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Air T

AIRTP
28
Conglomerates · Industrials
Price
$18.79
-0.06 (-0.30%)
Market Cap
$78.4M
Exchange
NASDAQ Global Market
Winston Score
28
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Sep 14, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Weak
Valuation
Good
Dividends
Good
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Share count falling — buybacks

−6.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.9M (2022) → 2.7M (2026)

§Winston Score History

The full picture

Air T is a small holding company that owns several different businesses across aviation and other industries. Its main operations include overnight air cargo services for companies like FedEx, aircraft maintenance and repair, and equipment leasing. It also has interests in commercial printing and other niche businesses, making it a mini-conglomerate based in the United States.

Air T makes money through service contracts for air freight, fees for aircraft maintenance work, and lease payments from equipment financing. It is a micro-cap company with a market capitalization around $100 million, operating primarily in the U.S. Its small size and diversified structure can make it nimble but also harder for investors to evaluate. The company has historically run with thin or negative operating margins, so a key risk is whether management can improve profitability across its varied business segments while managing debt and capital allocation effectively.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+62.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-860.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

69.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$26M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Air T grew revenue 63% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
14.6%
Thin — 14.6% gross margin
Profit after running costs
Operating Margin
-7.9%
Losing money on operations — -7.9%
Return on the money invested
ROCE
-9.0%
Weak — -9.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+25.4%
Fast-growing sales (+25.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-42%
Weak — only -42% of profit becomes cash
Spare cash per sale
FCF Margin
-13.4%
Burning cash (-13.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
3.84
Heavy debt load (3.84)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
1.3x
Attractive valuation — P/E 1.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
10.65%
Healthy income — 10.65% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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