The company's financial integrity is undermined by extreme reporting anomalies, including a reported $680 million cash balance that contrasts sharply with its $47.9 million annual revenue base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 48.2B | 46.78B | 39.19M | 38.72M | 42.22M | 40.88M | 43.61M | 38.24M | 38.05M | 47.58M | 56.22M | 56.12M | 44.02M | 36.93M | 39.54M | 29.47M | 26.64M | 28.4M | 30.63M | 19.18M | 16.56M | 724.82K | 1.7M | 800.23K | 441.89K | 1.24M | 575.98K |
| Cash & Short-Term Investments | 286M | 680M | 753K | 346K | 281K | 627K | 2.5M | 1.29M | 2.01M | 630K | 1.3M | 529K | 1.42M | 561K | 490K | 577K | 600K | 164K | 910K | 180K | 1.06M | 127.3K | 7.41K | 14.78K | 81.93K | 125.58K | 154.25K |
| Cash Only | 286M | 680M | 753K | 346K | 281K | 627K | 2.5M | 1.29M | 2.01M | 630K | 1.3M | 529K | 1.42M | 561K | 490K | 577K | 600K | 164K | 910K | 180K | 1.06M | 127.3K | 7.41K | 14.78K | 81.93K | 125.58K | 154.25K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.49B | 7.07M | 9.2M | 8.19M | 9.78M | 10.47M | 8.8M | 7.86M | 6.52M | 5.46M | 6.07M | 13.66M | 11.92M | 8.58M | 11.63M | 6.04M | 4.4M | 5.33M | 5.18M | 3.51M | 2.62M | 2.64M | 520.4K | 344.7K | 194.79K | 497.83K | 235.17K |
| Days Sales Outstanding | 14.45K | 53.86 | 60.91 | 58.01 | 67.04 | 64.86 | 64.1 | 52.56 | 51.41 | 39.99 | 33.13 | 61.99 | 67.61 | 49.86 | 66.11 | 41.03 | 33.02 | 50.3 | 41.08 | 38.76 | 344.84 | 152.12 | 28.99 | 35.26 | 13.25 | 33.62 | 45.96 |
| Inventory | 35.28B | 34.26B | 28.81M | 29.85M | 31.82M | 29.53M | 32.12M | 28.65M | 29.05M | 31.14M | 39.85M | 36.92M | 28.39M | 26.22M | 26.74M | 22.52M | 21.44M | 21.1M | 21.82M | 15.26M | 12.6M | 691.74K | 1.16M | 438.38K | 165.17K | 299.56K | 120.33K |
| Days Inventory Outstanding | 163.72K | 314.72K | 227.74 | 247.13 | 253.67 | 221.4 | 268.99 | 230.15 | 259.29 | 252.58 | 241.64 | 213.37 | 206.29 | 201.08 | 197.74 | 191.98 | 190.26 | 259.88 | 238.9 | 198.87 | 1.81K | 91.55 | 168.27 | 105.84 | 31.66 | 74.25 | 60.16 |
| Other Current Assets | 5.15B | 11.84B | 371K | 297K | 307K | 226K | 173K | 447K | 0 | 10.08M | 21.6M | 3.42M | 1.42M | 1.05M | 133K | 2K | 266K | 1.66M | 12.27M | 180.46K | 65.59K | -2.81M | 0 | 0 | 0 | 150.69K | 0 |
| Total Non-Current Assets | 11.02B | 11.54B | 11.82M | 12M | 11.6M | 12.54M | 14.17M | 12.85M | 9.71M | 13.18M | 26.58M | 32.13M | 21.9M | 13.24M | 13.62M | 7.51M | 7.74M | 10.95M | 19.66M | 5.71M | 9.58M | 83.61K | 57.38K | 69.82K | 100.28K | 114.87K | 75.89K |
| Property, Plant & Equipment | 10.43B | 10.93B | 11.11M | 10.88M | 11.07M | 11.42M | 13.09M | 11.2M | 8.78M | 10.05M | 12.22M | 15.3M | 9.56M | 6.52M | 5.88M | 3.97M | 3.94M | 5.51M | 4.79M | 3.57M | 7.72M | 75.47K | 49.68K | 39.3K | 66.95K | 92.22K | 49.4K |
| Fixed Asset Turnover | 0.01x | 0.00x | 4.96x | 4.73x | 4.81x | 5.16x | 3.83x | 4.87x | 5.28x | 4.96x | 5.48x | 5.26x | 6.73x | 9.63x | 10.92x | 13.53x | 12.34x | 7.03x | 9.63x | 9.27x | 0.36x | 84.04x | 131.88x | 90.78x | 80.14x | 58.60x | 37.81x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 163K | 163K | 163K | 163K | 272K | 9.88M | 10.52M | 5.43M | 453K | 453K | 291K | 290K | 291K | 6.37M | 1.27M | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19M | 1.75M | 3.85M | 4.51M | 4.73M | 5.89M | 1.61M | -640K | 2.13M | 5.88M | 0 | 0 | 120 | 1.27K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.38M | -1.62M | -2.9M | 1.09M | 825K | 605K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 588M | 614M | 712K | 1.11M | 532K | 960K | 912K | 1.48M | 768K | 2.85M | 2.72M | 1.03M | 712K | 752K | 1.39M | 1.64M | 4.15M | 3.03M | 2.62M | 881.1K | 593.73K | 8.02K | 6.42K | 30.52K | 33.34K | 14.76K | 26.48K |
| Total Assets | 59.22B | 58.33B | 51.01M | 50.72M | 53.81M | 53.42M | 57.78M | 51.09M | 47.76M | 60.76M | 82.8M | 88.25M | 65.92M | 50.17M | 53.16M | 36.98M | 34.38M | 39.35M | 50.29M | 24.89M | 26.14M | 808.43K | 1.75M | 870.04K | 542.18K | 1.36M | 651.87K |
| Asset Turnover | 0.00x | 0.00x | 1.08x | 1.02x | 0.99x | 1.10x | 0.87x | 1.07x | 0.97x | 0.82x | 0.81x | 0.91x | 0.98x | 1.25x | 1.21x | 1.45x | 1.41x | 0.98x | 0.92x | 1.33x | 0.11x | 7.85x | 3.73x | 4.10x | 9.90x | 3.98x | 2.87x |
| Asset Growth % | 236539.56% | 114245.93% | 0.58% | -5.76% | 0.73% | -7.53% | 13.09% | 6.98% | -21.4% | -26.62% | -6.18% | 33.87% | 31.39% | -5.61% | 43.74% | 7.57% | -12.63% | -21.76% | 102.03% | -4.77% | 3133.13% | -53.93% | 101.7% | 60.47% | -60.05% | 108.17% | - |
| Total Current Liabilities | 38.61B | 37.62B | 27.41M | 26.6M | 23.62M | 23.4M | 27.33M | 32.62M | 29.01M | 38.05M | 53.32M | 53.96M | 27.84M | 24.4M | 27.86M | 21.65M | 18.94M | 25.35M | 24.93M | 14.27M | 12.45M | 2.08M | 1.53M | 1.5M | 1.34M | 740.26K | 264.71K |
| Accounts Payable | 7.18M | 7.1M | 5.58M | 5.46M | 6.44M | 5.46M | 7.24M | 6.58M | 6.78M | 8.63M | 11.99M | 9.84M | 5.64M | 5.14M | 5.71M | 7.43M | 5.87M | 5.17M | 4.79M | 7.65M | 5.29M | 1.53M | 682.3K | 1.12M | 1.11M | 447.6K | 227.31K |
| Days Payables Outstanding | 74.32 | 65.22 | 44.11 | 45.21 | 51.35 | 40.93 | 60.63 | 52.83 | 60.53 | 70.03 | 72.73 | 56.85 | 40.95 | 39.43 | 42.25 | 63.36 | 52.06 | 63.64 | 52.47 | 99.69 | 761.14 | 202.53 | 99.02 | 269.78 | 211.85 | 110.95 | 113.65 |
| Short-Term Debt | 473M | 702M | 18.36M | 16.04M | 14.48M | 14.11M | 16.48M | 22.54M | 19.34M | 23.39M | 34M | 40.9M | 19.51M | 14.97M | 19.21M | 14.05M | 12.94M | 16.9M | 17.69M | 5.75M | 6.87M | 283.37K | 500K | 321.11K | 53.55K | 169.82K | 0 |
| Deferred Revenue (Current) | 1.36B | 391M | 1.15M | 3.6M | 819K | 1.51M | 955K | 1.05M | 919K | 969K | 984K | 996K | 196K | 289K | 38K | 38K | 0 | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122.38K | 0 |
| Other Current Liabilities | 37.16B | 36.52B | 350K | 0 | 0 | 373K | 1.29M | 200K | 0 | 2.79M | 4.24M | 0 | 1.89M | 2.63M | 1.35M | 85K | 96K | 3.24M | 304.54K | 211.73K | 279.43K | 0 | 0 | 0 | 0 | 464 | 0 |
| Current Ratio | 1.25x | 1.24x | 1.43x | 1.46x | 1.79x | 1.75x | 1.60x | 1.17x | 1.31x | 1.25x | 1.05x | 1.04x | 1.58x | 1.51x | 1.42x | 1.36x | 1.41x | 1.12x | 1.23x | 1.34x | 1.33x | 0.35x | 1.11x | 0.53x | 0.33x | 1.68x | 2.18x |
| Quick Ratio | 0.33x | 0.33x | 0.38x | 0.33x | 0.44x | 0.48x | 0.42x | 0.29x | 0.31x | 0.43x | 0.31x | 0.36x | 0.56x | 0.44x | 0.46x | 0.32x | 0.27x | 0.29x | 0.35x | 0.27x | 0.32x | 0.02x | 0.35x | 0.24x | 0.21x | 1.27x | 1.72x |
| Cash Conversion Cycle | 178.1K | 314.71K | 244.54 | 259.94 | 269.36 | 245.33 | 272.46 | 229.87 | 250.16 | 222.54 | 202.04 | 218.52 | 232.95 | 211.51 | 221.6 | 169.66 | 171.23 | 246.54 | 227.52 | 137.94 | 1.4K | 41.14 | 98.24 | -128.67 | -166.94 | -3.07 | -7.53 |
| Total Non-Current Liabilities | 1.46B | 1.51B | 8.65M | 8.92M | 13.36M | 12.63M | 15.34M | 8.26M | 7.14M | 4.94M | 4.59M | 5.49M | 9.8M | 4.16M | 6.31M | 10.66M | 13.16M | 8.39M | 7M | 3.75M | 6.58M | 0 | 278.58K | 141.27K | 1.65K | 22.51K | 6.33K |
| Long-Term Debt | 1.46M | 1.51M | 7.92M | 7.27M | 10.79M | 9.25M | 10.8M | 3.41M | 5.72M | 3.45M | 2.97M | 3.92M | 8.21M | 2.53M | 4.64M | 8.99M | 11.54M | 5.97M | 3.03M | 1.94M | 5.9M | 0 | 278.58K | 141.27K | 0 | 0 | 0 |
| Capital Lease Obligations | 239K | 0 | 702K | 1.58M | 2.46M | 3.24M | 3.93M | 4.24M | 1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 552.59K | 820.38K | 0 | 0 | 0 | 1.65K | 22.51K | 6.33K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 313K | 0 | 1.38M | 1.62M | 45.52M | 47.33M | 0 | 0 | 0 | 0 | 0 | 1.36M | 1.88M | 512.94K | 676.39K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.46B | 1.51B | 0 | 0 | 0 | 0 | 116K | 402K | -621K | 1.2M | 1.22M | 1.21M | 1.59M | 56K | 127K | 175K | 1.62M | 0 | 0 | 0 | -820.38K | 7.11M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 40.07B | 39.13B | 36.06M | 35.52M | 36.98M | 36.04M | 42.67M | 40.88M | 36.15M | 42.99M | 57.91M | 59.45M | 37.65M | 28.56M | 34.17M | 32.31M | 32.1M | 33.75M | 31.93M | 18.02M | 19.03M | 2.08M | 1.81M | 1.64M | 1.34M | 762.77K | 271.04K |
| Total Debt | 473M | 702M | 27.87M | 25.77M | 28.51M | 27.29M | 31.9M | 30.88M | 25.07M | 26.84M | 36.97M | 44.8M | 27.72M | 17.5M | 23.85M | 23.05M | 24.48M | 22.88M | 10.57M | 8.24M | 12.78M | 283.37K | 778.58K | 462.38K | 55.2K | 192.33K | 13.32K |
| Net Debt | 187M | 22M | 27.11M | 25.43M | 28.23M | 26.66M | 29.4M | 29.59M | 23.05M | 26.21M | 35.67M | 44.28M | 26.3M | 16.93M | 23.36M | 22.47M | 23.88M | 22.71M | 9.66M | 8.06M | 11.72M | 156.07K | 771.17K | 447.6K | -26.73K | 66.75K | -140.93K |
| Debt / Equity | 0.02x | 0.04x | 1.86x | 1.70x | 1.69x | 1.57x | 2.11x | 3.03x | 2.16x | 1.51x | 1.49x | 1.56x | 0.98x | 0.81x | 1.26x | 4.94x | 10.69x | 4.08x | 0.58x | 1.20x | 1.80x | - | - | - | - | 0.32x | 0.03x |
| Debt / EBITDA | 144.08x | 231.38x | 8.24x | 9.67x | 9.92x | 4.72x | 28.21x | 9.27x | - | - | - | 9.00x | 5.27x | 2.34x | 2.90x | 3.48x | 9.82x | - | 0.36x | 6.60x | - | - | 1.57x | 4.36x | - | 1.70x | 0.43x |
| Net Debt / EBITDA | 56.96x | 7.25x | 8.01x | 9.54x | 9.83x | 4.61x | 25.99x | 8.89x | - | - | - | 8.89x | 5.00x | 2.26x | 2.84x | 3.39x | 9.58x | - | 0.33x | 6.46x | - | - | 1.56x | 4.22x | - | 0.59x | -4.60x |
| Interest Coverage | 0.20x | 0.22x | 0.28x | -0.11x | 0.20x | 2.29x | -0.97x | 0.17x | -1.18x | -3.82x | -4.11x | 0.40x | 1.23x | 3.66x | 3.17x | 2.10x | 0.14x | -1.95x | 17.77x | 1.15x | -3.20x | -46.90x | 10.17x | 1.58x | -58.98x | 3.98x | - |
| Total Equity | 19.14B | 19.2B | 14.95M | 15.19M | 16.84M | 17.39M | 15.11M | 10.21M | 11.61M | 17.77M | 24.89M | 28.8M | 28.27M | 21.61M | 18.99M | 4.67M | 2.29M | 5.6M | 18.36M | 6.87M | 7.11M | -1.27M | -54.06K | -774.42K | -802.02K | 594.21K | 380.83K |
| Equity Growth % | 253503.57% | 128351.97% | -1.59% | -9.79% | -3.16% | 15.09% | 48.04% | -12.06% | -34.67% | -28.62% | -13.59% | 1.89% | 30.81% | 13.82% | 306.94% | 103.76% | -59.12% | -69.48% | 167.2% | -3.37% | 660.44% | -2246.65% | 93.02% | 3.44% | -234.97% | 56.03% | - |
| Book Value per Share | 4004.39 | 4019.47 | 4.48 | 4.63 | 5.22 | 4.77 | 4.11 | 3.54 | 4.31 | 13.43 | 32.84 | 38.52 | 40.88 | 36.43 | 39.90 | 13.04 | 14.14 | 318.78 | 1081.98 | 853.17 | 2235.73 | -1656.11 | -70.57 | -1066.69 | -1104.72 | 397.73 | 313.96 |
| Total Shareholders' Equity | 19.14B | 19.2B | 14.95M | 15.19M | 16.84M | 17.39M | 15.11M | 10.21M | 11.61M | 17.77M | 24.89M | 28.8M | 28.27M | 21.61M | 18.99M | 4.67M | 2.29M | 5.6M | 18.36M | 6.87M | 7.11M | -1.27M | -54.06K | -774.42K | -802.02K | 594.21K | 380.83K |
| Common Stock | 5M | 5M | 3K | 3K | 3K | 3K | 32K | 29K | 28K | 25K | 7K | 7K | 7K | 6K | 6K | 4K | 0 | 72K | 69.12K | 57.27K | 14.72K | 3.83K | 3.83K | 3.63K | 3.63K | 3.6K | 3.74K |
| Retained Earnings | -71.43B | -70.41B | -69.11M | -67.74M | -65.61M | -64.53M | -66.16M | -67.26M | -64.52M | -53.53M | -30.98M | -15.36M | -14.53M | -15.19M | -18.93M | -21.48M | -23.73M | -17.43M | -458.37K | -1.09M | -749.7K | -2.13M | -916.5K | -1.61M | -1.64M | -240.93K | -311.5K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -96K | -96K | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.97M | -16.64M | -13.66M | -11.32M | -9.61M | -8.05M | -6.56M | -2.91M | -1.44M | -580.61K | -45.41K | -201.03K | -170.89K | -151.25K | -123.61K | -94.81K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Anomalous financial reporting data
Based on the provided financial statements, AIRI's balance sheet trajectory appears increasingly unstable, as evidenced by the extreme volatility in reported assets and liabilities between 2025Q4 and 2026Q1, which suggests significant accounting inconsistencies that complicate any assessment of the company's long-term financial health and operational viability.
The massive, unexplained shift in total assets from $58.3 billion in 2025Q4 to $59.2 billion in 2026Q1, contrasted against a historical baseline of approximately $50 million, suggests a fundamental data integrity issue. This volatility obscures the underlying trend of the business, making it impossible to determine if the company is actually strengthening its position or merely reflecting reporting errors.
According to reported figures, the company's liquidity position is highly questionable, with cash balances fluctuating from $126,000 in 2025Q3 to a reported $680,000,000 in 2025Q4, a discrepancy that renders standard current ratio analysis effectively meaningless for assessing the firm's actual ability to meet short-term obligations.
Investors should monitor this liquidity profile with extreme caution, as the reported cash levels are fundamentally disconnected from the company's scale of operations. If the lower, historical cash figures are more accurate, the company likely faces a severe liquidity crunch that would necessitate immediate external financing or further dilution.
As indicated by the persistent negative retained earnings, which reached -$71.4 billion in 2026Q1, the company's equity base appears to be fundamentally impaired, reflecting a long-term inability to generate profitable growth or retain value for shareholders despite the company's specialized role in the defense supply chain.
The accumulation of massive negative retained earnings suggests that the company has historically destroyed capital rather than creating it. This trend indicates that the equity base is likely insufficient to support future operational pivots without significant restructuring or capital injections.
Based on the provided data, the most significant risk to the balance sheet is the extreme statistical outlier in cash and asset reporting, which suggests that the headline figures may not accurately reflect the company's true financial position or its actual operational reality in the aerospace sector.
The discrepancy between the company's micro-cap revenue profile and the multi-billion dollar asset figures warrants immediate investigation by stakeholders. Relying on these balance sheet numbers for valuation or risk assessment could lead to fundamentally flawed conclusions regarding the company's solvency and its ability to survive current operational headwinds.
Quick answers to the most common questions about buying AIRI stock.
As of 2025, Air Industries Group (AIRI) had total assets of $58.33B including $46.78B in current assets.
Air Industries Group (AIRI) carries total debt of $702.0M, offset by $680.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Air Industries Group (AIRI) has total shareholders' equity (book value) of $19.20B ($4019.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Air Industries Group (AIRI) reported a current ratio of 1.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.