Forensic Analysis · Wireline & Integrated Carriers · as of Nov 9, 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.
C · Mixed — selective
Forensic grade
Watch
Earnings quality
2
Forensic signals
43.3%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 C (Mixed — selective) forensic quality grade. 2 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.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$6.5M
Revenue Growth YoY+7.8%
Revenue CAGR (2yr)+24.5%
Net Margin1394.2%
Free Cash Flow$5.5M
Return on Equity43.3%
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?