Anterix Inc. (ATEX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-162.9%

-$51.72

vs $82.21 price

Levered DCF

-$19.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.03

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	7.87×	-60×	-67.27×	-37.98×	-27.97×	-15.07×	-19.94×	-12.69×
P/B	2.72×	4.34×	3.84×	3.46×	5.64×	3.86×	3.06×	2.95×
P/S	109.78×	112.65×	147.58×	324.39×	969.07×	891.63×	479.52×	82×
EV / EBITDA	-15.05×	-13.15×	-10.97×	-10.93×	-20.44×	-15.03×	-18.41×	-15.46×
Gross margin	92.9%	100.0%	100.0%	100.0%	99.5%	-74.4%	-81.1%	-15.2%
Operating margin	-640.3%	-194.2%	-241.5%	-857.8%	-3399.3%	-5951.0%	-2399.8%	-657.7%
Net margin	1394.2%	-188.6%	-217.8%	-850.3%	-3461.2%	-5910.3%	-2406.5%	-646.1%
Current ratio	3.33×	2.23×	4.07×	1.86×	12.01×	14.05×	16.11×	8.86×
Debt / equity	0.02×	0.03×	0.05×	0.03×	0.03×	0.03×	0.04×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	34.6%	-7.3%	-5.7%	-9.1%	-20.1%	-25.6%	-15.4%	-23.2%
Return on invested capital	-9.2%	-3.8%	-3.2%	-6.6%	-13.2%	-22.3%	-14.4%	-22.7%
Return on assets	19.5%	-3.4%	-2.8%	-5.9%	-13.0%	-21.5%	-14.1%	-21.3%
Free cash flow yield	0.8%	-7.0%	4.0%	-8.7%	-0.9%	-2.9%	-4.7%	-4.6%
Earnings yield	12.7%	-1.7%	-1.5%	-2.6%	-3.6%	-6.6%	-5.0%	-7.9%
Enterprise value	$619.6M	$637.4M	$566.1M	$584M	$950.5M	$710.7M	$621.3M	$456.2M
Net debt / EBITDA	2.29×	0.87×	1.01×	0.72×	2.15×	2.34×	3.81×	2.6×
Cash conversion cycle (days)	-11,224	607	742	2,631	-76,132	-112	-69	-11