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Astronics Corporation

ATROB
64
Aerospace & Defense · Industrials
Price
$77.18
+1.43 (+1.89%)
Market Cap
$2.78B
Exchange
United States
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jul 4, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Strong
Stability
Good
Valuation
Good

Share count rising — dilution

+23.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 31.2M (2021) → 38.5M (2025)

Winston Score History

The full picture

Astronics Corporation makes specialized equipment for aircraft. Its main products include in-flight entertainment systems, aircraft lighting, power systems, and electrical components. The company sells mostly to commercial airlines, aircraft manufacturers like Boeing and Airbus, and military customers. It is a key supplier in the aerospace industry, with a strong focus on the systems that keep passengers connected and aircraft running safely.

Astronics makes money by selling hardware and systems directly to aircraft manufacturers and airlines, and through aftermarket services and repairs. The company operates mainly in the United States but sells globally, generating roughly $800 million in annual revenue. Its competitive edge comes from long-standing relationships with major aircraft makers and the high cost of switching suppliers in a heavily certified industry. The biggest growth driver is the recovery and expansion of commercial air travel, which boosts demand for new aircraft and cabin upgrades, though supply chain disruptions and Boeing production slowdowns remain meaningful near-term risks.

Growth Profile

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

Revenue Growth

+27.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$43M/ year

5.0% of revenue

In line with sector average (4%)

Research and development spending

Insider Activity

46.7%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Astronics Corporation grew revenue 27% 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.

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Quality

Profit per sale
Gross Margin
33.4%
Modest — 33.4% gross margin
Profit after running costs
Operating Margin
15.6%
Healthy — 15.6% operating margin
Return on the money invested
ROCE
25.3%
Exceptional — 25.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+14.5%
Fast-growing sales (+14.5% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
131%
Turns 131% of profit into real cash
Spare cash per sale
FCF Margin
6.5%
Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.57
Elevated debt (1.57)
Covers its interest
Interest Cover
11.72x
Comfortably covers interest (11.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
37.8x
Pricey — P/E 37.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+9.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (37.8 → 28.7)

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Dividends

Not applicable for this business.
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