Anterix (ATEX) has just put out its Q3 2026 scorecard, with the latest reported quarter in the data set showing revenue of US$1.6 million and basic EPS of US$2.86, alongside trailing 12 month EPS of US$5.13 on net income of US$95.6 million that includes a one off gain of US$141.8 million. Over the past few reported periods, revenue has stayed in a tight band between roughly US$1.4 million and US$1.6 million per quarter, while basic EPS has moved from losses in early 2025 to positive readings of US$0.41, US$0.50, US$1.35 and then US$2.86 as profit metrics improved. With profitability now influenced by that one time gain, the key question for investors is how much of the current margin picture really reflects the underlying run rate of the business.

See our full analysis for Anterix.

With the recent results on the table, the next step is to see how this earnings profile lines up with the most widely held narratives about Anterix and where the numbers push back against those stories.

TTM EPS of US$5.13 Built on US$95.6m Profit

• Over the last 12 months, Anterix reported basic EPS of US$5.13 on trailing net income of US$95.6 million, while quarterly revenue across that period sat in a narrow range around US$1.4 million to US$1.6 million per quarter.
• Bulls lean on this profitability shift, arguing that grid modernization and spectrum monetization can support long duration cash flows. However, the presence of a very large US$141.8 million one off gain in that profit pool means the current EPS level is heavily influenced by non recurring items rather than just the underlying leasing business.
  • Consensus narrative talks about growing spectrum leasing and service revenue, but the fact that trailing 12 month revenue is US$5.9 million against US$95.6 million of net income shows how dependent reported margins are on spectrum related gains rather than regular operating income.
  • Supporters also point to Anterix having become profitable over the last year, while critics of the bullish view may see that profitability as closely tied to these one time gains rather than a clear read on the long term earnings base.

Over the last year, bulls argue that this profit jump is a key turning point, while skeptics question how much of it reflects repeatable spectrum monetization versus one off accounting gains. If you want to see how the optimistic camp connects these numbers to a longer term story, check out the 🐂 Anterix Bull Case.

P/E of 5.7x Versus Industry 16.4x

• The stock is trading on a trailing P/E of 5.7x, compared with a peer average of 27.2x and a global telecom industry average of 16.4x, while the current share price of US$29.27 also sits below a DCF fair value figure of US$46.62 and an analyst price target of US$55.33.
• Critics on the bearish side highlight that these low multiples are calculated on earnings that include the US$141.8 million one off gain, so the apparent discount to peers may say as much about the quality of trailing earnings as it does about how the market views the long term value of the spectrum portfolio.
  • Bears point out that roughly 85% of the spectrum is yet to be monetized, and if future contracts do not match past auction benchmarks, the gap between the current US$29.27 price and reference values like US$46.62 DCF fair value or the US$55.33 target could be harder to justify.
  • The same cautious narrative also notes that analysts expect much smaller earnings figures, such as around US$0.94 million in a few years versus US$95.6 million today, which would make any future P/E based on those forecasts extremely high even if the share price stayed close to where it is now.

Skeptics warn that today’s low P/E could look very different once one off gains roll off. If you want to see how the cautious camp frames that risk, have a look at the 🐻 Anterix Bear Case.

US$1.4m to US$1.6m Quarterly Revenue vs Large One Off Gain

• Over the six reported quarters from early 2025 to Q3 2026, revenue has stayed between about US$1.4 million and US$1.6 million per quarter, while net income excluding extra items moved from losses of US$15.5 million and US$12.8 million in early 2025 to profits of US$7.7 million, US$9.2 million, US$25.2 million and US$53.5 million in the most recent periods.
• Consensus narrative suggests that as utilities roll out private broadband and adopt platforms like TowerX and CatalyX, recurring spectrum and solutions revenue could become a bigger driver. Yet the current pattern of relatively flat quarterly revenue alongside large swings in net income shows that timing of spectrum clearances and license related gains is doing a lot of the work in reported profitability right now.
  • Analysts talk about future margins normalizing closer to telecom industry averages around the mid teens, which would imply much lower profit dollars than the recent US$95.6 million trailing figure if revenue remains in Next Steps

    To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Anterix on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

    See the numbers differently? If these figures point you in a different direction, shape that view into your own narrative in just a few minutes: Do it your way.

    A great starting point for your Anterix research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

    See What Else Is Out There

    The recent profit profile relies heavily on a US$141.8 million one off gain while quarterly revenue sits around US$1.4 million to US$1.6 million, raising questions about consistency.

    If that reliance on one time items makes you uneasy about earnings quality, take a look at our 85 resilient stocks with low risk scores built to spotlight companies with steadier financial profiles.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.