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Astronics Financials

ATRO
Source SEC Filings (10-K/10-Q) Updated Apr 4, 2026 Currency USD FYE December

This page shows Astronics (ATRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 ATRO FY2025

Margin expansion and fixed-cost absorption turned this business from cash burn into self-funded growth, even as leverage climbed.

From FY2023 to FY2025, gross margin widened from 25.3% to 29.9%, while SG&A dollars barely changed, pointing to a healthier cost structure rather than volume alone. Operating cash flow moved from -$24.0M to $74.8M over the same span, and free cash flow stayed positive despite higher capex, so accounting profit and cash generation are now reinforcing each other.

FY2025 shows an unusual combination of comfortable short-term liquidity and heavier balance-sheet leverage: the current ratio improved to 3.1x even as debt-to-equity rose to 2.4x. That means day-to-day obligations look manageable, but the company is relying more on debt capital than it was a year earlier.

The business looks less inventory-bound than its earlier recovery phase: revenue climbed from $689.2M to $862.1M since FY2023 while inventory stayed roughly flat. That is a quiet sign that more sales are being supported without proportionally more cash getting trapped in stock on hand.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 44 / 100
Financial Profile 44/100

Based on FY2026 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 Astronics'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
29

Astronics has an operating margin of 8.9%, meaning the company retains $9 of operating profit per $100 of revenue. This below-average margin results in a low score of 29/100, suggesting thin profitability after operating expenses. This is up from -1.0% the prior year.

Growth
78

Astronics's revenue surged 25.1% year-over-year to $862.1M, reflecting rapid business expansion. This strong growth earns a score of 78/100.

Leverage
53

Astronics has a moderate D/E ratio of 2.39. This balance of debt and equity financing earns a leverage score of 53/100.

Liquidity
60

Astronics's current ratio of 3.10 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
24

Astronics's free cash flow margin of 5.0% results in a low score of 24/100. Capital expenditures of $31.7M absorb a large share of operating cash flow.

Returns
21

Astronics generates a 21.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100. This is up from -10.6% the prior year.

Altman Z-Score Safe
5.56

Astronics scores 5.56, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.9B) relative to total liabilities ($566.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
7/9

Astronics passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.55x

For every $1 of reported earnings, Astronics generates $2.55 in operating cash flow ($74.8M OCF vs $29.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$862.1M
YoY+25.1%
5Y CAGR+2.2%
10Y CAGR+2.7%

Astronics generated $862.1M in revenue in fiscal year 2026. This represents an increase of 25.1% from the prior year.

EBITDA
$98.3M
YoY+405.6%
5Y CAGR+23.1%
10Y CAGR-1.5%

Astronics's EBITDA was $98.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 405.6% from the prior year.

Net Income
$29.4M
YoY+211.1%
5Y CAGR-10.8%
10Y CAGR-6.3%

Astronics reported $29.4M in net income in fiscal year 2026. This represents an increase of 211.1% from the prior year.

EPS (Diluted)
$0.81
YoY+201.3%
5Y CAGR-12.7%
10Y CAGR-8.0%

Astronics earned $0.81 per diluted share (EPS) in fiscal year 2026. This represents an increase of 201.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$43.1M
YoY+236.5%
5Y CAGR+7.1%
10Y CAGR-3.1%

Astronics generated $43.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 236.5% from the prior year.

Cash & Debt
$18.2M
YoY+282.3%
5Y CAGR-10.6%
10Y CAGR-1.5%

Astronics held $18.2M in cash against $334.5M in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
29.9%
YoY+4.6pp
5Y CAGR+9.7pp
10Y CAGR+4.7pp

Astronics's gross margin was 29.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.6 percentage points from the prior year.

Operating Margin
8.9%
YoY+9.8pp
5Y CAGR+8.6pp
10Y CAGR-4.4pp

Astronics's operating margin was 8.9% in fiscal year 2026, reflecting core business profitability. This is up 9.8 percentage points from the prior year.

Net Margin
3.4%
YoY+7.2pp
5Y CAGR-3.3pp
10Y CAGR-5.1pp

Astronics's net profit margin was 3.4% in fiscal year 2026, showing the share of revenue converted to profit. This is up 7.2 percentage points from the prior year.

Return on Equity
21.0%
YoY+31.6pp
5Y CAGR+7.6pp
10Y CAGR-3.7pp

Astronics's ROE was 21.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 31.6 percentage points from the prior year.

Capital Allocation

R&D Spending
$43.5M
YoY-19.1%
5Y CAGR-16.8%
10Y CAGR-5.5%

Astronics invested $43.5M in research and development in fiscal year 2026. This represents a decrease of 19.1% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$31.7M
YoY+314.4%
5Y CAGR+21.3%
10Y CAGR-2.5%

Astronics invested $31.7M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 314.4% from the prior year.

ATRO Income Statement

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $230.6M-3.9% $240.1M+13.5% $211.4M+3.3% $204.7M-0.6% $205.9M-1.2% $208.5M+2.4% $203.7M+2.8% $198.1M
Cost of Revenue $155.5M N/A $146.9M-3.2% $151.9M+4.7% $145.1M N/A $148.5M+4.2% $142.5M
Gross Profit $75.1M-6.0% $80.0M+24.0% $64.5M+22.1% $52.8M-13.2% $60.8M-2.0% $62.1M+12.5% $55.2M-0.6% $55.6M
R&D Expenses $12.1M N/A $10.2M-11.8% $11.6M+4.6% $11.1M N/A $12.5M-12.2% $14.2M
SG&A Expenses $35.8M N/A $31.2M-14.4% $36.5M-0.4% $36.6M N/A $34.4M+1.7% $33.8M
Operating Income $27.2M N/A $23.1M+384.6% $4.8M-63.8% $13.1M N/A $8.4M+10.9% $7.5M
Interest Expense $2.3M N/A N/A N/A $3.2M N/A -$6.2M-6.2% -$5.9M
Income Tax -$755K N/A -$1.2M-328.3% $537K-16.9% $646K N/A $6.6M+2496.0% -$274K
Net Income $25.5M-13.8% $29.6M+366.8% -$11.1M-944.6% $1.3M-86.2% $9.5M+436.4% -$2.8M+75.9% -$11.7M-865.7% $1.5M
EPS (Diluted) $0.67-14.1% $0.78+351.6% $-0.31-875.0% $0.04-84.6% $0.26+425.0% $-0.08+76.5% $-0.34-950.0% $0.04

ATRO Balance Sheet

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $747.1M+5.7% $706.7M+3.6% $682.2M+5.5% $646.7M-2.3% $662.2M+2.1% $648.8M-0.4% $651.6M+1.0% $644.9M
Current Assets $468.6M+7.1% $437.7M+1.2% $432.6M+3.3% $418.7M-3.2% $432.5M+1.5% $426.2M+0.5% $424.2M+2.9% $412.4M
Cash & Equivalents $11.9M-34.7% $18.2M+34.9% $13.5M+0.1% $13.5M-45.7% $24.8M+167.2% $9.3M+79.4% $5.2M+81.2% $2.9M
Inventory $211.9M+7.7% $196.9M-0.2% $197.3M+1.5% $194.3M-1.8% $197.9M-0.9% $199.7M-2.5% $205.0M+2.1% $200.7M
Accounts Receivable $217.0M+6.0% $204.7M+8.5% $188.6M+0.7% $187.3M-3.5% $194.0M+1.4% $191.4M-1.1% $193.5M+3.9% $186.3M
Goodwill $64.3M+2.3% $62.9M+5.3% $59.8M+2.8% $58.1M+0.1% $58.1M0.0% $58.1M-0.2% $58.2M0.0% $58.1M
Total Liabilities $585.4M+3.3% $566.6M-1.2% $573.3M+52.8% $375.1M-5.2% $395.5M+0.7% $392.7M-2.4% $402.4M+4.0% $387.0M
Current Liabilities $157.7M+11.6% $141.3M-6.4% $151.0M+9.5% $137.9M-12.6% $157.8M+1.1% $156.2M+4.1% $150.0M+6.3% $141.1M
Long-Term Debt $334.9M+0.1% $334.5M+0.1% $334.0M+109.7% $159.3M-0.5% $160.1M-5.1% $168.7M-5.5% $178.4M+3.4% $172.6M
Total Equity $161.7M+15.4% $140.1M+28.6% $108.9M-59.9% $271.6M+1.8% $266.8M+4.2% $256.1M+2.8% $249.2M-3.4% $257.9M
Retained Earnings N/A $216.7M N/A N/A N/A $192.2M N/A N/A

ATRO Cash Flow Statement

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $10.6M-61.6% $27.6M-19.1% $34.2M+547.5% -$7.6M-137.0% $20.6M-21.9% $26.4M+215.5% $8.4M+233.7% -$6.3M
Capital Expenditures $11.2M-5.5% $11.8M-10.2% $13.2M+185.6% $4.6M+118.8% $2.1M-33.9% $3.2M+72.1% $1.9M+3.0% $1.8M
Free Cash Flow -$554K-103.5% $15.8M-24.8% $21.0M+271.7% -$12.2M-166.0% $18.5M-20.2% $23.2M+256.2% $6.5M+181.0% -$8.1M
Investing Cash Flow -$11.2M+61.9% -$29.3M-64.7% -$17.8M-285.8% -$4.6M-118.8% -$2.1M+33.9% -$3.2M-72.1% -$1.9M-3.0% -$1.8M
Financing Cash Flow -$5.5M-2694.8% $212K+102.1% -$10.1M-756.2% -$1.2M+89.7% -$11.4M-7.1% -$10.6M-125.4% -$4.7M-180.6% $5.8M
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

ATRO Financial Ratios

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 32.6%-0.7pp 33.3%+2.8pp 30.5%+4.7pp 25.8%-3.7pp 29.5%-0.2pp 29.8%+2.7pp 27.1%-0.9pp 28.1%
Operating Margin 11.8% N/A 10.9%+8.6pp 2.3%-4.1pp 6.4% N/A 4.1%+0.3pp 3.8%
Net Margin 11.1%-1.3pp 12.3%+17.6pp -5.3%-5.9pp 0.6%-4.0pp 4.6%+6.0pp -1.4%+4.4pp -5.8%-6.5pp 0.8%
Return on Equity 15.8%-5.3pp 21.1%+31.3pp -10.2%-10.7pp 0.5%-3.1pp 3.6%+4.7pp -1.1%+3.6pp -4.7%-5.3pp 0.6%
Return on Assets 3.4%-0.8pp 4.2%+5.8pp -1.6%-1.8pp 0.2%-1.2pp 1.4%+1.9pp -0.4%+1.4pp -1.8%-2.0pp 0.2%
Current Ratio 2.97-0.1 3.10+0.2 2.87-0.2 3.04+0.3 2.74+0.0 2.73-0.1 2.83-0.1 2.92
Debt-to-Equity 2.07-0.3 2.39-0.7 3.07+2.5 0.59-0.0 0.60-0.1 0.66-0.1 0.72+0.0 0.67
FCF Margin -0.2%-6.8pp 6.6%-3.4pp 9.9%+15.9pp -6.0%-15.0pp 9.0%-2.1pp 11.1%+7.9pp 3.2%+7.3pp -4.1%

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Frequently Asked Questions

Astronics (ATRO) reported $862.1M in total revenue for fiscal year 2026. This represents a 25.1% 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.

Astronics (ATRO) revenue grew by 25.1% year-over-year, from $689.2M to $862.1M in fiscal year 2026.

Yes, Astronics (ATRO) reported a net income of $29.4M in fiscal year 2026, with a net profit margin of 3.4%.

Astronics (ATRO) reported diluted earnings per share of $0.81 for fiscal year 2026. This represents a 201.3% change compared to the previous fiscal year. 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.

Astronics (ATRO) had EBITDA of $98.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2026, Astronics (ATRO) had $18.2M in cash and equivalents against $334.5M in long-term debt.

Astronics (ATRO) had a gross margin of 29.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Astronics (ATRO) had an operating margin of 8.9% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Astronics (ATRO) had a net profit margin of 3.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Astronics (ATRO) has a return on equity of 21.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Astronics (ATRO) generated $43.1M in free cash flow during fiscal year 2026. This represents a 236.5% 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.

Astronics (ATRO) generated $74.8M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Astronics (ATRO) had $706.7M in total assets as of fiscal year 2026, including both current and long-term assets.

Astronics (ATRO) invested $31.7M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Astronics (ATRO) invested $43.5M in research and development during fiscal year 2026.

Astronics (ATRO) had a current ratio of 3.10 as of fiscal year 2026, which is generally considered healthy.

Astronics (ATRO) had a debt-to-equity ratio of 2.39 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Astronics (ATRO) had a return on assets of 4.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Astronics (ATRO) has an Altman Z-Score of 5.56, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Astronics (ATRO) has a Piotroski F-Score of 7 out of 9, indicating strong 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.

Astronics (ATRO) has an earnings quality ratio of 2.55x, considered cash-backed (high 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.

Astronics (ATRO) scores 44 out of 100 on our Financial Profile, indicating moderate 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.

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