Is Anterix, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Anterix, Inc. moved from attractive to very attractive, indicating a significant improvement in its perceived value. Despite this positive shift, the company appears to be overvalued given its current financial metrics. The Price to Book Value stands at 3.57, while the EV to Capital Employed is at 4.17, both suggesting a premium over the underlying assets, and the EV to EBITDA ratio is notably negative at -9.75, indicating operational challenges.
In comparison to peers, Anterix's valuation ratios show it trailing behind Spok Holdings, Inc., which has a P/E ratio of 20.56 and an EV to EBITDA of 13.49. This stark contrast highlights Anterix's struggles in generating positive earnings and cash flow. Additionally, the company's stock has underperformed significantly against the S&P 500, with a year-to-date return of -33.55% compared to the index's 13.30%, reinforcing the notion that it may be overvalued in the current market context.