Anterix Inc. (ATEX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Communication Services / Telecom · as of Sep 25, 2026
Anterix Inc. (ATEX)
A forensic read on Anterix Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
8.9
Distress distance
Watch
Earnings quality
3
Forensic signals
23.0
P / E (ttm)
34.6%
ROE
$1.6B
Market cap
7.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Anterix Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.26×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was 0.26× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+40.0%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +40.0% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 38% against +8% in revenue. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 62% of net operating assets, against an accruals ratio of 40.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
0.0%/yr
FY2024–FY2026
Share count.Diluted share count changed 0% over the last 2 years to FY2026 (0.0%/yr). Roughly flat — buybacks ($990,000) are about offsetting stock comp ($11M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$6.5M
Revenue Growth YoY+7.8%
Revenue CAGR (2yr)+24.6%
Net Margin1394.2%
Free Cash Flow$5.5M
Return on Equity34.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Anterix Inc.'s actual 10-K/10-Q/8-K filings?