Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) Financials

AIRTP

Trailing 12 months to June 30, 2026

Revenue $371.7M +25.4% YoY

Net Income $63.8M n/m YoY

EPS (Diluted) $23.59 n/m YoY

Free Cash Flow -$64.4M -401.9% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE March

Newest figures come from the 10-Q for Q1 FY2027, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AIRTP SEC filings page.

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) reported $371.7M in revenue over the twelve months to Jun 30, 2026, up 25.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AIRTP FY2026 2026-10-03

FY2026’s reported profit came alongside an operating loss and cash outflow, while financing materially reshaped a previously thin-equity balance sheet.

FY2026 produced net income of $78.0M despite an operating loss of $11.2M, indicating that reported earnings were driven outside core operations. Cash conversion broke down: operating cash flow was -$25.0M and free cash flow was -$41.5M, so accounting profit did not become cash.

Revenue reached $327.1M in FY2026 from $177.1M in FY2022, but that expansion did not produce operating leverage. Operating margin was -3.4% in FY2026 while SG&A reached $80.8M, showing overhead remained too large for the reported operating base.

Equity moved from negative in FY2025 to $79.8M in FY2026, alongside $65.4M of financing cash flow; this points to financing-driven balance-sheet change rather than accumulated operating profits. Creditor reliance remains material: liabilities were $317.9M and debt-to-equity was 2.6x.

Financial Health Signals

Financial Health Score 28/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities has an operating margin of -3.4%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 22/100. This is down from 0.7% the prior year.

Growth

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's revenue grew 12.1% year-over-year to $327.1M, a solid pace of expansion. This earns a growth score of 56/100.

Leverage

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities has elevated debt relative to equity (D/E of 2.61), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.

Liquidity

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's current ratio of 1.67 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's operations used $25.0M of cash, and capex of $16.5M added to the outflow, for a free cash flow shortfall of $41.5M. This results in a cash flow score of 20/100.

Returns

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities generates a 97.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100.

Piotroski F-Score Partial

5/8

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality No Cash Backing

$0.32used

For every $1 of reported earnings, Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities used $0.32 of operating cash (-$25.0M OCF vs $78.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Interest Coverage At Risk

N/A

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities reported an operating loss of $11.2M against $12.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$115.5M

YoY+62.9%

QoQ-4.5%

5Y CAGR+25.6%

10Y CAGR+14.2%

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities generated $115.5M in revenue in Q1 2027. This represents an increase of 62.9% from the same quarter a year earlier. Against the prior quarter it is down 4.5%.

EBITDA

-$2.9M

YoY-237.9%

QoQn/m

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's EBITDA was -$2.9M in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 237.9% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Net Income

-$15.8M

YoYn/m

QoQ-120.3%

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities reported a net loss of $15.8M in Q1 2027. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 120.3%.

EPS (Diluted)

-$5.86

YoYn/m

QoQ-120.4%

10Y CAGRn/m

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities earned -$5.86 per diluted share (EPS) in Q1 2027. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 120.4%.

Cash & Balance Sheet

Free Cash Flow

-$24.2M

YoYn/m

QoQn/m

5Y CAGRn/m

10Y CAGRn/m

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities recorded an outflow of $24.2M in free cash flow in Q1 2027, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Cash & Debt

$16.7M

YoY+15.3%

QoQ-18.0%

5Y CAGR+18.7%

10Y CAGR+15.4%

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities held $16.7M in cash against $246.3M in long-term debt as of Q1 2027.

Shares Outstanding

YoY-0.8%

QoQ-0.5%

5Y CAGR-1.4%

10Y CAGR+2.8%

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities had 3M shares outstanding in Q1 2027. This represents a decrease of 0.8% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.

Dividends Per Share

Not reported for Q1 2027.

Margins & Returns

Operating Margin

-11.1%

YoY-12.3pp

QoQ+0.3pp

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's operating margin was -11.1% in Q1 2027, reflecting core business profitability. This is down 12.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.

Net Margin

-13.7%

YoY-11.4pp

QoQ-78.0pp

5Y change-14.5pp

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's net profit margin was -13.7% in Q1 2027, showing the share of revenue converted to profit. This is down 11.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 78.0 percentage points.

Return on Equity

-24.3%

QoQ-121.6pp

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's quarterly ROE was -24.3% in Q1 2027: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is down 121.6 percentage points.

Gross Margin

Not reported for Q1 2027.

Capital Allocation

Capital Expenditures

$21.3M

YoY+9130.7%

QoQ+39.8%

5Y CAGR+174.8%

10Y CAGR+45.0%

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities invested $21.3M in capex in Q1 2027, funding long-term assets and infrastructure. This represents an increase of 9130.7% from the same quarter a year earlier. Against the prior quarter it is up 39.8%.

R&D Spending

Not reported for Q1 2027.

Share Buybacks

Not reported for Q1 2027.

AIRTP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AIRTP quarterly income statement

Metric	TTM	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$371.7M	$327.1M+12.1%	$291.9M+1.7%	$286.8M+16.0%	$247.3M+39.7%	$177.1M+1.1%	$175.1M-26.0%	$236.8M+9.9%	$215.5M+10.8%	$194.5M+31.0%	$148.5M+0.2%	$148.2M+32.1%	$112.2M+11.3%	$100.8M-2.2%	$103.1M+15.3%	$89.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$196K-81.2%	$1.0M+34.0%	$778Kn/m	$0	N/A	N/A	N/A
SG&A Expenses	$95.5M	$80.8M+39.7%	$57.8M+13.2%	$51.1M+19.3%	$42.8M+43.7%	$29.8M-13.0%	$34.3M-13.9%	$39.8M+18.4%	$33.6M+15.3%	$29.1M+31.2%	$22.2M+22.4%	$18.1M+27.5%	$14.2M+10.7%	$12.8M+13.6%	$11.3M-0.3%	$11.3M
Operating Income	-$24.9M	-$11.2M-686.8%	$1.9M+50.9%	$1.3Mn/m	-$4.4M-150.3%	$8.8Mn/m	-$9.2M-225.8%	$7.3M-21.9%	$9.3M+119.8%	$4.2Mn/m	-$3.1M-151.4%	$6.0M+76.5%	$3.4M+29.8%	$2.6M-3.5%	$2.7M+31.6%	$2.1M
EBITDA	N/A	$1.1M-81.8%	$6.3M+54.2%	$4.1Mn/m	-$245K-102.3%	$10.6Mn/m	-$6.1M-146.7%	$13.0M-21.6%	$16.6M+148.7%	$6.7M+8132.5%	$81K-98.9%	$7.3M+70.6%	$4.3M+26.3%	$3.4M+3.8%	$3.3M+33.8%	$2.4M
Interest Expense	$15.4M	$12.0M+43.6%	$8.4M+21.3%	$6.9M-12.8%	$7.9M+60.4%	$4.9M+7.0%	$4.6M-1.4%	$4.7M+36.9%	$3.4M+98.7%	$1.7M	N/A	$81K	N/A	N/A	N/A	$12K
Income Tax	$2.2M	$1.4M+223.6%	$423K-42.0%	$729K+68.8%	$432K-63.0%	$1.2Mn/m	-$3.4Mn/m	-$544K-130.9%	$1.8M+803.1%	$195K-73.1%	$725K-69.7%	$2.4M+157.3%	$931K-21.9%	$1.2M+12.5%	$1.1M+42.1%	$746K
Net Income	$63.8M	$78.0Mn/m	-$6.1Mn/m	-$6.8Mn/m	-$12.3M-212.5%	$10.9Mn/m	-$7.3M-195.0%	$7.7M+471.3%	$1.3M-41.2%	$2.3Mn/m	-$3.2M-172.8%	$4.4M+77.7%	$2.5M+69.4%	$1.5M-12.2%	$1.7M+23.7%	$1.4M
EPS (Basic)	N/A	$28.85n/m	-$2.23n/m	-$2.42n/m	-$4.32-214.0%	$3.79n/m	-$2.53-192.3%	$2.74+522.7%	$0.44-40.5%	$0.74n/m	-$1.51-181.2%	$1.86+77.1%	$1.05+72.1%	$0.61-10.3%	$0.68+23.6%	$0.55
EPS (Diluted)	$23.59	$28.85n/m	-$2.23n/m	-$2.42n/m	-$4.32-214.3%	$3.78n/m	-$2.53-192.7%	$2.73+520.5%	$0.44-40.5%	$0.74n/m	-$1.51-182.1%	$1.84+76.9%	$1.04+73.3%	$0.60-11.8%	$0.68+23.6%	$0.55
Diluted Shares (Avg)	N/A	3M-1.7%	3M-2.3%	3M-1.1%	3M-1.4%	3M+0.2%	3M+3.0%	3M-8.6%	3M-0.4%	3M+44.5%	2M-11.3%	2M+0.7%	2M-2.2%	2M-0.9%	2M+0.1%	2M

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Revenue	$115.5M+62.9%	$120.9M+82.4%	$71.1M-8.7%	$64.2M-21.0%	$70.9M+6.7%	$66.3M-8.8%	$77.9M+22.2%	$81.2M+2.9%
SG&A Expenses	$29.6M+97.2%	$31.1M+109.1%	$16.6M+17.4%	$18.1M+27.4%	$15.0M+2.9%	$14.9M+12.3%	$14.2M+6.8%	$14.2M+11.3%
Operating Income	-$12.8M-1612.4%	-$13.8Mn/m	-$3.8M-365.4%	$5.5M+52.2%	$848Kn/m	-$2.6M-276.1%	$1.4Mn/m	$3.6M+375.7%
EBITDA	-$2.9M-237.9%	-$5.1Mn/m	-$2.2M-179.8%	$6.3M+38.7%	$2.1M+1065.0%	-$1.2M-157.4%	$2.8Mn/m	$4.6M+212.7%
Interest Expense	$5.7M+145.2%	$5.1M+196.5%	$2.4M-7.1%	$2.3M+4.2%	$2.3M+18.9%	$1.7M-0.5%	$2.6M+67.6%	$2.2M+16.7%
Income Tax	$660Kn/m	-$817Kn/m	$121K-65.1%	$2.2M+555.1%	-$136K-291.5%	-$331Kn/m	$347K+126.8%	$336K-31.0%
Net Income	-$15.8Mn/m	$77.7Mn/m	-$2.5Mn/m	$4.4M+72.8%	-$1.6Mn/m	-$7.0Mn/m	-$1.3Mn/m	$2.5Mn/m
EPS (Basic)	-$5.86n/m	$28.75n/m	-$0.91n/m	$1.61+76.9%	-$0.61n/m	-$2.55n/m	-$0.47n/m	$0.91n/m
EPS (Diluted)	-$5.86n/m	$28.75n/m	-$0.91n/m	$1.61+76.9%	-$0.61n/m	-$2.55n/m	-$0.47n/m	$0.91n/m
Diluted Shares (Avg)	3M-0.3%	N/A	3M-1.9%	3M-2.1%	3M-2.1%	N/A	3M-2.3%	3M-2.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

AIRTP Balance Sheet

AIRTP quarterly balance sheet

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$409.1M+135.4%	$173.8M-1.9%	$177.2M-6.5%	$189.6M-8.7%	$207.6M+47.5%	$140.8M-7.1%	$151.4M+31.5%	$115.1M+18.5%	$97.1M+48.7%	$65.3M+25.3%	$52.2M+20.0%	$43.5M+16.8%	$37.2M+3.2%	$36.1M+2.8%	$35.1M
Current Assets	$160.0M+103.8%	$78.5M-23.7%	$102.9M-11.7%	$116.6M-9.1%	$128.2M+21.2%	$105.8M+7.4%	$98.5M+38.0%	$71.3M+15.7%	$61.7M+26.2%	$48.9M+25.4%	$39.0M+0.7%	$38.7M+24.1%	$31.2M+2.0%	$30.5M+1.4%	$30.1M
Cash & Equivalents	$20.3M+242.8%	$5.9M-16.5%	$7.1M+22.3%	$5.8M+3.4%	$5.6M-48.9%	$11.0M+84.7%	$6.0M-52.1%	$12.4M+158.5%	$4.8M+73.8%	$2.8M-48.3%	$5.3M-60.1%	$13.4M+281.6%	$3.5M-61.8%	$9.2M+58.2%	$5.8M
Short-Term Investments	$1.0M+143.1%	$422K-20.5%	$531Kn/m	$0-100.0%	$859K-38.9%	$1.4M-16.1%	$1.7M-4.7%	$1.8M+506.0%	$290K-86.4%	$2.1M-56.9%	$4.9M-6.3%	$5.3M+261.4%	$1.5Mn/m	$0n/m	$0
Inventory	$77.1M+100.2%	$38.5M-36.6%	$60.7M-14.6%	$71.1M-5.4%	$75.2M+4.4%	$72.0M+18.7%	$60.6M+120.8%	$27.5M-19.8%	$34.2M+73.1%	$19.8M+61.1%	$12.3M+57.6%	$7.8M-36.4%	$12.2M+49.6%	$8.2M-39.2%	$13.5M
Accounts Receivable	$39.9M+66.8%	$23.9M+4.4%	$22.9M-15.8%	$27.2M+38.3%	$19.7M+202.6%	$6.5M-50.3%	$13.1M+20.2%	$10.9M-28.2%	$15.2M-19.9%	$18.9M+53.8%	$12.3M+29.0%	$9.5M-7.0%	$10.2M-12.3%	$11.7M+30.6%	$9.0M
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$815K-25.0%	$1.1M+5.8%	$1.0M-58.3%	$2.5M-47.7%	$4.7Mn/m	$0n/m	$0n/m	$0n/m	$0
Goodwill	$11.8M+12.1%	$10.5M0.0%	$10.5M-0.2%	$10.6M+4.3%	$10.1M+139.6%	$4.2M0.0%	$4.2M0.0%	$4.2M-4.3%	$4.4M0.0%	$4.4M+1504.0%	$275K	N/A	N/A	N/A	N/A
Total Liabilities	$317.9M+89.0%	$168.2M+6.2%	$158.4M-3.4%	$163.9M-4.2%	$171.1M+43.3%	$119.4M-0.7%	$120.3M+39.4%	$86.3M+21.7%	$70.9M+69.9%	$41.7M+147.2%	$16.9M+23.6%	$13.7M+38.5%	$9.9M+24.3%	$7.9M-1.2%	$8.0M
Current Liabilities	$95.5M+100.4%	$47.7M+1.8%	$46.8M-27.1%	$64.3M+108.0%	$30.9M+9.7%	$28.2M-58.4%	$67.7M+28.3%	$52.8M+69.3%	$31.2M+53.8%	$20.3M+29.0%	$15.7M+90.6%	$8.2M-8.6%	$9.0M+14.7%	$7.9M-1.3%	$8.0M
Non-Current Liabilities	$222.4M+84.4%	$120.6M+8.1%	$111.5M+12.0%	$99.6M-29.0%	$140.2M+53.6%	$91.3M+73.5%	$52.6M+56.9%	$33.5M-15.6%	$39.7M+85.2%	$21.5M+1740.4%	$1.2M-78.5%	$5.4M+543.2%	$842K+1120.3%	$69K+7.8%	$64K
Long-Term Debt	$208.2M+88.7%	$110.3M-2.3%	$112.9M-9.7%	$125.1M-7.9%	$135.8M+55.2%	$87.5M+2.0%	$85.8M+48.9%	$57.7M+19.9%	$48.1M	N/A	N/A	$13.7Mn/m	$0	N/A	N/A
Total Equity	$79.8Mn/m	-$3.2M-167.4%	$4.8M-59.9%	$11.9M-51.6%	$24.6M+79.3%	$13.7M-42.8%	$24.0M-1.4%	$24.4M-3.0%	$25.1M+9.4%	$23.0M-32.9%	$34.2M+14.9%	$29.8M+8.9%	$27.4M-2.7%	$28.1M+4.0%	$27.1M
Retained Earnings	$80.1M+3661.2%	$2.1M-74.0%	$8.2M-40.1%	$13.7M-48.8%	$26.7M+64.3%	$16.3M-31.5%	$23.8M+12.2%	$21.2M+2.4%	$20.7M+12.1%	$18.5M-35.9%	$28.8M+18.1%	$24.4M+11.3%	$21.9M+3.5%	$21.2M+5.3%	$20.1M

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Total Assets	$469.1M+146.8%	$409.1M+135.4%	$381.8M+103.5%	$184.7M-6.3%	$190.0M+8.3%	$173.8M-1.9%	$187.6M+15.3%	$197.1M+14.8%
Current Assets	$158.1M+70.1%	$160.0M+103.8%	$161.1M+78.7%	$95.8M-6.6%	$92.9M-7.7%	$78.5M-23.7%	$90.1M+0.9%	$102.6M+4.4%
Cash & Equivalents	$16.7M+15.3%	$20.3M+242.8%	$37.4M+102.4%	$17.5M+102.7%	$14.5M+85.0%	$5.9M-16.5%	$18.5M+312.0%	$8.6M+72.3%
Short-Term Investments	$1.2M+157.1%	$1.0M+143.1%	$595Kn/m	$1.1Mn/m	$485Kn/m	$422K-20.5%	$0-100.0%	$0n/m
Inventory	$90.1M+125.8%	$77.1M+100.2%	$65.4M+69.7%	$46.6M-9.1%	$39.9M-30.9%	$38.5M-36.6%	$38.5M-28.5%	$51.3M-5.8%
Accounts Receivable	$33.3M+35.2%	$39.9M+66.8%	$43.2M+75.7%	$18.6M-39.4%	$24.6M+7.9%	$23.9M+4.4%	$24.6M+35.5%	$30.8M+15.7%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Goodwill	$19.6M+64.6%	$11.8M+12.1%	$11.9M+14.5%	$11.9M+11.5%	$11.9M+13.3%	$10.5M0.0%	$10.4M-2.1%	$10.7M+2.0%
Total Liabilities	$385.9M+108.9%	$317.9M+89.0%	$375.9M+116.5%	$177.4M-2.0%	$184.7M+13.4%	$168.2M+6.2%	$173.6M+22.5%	$181.0M+21.9%
Current Liabilities	$110.7M+125.7%	$95.5M+100.4%	$167.7M+254.3%	$46.4M+3.0%	$49.1M+4.7%	$47.7M+1.8%	$47.3M+5.6%	$45.1M-11.1%
Non-Current Liabilities	$275.2M+102.8%	$222.4M+84.4%	$208.2M+64.8%	$131.0M-3.6%	$135.7M+16.9%	$120.6M+8.1%	$126.3M+30.3%	$135.9M+39.0%
Long-Term Debt	$246.3M+98.9%	$208.2M+88.7%	$194.2M+58.1%	$118.4M-6.6%	$123.8M+10.5%	$110.3M-2.3%	$122.9M+21.9%	$126.8M+17.3%
Total Equity	$65.2Mn/m	$79.8Mn/m	-$1.2M-122.9%	$69K-99.0%	-$4.6M-212.3%	-$3.2M-167.4%	$5.1M-25.8%	$7.0M-29.0%
Retained Earnings	$64.3M+12917.0%	$80.1M+3661.2%	$2.4M-73.8%	$4.8M-53.6%	$494K-93.8%	$2.1M-74.0%	$9.2M+1.6%	$10.5M-13.5%

AIRTP Cash Flow Statement

AIRTP quarterly cash flow statement

Metric	TTM	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	-$26.8M	-$25.0M-206.6%	$23.5M+36.8%	$17.2M+1.6%	$16.9Mn/m	-$33.1Mn/m	-$1.8Mn/m	-$25.1M-219.8%	$20.9Mn/m	-$278Kn/m	-$7.6M-335.0%	$3.2M-53.0%	$6.8Mn/m	-$555K-112.7%	$4.4Mn/m	-$752K
Depreciation & Amortization	N/A	$12.3M+183.3%	$4.4M+55.7%	$2.8M-32.8%	$4.2M+123.8%	$1.9M-40.1%	$3.1M-45.6%	$5.7M-21.4%	$7.3M+199.1%	$2.4M-23.7%	$3.2M+153.1%	$1.3M+46.7%	$857K+13.9%	$752K+41.2%	$533K+46.3%	$364K
Stock-Based Compensation	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$29K+227.5%	$9K-61.4%	$23K+78.4%	$13K+785.0%	$1K
Capital Expenditures	$37.6M	$16.5M+1424.8%	$1.1M+0.5%	$1.1M-8.7%	$1.2M-23.0%	$1.5M-60.8%	$3.9M+59.9%	$2.4M+108.6%	$1.2M-44.8%	$2.1M-9.7%	$2.3M+88.3%	$1.2M+55.8%	$800K-37.7%	$1.3M+242.1%	$375K-62.6%	$1.0M
Free Cash Flow	-$64.4M	-$41.5M-285.3%	$22.4M+39.2%	$16.1M+2.4%	$15.7Mn/m	-$34.6Mn/m	-$5.7Mn/m	-$27.5M-239.2%	$19.8Mn/m	-$2.4Mn/m	-$9.9M-603.0%	$2.0M-67.4%	$6.0Mn/m	-$1.8M-146.1%	$4.0Mn/m	-$1.8M
Investing Cash Flow	-$63.1M	-$21.8Mn/m	-$20.2Mn/m	-$2.5Mn/m	-$6.2Mn/m	-$33.4M-1427.0%	$2.5M-70.8%	$8.6Mn/m	-$23.0Mn/m	-$27.0Mn/m	-$3.7Mn/m	-$5.3Mn/m	-$2.0Mn/m	-$2.7Mn/m	-$367Kn/m	-$906K
Financing Cash Flow	$95.1M	$65.4Mn/m	-$4.8Mn/m	-$13.9Mn/m	-$12.4M-120.9%	$59.3M+83356.3%	$71K-99.6%	$19.2M+101.6%	$9.5M-66.8%	$28.7M+230.7%	$8.7Mn/m	-$6.0M-219.4%	$5.0Mn/m	-$2.2Mn/m	-$612Kn/m	-$548K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$734K+20.0%	$612K0.0%	$612K
Share Buybacks	N/A	$28K-98.1%	$1.4M+65.0%	$876K	N/A	N/A	N/A	N/A	$744K	N/A	$7.9M	N/A	N/A	$1.1M	N/A	N/A

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Operating Cash Flow	-$2.8Mn/m	-$44K-101.1%	-$18.5M-213.2%	-$5.4M-284.5%	-$1.1M-1069.0%	$4.1Mn/m	$16.3M+125.3%	$2.9M-76.4%
Depreciation & Amortization	$9.9M+669.9%	$8.6M+555.8%	$1.6M+19.4%	$827K-12.9%	$1.3M+68.9%	$1.3M+85.6%	$1.3M+90.0%	$949K+35.6%
Capital Expenditures	$21.3M+9130.7%	$15.3M+10138.9%	$783K+123.1%	$213K-12.0%	$231K-31.9%	$149K-62.6%	$351K+190.1%	$242K+58.2%
Free Cash Flow	-$24.2Mn/m	-$15.3M-485.4%	-$19.3M-220.6%	-$5.6M-309.1%	-$1.3Mn/m	$4.0Mn/m	$16.0M+124.2%	$2.7M-78.1%
Investing Cash Flow	-$44.0Mn/m	-$28.8Mn/m	-$6.9Mn/m	$16.7Mn/m	-$2.7M-235.7%	-$3.4Mn/m	-$2.6M-4234.9%	-$16.2M-9254.2%
Financing Cash Flow	$42.3M+236.3%	$11.7Mn/m	$50.0Mn/m	-$8.8M-164.1%	$12.6Mn/m	-$12.8M-213.8%	-$4.5Mn/m	$13.8Mn/m

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

AIRTP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AIRTP quarterly financial ratios

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Margin	-3.4%-4.1pp	0.7%+0.2pp	0.4%+2.2pp	-1.8%-6.7pp	4.9%+10.2pp	-5.2%-8.3pp	3.1%-1.2pp	4.3%+2.1pp	2.2%+4.3pp	-2.1%-6.2pp	4.1%+1.0pp	3.0%+0.4pp	2.6%0.0pp	2.6%+0.3pp	2.3%
Net Margin	23.8%+25.9pp	-2.1%+0.3pp	-2.4%+2.6pp	-5.0%-11.1pp	6.2%+10.3pp	-4.2%-7.4pp	3.2%+2.6pp	0.6%-0.6pp	1.2%+3.3pp	-2.2%-5.1pp	3.0%+0.8pp	2.2%+0.8pp	1.5%-0.2pp	1.6%+0.1pp	1.5%
Return on Equity	97.7%	N/A	-143.0%-39.7pp	-103.3%-147.7pp	44.4%+97.4pp	-53.0%-84.9pp	31.9%+26.4pp	5.5%-3.6pp	9.1%+23.1pp	-14.0%-26.9pp	12.9%+4.5pp	8.3%+3.0pp	5.4%-0.6pp	5.9%+1.0pp	5.0%
Return on Assets	19.1%+22.6pp	-3.5%+0.3pp	-3.9%+2.6pp	-6.5%-11.8pp	5.3%+10.4pp	-5.2%-10.2pp	5.1%+3.9pp	1.2%-1.2pp	2.3%+7.3pp	-4.9%-13.4pp	8.5%+2.7pp	5.7%+1.8pp	3.9%-0.7pp	4.6%+0.8pp	3.9%
Current Ratio	1.670.0x	1.65-0.5x	2.20+0.4x	1.81-2.3x	4.15+0.4x	3.75+2.3x	1.45+0.1x	1.35-0.6x	1.98-0.4x	2.41-0.1x	2.48-2.2x	4.69+1.2x	3.45-0.4x	3.88+0.1x	3.78
Debt-to-Equity	2.61	N/A	23.67+13.2x	10.51+5.0x	5.52-0.9x	6.37+2.8x	3.57+1.2x	2.37+0.5x	1.91	N/A	N/A	0.46+0.5x	0.00	N/A	N/A
Liabilities-to-Equity	3.98	N/A	33.20+19.4x	13.77+6.8x	6.95-1.7x	8.70+3.7x	5.01+1.5x	3.54+0.7x	2.82+1.0x	1.82+1.3x	0.490.0x	0.46+0.1x	0.36+0.1x	0.280.0x	0.30
Asset Turnover	0.80-0.9x	1.68+0.1x	1.62+0.3x	1.30+0.5x	0.85-0.4x	1.24-0.3x	1.56-0.3x	1.87-0.1x	2.00-0.3x	2.27-0.6x	2.84+0.3x	2.58-0.1x	2.71-0.2x	2.86+0.3x	2.55
FCF Margin	-12.7%-20.4pp	7.7%+2.1pp	5.6%-0.8pp	6.4%+25.9pp	-19.6%-16.3pp	-3.3%+8.3pp	-11.6%-20.8pp	9.2%+10.4pp	-1.2%+5.4pp	-6.7%-8.0pp	1.3%-4.0pp	5.4%+7.2pp	-1.8%-5.7pp	3.9%+5.8pp	-2.0%

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Operating Margin	-11.1%-12.3pp	-11.4%-7.5pp	-5.3%-7.1pp	8.6%+4.1pp	1.2%+2.1pp	-3.9%-5.9pp	1.8%+4.3pp	4.5%+3.5pp
Net Margin	-13.7%-11.4pp	64.3%+74.9pp	-3.5%-1.8pp	6.8%+3.7pp	-2.3%-1.8pp	-10.6%-8.3pp	-1.7%+3.0pp	3.1%+5.1pp
Return on Equity	-24.3%	97.4%	N/A	6311.6%+6275.8pp	N/A	N/A	-25.4%+17.8pp	35.8%+52.1pp
Return on Assets	-3.4%-2.5pp	19.0%+23.0pp	-0.6%0.0pp	2.4%+1.1pp	-0.9%-0.7pp	-4.0%-3.1pp	-0.7%+1.1pp	1.3%+2.2pp
Current Ratio	1.43-0.5x	1.670.0x	0.96-0.9x	2.06-0.2x	1.89-0.3x	1.65-0.5x	1.90-0.1x	2.27+0.3x
Debt-to-Equity	3.78	2.61	N/A	1716.32+1698.3x	N/A	N/A	24.03+9.4x	18.02+7.1x
Liabilities-to-Equity	5.92	3.98	N/A	2571.51+2545.8x	N/A	N/A	33.95+13.4x	25.73+10.7x
Asset Turnover	0.25-0.1x	0.30-0.1x	0.19-0.2x	0.35-0.1x	0.370.0x	0.380.0x	0.420.0x	0.410.0x
FCF Margin	-20.9%-19.1pp	-12.7%-18.6pp	-27.1%-47.6pp	-8.8%-12.1pp	-1.9%-1.5pp	6.0%+14.8pp	20.5%+9.3pp	3.3%-12.2pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities AIRTP	FY2026	$327.1M	$78.0M	23.8%	N/A	28/100
Tejon Ranch Co. TRC	FY2025	$49.6M	$75K	0.1%	$433.4M	42/100
Boston Omaha Corporation BOC	FY2025	$114.4M	-$12.4M	-10.9%	$377.5M	60/100
Compass Diversified CODI	FY2025	$1.9B	-$226.4M	-12.1%	$773.4M	31/100
FTAI Infrastructure Inc. FIP	FY2025	$502.5M	-$152.1M	-30.3%	$284.8M	30/100

Where Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities Ranks

Frequently Asked Questions

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's annual revenue?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) reported $327.1M in total revenue for fiscal year 2026. This represents a 12.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's revenue growing?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) revenue grew by 12.1% year-over-year, from $291.9M to $327.1M in fiscal year 2026.

Is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities profitable?

Yes, Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) reported a net income of $63.8M over the trailing 12 months to June 30, 2026. In fiscal year 2026 it reported a net income of $78.0M, with a net profit margin of 23.8%.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's earnings per share (EPS)?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) reported diluted earnings per share of $28.85 for fiscal year 2026. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's EBITDA?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had EBITDA of $1.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities have?

As of fiscal year 2026, Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had $20.3M in cash and equivalents against $208.2M in long-term debt.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's operating margin?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had an operating margin of -3.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's net profit margin?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had a net profit margin of 23.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's return on equity (ROE)?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) has a return on equity of 97.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's free cash flow?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) recorded an outflow of $41.5M in free cash flow during fiscal year 2026. This represents a -285.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's operating cash flow?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) recorded an outflow of $25.0M in operating cash flow during fiscal year 2026, representing cash used by core business activities.

What are Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's total assets?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had $409.1M in total assets as of fiscal year 2026, including both current and long-term assets.

What are Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's capital expenditures?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) invested $16.5M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities buy back shares?

Yes, Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) spent $28K on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities have outstanding?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had 3M shares outstanding as of fiscal year 2026.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's current ratio?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had a current ratio of 1.67 as of fiscal year 2026, which is generally considered healthy.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's debt-to-equity ratio?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had a debt-to-equity ratio of 2.61 as of fiscal year 2026. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's liabilities-to-equity ratio?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had a liabilities-to-equity ratio of 3.98 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's return on assets (ROA)?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) had a return on assets of 19.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

How does Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's liquidity compare with its operating cash outflow?

At the end of fiscal year 2026, Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) held $21.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $25.0M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's Piotroski F-Score?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities's earnings high quality?

For every $1 of reported earnings, Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) used $0.32 of operating cash (-$25.0M OCF vs $78.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities cover its interest payments?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) reported an operating loss of $11.2M against $12.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities?

Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities (AIRTP) scores 28 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.