MeritValue

Anterix Inc.

ATEXdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Anterix Inc. earns about -0% on invested capital, below its ~9% cost of capital, but has diluted owners by 3% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $10.44 and $10.88 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.08M1$1.92M2$4.19M3$6.03M4$6.5M4
Net income−$37.5M5−$16.3M6−$9.13M7−$11.4M8$90.6M8
Operating cash flow$17.9M9−$27.3M10$42M11−$29.3M12$5.51M12
Capital expenditure$1.05M13$2.13M14$307,00015$87,00016$31,00016
Free cash flow (derived)$16.9M9−$29.4M10$41.7M11−$29.4M12$5.48M12
Total debt—————
Cash & equivalents$105.6M17$43.2M18$60.6M19$47.4M20$98.5M20
Diluted shares18.1M18.8M18.8M18.6M18.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$139.86
your share of equity
Profit it earned you last year
$48.32
Free cash flow it threw off
$2.92
Debt you’d be carrying
—

10 shares is a claim on $139.86 of net worth that earned you $48.32 and generated $2.92 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY22 -36%FY23 -9%FY24 -6%FY25 -7%FY26 55%

It earned about -0% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 2 estimate methods that apply put fair value between $10.44 and $10.88 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$10.88
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$5.48M
DCF · Growth Exit 5Y
$10.44
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$5.48M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$38.99
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $10.44
The three cases
Bear0.0%$9.43
Base5.0%$10.44
Bull10.0%$11.65

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001304492-23-000030 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001304492-24-000077 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0001304492-25-000056 (Revenues)
  4. 10-K · period ending 2025-03-31 · accession 0001304492-26-000027 (Revenues)
  5. 10-K · period ending 2022-03-31 · accession 0001304492-23-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001304492-24-000077 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001304492-25-000056 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001304492-26-000027 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001304492-23-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001304492-24-000077 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001304492-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001304492-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001304492-23-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001304492-24-000077 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001304492-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001304492-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001304492-23-000030 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001304492-24-000077 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001304492-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001304492-26-000027 (CashAndCashEquivalentsAtCarryingValue)