Anterix Inc. (ATEX) Stock

Anterix Inc. (ATEX) is a Communication Services stock trading at $85.28 (as of 2026-08-20), with a market capitalization of $1.67B and a trailing P/E of 25.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Anterix Inc. operates as a wireless communications company. The company focuses on commercializing its spectrum assets to enable the targeted utility and critical infrastructure customers to deploy private broadband networks, technologies, and solutions. It holds licensed spectrum in the 900 MHz band with coverage throughout the United States, Alaska, Hawaii, and Puerto Rico. The company was formerly known as pdvWireless, Inc. and changed its name to Anterix Inc. in August 2019. Anterix Inc. was incorporated in 1997 and is headquartered in Woodland Park, New Jersey.

Understand Anterix Inc.: how it makes money

Anterix commercializes its licensed 900 MHz spectrum to help utilities and critical infrastructure customers deploy private broadband networks, and it earns money through spectrum-related licensing revenue.

Profit depends on converting licensed 900 MHz spectrum coverage into spectrum and broadband licensing outcomes, evidenced by progress such as counties with delivered licenses, licenses received coverage, and incumbent clearing progress.

Revenue by segment (latest quarter)
Spectrum	$0.0B

Business quality (Weak): The provided financial snapshot shows GAAP Revenue of 0.0B for 2025-12-31, so the dataset does not currently demonstrate monetization in disclosed revenue terms, making operating progress metrics (license delivery and customer pipeline) especially important.

Valuation: At 19× earnings, ATEX trades in line with the Communication average (18×). Note: one-time items can distort reported P/E.

Bull case

Demonstrated delivery progress is measurable, with Counties Delivered Broadband Licenses to Customers at 92 (count): Delivered licenses are a direct indicator that Anterix's spectrum commercialization is moving from plans to customer deployment.
Incumbent clearing progress is already underway, with Spectrum Clearing Progress: Incumbents Cleared at 80% (percent): Clearing progress can support the ability to convert more spectrum coverage into usable capacity for customers.

Bear case

Current disclosed revenue is 0.0B for 2025-12-31 (GAAP Revenue): This raises the risk that commercial milestones (like delivered licenses) are not yet translating into revenue at the time of the provided snapshot.
Broader licensing coverage is higher than delivered-license coverage, with Broadband Licensing Coverage: Counties With Delivered Licenses or Ability to Apply at 90% (percent), while Broadband Licenses Received: Coverage in the United States is 10% (percent): This gap suggests execution and regulatory, clearing, or adoption steps may still be limiting monetization.

Valuation — source: SEC EDGAR (first-party)
Price	$85.28
Market Cap	$1.67B
P/E Ratio	25.5
EV / EBITDA	21.7
Price / Book	5.85
Price / Sales	237.51
FCF Yield	0.6%
DCF Value (model)	$9.53
DCF Upside vs Price	-88.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$6.50M
Net Margin	1394.2%
Revenue Growth (YoY)	38.1%
EPS Growth (YoY)	-99.3%
FCF Growth (YoY)	-164.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	4.90 (safe)

Valuation vs Sector & Industry
Stock P/E	25.5
Sector P/E (Communication Services)	24.4
Industry P/E (Communication)	17.9
vs Sector	4.4%
vs Industry	41.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Owl Creek Asset Management, L.P. ($206.68M)
Institutional Holders Tracked	10

Company
Sector	Communication Services
Industry	Communication
CEO	Scott A. Lang
Employees	86
Country	US
IPO Date	2015-02-03

Related Companies (Business model: Telecom Carrier; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.