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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States - Overnight Air Cargo
- Australia - Regional airline
- United States - Commercial Aircraft, Engines and Parts
- United States - Ground Support Equipment
- Other Foreign - Commercial Aircraft, Engines and Parts
- Other Foreign - Digital solutions
- Other Foreign - Overnight Air Cargo
- Other
- United States - Corporate and other
| Region | FY2025 |
|---|---|
| United States - Overnight Air Cargo | $118.2M |
| Australia - Regional airline | $55.3M |
| United States - Commercial Aircraft, Engines and Parts | $54.3M |
| United States - Ground Support Equipment | $45.3M |
| Other Foreign - Commercial Aircraft, Engines and Parts | $32.6M |
| Other Foreign - Digital solutions | $7.1M |
| Other Foreign - Overnight Air Cargo | $5.5M |
| Other | $4.6M |
| United States - Corporate and other | $4.1M |
As the company reported it, from the “GEOGRAPHICAL INFORMATION - Schedule of Revenue from External Customers by Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- Overnight Air Cargo
- Commercial Aircraft, Engines and Parts
- Regional airline
- Ground Support Equipment
- Digital solutions
- Corporate and other
| Segment | FY2025 |
|---|---|
| Overnight Air Cargo | $123.7M |
| Commercial Aircraft, Engines and Parts | $86.9M |
| Regional airline | $55.3M |
| Ground Support Equipment | $47.2M |
| Digital solutions | $9.1M |
| Corporate and other | $4.9M |
As the company reported it, from the “GEOGRAPHICAL INFORMATION - Schedule of Revenue from External Customers by Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $148.5M | $194.5M | $215.5M | $236.8M | $175.1M | $177.1M | $247.3M | $286.8M | $291.9M | $327.1M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$3.2M | $2.3M | $1.3M | $7.7M | -$7.3M | $10.9M | -$12.3M | -$6.8M | -$6.1M | $78.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 4513
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|---|---|---|---|---|
| FDXF | FedEx Freight Holding Company, Inc. | $16.45B | 25.1x | -1.1% |
| FDX | FEDEX CORP | — | 16.1x | 7.7% |