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ZYBERNO

Stock Report

Updated Aug 31, 2026

Anterix Inc. (ATEX)

Technology • NASDAQ

$92.33

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

67.0/100

GOOD BUSINESS

Anterix Inc. (ATEX) scores 67/100 — strong fundamentals with solid profitability and healthy cash flow generation.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ATEX quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-19.1%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ATEX valuation analysis · → View full ATEX Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (25.7%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.03x)

Operating Margin (Operational Efficiency):EXCELLENT (1,011.3%)

Return on Capital (Capital Efficiency):GOOD (19.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Anterix Inc. (ATEX) stock report — Zyberno Score 67/100 (GOOD BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Anterix Inc. (ATEX) shows a Brina Gap of -19.1%, which weakens the case: based on the company's ROIC (19.3%) and reinvestment rate (-1.2%), the business can fundamentally grow at -0.2% — but the current enterprise value implies the market expects 18.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:92.33

Market Cap:$1.76B

Valuation Multiples (4)

P/E Ratio:

26.46x

📊 Click to view full ATEX P/E analysis →

P/B Ratio:6.17x

P/S Ratio:250.27x

Peg Ratio:0.02x

Enterprise Metrics (3)

Enterprise Value:$1.66B

Ev Ebitda Ratio:23.18x

Pfcf Ratio:321.57x

Price Action & Momentum (3)

12-1 Momentum:

+322.2% (98th pctile)

📈 Click to view full ATEX Momentum analysis →

Momentum Percentile:98 / 100

% of 52-Week High:81.7%

B. Profitability Assessment

Return Metrics (7)

ROE:

25.7%

📊 Click to view full ATEX ROE analysis →

ROA:14.6%

Roic:

19.3%

📊 Click to view full ATEX ROIC analysis →

Reinvestment Rate:-1.2%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:18.9%

Brina Gap:

-19.1%

☷ Click to view full ATEX Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:1,011.3%

Net Margin Ttm:933.0%

Ebitda Margin:1,017.5%

TTM Performance (2)

Operating Margin Ttm:1,011.3%

Net Margin Ttm:933.0%

Yield Metrics (2)

Earnings Yield:$3.78

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-1.48

📊 Click to view full ATEX Earnings Surprise analysis →

EPS Surprise vs Expected:-99.4%

Latest Earnings Filed:2026-08-11

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):58.2%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-50.0%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-46.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:4.85x

Quick Ratio:4.85x

Cash Ratio:3.68x

Leverage Analysis (3)

Debt To Equity Ttm:0.03x

Debt-to-Equity Ratio:0.03x

Debt To Ebitda:0.20x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:121,532,000.00

Cash And Cash Equivalents:116,010,000.00

Long Term Debt:$2.64M

Net Debt:-$101.45M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $7.04M

Linear Growth: 58.2%

📊 Click to view full ATEX Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $71.20M

Linear Growth: 100.0%

📊 Click to view full ATEX Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $65.70M

Linear Growth: -50.0%

📊 Click to view full ATEX Net Income analysis & methodology →

Income Before Tax:$73.40M

Ebitda Ttm:71,644,000.00

Operating Expenses (5)

Operating Expenses:51,776,000.00

R And D Expense:4,803,000.00

Sga Expense:35,238,000.00

Income Tax Expense:$7.70M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:245.3%

Sga To Revenue Percentage:1,799.7%

Ebitda Margin:1,017.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$497.93M

Current Assets:$153.08M

Ppe Net:761,000.00

Goodwill:0.00

Intangible Assets:$310.29M

Liability Structure (4)

Total Liabilities:212,131,000.00

Current Liabilities:31,546,000.00

Long Term Debt:$2.64M

Short Term Debt:$11.92M

Equity & Capital (3)

Equity:$285.79M

Retained Earnings:-$302.06M

Common Stock:100,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:11,915,000.00

Special Items (2)

Contract Liabilities:174,913,000.00

Stock Based Compensation:3,282,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $10.70M

Linear Growth: -46.5%

$5.48M

Investment Activities (1)

Investing Cash Flow:-$6.74M

Financing Activities (3)

Financing Cash Flow:$19.95M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:441,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):3.51

Eps diluted TTM: $3.49

Linear Growth: -50.0%

📊 Click to view full ATEX EPS analysis & methodology →

Earnings Per Share Ttm:$3.44

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.37

Operating Cash Flow Per Share:$0.29

Book Value & Capital (2)

Book Value Per Share:$14.97

Cash Per Share:6.08

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.02x

Working Capital Turnover Ttm:0.06x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:617.66

Cash Conversion Cycle:-2,615.66

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-1.2%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:18.9%

Brina Gap:

-19.1%

☷ Click to view full ATEX Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):58.2%

Net Income Growth Rate (Linear):-50.0%

Operating Income Growth Rate (Linear):100.0%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-46.5%

Other Growth Rates (1)

Book Value Growth Rate (Linear):1.8%

C. Company Profile & Context

Corporate Information (6)

Symbol:ATEX

Company Name:Anterix Inc.

Sector:Technology

Industry:Telecommunications

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:19.09M

Shares Outstanding Basic:19.09M

Shares Outstanding Diluted:19.63M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 22:39:13 UTC

Data Timestamp:2026-08-31T22:39:13.568806