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Holds 900 MHz spectrum licenses that utilities lease to build private LTE broadband networks.
Holds 900 MHz spectrum licenses that utilities lease to build private LTE broadband networks.
Signs spectrum agreements with utilities one at a time, so revenue is small, arrives in steps and depends on how many utilities sign in a given period. Anterix supplies the licences and works with equipment makers, while the utilities build and run the networks. The band was once used for older two-way radios.
Moat: wide (regulatory licence, scale). Anterix holds the only nationwide 900 MHz broadband spectrum licence class the FCC has allocated to utilities.
Headquarters: Woodland Park, New Jersey · Founded: 1999 · Employees: 64
Size Anterix (ATEX) is a United States Communication Services company (Wireless Telecommunications) with a market value of $1.46B, the 2009th largest of 3,117 United States companies the cockpit tracks. Shares closed at $74.36 on 6 Nov 2026.
Performance Over six months the shares gained 33.0%, against -10.6% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 15 in its peer set.
Growth Revenue grew 18.9% over the last twelve months (peer median +5.4%); the operating margin is -578.9% (peer median 7.7%).
Valuation It trades at 190.7× enterprise value to sales against a peer median of 2.4× (most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +48%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 28.1 points below its cost of capital (9.2% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.04M | $6.50M | $6.03M | $4.19M | $1.92M |
| Revenue growth | — | +8% | +44% | +118% | — |
| Gross profit | $6.60M | $6.04M | $5.48M | $3.34M | $497,000 |
| EBITDA | -$40.3M | -$41.2M | -$48.5M | -$51.6M | -$53.4M |
| Net income | $65.7M | $90.6M | -$11.4M | -$9.13M | -$16.3M |
| Free cash flow | $10.6M | $5.48M | -$29.4M | $41.7M | -$29.4M |
| Capital expenditure | $30.0M | $27.2M | $18.2M | $17.3M | $27.1M |
| Total debt | $4.09M | $4.42M | $5.39M | $5.30M | $4.65M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Anterix ATEX | $1.46B | +33% | +19% | -579% | 190.7× | 45.3% |
| Motorola Solutions MSI | $85.1B | +34% | +10% | 25% | 7.7× | 16.4% |
| Ondas ONDS | $3.11B | -41% | +979% | -127% | 10.1× | n/a |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 4.4× | 24.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATEX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -1.0% | 7th lowest of 16 |
| 6-month return | +33.0% | -10.6% | 2nd highest of 15 |
| Distance from 52-week high | -34.2% | -29.9% | 7th lowest of 16 |
| Revenue growth (TTM) | +18.9% | +5.4% | 4th highest of 16 |
| Operating margin | -578.9% | 7.7% | lowest of 16 |
| EV / Sales | 190.7× | 2.4× | most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 45.3% | -1.9% | most demanding of 11 |
| Growth delivered (Del g) | +47.8% | +3.0% | highest of 10 |
| Hurdle (Req g minus delivered) | -2.5 pp | -6.8 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | -28.1 pp | -4.3 pp | lowest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anterix ATEX | United States | $1.46B | +33% | +19% | -579% | 190.7× | 45.3% | +47.8% |
| Okinawa Cellular Telephone 9436.T | Japan | $1.90B | -3% | +5% | 24% | 3.3× | -3.7% | +3.1% |
| Digi Spain Telecom, S.A. Unipersonal DIGIS.MC | Spain | $2.16B | n/a | +19% | 6% | 2.8× | n/a | n/a |
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 15.8× | n/a | n/a |
| Wuxi Online Offline Communication Information Technology 300959.SZ | China | $808M | -29% | -50% | -12% | 10.9× | 21.5% | -12.1% |
| Hutchison Telecommunications Hong Kong 0215.HK | Hong Kong | $679M | -9% | +23% | 0% | 0.3× | -7.2% | +3.7% |
| SmarTone Telecommunications 0315.HK | Hong Kong | $663M | -9% | +6% | 11% | 0.9× | -17.5% | -0.3% |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | 6.0× | n/a | n/a |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 3.1× | n/a | n/a |
| Tuas TUA.AX | Australia | $555M | -75% | +21% | 12% | 1.2× | -0.1% | +44.5% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | 3.0× | 21.2% | n/a |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 1.0× | -12.0% | +8.1% |
| Gogo GOGO | United States | $526M | -12% | +30% | 12% | 1.5× | n/a | n/a |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 1.8× | -4.8% | -9.1% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 2.1× | 13.2% | +2.7% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 2.4× | 8.1% | +3.0% |