Forensic Analysis · Communication Services / Telecom · as of Aug 10, 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

10.4

Distress distance

Watch

Earnings quality

Forensic signals

21.6

P / E (ttm)

34.6%

ROE

$1.9B

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). 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 10.4, 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, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 38% on the year. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 62% of net operating assets.

-0.2%/yr

FY2023–FY2026

Share count. Diluted share count changed -0% over the last 3 years to FY2026 (-0.2%/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 (3yr)+50.2%

Net Margin1394.2%

Free Cash Flow$5.5M

Return on Equity34.6%

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.