AIR T INC AIRT
Air T, Inc. (the "Company," "Air T," "we" or "us" or "our") is a holding company with a portfolio of operating businesses and financial assets. Our goal is to prudently and strategically grow Air T's earnings power, compounding its free-cash-flow per share over time.
•Overnight air cargo, which operates in the air express delivery services industry;
•Ground support equipment (formerly known as ground equipment sales), which manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers;
•Commercial aircraft, engines and parts (formerly known as commercial jet engines and parts), which manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $327.1M | $291.9M | $286.8M | $247.3M | $177.1M | $175.1M | $236.8M | $215.5M | $194.5M | $148.5M |
| R&D | — | — | — | — | — | — | — | — | $195.7K | $1.0M |
| SG&A | $80.8M | $57.8M | $51.1M | $42.8M | $29.8M | $34.3M | $39.8M | $33.6M | $29.1M | $22.2M |
| Total operating expenses | $345.3M | $289.9M | $285.6M | $251.7M | $168.3M | $184.3M | $229.5M | $206.2M | $190.3M | $151.6M |
| Operating income | -$11.2M | $1.9M | $1.3M | -$4.4M | $8.8M | -$9.2M | $7.3M | $9.3M | $4.2M | -$3.1M |
| Interest expense | $12.0M | $8.4M | $6.9M | $7.9M | $4.9M | $4.6M | $4.7M | $3.4M | $1.7M | — |
| Pre-tax income | $86.0M | -$5.0M | -$4.0M | -$11.4M | $13.4M | -$11.8M | $2.6M | $6.0M | $2.7M | -$4.2M |
| Income tax | $1.4M | $423.0K | $729.0K | $432.0K | $1.2M | $3.4M | $544.0K | $1.8M | $195.0K | $725.0K |
| Net income | $78.0M | -$6.1M | -$6.8M | -$12.3M | $10.9M | -$7.3M | $7.7M | $1.3M | $2.3M | -$3.2M |
| EPS, basic | 28.85 | -2.23 | -2.42 | -4.32 | 3.79 | -2.53 | 2.74 | 0.44 | 1.11 | -1.51 |
| EPS, diluted | 28.85 | -2.23 | -2.42 | -4.32 | 3.78 | -2.53 | 2.73 | 0.44 | 1.11 | -1.51 |
| Shares, diluted (wtd. avg.) | $2.7M | $2.8M | $2.8M | $2.8M | $2.9M | $2.9M | $2.8M | $3.1M | $2.0M | $2.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.3M | $5.9M | $7.8M | $7.1M | $8.4M | $15.9M | $6.0M | $12.4M | $4.8M | $2.8M |
| Short-term investments | $1.0M | $422.0K | $531.0K | $0 | $859.0K | $1.4M | $1.7M | $1.8M | $290.4K | $2.1M |
| Receivables | $39.9M | $23.9M | $22.9M | $27.2M | $19.7M | $6.5M | $13.1M | $10.9M | $15.2M | $18.9M |
| Inventory | $77.1M | $38.5M | $60.7M | $71.1M | $75.2M | $72.0M | $60.6M | $27.5M | $34.2M | $19.8M |
| Total current assets | $160.0M | $78.5M | $102.9M | $116.6M | $128.2M | $105.8M | $98.5M | $71.3M | $61.7M | $48.9M |
| Property, plant and equipment | $162.0M | $20.3M | $20.9M | $21.4M | $21.2M | $8.5M | $5.3M | $4.3M | $4.6M | $5.3M |
| Goodwill | $11.8M | $10.5M | $10.5M | $10.6M | $10.1M | $4.2M | $4.2M | $4.2M | $4.4M | $4.4M |
| Other intangibles | $13.0M | $10.0M | $11.0M | $12.1M | $13.3M | $1.6M | $749.0K | $998.0K | $1.3M | $1.4M |
| Total assets | $409.1M | $173.8M | $177.2M | $189.6M | $207.6M | $140.8M | $151.4M | $115.1M | $97.1M | $65.3M |
| Accounts payable | $37.0M | $17.8M | $15.1M | $10.4M | $9.4M | $8.3M | $10.9M | $11.4M | $10.2M | $11.6M |
| Short-term debt | — | — | — | — | — | — | — | — | $9.2M | $25.0K |
| Total current liabilities | $95.5M | $47.7M | $46.8M | $64.3M | $30.9M | $28.2M | $67.7M | $52.8M | $31.2M | $20.3M |
| Long-term debt | $208.2M | $110.3M | $112.9M | $125.1M | $135.8M | $87.5M | $85.8M | $57.7M | $48.1M | — |
| Total liabilities | $317.9M | $168.2M | $158.4M | $163.9M | $171.1M | $119.4M | $120.3M | $86.3M | $70.9M | $41.7M |
| Retained earnings | $80.1M | $2.1M | $8.2M | $13.7M | $26.7M | $16.3M | $23.8M | $21.2M | $20.7M | $18.5M |
| Total equity | $79.8M | -$3.2M | $5.8M | $13.0M | $25.7M | $14.7M | $25.0M | $23.4M | $24.2M | $22.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25.0M | $23.5M | $17.2M | $16.9M | -$33.1M | -$1.8M | -$25.1M | $20.9M | -$277.8K | -$7.6M |
| Depreciation and amortisation | $12.3M | $4.4M | $2.8M | $4.2M | $1.9M | $3.1M | $5.7M | $7.3M | $2.4M | — |
| Capital expenditure | $16.5M | $1.1M | $1.1M | $1.2M | $1.5M | $3.9M | $2.4M | $1.2M | $2.1M | $2.3M |
| Investing cash flow | -$21.8M | -$20.2M | -$2.5M | -$6.2M | -$33.4M | $2.5M | $8.6M | -$23.0M | -$27.0M | -$3.7M |
| Financing cash flow | $65.4M | -$4.8M | -$13.9M | -$12.4M | $59.3M | $71.0K | $19.2M | $9.5M | $28.7M | $8.7M |
| Buybacks | $28.0K | $1.4M | $876.0K | — | — | — | — | $744.2K | — | $7.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000353184-26-000054.
Others in SIC 4513
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FDX | FEDEX CORP | $76.30B | 17.4x | 7.7% |
| FDXF | FedEx Freight Holding Company, Inc. | $19.36B | 29.6x | -1.1% |