Anterix (ATEX)


Market Price (11/12/2026): $77.05 | Market Cap: $1.5 BilSector: Communication Services | Industry: Integrated Telecommunication Services

Anterix (ATEX)


Market Price (11/12/2026): $77.05
Market Cap: $1.5 Bil
Sector: Communication Services
Industry: Integrated Telecommunication Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%

Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Smart Grids & Grid Modernization. Themes include Telecom Infrastructure, Wireless Services, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -43 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -574%

Expensive valuation multiples
P/SPrice/Sales ratio is 201x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 476x, P/EPrice/Earnings or Price/(Net Income) is 209x

Stock price has recently run up significantly
12M Rtn12 month market price return is 325%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 165%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -256%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8%

Key risks
ATEX key risks include [1] challenges in commercializing its 900 MHz spectrum due to dependencies on clearing incumbent users and securing favorable FCC approvals, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
3 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Smart Grids & Grid Modernization. Themes include Telecom Infrastructure, Wireless Services, Show more.
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -43 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -574%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 201x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 476x, P/EPrice/Earnings or Price/(Net Income) is 209x
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 325%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 165%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -256%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8%
10 Key risks
ATEX key risks include [1] challenges in commercializing its 900 MHz spectrum due to dependencies on clearing incumbent users and securing favorable FCC approvals, Show more.

ATEX in ETFs

Weight = ATEX's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
NASA0.74%
NUSC0.06%
IWO0.06%
DFAS0.03%
VTWO0.03%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/11/2026

Nov 10: down 6.6% in one day (S&P 500 down 0.4%)
The stock fell after Anterix reported its second quarter fiscal 2027 results. Zacks Investment Research reported the company had a loss and missed revenue estimates.

Down 25.4% from its Oct 29 high to Nov 5, up 11.7% since (S&P 500 down 4.7%)
The stock declined during this run without specific company news, though the market also fell. The largest daily drop on November 5 occurred as market headlines reported a broad market decline.

Nov 11: up 1.4% the day after its Nov 10 earnings report (S&P 500 up 1.3%)
The stock rose following a broader market rebound, as investors ran back to AI stocks after a selloff. This occurred despite Anterix reporting a loss and missing revenue estimates for its second quarter fiscal 2027.

Show more
Prices as of 11/11/2026

Nov 10: down 6.6% in one day (S&P 500 down 0.4%)
The stock fell after Anterix reported its second quarter fiscal 2027 results. Zacks Investment Research reported the company had a loss and missed revenue estimates.

Down 25.4% from its Oct 29 high to Nov 5, up 11.7% since (S&P 500 down 4.7%)
The stock declined during this run without specific company news, though the market also fell. The largest daily drop on November 5 occurred as market headlines reported a broad market decline.

Nov 11: up 1.4% the day after its Nov 10 earnings report (S&P 500 up 1.3%)
The stock rose following a broader market rebound, as investors ran back to AI stocks after a selloff. This occurred despite Anterix reporting a loss and missing revenue estimates for its second quarter fiscal 2027.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -17.7% change in ATEX stock from 7/31/2026 to 11/11/2026 was primarily driven by a -93.1% change in the company's Net Income Margin (%).
(LTM values as of)731202611112026Change
Stock Price ($)93.0276.53-17.7%
Change Contribution By: 
Total Revenues ($ Mil)7714.6%
Net Income Margin (%)1394.2%96.2%-93.1%
P/E Multiple19.3209.3986.9%
Shares Outstanding (Mil)1920-4.3%
Cumulative Contribution-17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/11/2026
ReturnCorrelation
ATEX-17.7% 
Market (SPY)1.7%57.7%
Sector (XLC)0.3%8.1%

Fundamental Drivers

The 58.4% change in ATEX stock from 4/30/2026 to 11/11/2026 was primarily driven by a 1785.2% change in the company's P/E Multiple.
(LTM values as of)430202611112026Change
Stock Price ($)48.3276.5358.4%
Change Contribution By: 
Total Revenues ($ Mil)6725.5%
Net Income Margin (%)1370.9%96.2%-93.0%
P/E Multiple11.1209.31785.2%
Shares Outstanding (Mil)1920-4.7%
Cumulative Contribution58.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/11/2026
ReturnCorrelation
ATEX58.4% 
Market (SPY)6.0%44.8%
Sector (XLC)-6.5%4.3%

Fundamental Drivers

The 278.5% change in ATEX stock from 10/31/2025 to 11/11/2026 was primarily driven by a 1530.3% change in the company's P/E Multiple.
(LTM values as of)1031202511112026Change
Stock Price ($)20.2276.53278.5%
Change Contribution By: 
Total Revenues ($ Mil)6725.7%
Net Income Margin (%)495.1%96.2%-80.6%
P/E Multiple12.8209.31530.3%
Shares Outstanding (Mil)1920-5.0%
Cumulative Contribution278.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/11/2026
ReturnCorrelation
ATEX278.5% 
Market (SPY)12.3%34.6%
Sector (XLC)-4.6%4.8%

Fundamental Drivers

The 151.0% change in ATEX stock from 10/31/2023 to 11/11/2026 was primarily driven by a 239.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311112026Change
Stock Price ($)30.4976.53151.0%
Change Contribution By: 
Total Revenues ($ Mil)27239.7%
P/S Multiple263.6201.4-23.6%
Shares Outstanding (Mil)1920-3.3%
Cumulative Contribution151.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/11/2026
ReturnCorrelation
ATEX151.0% 
Market (SPY)87.9%29.1%
Sector (XLC)73.1%15.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ATEX Return56%-45%4%-8%-29%251%104%
Peers Return124%20%13%-11%29%108%628%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
ATEX Win Rate67%33%50%50%33%64% 
Peers Win Rate54%54%54%38%50%73% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
ATEX Max Drawdown-14%-49%-25%-29%-57%-37% 
Peers Max Drawdown-51%-34%-44%-45%-49%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: IRDM, GSAT. See ATEX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/11/2026 (YTD)

How Low Can It Go

EventATEXS&P 500
2025 US Tariff Shock
  % Loss-38.5%-18.8%
  % Gain to Breakeven62.6%23.1%
  Time to Breakeven319 days79 days
2023 SVB Regional Banking Crisis
  % Loss-20.4%-6.7%
  % Gain to Breakeven25.7%7.1%
  Time to Breakeven83 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.2%-24.5%
  % Gain to Breakeven96.7%32.4%
  Time to Breakeven1304 days427 days
2020 COVID-19 Crash
  % Loss-32.9%-33.7%
  % Gain to Breakeven49.1%50.9%
  Time to Breakeven32 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-13.2%-19.2%
  % Gain to Breakeven15.2%23.8%
  Time to Breakeven3 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-16.2%-3.7%
  % Gain to Breakeven19.3%3.9%
  Time to Breakeven16 days6 days

Compare to IRDM, GSAT

In The Past

Anterix's stock fell -38.5% during the 2025 US Tariff Shock. Such a loss loss requires a 62.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventATEXS&P 500
2025 US Tariff Shock
  % Loss-38.5%-18.8%
  % Gain to Breakeven62.6%23.1%
  Time to Breakeven319 days79 days
2023 SVB Regional Banking Crisis
  % Loss-20.4%-6.7%
  % Gain to Breakeven25.7%7.1%
  Time to Breakeven83 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.2%-24.5%
  % Gain to Breakeven96.7%32.4%
  Time to Breakeven1304 days427 days
2020 COVID-19 Crash
  % Loss-32.9%-33.7%
  % Gain to Breakeven49.1%50.9%
  Time to Breakeven32 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-36.4%-12.2%
  % Gain to Breakeven57.3%13.9%
  Time to Breakeven50 days62 days
2014-2016 Oil Price Collapse
  % Loss-45.9%-6.8%
  % Gain to Breakeven84.7%7.3%
  Time to Breakeven72 days15 days

Compare to IRDM, GSAT

In The Past

Anterix's stock fell -38.5% during the 2025 US Tariff Shock. Such a loss loss requires a 62.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Anterix (ATEX)

```html

Anterix Inc. (ATEX) operates as a wireless communications company centered on commercializing its substantial spectrum assets. The company holds nationwide licensed rights within the 900 MHz wireless spectrum band, covering the contiguous United States, Alaska, Hawaii, and Puerto Rico. This unique spectrum position forms the foundation of its business model.

Anterix's core service involves enabling its customers to deploy private broadband networks. Rather than providing direct wireless services to end-users, Anterix facilitates the creation of dedicated, high-performance network infrastructures for specific organizational needs. This allows its clients to build and control their own secure communication systems utilizing Anterix's exclusive spectrum, supporting various technologies and solutions.

The company primarily targets utility companies and other critical infrastructure organizations as its main customers. These sectors require highly reliable, secure, and resilient communication networks for their operational technology, grid modernization efforts, and overall mission-critical functions. Anterix positions itself as a strategic partner, providing the essential spectrum for these vital industries to implement advanced private wireless capabilities.

```

AI Analysis | Feedback

Here are 1-3 brief analogies for Anterix (ATEX):

  • Anterix is like a Crown Castle or American Tower for dedicated radio spectrum, enabling utilities to build their own private broadband networks.
  • Think of Anterix as a specialized 'digital landlord' for the airwaves, providing exclusive 900 MHz spectrum for utility companies to build their own private wireless infrastructure.

AI Analysis | Feedback

  • 900 MHz Licensed Spectrum: Anterix commercializes access to its nationwide licensed spectrum in the 900 MHz band for wireless communications.
  • Private Broadband Network Solutions: Anterix enables utility and critical infrastructure customers to deploy and utilize private broadband networks and related technologies.

AI Analysis | Feedback

Anterix (ATEX) primarily sells its spectrum assets and related solutions to other companies, specifically targeting the utility and critical infrastructure sectors. Its major customers, as identified through public announcements and investor communications, are primarily large utility companies focused on deploying private broadband networks for grid modernization and critical operations.

The following are some of Anterix's major customer companies:

  • Southern Company (SO)
  • Ameren (AEE)
  • San Diego Gas & Electric (a subsidiary of Sempra Energy (SRE))
  • Evergy (EVRG)
  • Xcel Energy (XEL)

AI Analysis | Feedback

null

AI Analysis | Feedback

Scott Lang, President and Chief Executive Officer Mr. Lang was appointed President and CEO of Anterix in October 2024. He previously served as Chairman and CEO of Turvo, a logistics software company, from November 2019 to July 2023. Before that, he was the Founding Chairman, CEO, and President of Silver Spring Networks from 2004 to 2015, and later Executive Chairman and Chairman. At Silver Spring Networks, he raised over $200 million in capital and spearheaded the development of the first secure, native IP network for smart electric meters. Silver Spring Networks was subsequently sold to Itron in 2018. Earlier in his career, Mr. Lang held senior roles at Electronic Data Systems and Perot Systems. Elena Marquez, Chief Financial Officer Ms. Marquez was appointed Chief Financial Officer of Anterix in September 2025. Prior to this, she served as Vice President of Finance and Controller at Anterix from 2021 to 2025. She brings over 15 years of finance and accounting experience from public and pre-IPO multinational companies in the financial services and biotech industries. Ms. Marquez led a four-year transformation initiative at Prudential Financial. Her prior experience includes accounting and finance leadership positions at Clinical Genomics, where she rose to Global Controller, and various financial reporting roles at Prudential Financial, as well as auditor roles at UHY Advisors. Chris Guttman-McCabe, Chief Regulatory and Communications Officer Mr. Guttman-McCabe joined Anterix in October 2020, where he leads government relations and communications efforts. He was the founder and CEO of CGM Advisors LLC, a firm that provided consulting on communications, government relations, market analysis, and business development initiatives for Fortune 100 companies and tech startups. Before founding CGM Advisors, Mr. Guttman-McCabe had a 13-year career at CTIA, serving as an executive vice president, spokesperson, and advocate for the wireless industry, during which he testified 19 times before Congress. Ryan Gerbrandt, Chief Operating Officer Mr. Gerbrandt joined Anterix as Chief Operating Officer in March 2020. In this role, he oversees Anterix's sales, product development, marketing, operations, and technology & engineering. Before joining Anterix, he spent 13 years at Trilliant Networks, a communications platforms and applications provider, where he pioneered Smart Grid Deployment efforts and most recently served as Managing Director for their Global Industrial Internet of Things (IIoT) and Smart Cities businesses. He previously held responsibility for utility communications and control systems at Manitoba Hydro. Heather Martin, Chief Marketing Officer and Chief of Staff Ms. Martin joined Anterix in September 2025 in a dual role, where she is responsible for the company's external market strategy and internal strategic execution. Prior to Anterix, she led enterprise-wide transformation efforts for NRG Energy's portfolio of retail energy brands across North America, South Africa, and the Caribbean. Her experience also includes global marketing leadership roles at Bosch (formerly SPX) and senior positions at national advertising agencies, working with global brands such as Dell, Shell Energy, Microsoft, and General Motors.

AI Analysis | Feedback

The key risks to Anterix's (ATEX) business are primarily centered around the commercialization and deployment of its 900 MHz spectrum assets for private broadband networks for utilities.

  1. Spectrum Clearing Costs and Delays: Anterix faces the risk of increasing costs and potential delays associated with clearing its 900 MHz spectrum. This involves making payments to incumbent users for retuning or swaps to free up the spectrum for broadband use. These ongoing and rising expenses can impact deal economics and slow down cash conversion until clearing milestones are completed. Delays by current channel users, such as members of the Association of American Railroads (AAR), in completing their channel clearing could further impede Anterix's ability to commercialize broadband licenses and delay its customers' network deployments.

  2. Elongated Utility Decision Cycles and License Delivery Delays: The sales cycle for Anterix's spectrum to large utility customers can be lengthy due to extended procurement and deployment processes within these organizations. This "slippage risk" can lead to delays in achieving milestone-based collections, recognizing revenue, and receiving anticipated cash inflows. The delivery of county-level licenses also contributes to this timing risk, potentially pushing out the schedules for cash conversion and network deployments.

  3. Competition: Anterix operates in a competitive landscape, and its targeted utility and critical infrastructure customers may consider alternative solutions. The National Public Safety Broadband Network (NPSBN), also known as "FirstNet," could offer an additional source of competition to Anterix's 900 MHz spectrum assets.

AI Analysis | Feedback

null

AI Analysis | Feedback

Anterix (ATEX) operates in the United States, Alaska, Hawaii, and Puerto Rico, focusing on providing private broadband networks to utility and critical infrastructure customers utilizing its licensed 900 MHz spectrum.

The addressable markets for Anterix's main products and services are primarily in the U.S. and include:

  • Anterix's pipeline of opportunities for private broadband networks for utilities is valued at over $3 billion, with $1 billion in near-term opportunities across 18 utilities in the U.S.
  • The company's recently launched TowerX and CatalyX solutions have a combined Total Addressable Market (TAM) of approximately $1 billion in the U.S.
  • The U.S. private LTE and 5G network market for licensed projects, which aligns with Anterix's offerings, is projected to grow from USD 1.28 billion in 2025 to USD 4.64 billion by 2031. This market serves critical infrastructure sectors, including defense installations, utility substations, and hospitals.

AI Analysis | Feedback

Anterix (ATEX) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

  1. Expansion of 900 MHz Broadband Spectrum and Deployments: A significant catalyst for Anterix is the Federal Communications Commission's (FCC) unanimous decision in February 2026 to expand the 900 MHz broadband segment from 6 MHz to 10 MHz in a 5x5 configuration. This expansion is expected to unlock higher-capacity, low-band private broadband for mission-critical uses across utilities and critical infrastructure sectors, positioning 900 MHz as a foundational layer for private operational connectivity and improving performance and economics for private broadband networks. This regulatory development is anticipated to accelerate the adoption and deployment of Anterix's spectrum.
  2. Success of the Anterix Accelerator Program and Deployment-Focused Services: Anterix's Accelerator program, which offers matching spectrum value to expedite utility adoption of 900 MHz private LTE, is generating substantial interest. The program is reportedly oversubscribed, with potential contracts exceeding $500 million, signaling strong demand within the utility sector. This initiative, along with a broader strategy to provide deployment-focused services and cultivate a partner ecosystem, is designed to mitigate implementation risks and support the long-term operations of utilities, thereby driving spectrum monetization.
  3. Monetization of a Robust Customer Pipeline: Anterix has identified a substantial pipeline valued at approximately $3 billion, encompassing over 60 potential customers, primarily in the utility sector. The company has already secured eight flagship customers with contracts totaling around $400 million, establishing a solid foundation for future revenue. Converting these prospective contracts into active deployments is expected to be a significant driver of revenue growth.
  4. Introduction and Growth of New Products and Services: Anterix has launched new solutions, such as TowerX and CatalyX, aimed at streamlining deployments and creating opportunities for recurring revenue streams. These new offerings, including services like tower access and SIM management, are designed to address friction points in utility deployments and expand the company's service portfolio beyond core spectrum licensing. The company believes these initiatives can tap into a $1 billion annual market opportunity.
  5. Increasing Utility Adoption of Private Broadband Networks: A fundamental shift is occurring in the utility industry, where communications systems are increasingly viewed as essential components of grid infrastructure. Utilities are opting for secure, self-managed private broadband networks to modernize their grids, enhance field automation, improve outage detection, and integrate new technologies safely. Anterix is positioned to capitalize on this trend by leveraging its 900 MHz spectrum to enable these critical utility-controlled private broadband networks.

AI Analysis | Feedback

Share Repurchases

  • In September 2021, Anterix's Board of Directors authorized a share repurchase program for up to $50 million over a two-year period.
  • As of March 31, 2025, Anterix had an authorized share repurchase program for up to $250.0 million of its common stock, set to expire on or before September 21, 2026.
  • Anterix repurchased $24.7 million of shares in fiscal year 2024 and $8.4 million in fiscal year 2025.

Share Issuance

  • Anterix received $1.691 million in proceeds from stock option exercises for the fiscal year ended March 31, 2025.
  • For the fiscal year ended March 31, 2024, proceeds from stock option exercises amounted to $0.770 million.

Inbound Investments

  • In February 2025, Anterix initiated a strategic review process following inbound interest in the company, which was ongoing as of June 2025.

Capital Expenditures

  • Anterix invested $17.0 million in spectrum clearing costs during fiscal year 2024.
  • For fiscal year 2025, spectrum clearing costs totaled $18.1 million.
  • Expected capital expenditures for spectrum clearing include approximately $5 million in the fourth quarter of fiscal year 2025 and $15-20 million in fiscal year 2026.

Better Bets vs. Anterix (ATEX)

Peer Outperformance in Integrated Telecommunication Services

ATEX has outperformed 70% of its 20 Integrated Telecommunication Services peers over 5Y. Integrated Telecommunication Services ranks 3rd of 9 industries in Communication Services by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Integrated Telecommunication Services constituents that ATEX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 23 industry peers · 325.2% return
3Y
80%
of 20 industry peers · 155.0% return
5Y
70%
of 20 industry peers · 23.9% return
No Integrated Telecommunication Services peer with a comparable growth profile has beaten ATEX by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Integrated Telecommunication Services is ATEX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Wireless Telecommunication Services 3 -5.2%22.7%52.8% ECHO 250% · TMUS 53%
Publishing 6 24.1%18.8%11.1% NYT 60% · NWSA 19% · WLY 12%
Integrated Telecommunication Services ← 21 -12.4%25.8%-17.7% GSAT 252% · AD 83% · TDS 80%
Movies & Entertainment 23 23.6%59.6%-26.8% IMAX 135% · FWONA 103% · CNK 99%
Broadcasting 14 -7.1%-20.6%-66.9% FOXA 76% · NXST 45% · SIRI -40%
Interactive Media & Services 33 -39.1%-40.1%-70.8% GOOGL 103% · META 94% · CARG -10%
Interactive Home Entertainment 8 -43.2%-60.1%-72.1% TTWO 25% · RBLX -46% · PINS -57%
Alternative Carriers 4 -46.2%11.8%-73.9% IRDM 19% · LUMN -66%
Advertising 18 -32.0%-8.5%-74.0% APP 252% · OMC 53% · MGNI 27%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ATEXIRDMGSATMedian
NameAnterix Iridium .Globalst. 
Mkt Price77.0547.2986.4877.05
Mkt Cap1.55.111.25.1
Rev LTM7884278278
Op Inc LTM-432101111
FCF LTM-19288108108
FCF 3Y Avg-18290120120
CFO LTM3395473395
CFO 3Y Avg4374454374

Growth & Margins

ATEXIRDMGSATMedian
NameAnterix Iridium .Globalst. 
Rev Chg LTM25.7%3.1%5.9%5.9%
Rev Chg 3Y Avg42.8%4.5%9.3%9.3%
Rev Chg Q26.2%3.8%-4.0%3.8%
QoQ Delta Rev Chg LTM5.8%1.0%-1.0%1.0%
Op Inc Chg LTM-1.2%-3.5%0.5%-1.2%
Op Inc Chg 3Y Avg7.4%103.1%-56.8%7.4%
Op Mgn LTM-573.6%23.8%3.9%3.9%
Op Mgn 3Y Avg-746.9%23.4%1.6%1.6%
QoQ Delta Op Mgn LTM5.3%-2.1%-0.9%-0.9%
CFO/Rev LTM42.3%44.7%170.2%44.7%
CFO/Rev 3Y Avg74.6%44.0%171.1%74.6%
FCF/Rev LTM-256.1%32.6%38.9%32.6%
FCF/Rev 3Y Avg-269.0%34.3%44.5%34.3%

Valuation

ATEXIRDMGSATMedian
NameAnterix Iridium .Globalst. 
Mkt Cap1.55.111.25.1
P/S202.75.740.440.4
P/Op Inc-35.324.11,040.124.1
P/EBIT-35.324.21,040.124.2
P/E210.754.2-157.354.2
P/CFO479.312.823.723.7
Total Yield0.5%3.1%-0.6%0.5%
Dividend Yield0.0%1.3%0.0%0.0%
FCF Yield 3Y Avg-3.8%7.6%1.9%1.9%
D/E0.00.30.00.0
Net D/E-0.10.30.00.0

Returns

ATEXIRDMGSATMedian
NameAnterix Iridium .Globalst. 
1M Rtn-9.3%0.5%4.1%0.5%
3M Rtn-13.2%-4.4%3.9%-4.4%
6M Rtn39.4%10.5%5.0%10.5%
12M Rtn328.1%188.4%44.3%188.4%
3Y Rtn156.7%40.5%320.8%156.7%
1M Excs Rtn-5.5%4.8%8.3%4.8%
3M Excs Rtn-12.2%-1.1%8.3%-1.1%
6M Excs Rtn38.3%9.4%4.0%9.4%
12M Excs Rtn314.6%182.6%40.1%182.6%
3Y Excs Rtn76.2%-39.5%254.4%76.2%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Xcel Energy4320 
Evergy22110
Ameren Corporation11110
Tampa Electric Company (TECO)10   
Motorola01111
Services revenue    0
Total76421


Price Behavior

Price Behavior
Market Price$76.53 
Market Cap ($ Bil)1.5 
First Trading Date02/03/2015 
Distance from 52W High-29.3% 
   50 Days200 Days
DMA Price$81.30$67.46
DMA Trenddownup
Distance from DMA-5.9%13.4%
 3M1YR
Volatility68.1%67.8%
Downside Capture343.53106.62
Upside Capture310.75263.29
Correlation (S&P 500)57.0%34.9%
ATEX Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.952.673.102.351.550.94
Up Beta3.283.144.225.322.260.78
Down Beta1.931.430.79-0.310.150.69
Up Capture551%349%397%469%597%206%
Bmk +ve Days12182862130427
Stock +ve Days12193067142358
Down Capture205%247%294%152%92%103%
Bmk -ve Days10253664121325
Stock -ve Days10243459109386

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ATEX
ATEX324.3%67.8%2.39-
Sector ETF (XLC)-3.3%16.8%-0.384.1%
Equity (SPY)12.5%13.7%0.6034.4%
Gold (GLD)-3.5%28.8%-0.1315.3%
Commodities (DBC)33.0%21.3%1.24-6.6%
Real Estate (VNQ)11.7%14.2%0.534.9%
Bitcoin (BTCUSD)-30.9%43.5%-0.7321.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ATEX
ATEX3.9%48.2%0.23-
Sector ETF (XLC)7.2%21.1%0.2519.8%
Equity (SPY)11.8%17.3%0.5129.6%
Gold (GLD)17.1%19.2%0.7210.2%
Commodities (DBC)7.9%19.6%0.292.1%
Real Estate (VNQ)1.3%18.9%-0.0427.8%
Bitcoin (BTCUSD)3.1%51.5%0.2417.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ATEX
ATEX13.0%51.6%0.43-
Sector ETF (XLC)8.9%22.1%0.4427.5%
Equity (SPY)15.5%18.0%0.7333.5%
Gold (GLD)11.5%16.6%0.576.4%
Commodities (DBC)7.4%18.2%0.336.0%
Real Estate (VNQ)6.1%20.7%0.2529.2%
Bitcoin (BTCUSD)58.6%66.3%0.9912.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity1.7 Mil
Short Interest: % Change Since 101520260.6%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest6.4 days
Basic Shares Quantity19.6 Mil
Short % of Basic Shares8.5%

Earnings Returns History

Updated 11/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/10/20261.4%  
8/11/2026-4.5%-2.4%-10.9%
6/10/202625.7%22.2%59.5%
2/11/2026-1.4%16.0%24.6%
11/12/202513.7%13.8%17.7%
8/12/2025-4.4%-1.7%-3.6%
6/24/2025-6.9%-13.2%-26.3%
2/11/2025-0.7%16.1%3.3%
...
SUMMARY STATS   
# Positive777
# Negative766
Median Positive9.3%16.0%18.3%
Median Negative-4.4%-2.0%-6.0%
Max Positive25.7%24.2%59.5%
Max Negative-6.9%-13.2%-26.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/10/20261.4%  
8/11/2026-4.5%-2.4%-10.9%
6/10/202625.7%22.2%59.5%
2/11/2026-1.4%16.0%24.6%
11/12/202513.7%13.8%17.7%
8/12/2025-4.4%-1.7%-3.6%
6/24/2025-6.9%-13.2%-26.3%
2/11/2025-0.7%16.1%3.3%
11/13/2024-5.0%-1.6%-0.3%
8/6/2024-2.3%-0.1%-3.9%
2/14/202421.8%24.2%11.5%
11/13/20239.3%12.1%23.6%
8/2/20236.6%7.2%18.3%
6/14/20236.1%-3.2%-8.1%
SUMMARY STATS   
# Positive777
# Negative766
Median Positive9.3%16.0%18.3%
Median Negative-4.4%-2.0%-6.0%
Max Positive25.7%24.2%59.5%
Max Negative-6.9%-13.2%-26.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/10/202610-Q
06/30/202608/11/202610-Q
03/31/202606/25/202610-K
12/31/202502/11/202610-Q
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202506/24/202510-K
12/31/202402/11/202510-Q
09/30/202411/13/202410-Q
06/30/202408/06/202410-Q
03/31/202406/26/202410-K
12/31/202302/14/202410-Q
09/30/202311/13/202310-Q
06/30/202308/02/202310-Q
03/31/202306/14/202310-K
12/31/202202/09/202310-Q
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/10/202610-Q
06/30/202608/11/202610-Q
03/31/202606/25/202610-K
12/31/202502/11/202610-Q
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202506/24/202510-K
12/31/202402/11/202510-Q
09/30/202411/13/202410-Q
06/30/202408/06/202410-Q
03/31/202406/26/202410-K
12/31/202302/14/202410-Q
09/30/202311/13/202310-Q
06/30/202308/02/202310-Q
03/31/202306/14/202310-K
12/31/202202/09/202310-Q
09/30/202210/31/202210-Q
06/30/202208/08/202210-Q
03/31/202205/26/202210-K
12/31/202102/03/202210-Q
09/30/202111/03/202110-Q
06/30/202108/11/202110-Q
03/31/202106/15/202110-K
12/31/202002/08/202110-Q
09/30/202011/16/202010-Q
06/30/202008/06/202010-Q
03/31/202005/28/202010-K
12/31/201902/04/202010-Q

Recent Forward Guidance

Updated 11/11/2026

Latest: Q2 2027 Earnings Reported 11/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Contracted Proceeds Expected to be ReceivedReported 9.60 Mil 0.0% AffirmedGuidance: 9.60 Mil for 2027


Prior: Q1 2027 Earnings Reported 8/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Contracted ProceedsReported 9.60 Mil -62.1% LoweredGuidance: 25.30 Mil for 2027

Q4 2026 Earnings Reported 6/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Contracted Customer ProceedsReported 25.30 Mil    
2028-2034 Contracted Customer ProceedsReported 23.40 Mil    

Q3 2026 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Contracted ProceedsReported 80.00 Mil    
2026 Share RepurchasesReported 226.70 Mil 0 AffirmedGuidance: 226.70 Mil for 2026

Insider Activity

Updated 10/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Marquez, ElenaChief Financial OfficerDirectSell1009202680.434,981400,6071,013,702Form
2Lang, Scott APresident and CEODirectSell922202680.0015,0001,200,0002,117,600Form
3Martin, HeatherChief Marketing OfficerDirectSell911202684.208,064678,9982,251,790Form
4Daniels, Leslie B DirectSell911202683.832,500209,5753,644,677Form
5Ashe, Gena LChief Legal Officer & Corp SecDirectSell908202685.444,357372,262442,067Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Marquez, ElenaChief Financial OfficerDirectSell1009202680.434,981400,6071,013,702Form
2Lang, Scott APresident and CEODirectSell922202680.0015,0001,200,0002,117,600Form
3Martin, HeatherChief Marketing OfficerDirectSell911202684.208,064678,9982,251,790Form
4Daniels, Leslie B DirectSell911202683.832,500209,5753,644,677Form
5Ashe, Gena LChief Legal Officer & Corp SecDirectSell908202685.444,357372,262442,067Form
6Daniels, Leslie B DirectSell908202687.074,100357,0004,003,362Form
7Daniels, Leslie B DirectSell908202687.156,000522,9004,364,211Form
8Kuhn, Thomas R DirectSell826202688.8510,000888,5261,575,446Form
9Kuhn, Thomas R DirectSell826202679.521,654131,5261,409,969Form
10Heard, William Heard Capital LLCSell818202690.1146,4004,181,095150,513,823Form
11Lang, Scott APresident and CEODirectSell817202690.2235,0573,162,7343,741,295Form
12Lang, Scott APresident and CEODirectSell619202680.2517013,6426,141,292Form
13Marquez, ElenaChief Financial OfficerDirectSell618202679.504,291341,1341,461,766Form
14Yazdi, Mahvash DirectSell617202680.007,000560,0001,552,560Form
15Guttman-Mccabe, ChristopherChief Reg & Comm OfficerDirectSell617202682.4691,4377,539,8846,415,956Form
16Ashe, Gena LChief Legal Officer & Corp SecDirectSell617202681.3117,7111,440,049774,948Form
17Fleischhauer, Mark DirectSell616202679.833,500279,4031,019,342Form
18Lang, Scott APresident and CEODirectBuy1218202521.611,16025,068178,499Form
19Lang, Scott APresident and CEODirectBuy1210202520.412,45050,004144,911Form
20Ashe, Gena LChief Legal Officer & Corp SecDirectSell1119202521.076,564138,303281,622Form

Investor Activity (13F)

Updated Nov 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Owl Creek Asset Management, L.P.$206.7 Mil39.9%21Hold13F
Heard Capital LLC$65.6 Mil3.4%21Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Owl Creek Asset Management, L.P.$206.7 Mil39.9%21Hold13F
Heard Capital LLC$65.6 Mil3.4%21Hold13F

Industry Resources

Communication Services Resources
Variety
The Hollywood Reporter
Adweek
Integrated Telecommunication Services Resources
Fierce Telecom
Telecoms.com
Light Reading
Core Cache Last Updated: 11/11/2026