ATEXAnterix Inc.

Telephone Communications (no Radiotelephone)

Revenue: $7M; 7.8% YoY
Operating margin: 1444.9%; 844% YoY
EBITDA: $94M; 945% YoY
Market cap: $1.8B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 0.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
61× net income
Cash flow under 80% of net income
Dilutive SBCYes
177% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
18% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$25M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1M	$2M	$4M	$6M	$7M	7.8%
Operating income	−$37M	−$16M	−$10M	−$12M	$94M	902%
Net income	−$38M	−$16M	−$9K	−$11K	$91K	897%
Operating cash flow	$18M	−$27M	$42M	−$29M	$6M	119%
Capex	$1M	$2M	$307K	$87K	$31K	64%
Stock-based comp	$14M	$18M	$16M	$14M	$11M	15%
Buybacks	$15M	$8M	$25M	$8M	$990K	88%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 8, 2026	Owl Creek Asset Management, L.P.	SCHEDULE 13D/A	27.7%	Active
Mar 5, 2025	Heard Capital LLC	SCHEDULE 13D/A	9.4%	Passive
Dec 9, 2024	Owl Creek Asset Management, L.P.	SC 13D/A	59.9%	Active
Aug 8, 2024	Heard Capital LLC	SC 13D/A	9.4%	Passive
Jul 29, 2024	Heard Capital LLC	SC 13D	9.4%	Active
Feb 14, 2023	Owl Creek Asset Management, L.P.	SC 13D/A	28.7%	Active
Jul 20, 2020	Owl Creek Asset Management, L.P.	SC 13D/A	0.9%	Active
May 15, 2020	Owl Creek Asset Management, L.P.	SC 13D/A	0.9%	Passive
May 11, 2020	FEINBERG STEPHEN	SC 13D/A	4.6%	Passive
May 1, 2020	FEINBERG STEPHEN	SC 13D/A	5.5%	Passive

Insider trading

Open-market buys, 12 mo: $75K · 2
Open-market sells, 12 mo: $25M · 38
Net: −$25M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	116	—
FY2025	—	—	111	—
FY2024	—	—	102	—