable broadband spectrum and then offering long‑term leases or sales of that spectrum to enable utilities and critical‑infrastructure customers to deploy private LTE networks that can evolve with their business needs.

Anterix generates revenue principally from the sale and lease of its 900 MHz broadband spectrum to utility and critical‑infrastructure customers. Revenue streams consist of upfront and milestone payments received under long‑term lease agreements, such as the 30‑year Ameren contracts that have generated $44.0 million in milestone payments and a total scheduled prepayment of $47.7 million, the 20‑year Evergy agreement that yielded a $30.2 million prepayment, the 20‑year Xcel Energy deal with $80.0 million in scheduled prepayments of which $8.0 million, $21.2 million, $21.2 million and $16.8 million have been received to date, and the 20‑year TECO agreement that includes $34.5 million in scheduled prepayments with $6.9 million already collected. In addition, the company realizes proceeds from outright spectrum sales, exemplified by the $102.5 million agreement with Oncor, the $13.5 million LCRA expansion agreement and the $50.0 million SDG&E transaction. Gains on the disposition of intangible assets, such as the $18.3 million gain from transferring four broadband licenses to Oncor and the $22.8 million gain from exchanging narrowband for broadband licenses in 67 counties, also contribute to revenue. Furthermore, Anterix earns income from spectrum‑related services and from the conversion of narrowband to broadband licenses, which creates additional gains as licences are granted.

The company operates through the following segments:

Single Operating Segment: The company manages its business as a single operating and reportable segment, with all assets located in the United States and no revenue generated from outside the country.

Anterix occupies a distinctive position in the wireless communications industry as the nation’s largest holder of licensed 900 MHz spectrum, controlling more than half of the band across the United States. This extensive footprint gives it a competitive edge over national carriers such as Verizon, AT&T, T‑Mobile and EchoStar, as well as specialized spectrum holders and the FirstNet public‑safety network that also target the utility and public‑safety markets. Advantages stem from the company’s ability to re‑allocate spectrum from narrowband to broadband use, its long‑standing relationships with major utilities that facilitate lease and sale negotiations, and its expertise in clearing incumbents to meet the FCC’s broadband eligibility requirements. Furthermore, Anterix’s ongoing work with federal and state agencies to promote the benefits of private wireless broadband strengthens its influence over regulatory outcomes that affect the adoption of its solutions.

Anterix serves a customer base composed principally of electric utilities and other critical‑infrastructure operators. Notable customers identified in the filing include Ameren Corporation, Oncor Electric Delivery Company LLC, Lower Colorado River Authority, Xcel Energy Services Inc., Tampa Electric Company, San Diego Gas & Electric, Evergy Services Inc., and the dozens of utilities participating in the Utilities Broadband Alliance, which counts 38 electric utilities and subsidiaries among its over 100 members. The company also works with the Anterix Active Ecosystem, encompassing more than 125 innovative technology companies that provide deployment and application solutions for private broadband. Beyond the electric sector, Anterix has identified potential demand from ports, railroads, water, oil and gas and mining operations, though current revenue is concentrated among utility customers who collectively serve millions of end‑users across the country.

Investment Thesis

▲ Bull case

Anterix (ATEX) is positioned to capitalize on a structural shift in utility infrastructure as grid modernization accelerates in response to rising electricity demand from data centers, renewable integration, and extreme weather resilience, creating a durable tailwind for its 900 MHz spectrum that management has consistently underemphasized in public commentary despite clear validation from regulators and major utilities like Evergy and CPS Energy; the company’s recent achievement of covering over 93% of Texas counties with its spectrum positions it as the de facto standard-bearer for private wireless networks in the nation’s largest energy market, a foothold that could be replicated in other high-growth states through its Accelerator program, which lowers barriers to entry by aligning contract timing with utility capital cycles and generating sticky, high-margin recurring revenue from ancillary products like tower access and SIM management—each of which Scott Lang explicitly described as delivering “strong margins” and being “immediately profitable” while reducing complexity for customers, thereby increasing adoption velocity and customer lifetime value far beyond the initial spectrum license sale; the upcoming FCC Report and Order on February 18, 2026, to expand broadband deployment across the full 10 MHz of the 900 MHz band represents a near-term regulatory catalyst that management treated cautiously but which could unlock significant spectrum valuation upside by enabling five-by-five (5x5) configurations that double the usable bandwidth per customer, directly supporting the scale aspirations cited by Evergy (targeting over 1,000,000 connected devices) and creating a network effect where early adopters validate the technology for hesitant peers, a dynamic Scott Lang himself compared to the Silver Spring Networks trajectory where initial wins led to nationwide adoption; and with $30 million in cash, zero debt, and over $80 million in receivables projected for Q4 including a $6.5 million upfront CPS Energy payment, Anterix has the financial flexibility to aggressively pursue land-and-expand strategies without dilution risk, while its raised cash proceeds guidance of $120 million for the fiscal year—up from $100 million—signals accelerating commercial traction that the market may be undervaluing given the company’s enterprise value remains substantially disconnected from the long-term opportunity in utility private wireless as repeatedly asserted by Elena Marquez and Scott Lang.

Anterix (ATEX) is positioned to capitalize on a structural shift in utility infrastructure as grid modernization accelerates in response to rising electricity demand from data centers, renewable integration, and extreme weather resilience, creating a durable tailwind for its 900 MHz spectrum that management has consistently underemphasized in public commentary despite clear validation from regulators and major utilities like Evergy and CPS Energy; the company’s recent achievement of covering over 93% of Texas counties with its spectrum positions it as the de facto standard-bearer for private wireless networks in the nation’s largest energy market, a foothold that could be replicated in other high-growth states through its Accelerator program, which lowers barriers to entry by aligning contract timing with utility capital cycles and generating sticky, high-margin recurring revenue from ancillary products like tower access and SIM management—each of which Scott Lang explicitly described as delivering “strong margins” and being “immediately profitable” while reducing complexity for customers, thereby increasing adoption velocity and customer lifetime value far beyond the initial spectrum license sale; the upcoming FCC Report and Order on February 18, 2026, to expand broadband deployment across the full 10 MHz of the 900 MHz band represents a near-term regulatory catalyst that management treated cautiously but which could unlock significant spectrum valuation upside by enabling five-by-five (5x5) configurations that double the usable bandwidth per customer, directly supporting the scale aspirations cited by Evergy (targeting over 1,000,000 connected devices) and creating a network effect where early adopters validate the technology for hesitant peers, a dynamic Scott Lang himself compared to the Silver Spring Networks trajectory where initial wins led to nationwide adoption; and with $30 million in cash, zero debt, and over $80 million in receivables projected for Q4 including a $6.5 million upfront CPS Energy payment, Anterix has the financial flexibility to aggressively pursue land-and-expand strategies without dilution risk, while its raised cash proceeds guidance of $120 million for the fiscal year—up from $100 million—signals accelerating commercial traction that the market may be undervaluing given the company’s enterprise value remains substantially disconnected from the long-term opportunity in utility private wireless as repeatedly asserted by Elena Marquez and Scott Lang.

▼ Bear case

Anterix (ATEX) faces significant near-term execution risks despite its optimistic narrative, as the company’s reliance on lengthy utility sales cycles and complex regulatory approvals creates substantial uncertainty around revenue recognition timing, particularly given that the $13 million CPS Energy Accelerator contract only delivers 50% upfront with the remainder deferred until the end of fiscal 2027, meaning near-term cash flow remains heavily dependent on collections from existing customers rather than new bookings, and while management raised annual cash proceeds guidance to $120 million, this assumes successful conversion of its over $80 million receivables pipeline—including the CPS initial payment—without addressing potential delays in utility capital allocation or internal resource constraints that Scott Lang acknowledged when noting prospects “do not have the skills and the focus internally to stand these networks up,” which could prolong deployment timelines and strain customer relationships even if contracts are signed; the upcoming FCC Report and Order on February 18, 2026, while framed as a potential upside catalyst, carries material downside risk if the outcome fails to authorize full 10 MHz broadband deployment or imposes burdensome conditions such as mandatory incumbent clearance payments or interference mitigation requirements that could erode the economic utility of the spectrum, especially in markets where Anterix does not already hold contiguous 10 MHz holdings, a concern Chris Guttman-McCabe indirectly validated by noting that “the reality of clearing an incumbent” affects pricing and that the company will need to reassess its approach post-decision, suggesting current spectrum assets may not be immediately usable for five-by-five configurations without additional cost or delay; furthermore, while Scott Lang highlighted product opportunities like tower access and SIM management as “synergistic” and “sticky,” he deliberately avoided quantifying their revenue potential or margin contribution, raising concerns that these ancillary services may not scale sufficiently to offset the lumpy nature of spectrum license revenue or create the predictable recurring revenue stream management implies, particularly given that the Chief Product Officer role is newly filled and the product roadmap remains unproven at scale, leaving investors exposed to execution risk in a segment where Anterix has limited historical precedent; and despite claims of being a “market leader” with $400 million in flagship contract value, this figure represents cumulative lifetime value across eight customers, not annual recurring revenue, and the company’s path to its first full year of positive GAAP net income remains contingent on sustaining a 20% operating expense reduction while simultaneously funding product development and sales expansion—a balance Elena Marquez framed as dependent on “disciplined spend approach” but which could unravel if utility adoption slows or if competitive pressures emerge from alternative technologies like LTE-M or 5G in unlicensed bands that utilities may prefer for broader ecosystem compatibility, a risk management did not adequately address when discussing why 900 MHz is “foundational” rather than merely one option among many for grid modernization.

Anterix (ATEX) faces significant near-term execution risks despite its optimistic narrative, as the company’s reliance on lengthy utility sales cycles and complex regulatory approvals creates substantial uncertainty around revenue recognition timing, particularly given that the $13 million CPS Energy Accelerator contract only delivers 50% upfront with the remainder deferred until the end of fiscal 2027, meaning near-term cash flow remains heavily dependent on collections from existing customers rather than new bookings, and while management raised annual cash proceeds guidance to $120 million, this assumes successful conversion of its over $80 million receivables pipeline—including the CPS initial payment—without addressing potential delays in utility capital allocation or internal resource constraints that Scott Lang acknowledged when noting prospects “do not have the skills and the focus internally to stand these networks up,” which could prolong deployment timelines and strain customer relationships even if contracts are signed; the upcoming FCC Report and Order on February 18, 2026, while framed as a potential upside catalyst, carries material downside risk if the outcome fails to authorize full 10 MHz broadband deployment or imposes burdensome conditions such as mandatory incumbent clearance payments or interference mitigation requirements that could erode the economic utility of the spectrum, especially in markets where Anterix does not already hold contiguous 10 MHz holdings, a concern Chris Guttman-McCabe indirectly validated by noting that “the reality of clearing an incumbent” affects pricing and that the company will need to reassess its approach post-decision, suggesting current spectrum assets may not be immediately usable for five-by-five configurations without additional cost or delay; furthermore, while Scott Lang highlighted product opportunities like tower access and SIM management as “synergistic” and “sticky,” he deliberately avoided quantifying their revenue potential or margin contribution, raising concerns that these ancillary services may not scale sufficiently to offset the lumpy nature of spectrum license revenue or create the predictable recurring revenue stream management implies, particularly given that the Chief Product Officer role is newly filled and the product roadmap remains unproven at scale, leaving investors exposed to execution risk in a segment where Anterix has limited historical precedent; and despite claims of being a “market leader” with $400 million in flagship contract value, this figure represents cumulative lifetime value across eight customers, not annual recurring revenue, and the company’s path to its first full year of positive GAAP net income remains contingent on sustaining a 20% operating expense reduction while simultaneously funding product development and sales expansion—a balance Elena Marquez framed as dependent on “disciplined spend approach” but which could unravel if utility adoption slows or if competitive pressures emerge from alternative technologies like LTE-M or 5G in unlicensed bands that utilities may prefer for broader ecosystem compatibility, a risk management did not adequately address when discussing why 900 MHz is “foundational” rather than merely one option among many for grid modernization.

Product and Service Breakdown of Revenue (2026)

History

Product Or Service Breakdown of Revenue (2026)

History

Peer percentiles

How Anterix ranks

Ranked against the 51 companies in Telecommunications58 metrics · as of Oct 16, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/E 24.5xMedian 11.0x 60^th
P/FCF 155xMedian 5.66x 43^rd
P/Operating cash flow 154xMedian 4.16x 25^th
P/S 235xMedian 1.05x 1^st
P/B 5.78xMedian 1.29x 15^th
P/Tangible book 5.78xMedian 1.55x 14^th
EV/EBITDA 21.4xMedian 6.93x 35^th
EV/EBIT 21.6xMedian 12.2x 51^st
EV/Revenue 218xMedian 2.03x 1^st
EV/FCF 144xMedian 15.3x 45^th
EV/Operating cash flow 144xMedian 8.57x 23^rd
PEG (3Y EPS CAGR) 0.17Median 0.26 60^th

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) 18.9%Median 3.8% 84^th
Revenue CAGR (3Y) 47.5%Median 3.2% 95^th
Gross profit growth (1Y) —Median 4.9% No data —
Gross profit CAGR (3Y) —Median 3.4% No data —
Operating income growth (1Y) 176%Median 6.1% 80^th
Operating income CAGR (3Y) 138%Median 8.4% 95^th
Net income growth (1Y) 124%Median 7.6% 87^th
Net income CAGR (3Y) 144%Median 7.7% 95^th
EPS growth (1Y) 113%Median −0.7% 84^th
EPS CAGR (3Y) 142%Median −0.5% 95^th
Operating cash flow growth (1Y) 136%Median 4.0% 95^th
Operating cash flow CAGR (3Y) 34.2%Median 0.9% 92^nd
Free cash flow growth (1Y) 135%Median −4.6% 98^th
Free cash flow CAGR (3Y) 33.6%Median 2.7% 80^th

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin —Median 55.9% No data —
EBITDA marginMargin above 100% 1,018%Median 31.5% Not meaningful —
Operating marginMargin above 100% 1,011%Median 9.2% Not meaningful —
Pretax margin 1,042%Median 6.3% 99^th
Net margin 933%Median 2.2% 99^th
FCF margin 151%Median 7.1% 93^rd
Operating cash flow margin 152%Median 26.0% 93^rd
Return on equity 24.0%Median 3.3% 83^rd
Return on assets 13.6%Median 0.2% 99^th
Return on invested capital —Median 3.0% No data —
Return on capital employed 15.8%Median 2.7% 93^rd
Asset turnover 0.01xMedian 0.35x 1^st
Cash conversion (OCF / net income) 0.16xMedian 2.51x 1^st
Stock comp / revenue 158%Median 1.2% 1^st

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets —Median 39.0% No data —
Debt / equity —Median 1.14x No data —
Net debt / EBITDA —Median 2.73x No data —
Debt / FCF —Median 4.52x No data —
Liabilities / assets 42.6%Median 65.5% 92^nd
Equity / assets 57.4%Median 34.5% 92^nd
Interest coverage —Median 0.96x No data —
Current ratio 4.85xMedian 0.97x 94^th
Quick ratio 4.13xMedian 0.65x 96^th
Cash ratio 3.68xMedian 0.33x 98^th
Altman Z-score 4.60Median 1.08 83^rd

Peer group

Peer Comparison

Companies in the Wireless Carriers

View all peers

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	VZ	Verizon Communications Inc	187.04 Bn	11.57	1.35	165.23 Bn
2	TMUS	T-Mobile US, Inc.	173.47 Bn	16.43	1.88	84.62 Bn
3	T	At&T Inc.	163.18 Bn	7.62	1.28	143.95 Bn
4	TV	Grupo Televisa, S.A.B.	154.23 Bn	-312.70	47.79	4.70 Bn
5	CMCSA	Comcast Corp	79.50 Bn	7.10	0.64	90.40 Bn
6	VOD	Vodafone Group Public Ltd Co	38.38 Bn	-82.79	0.82	60.32 Bn
7	CHT	Chunghwa Telecom Co Ltd	37.00 Bn	27.63	4.69	0.18 Bn
8	ATEX	Anterix Inc.	1.48 Bn	22.60	210.86	-