NASDAQ : AIRT
Air T, Inc. — Financial statements
Industrials · Conglomerates · United States
Last price 27.9 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 74.82M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Air T, Inc. (AIRT) reported revenue of 371.68M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 356.94M | 313.11M | 281.19M | 278.25M | 240.76M | 174.34M |
| Other Revenue | 14.74M | 13.98M | 10.66M | 8.59M | 6.56M | 2.74M |
| Revenue | 371.68M | 327.09M | 291.85M | 286.83M | 247.32M | 177.08M |
| Cost of Revenue | 287.45M | 252.81M | 227.30M | 230.46M | 201.66M | 136.60M |
| Gross Profit | 84.23M | 74.28M | 64.55M | 56.38M | 45.66M | 40.47M |
| Selling, General & Admin | 92.50M | 80.84M | 57.85M | 51.11M | 42.84M | 29.82M |
| Other Operating Expenses | 1.20M | 2.54M | ||||
| Operating Expenses | 113.44M | 93.18M | 62.20M | 55.11M | 49.55M | 31.68M |
| Operating Income | -29.21M | -18.90M | 2.34M | 1.26M | -3.88M | 8.80M |
| Interest Expense | -14.60M | -11.24M | -8.93M | -7.01M | -8.26M | -5.17M |
| Interest & Investment Income | 750.00K | 750.00K | 542.00K | 96.00K | 328.00K | 227.00K |
| Earnings From Equity Investments | 1.49M | -1.74M | 1.70M | 1.69M | 1.46M | 37.00K |
| Other Non Operating Income (Expenses) | -2.18M | -1.75M | -209.00K | -1.89M | -71.00K | 821.00K |
| EBT Excluding Unusual Items | -43.74M | -32.87M | -4.55M | -5.86M | -10.43M | 4.71M |
| Merger & Restructuring Charges | -2.95M | |||||
| Gain (Loss) on Sale of Investments | 1.90M | -400.00K | 400.00K | |||
| Gain (Loss) on Sale of Assets | 7.03M | 7.03M | -8.00K | -5.00K | ||
| Asset Writedown | -516.00K | -37.00K | ||||
| Other Unusual Items | 111.45M | 111.86M | -435.00K | 8.33M | ||
| Pretax Income | 71.79M | 86.02M | -4.99M | -3.96M | -11.35M | 13.40M |
| Income Tax Expense | 2.17M | 1.37M | 423.00K | 729.00K | 432.00K | 1.17M |
| Earnings From Continuing Operations | 69.62M | 84.65M | -5.41M | -4.68M | -11.79M | 12.23M |
| Net Income to Company | 69.62M | 84.65M | -5.41M | -4.68M | -11.79M | 12.23M |
| Minority Interest in Earnings | -5.82M | -6.67M | -729.00K | -2.13M | -510.00K | -1.30M |
| Net Income | 63.81M | 77.98M | -6.14M | -6.82M | -12.29M | 10.93M |
| Net Income to Common | 63.81M | 77.98M | -6.14M | -6.82M | -12.29M | 10.93M |
| Shares Outstanding (Basic) | 2.70M | 2.70M | 2.75M | 2.82M | 2.85M | 2.88M |
| Shares Outstanding (Diluted) | 2.70M | 2.70M | 2.75M | 2.82M | 2.85M | 2.89M |
| EPS (Basic) | 23.62 | 28.85 | -2.23 | -2.42 | -4.32 | 3.79 |
| EPS (Diluted) | 23.62 | 28.85 | -2.23 | -2.42 | -4.32 | 3.78 |
| Free Cash Flow | -64.35M | -41.53M | 7.82M | 16.10M | 15.73M | -48.05M |
| Free Cash Flow Per Share | -23.82 | -15.36 | 2.84 | 5.72 | 5.53 | -16.64 |
| Gross Margin | 22.66% | 22.71% | 22.12% | 19.66% | 18.46% | 22.86% |
| Operating Margin | -7.86% | -5.78% | 0.80% | 0.44% | -1.57% | 4.97% |
| Profit Margin | 17.17% | 23.84% | -2.10% | -2.38% | -4.97% | 6.17% |
| Free Cash Flow Margin | -17.31% | -12.70% | 2.68% | 5.61% | 6.36% | -27.13% |
| EBITDA | -8.27M | -6.56M | 6.70M | 4.06M | 279.00K | 10.66M |
| EBITDA Margin | -2.23% | -2.00% | 2.30% | 1.42% | 0.11% | 6.02% |
| D&A For EBITDA | 20.94M | 12.34M | 4.36M | 2.80M | 4.16M | 1.86M |
| EBIT | -29.21M | -18.90M | 2.34M | 1.26M | -3.88M | 8.80M |
| EBIT Margin | -7.86% | -5.78% | 0.80% | 0.44% | -1.57% | 4.97% |
| Effective Tax Rate | 3.02% | 1.59% | 8.73% | |||
| Revenue as Reported | 371.68M | 327.09M | 291.85M | 286.83M | 247.32M | 177.08M |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 16.67M | 20.33M | 5.93M | 7.10M | 5.81M | 5.62M |
| Short-Term Investments | 1.25M | 1.03M | 422.00K | 531.00K | 859.00K | |
| Cash & Short-Term Investments | 17.91M | 21.36M | 6.35M | 7.63M | 5.81M | 6.47M |
| Accounts Receivable | 33.30M | 39.89M | 23.92M | 22.91M | 27.22M | 28.82M |
| Other Receivables | 676.00K | 196.00K | 681.00K | 3.65M | 2.26M | 3.23M |
| Receivables | 33.98M | 40.09M | 24.60M | 26.57M | 29.48M | 32.05M |
| Inventory | 90.06M | 77.13M | 38.52M | 60.72M | 71.12M | 75.17M |
| Prepaid Expenses | 6.71M | 8.85M | 3.10M | 2.35M | 2.50M | |
| Restricted Cash | 4.99M | 4.94M | 575.00K | 743.00K | 1.28M | 2.75M |
| Other Current Assets | 4.47M | 7.62M | 5.36M | 4.87M | 6.36M | 11.80M |
| Total Current Assets | 158.12M | 159.98M | 78.51M | 102.88M | 116.56M | 128.24M |
| Property, Plant & Equipment | 192.56M | 176.62M | 48.22M | 32.49M | 33.19M | 43.08M |
| Long-Term Investments | 36.15M | 35.35M | 19.00M | 16.65M | 13.23M | 9.86M |
| Goodwill | 19.59M | 11.82M | 10.54M | 10.54M | 10.56M | 10.13M |
| Other Intangible Assets | 57.08M | 13.03M | 10.02M | 10.98M | 12.10M | 13.26M |
| Long-Term Deferred Tax Assets | 266.00K | |||||
| Other Long-Term Assets | 5.29M | 7.57M | 1.64M | 3.63M | 3.92M | 3.03M |
| Total Assets | 469.06M | 409.12M | 173.78M | 177.17M | 189.56M | 207.60M |
| Accounts Payable | 41.02M | 36.97M | 17.78M | 15.07M | 10.45M | 9.40M |
| Accrued Expenses | 55.77M | 23.73M | 10.17M | 7.63M | 6.42M | 10.44M |
| Current Portion of Long-Term Debt | 9.05M | 4.55M | 10.38M | 14.36M | 38.74M | 6.48M |
| Current Portion of Leases | 3.89M | 3.40M | 2.38M | 1.76M | 1.66M | 1.44M |
| Current Income Taxes Payable | 977.00K | 687.00K | 304.00K | 194.00K | ||
| Current Unearned Revenue | 22.15M | 3.69M | 2.96M | 2.44M | ||
| Other Current Liabilities | 4.03M | 3.27M | 5.06M | 4.27M | 2.95M | |
| Total Current Liabilities | 110.69M | 95.52M | 47.66M | 46.84M | 64.29M | 30.91M |
| Long-Term Debt | 237.29M | 204.56M | 104.51M | 98.57M | 86.35M | 129.33M |
| Long-Term Leases | 14.55M | 12.19M | 11.84M | 10.52M | 10.77M | 6.73M |
| Long-Term Deferred Tax Liabilities | 9.33M | 3.36M | 2.25M | 2.45M | 2.42M | 2.81M |
| Other Long-Term Liabilities | 14.04M | 2.27M | 1.98M | 47.00K | 1.34M | |
| Total Liabilities | 385.90M | 317.90M | 168.24M | 158.37M | 163.87M | 171.12M |
| Common Stock | 758.00K | 758.00K | 758.00K | 758.00K | 757.00K | 756.00K |
| Additional Paid-In Capital | 1.69M | 1.12M | 947.00K | 859.00K | 728.00K | 393.00K |
| Retained Earnings | 64.30M | 80.11M | 2.13M | 8.19M | 13.69M | 26.73M |
| Treasury Stock | -6.65M | -6.43M | -6.40M | -4.96M | -4.08M | -3.00M |
| Comprehensive Income & Other | 5.10M | 4.25M | -647.00K | -80.00K | 816.00K | -263.00K |
| Total Common Equity | 65.20M | 79.81M | -3.22M | 4.77M | 11.90M | 24.61M |
| Minority Interest | 17.96M | 11.41M | 8.75M | 14.03M | 13.79M | 11.87M |
| Shareholders' Equity | 83.16M | 91.22M | 5.54M | 18.80M | 25.69M | 36.48M |
| Total Liabilities & Equity | 469.06M | 409.12M | 173.78M | 177.17M | 189.56M | 207.60M |
| Total Debt | 264.78M | 224.70M | 129.12M | 125.20M | 137.52M | 143.99M |
| Net Cash (Debt) | -246.86M | -203.34M | -122.76M | -117.57M | -131.71M | -137.51M |
| Net Cash Per Share | -91.39 | -75.23 | -44.64 | -41.75 | -46.26 | -47.61 |
| Filing Date Shares Outstanding | 2.68M | 2.70M | 2.70M | 2.76M | 2.82M | 2.87M |
| Total Common Shares Outstanding | 2.69M | 2.70M | 2.70M | 2.78M | 2.82M | 2.87M |
| Working Capital | 47.43M | 64.45M | 30.85M | 56.04M | 52.27M | 97.34M |
| Book Value Per Share | 24.22 | 29.54 | -1.19 | 1.72 | 4.22 | 8.59 |
| Tangible Book Value | -11.47M | 54.96M | -23.78M | -16.75M | -10.76M | 1.23M |
| Tangible Book Value Per Share | -4.26 | 20.35 | -8.80 | -6.03 | -3.82 | 0.43 |
| Land | 27.35M | 13.85M | 13.85M | |||
| Buildings | 13.85M | 13.85M | ||||
| Machinery | 144.24M | 7.28M | 7.06M | 6.55M | 6.47M | |
| Leasehold Improvements | 9.01M | 8.39M | 7.66M | 7.67M | 6.30M | |
| Order Backlog | 600.00K | 14.30M | 12.60M | 13.60M | 14.00M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 63.81M | 77.98M | -6.14M | -6.82M | -12.29M | 10.93M |
| Depreciation & Amortization | 20.94M | 12.34M | 4.36M | 2.80M | 4.16M | 1.86M |
| Loss (Gain) From Sale of Assets | -7.03M | -7.03M | ||||
| Asset Writedown & Restructuring Costs | 516.00K | 37.00K | ||||
| Loss (Gain) on Equity Investments | -1.49M | 1.74M | -1.70M | -1.69M | -1.46M | -37.00K |
| Other Operating Activities | -102.29M | -101.89M | 4.10M | 4.62M | 8.60M | -5.39M |
| Change in Accounts Receivable | 4.09M | -3.35M | -1.81M | 4.99M | 1.91M | -21.79M |
| Change in Inventory | -35.55M | -24.09M | 20.63M | 9.10M | 10.16M | -17.60M |
| Change in Accounts Payable | 19.21M | 16.34M | 2.71M | 4.62M | 992.00K | 1.05M |
| Change in Income Taxes | 379.00K | |||||
| Change in Other Net Operating Assets | 11.15M | 2.91M | 1.35M | -449.00K | 4.32M | -2.14M |
| Operating Cash Flow | -26.78M | -25.04M | 23.50M | 17.18M | 16.91M | -33.08M |
| Capital Expenditures | -37.58M | -16.48M | -15.68M | -1.08M | -1.18M | -14.97M |
| Sale of Property, Plant & Equipment | 19.89M | 19.89M | ||||
| Cash Acquisitions | -24.71M | -6.71M | -2.50M | -12.80M | ||
| Investment in Securities | -13.24M | -9.81M | -997.00K | -1.44M | -2.38M | -5.98M |
| Other Investing Activities | -7.46M | -8.69M | -3.51M | 18.00K | -111.00K | 364.00K |
| Investing Cash Flow | -63.10M | -21.80M | -20.19M | -2.50M | -6.17M | -33.39M |
| Long-Term Debt Issued | 224.40M | 162.30M | 157.88M | 149.96M | 144.87M | |
| Long-Term Debt Repaid | -154.57M | -166.42M | -170.30M | -160.81M | -88.36M | |
| Net Debt Issued (Repaid) | 89.44M | 69.83M | -4.11M | -12.42M | -10.85M | 56.51M |
| Repurchase of Common Stock | -28.00K | -28.00K | -1.45M | -876.00K | ||
| Other Financing Activities | 5.71M | -4.40M | 758.00K | -616.00K | -1.53M | 2.75M |
| Financing Cash Flow | 95.12M | 65.40M | -4.80M | -13.91M | -12.38M | 59.25M |
| Foreign Exchange Rate Adjustments | 1.19M | -39.00K | 408.00K | -16.00K | 361.00K | -341.00K |
| Net Cash Flow | 6.43M | 18.51M | -1.09M | 753.00K | -1.28M | -7.56M |
| Free Cash Flow | -64.35M | -41.53M | 7.82M | 16.10M | 15.73M | -48.05M |
| Free Cash Flow Margin | -17.31% | -12.70% | 2.68% | 5.61% | 6.36% | -27.13% |
| Free Cash Flow Per Share | -23.82 | -15.36 | 2.84 | 5.72 | 5.53 | -16.64 |
| Levered Free Cash Flow | -47.28M | -36.60M | 11.92M | 20.57M | 7.61M | -37.03M |
| Unlevered Free Cash Flow | -38.15M | -29.57M | 17.50M | 24.95M | 12.78M | -33.79M |
| Cash Interest Paid | 11.70M | 8.50M | 8.40M | 3.89M | 5.87M | 1.52M |
| Cash Income Tax Paid | 850.00K | 850.00K | 983.00K | 917.00K | 1.03M | 429.00K |
| Change in Working Capital | -716.00K | -8.19M | 22.88M | 18.26M | 17.38M | -40.48M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 74.82M | 58.92M | 46.07M | 62.64M | 70.63M | 65.45M |
| Enterprise Value | 321.68M | 239.69M | 178.50M | 185.54M | 227.47M | 185.93M |
| Last Close Price | 27.90 | 21.80 | 16.90 | 22.20 | 25.05 | 22.75 |
| PE Ratio | 1.18 | 0.76 | 5.99 | |||
| Forward PE | 16.94 | 16.94 | 16.94 | 16.94 | 16.94 | |
| PS Ratio | 0.20 | 0.18 | 0.16 | 0.22 | 0.29 | 0.37 |
| PB Ratio | 1.15 | 0.65 | 8.32 | 3.33 | 2.75 | 1.79 |
| P/TBV Ratio | 1.07 | 53.34 | ||||
| P/FCF Ratio | 5.89 | 3.89 | 4.49 | |||
| P/OCF Ratio | 1.96 | 3.65 | 4.18 | |||
| EV/Sales Ratio | 0.87 | 0.73 | 0.61 | 0.65 | 0.92 | 1.05 |
| EV/EBITDA Ratio | 26.64 | 45.68 | 815.30 | 17.45 | ||
| EV/EBIT Ratio | 76.18 | 146.78 | 21.14 | |||
| EV/FCF Ratio | 22.84 | 11.52 | 14.46 | |||
| Debt / Equity Ratio | 3.18 | 2.46 | 23.32 | 6.66 | 5.35 | 3.95 |
| Debt / EBITDA Ratio | 10.78 | 14.99 | 37.05 | 10.22 | ||
| Debt / FCF Ratio | 16.52 | 7.78 | 8.74 | |||
| Net Debt / Equity Ratio | 2.97 | 2.23 | 22.18 | 6.25 | 5.13 | 3.77 |
| Net Debt / EBITDA Ratio | -29.84 | -31.01 | 18.32 | 28.94 | 472.09 | 12.90 |
| Net Debt / FCF Ratio | -3.84 | -4.90 | 15.70 | 7.30 | 8.37 | -2.86 |
| Asset Turnover | 1.13 | 1.12 | 1.66 | 1.56 | 1.25 | 1.02 |
| Inventory Turnover | 4.42 | 4.37 | 4.58 | 3.50 | 2.76 | 1.86 |
| Quick Ratio | 0.47 | 0.64 | 0.65 | 0.73 | 0.55 | 1.25 |
| Current Ratio | 1.43 | 1.68 | 1.65 | 2.20 | 1.81 | 4.15 |
| Return on Equity (ROE) | 157.43% | 174.98% | -44.48% | -21.06% | -37.91% | 42.32% |
| Return on Assets (ROA) | -5.54% | -4.05% | 0.83% | 0.43% | -1.22% | 3.16% |
| Return on Invested Capital (ROIC) | -9.07% | -8.79% | 1.77% | 0.86% | -2.34% | 5.75% |
| Return on Capital Employed (ROCE) | -8.20% | -6.00% | 1.90% | 1.00% | -3.10% | 5.00% |
| Earnings Yield | 84.67% | 132.36% | -13.33% | -10.89% | -17.41% | 16.70% |
| FCF Yield | -86.01% | -70.48% | 16.97% | 25.71% | 22.27% | -73.41% |
| Buyback Yield / Dilution | 1.25% | 1.71% | 2.34% | 1.09% | 1.42% | -0.21% |