Air T Inc Financials
This page shows Air T Inc (AIRTP) financial statements, including the 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).
Working-capital release is funding cash generation while thin operating profits still struggle against a heavy interest burden.
FY2025 produced$23.5M of operating cash flow and$22.4M of free cash flow even though net income stayed negative. The less obvious bridge is working-capital release: inventory dropped to$38.5M from$60.7M in FY2024, so cash improved partly by unwinding stock on hand rather than by a broad profit step-up, which is less durable than structurally higher margins.
The operating business is only barely above break-even: operating income was
The balance sheet has little cushion because liabilities absorb nearly all assets, about
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Air T Inc'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.
Air T Inc has an operating margin of 0.7%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is up from 0.4% the prior year.
Air T Inc's revenue grew a modest 1.7% year-over-year to $291.9M. This slow but positive growth earns a score of 48/100.
Air T Inc has elevated debt relative to equity (D/E of -34.30), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Air T Inc's current ratio of 1.65 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Air T Inc has a free cash flow margin of 7.7%, earning a moderate score of 42/100. The company generates positive cash flow after capital investments, but with room for improvement.
Air T Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Air T Inc generates $-3.83 in operating cash flow ($23.5M OCF vs -$6.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Air T Inc earns $0.2 in operating income for every $1 of interest expense ($1.9M vs $8.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Air T Inc generated $291.9M in revenue in fiscal year 2025. This represents an increase of 1.7% from the prior year.
Air T Inc's EBITDA was $6.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.2% from the prior year.
Air T Inc reported -$6.1M in net income in fiscal year 2025. This represents an increase of 10.0% from the prior year.
Air T Inc earned $-2.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.9% from the prior year.
Cash & Balance Sheet
Air T Inc generated $22.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.2% from the prior year.
Air T Inc held $5.9M in cash against $110.3M in long-term debt as of fiscal year 2025.
Air T Inc had 3M shares outstanding in fiscal year 2025. This represents a decrease of 2.6% from the prior year.
Margins & Returns
Air T Inc's operating margin was 0.7% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.
Air T Inc's net profit margin was -2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.3 percentage points from the prior year.
Capital Allocation
Air T Inc spent $1.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 65.0% from the prior year.
Air T Inc invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.5% from the prior year.
AIRTP Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $71.1M+10.9% | $64.2M-9.5% | $70.9M+6.9% | $66.3M-14.8% | $77.9M-4.1% | $81.2M+22.3% | $66.4M-8.6% | $72.7M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $16.6M-8.0% | $18.1M+20.4% | $15.0M+1.2% | $14.9M+4.7% | $14.2M-0.1% | $14.2M-2.8% | $14.6M+10.5% | $13.2M |
| Operating Income | -$3.8M-168.6% | $5.5M+1135.0% | $446K+117.4% | -$2.6M-279.7% | $1.4M-60.7% | $3.6M+727.4% | -$577K-139.7% | $1.5M |
| Interest Expense | $2.4M+5.7% | $2.3M-2.7% | $2.3M+34.7% | $1.7M-32.9% | $2.6M+18.5% | $2.2M+11.1% | $1.9M+12.7% | $1.7M |
| Income Tax | $121K-94.5% | $2.2M+1718.4% | -$136K+58.9% | -$331K-195.4% | $347K+3.3% | $336K+373.2% | $71K+158.2% | -$122K |
| Net Income | -$2.5M-156.3% | $4.4M+366.2% | -$1.6M+76.7% | -$7.0M-441.9% | -$1.3M-151.5% | $2.5M+852.2% | -$335K+80.3% | -$1.7M |
| EPS (Diluted) | $-0.91-156.5% | $1.61+363.9% | $-0.61 | N/A | $-0.47-151.6% | $0.91+858.3% | $-0.12 | N/A |
AIRTP Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $381.8M+106.6% | $184.7M-2.8% | $190.0M+9.4% | $173.8M-7.4% | $187.6M-4.8% | $197.1M+12.3% | $175.5M-0.9% | $177.2M |
| Current Assets | $161.1M+68.1% | $95.8M+3.1% | $92.9M+18.4% | $78.5M-12.9% | $90.1M-12.2% | $102.6M+1.9% | $100.7M-2.1% | $102.9M |
| Cash & Equivalents | $37.4M+114.0% | $17.5M+20.7% | $14.5M+143.8% | $5.9M-67.9% | $18.5M+114.3% | $8.6M+10.2% | $7.8M+10.1% | $7.1M |
| Inventory | $65.4M+40.3% | $46.6M+16.9% | $39.9M+3.6% | $38.5M-0.1% | $38.5M-24.8% | $51.3M-11.2% | $57.8M-4.9% | $60.7M |
| Accounts Receivable | $43.2M+131.7% | $18.6M-24.3% | $24.6M+3.0% | $23.9M-2.7% | $24.6M-20.1% | $30.8M+34.7% | $22.8M-0.3% | $22.9M |
| Goodwill | $11.9M0.0% | $11.9M0.0% | $11.9M+12.9% | $10.5M+1.4% | $10.4M-2.6% | $10.7M+1.6% | $10.5M-0.4% | $10.5M |
| Total Liabilities | $375.9M+111.8% | $177.4M-4.0% | $184.7M+9.8% | $168.2M-3.1% | $173.6M-4.1% | $181.0M+11.1% | $162.9M+2.9% | $158.4M |
| Current Liabilities | $167.7M+261.0% | $46.4M-5.3% | $49.1M+2.9% | $47.7M+0.7% | $47.3M+4.9% | $45.1M-3.7% | $46.9M0.0% | $46.8M |
| Long-Term Debt | $194.2M+64.0% | $118.4M-4.4% | $123.8M+12.3% | $110.3M-10.2% | $122.9M-3.1% | $126.8M+13.2% | $112.0M-0.8% | $112.9M |
| Total Equity | -$1.2M-1795.7% | $69K+101.5% | -$4.6M-44.0% | -$3.2M-162.9% | $5.1M-27.3% | $7.0M+70.6% | $4.1M-13.6% | $4.8M |
| Retained Earnings | $2.4M-50.5% | $4.8M+881.6% | $494K-76.8% | $2.1M-76.7% | $9.2M-12.4% | $10.5M+31.8% | $7.9M-3.1% | $8.2M |
AIRTP Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.5M-241.9% | -$5.4M-394.0% | -$1.1M-126.6% | $4.1M-74.8% | $16.3M+457.3% | $2.9M+2493.8% | $113K+101.9% | -$6.0M |
| Capital Expenditures | $783K+267.6% | $213K-7.8% | $231K+55.0% | $149K-57.5% | $351K+45.0% | $242K-28.6% | $339K-14.8% | $398K |
| Free Cash Flow | -$19.3M-242.9% | -$5.6M-324.0% | -$1.3M-133.4% | $4.0M-75.2% | $16.0M+494.3% | $2.7M+1289.8% | -$226K+96.4% | -$6.4M |
| Investing Cash Flow | -$6.9M-141.7% | $16.7M+711.6% | -$2.7M+19.6% | -$3.4M-30.1% | -$2.6M+83.9% | -$16.2M-906.9% | $2.0M+173.9% | -$2.7M |
| Financing Cash Flow | $50.0M+666.2% | -$8.8M-170.2% | $12.6M+198.4% | -$12.8M-183.7% | -$4.5M-132.7% | $13.8M+1167.8% | -$1.3M-111.5% | $11.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AIRTP Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -5.3%-13.9pp | 8.6%+8.0pp | 0.6%+4.5pp | -3.9%-5.7pp | 1.8%-2.6pp | 4.5%+5.3pp | -0.9%-2.9pp | 2.0% |
| Net Margin | -3.5%-10.2pp | 6.8%+9.1pp | -2.3%+8.3pp | -10.6%-8.9pp | -1.7%-4.8pp | 3.1%+3.6pp | -0.5%+1.8pp | -2.3% |
| Return on Equity | N/A | 6311.6% | N/A | N/A | -25.4%-61.2pp | 35.8%+44.0pp | -8.1%+27.5pp | -35.6% |
| Return on Assets | -0.6%-3.0pp | 2.4%+3.2pp | -0.9%+3.2pp | -4.0%-3.4pp | -0.7%-2.0pp | 1.3%+1.5pp | -0.2%+0.8pp | -1.0% |
| Current Ratio | 0.96-1.1 | 2.06+0.2 | 1.89+0.2 | 1.65-0.3 | 1.90-0.4 | 2.27+0.1 | 2.15-0.0 | 2.20 |
| Debt-to-Equity | -166.01-1882.3 | 1716.32+1743.1 | -26.75+7.6 | -34.30-58.3 | 24.03+6.0 | 18.02-9.1 | 27.17+3.5 | 23.67 |
| FCF Margin | -27.1%-18.3pp | -8.8%-6.9pp | -1.9%-7.9pp | 6.0%-14.5pp | 20.5%+17.2pp | 3.3%+3.6pp | -0.3%+8.4pp | -8.8% |
Note: Shareholder equity is negative (-$3.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Air T Inc's annual revenue?
Air T Inc (AIRTP) reported $291.9M in total revenue for fiscal year 2025. This represents a 1.7% 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's revenue growing?
Air T Inc (AIRTP) revenue grew by 1.7% year-over-year, from $286.8M to $291.9M in fiscal year 2025.
Is Air T Inc profitable?
No, Air T Inc (AIRTP) reported a net income of -$6.1M in fiscal year 2025, with a net profit margin of -2.1%.
What is Air T Inc's EBITDA?
Air T Inc (AIRTP) had EBITDA of $6.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Air T Inc have?
As of fiscal year 2025, Air T Inc (AIRTP) had $5.9M in cash and equivalents against $110.3M in long-term debt.
What is Air T Inc's operating margin?
Air T Inc (AIRTP) had an operating margin of 0.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Air T Inc's net profit margin?
Air T Inc (AIRTP) had a net profit margin of -2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Air T Inc's free cash flow?
Air T Inc (AIRTP) generated $22.4M in free cash flow during fiscal year 2025. This represents a 39.2% 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's operating cash flow?
Air T Inc (AIRTP) generated $23.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Air T Inc's total assets?
Air T Inc (AIRTP) had $173.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Air T Inc's capital expenditures?
Air T Inc (AIRTP) invested $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Air T Inc's current ratio?
Air T Inc (AIRTP) had a current ratio of 1.65 as of fiscal year 2025, which is generally considered healthy.
What is Air T Inc's debt-to-equity ratio?
Air T Inc (AIRTP) had a debt-to-equity ratio of -34.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Air T Inc's return on assets (ROA)?
Air T Inc (AIRTP) had a return on assets of -3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Air T Inc's debt-to-equity ratio negative or unusual?
Air T Inc (AIRTP) has negative shareholder equity of -$3.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Air T Inc's Piotroski F-Score?
Air T Inc (AIRTP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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's earnings high quality?
Air T Inc (AIRTP) has an earnings quality ratio of -3.83x, considered mixed quality. 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 cover its interest payments?
Air T Inc (AIRTP) has an interest coverage ratio of 0.2x, meaning it can struggle to cover its interest obligations. 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 Inc (AIRTP) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.