Latest Ratios: P/E Ratio 22.0x · EV/EBITDA N/A · ROE 43.3%. (2013–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $716M | $679M | $631M | $623M | $1.1B | $821M | $750M | $512M | $431M | $314M |
| Enterprise Value | $1.9B | $622M | $637M | $578M | $584M | $951M | $711M | $621M | $436M | $333M | $191M |
| P/E Ratio → | 21.95 | 7.91 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 308.52 | 110.18 | 112.65 | 150.49 | 324.39 | 969.07 | 891.63 | 479.52 | 78.86 | 67.88 | 65.69 |
| P/B Ratio | 7.58 | 2.73 | 4.34 | 3.92 | 3.46 | 5.64 | 3.86 | 3.06 | 2.84 | 2.13 | 1.38 |
| P/FCF | 43.56 | 15.56 | — | 25.58 | — | — | — | — | — | — | — |
| P/OCF | 363.94 | 129.97 | — | 15.02 | — | 58.64 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 95.70 | 105.69 | 137.99 | 304.31 | 876.88 | 771.69 | 397.23 | 67.05 | 52.41 | 39.87 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 13.51 | — | 23.46 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.9% | 92.9% | 100.0% | 100.0% | 100.0% | 99.5% | -74.4% | -81.1% | -15.2% | -24.3% | -47.3% |
| Operating Margin | -640.3% | -640.3% | -194.2% | -241.5% | -857.8% | -3399.3% | -5951.0% | -2399.8% | -657.7% | -499.2% | -684.8% |
| Net Profit Margin | 1394.2% | 1394.2% | -188.6% | -217.8% | -850.3% | -3461.2% | -5910.3% | -2406.5% | -646.1% | -482.0% | -818.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 43.3% | 43.3% | -7.2% | -5.4% | -8.9% | -18.8% | -23.8% | -17.7% | -21.9% | -14.2% | -16.0% |
| ROA | 22.7% | 22.7% | -3.5% | -3.0% | -5.8% | -13.9% | -20.9% | -16.2% | -20.1% | -13.2% | -15.1% |
| ROIC | -22.1% | -22.1% | -7.9% | -6.1% | -10.8% | -29.3% | -37.6% | -25.5% | -30.8% | -22.8% | -23.0% |
| ROCE | -11.3% | -11.3% | -3.8% | -3.7% | -6.3% | -14.1% | -21.8% | -16.8% | -21.2% | -13.9% | -12.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.05 | 0.03 | 0.03 | 0.03 | 0.04 | — | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.36 | -0.27 | -0.33 | -0.21 | -0.54 | -0.52 | -0.53 | -0.42 | -0.49 | -0.54 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.04 | — | -2.12 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | -10354.33 | -6536.60 |
Net cash position: cash ($99M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.33 | 3.33 | 2.23 | 4.07 | 1.86 | 12.01 | 14.05 | 16.11 | 8.86 | 19.18 | 26.63 |
| Quick Ratio | 3.33 | 3.33 | 2.23 | 4.07 | 1.86 | 12.01 | 14.05 | 16.11 | 8.86 | 19.14 | 26.60 |
| Cash Ratio | 2.74 | 2.74 | 1.74 | 3.37 | 1.35 | 10.96 | 13.64 | 15.58 | 8.68 | 18.80 | 26.28 |
| Asset Turnover | — | 0.01 | 0.02 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.03 | 0.03 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 45.65 | 55.07 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 12.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.3% | 6.4% | — | 3.9% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.1% | 1.2% | 3.9% | 1.3% | 1.4% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.1% | 1.2% | 3.9% | 1.3% | 1.4% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $18M | $17M | $16M | $15M | $14M | $14M |
Regulatory and execution uncertainty
Based on reported figures, the company trades at a P/S ratio of 260.89, which suggests that investors are pricing the stock as a specialized spectrum bank rather than a traditional telecommunications service provider, despite the lack of consistent, positive operating income to support such a high multiple.
The forward P/E of 26.69 implies that the market anticipates a significant inflection in profitability as utility contracts transition from pilot phases to full-scale deployment. However, this valuation appears highly sensitive to the timing of these milestones, and investors should monitor whether the current premium is justified by the long-term contracted proceeds or if it reflects speculative optimism regarding potential acquisition interest.
As reported in financial statements, ROIC has fluctuated wildly between -10.7% and 26.1% over the last ten quarters, indicating that the company is currently unable to consistently compound capital while it remains in a pre-scale phase of its business model.
The volatility in returns on capital appears to be driven by the lumpy nature of revenue recognition and non-recurring accounting gains rather than sustained operational efficiency. Until the company can demonstrate a stable, positive trend in ROIC, it remains difficult to determine if the underlying business model can generate returns that exceed the cost of capital over the long term.
According to recent SEC filings, the company's DSO has remained elevated, frequently exceeding 400 days, which highlights the significant friction in converting long-term utility lease agreements into actual cash inflows compared to standard industry benchmarks for telecommunications or infrastructure services.
This extended collection cycle suggests that the company lacks leverage in its payment terms with large, regulated utility customers, potentially forcing a reliance on cash reserves to fund ongoing operations. Investors should monitor whether these DSO levels normalize as the company moves toward a more mature, recurring revenue profile.
Based on the provided data, the company maintains a conservative capital structure with a D/E ratio consistently below 0.05, which suggests that the firm is not currently burdened by interest obligations despite its persistent operating losses and cash burn.
While the low leverage provides a buffer against rising interest rates, it also indicates that the company is primarily funding its operations through equity and existing cash balances. This approach appears prudent given the uncertainty surrounding the timing of cash inflows, but it may limit the company's ability to accelerate growth through debt-financed infrastructure investments.
The net margin, which reached 1394.17% in recent periods, is the most commonly misapplied metric for this business model, as it obscures the underlying cash burn and operational losses by incorporating non-recurring accounting adjustments like the release of valuation allowances on deferred tax assets.
Analysts should instead focus on 'Contracted Proceeds' and free cash flow to gauge the true health of the business, as these metrics better reflect the actual progress of the 900 MHz spectrum realignment. Relying on headline net income may lead to a dangerous overestimation of the company's current earning power and its ability to sustain operations without further capital infusions.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying ATEX stock.
Anterix Inc.'s current P/E ratio is 22.0x. The historical average is 7.9x. This places it at the 100th percentile of its historical range.
Anterix Inc.'s return on equity (ROE) is 43.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -9.5%.
Based on historical data, Anterix Inc. is trading at a P/E of 22.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Anterix Inc. has 92.9% gross margin and -640.3% operating margin.