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The Moat Index

Anterix Inc.

ATEX · Communications · $1.9B mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

26/ 100
No moat

The four filters

Pricing power0

Median gross margin -24.3% over 7y, variable.

Returns on capital4

Median ROIC -23.8%, above the 9% hurdle in 10% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$100.35
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $2.8M (FY2013) to $6.5M (FY2026) — about 6.8% a year compounded over 13 years.

It earned 54.3% on invested capital in FY2026, with a median of −19.3% across 12 filed years. The Returns on Capital filter above scores it 4/100.

ATEX's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 14821.4% between FY2014 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (0/100), which is how ATEX lands at 26/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2012–FY2026 · 15 fiscal years, normalized from ATEX’s SEC filings

RevenueSales, as filed$6.5M FY2026
$0$2.5M$5M2012201720222026
Gross marginRevenue kept after cost of goods100.0% FY2023
0%100%2012201720222026
Return on invested capitalOperating profit on the capital employed54.3% FY2026
−50%0%50%2012201720222026
Owner earningsCash an owner could take out$91.1M FY2026
$0$100M2012201720222026

Gaps in a line mean that item isn’t in ATEX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale25.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ATEX has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#43 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #41NXPL NextPlat Corp27.6No moat
  2. #42AREN THE ARENA GROUP HOLDINGS, INC.26.1No moat
  3. #44TSQ Townsquare Media, Inc.25.3No moat
  4. #45HMMR HAMMER TECHNOLOGY HOLDINGS CORP.23.6No moat

Compare ATEX with its nearest peers →All Communications companies on the Index →

Common questions about ATEX

Does Anterix Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Anterix Inc. (ATEX) 25.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 4, balance-sheet safety 100, capital discipline 24.
How has ATEX's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 25.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ATEX. See the disclaimer.

Anterix Inc. (ATEX) Moat Score — The Moat Index · Buy Like Buffett