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AIRTAir T, Inc.
$27.70$75M
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HomeStocksAIRTBalance Sheet

Air T, Inc. (AIRT) Balance Sheet

30Y historyFree accessUpdated daily

The company's financial position has eroded significantly, with equity falling to -$1.2 million and the debt-to-equity ratio surging to 38.07 as of 2026Q3.

Income StatementBalance SheetCash FlowRatios

AIRT Balance Sheet

Annual statement

AIRT Balance Sheet

Air T, Inc. (AIRT) balance sheet — 30-year assets, liabilities & shareholders' equity history

AnnualQuarterly
MetricTTMMar'26Mar'25Mar'24Mar'23Mar'22Mar'21Mar'20Mar'19Mar'18Mar'17Mar'16Mar'15Mar'14Mar'13Mar'12Mar'11Mar'10Mar'09Mar'08Mar'07Mar'06Mar'05Mar'04Mar'03Mar'02Mar'01Mar'00Mar'99Mar'98Mar'97
Total Current Assets158.12M159.98M78.51M102.88M116.56M128.24M105.77M98.49M71.35M61.67M48.86M38.96M38.67M31.15M30.53M31.21M30.71M26.28M25.26M23.42M20.6M19.03M19.03M14.42M16.77M17.73M23.69M19.9M16.88M15.06M9.45M
Cash & Short-Term Investments17.91M21.36M6.35M7.1M5.81M6.47M12.4M7.63M14.28M5.09M4.89M10.29M19.44M5.22M9.2M5.81M6.57M12.03M7.85M2.06M3.76M3.51M4.31M1.31M1.14M1.01M973.63K1.44M2.35M2.75M4.61M
Cash Only16.67M20.33M5.93M7.1M5.81M5.62M11M5.95M12.52M4.8M2.76M5.35M14.17M3.76M9.2M5.81M6.52M9.78M6.85M51.86K2.9M2.7M3.5M459.45K79.72K31.77K97.8K144.51K263.36K193.92K2.38M
Short-Term Investments1.25M1.03M422K00859K1.41M1.68M1.76M290.45K2.13M4.94M5.28M1.46M0051.03K2.25M1M2M860.87K807.82K812.11K849.02K1.06M982.03K875.84K1.3M2.09M2.56M2.23M
Accounts Receivable33.98M40.09M24.78M26M28.69M32.05M10.89M14.25M11.02M19.39M21.62M13.62M10.55M12.64M12.12M9.66M11.77M6.64M6.66M12.32M7.71M8.91M7.97M5.24M6.24M5.88M11.28M8.17M7M6.67M3.3M
Days Sales Outstanding33.444.7330.9933.0942.3566.0722.7121.9716.136.3853.1633.5334.3145.7742.9239.4451.5329.8926.8257.3641.8240.8741.5834.1653.1230.2258.6350.6849.0247.7334.31
Inventory90.06M77.13M38.52M60.72M71.13M75.17M71.97M60.62M29.97M34.23M19.78M12.27M7.79M12.24M8.18M14.54M11.54M6.84M9.83M7.96M8.09M5.71M6.1M6.46M6.28M9.91M10.78M9.74M6.93M5.33M1.07M
Days Inventory Outstanding82.62106.1760.6994.53130.79199.25183.13116.6253.7877.6556.2636.3429.852.3633.9870.160.9738.6849.6246.3555.4531.5138.7253.4365.5661.5367.6771.9458.3647.1513.69
Other Current Assets16.17M21.41M5.76M6.7M8.43M14.55M10.51M15.98M16.81M1.51M890.37K1.11M1.05M210K410K430K406K404K599K736K729.15K576.64K568.87K1.25M2.99M741.99K444.76K321.1K425.55K272.98K280.17K
Total Non-Current Assets310.94M249.15M95.27M74.29M73M79.36M34.98M52.94M43.79M35.48M16.48M13.2M4.79M6.07M5.53M3.88M3.51M3.33M4.08M3.89M4.01M4.89M5.08M5.16M4.56M5.18M4.84M4.03M3.97M3.23M1.67M
Property, Plant & Equipment192.56M176.62M48.22M32.49M33.19M43.08M18.41M41.33M29.98M20.27M5.32M4.58M2.57M3.99M3.47M1.89M1.19M1.32M1.61M1.85M2.29M3.17M3.16M3.27M2.3M3.52M3.25M2.59M2.86M2.26M1.46M
Fixed Asset Turnover2.69x1.85x6.05x8.83x7.45x4.11x9.51x5.73x8.33x9.59x27.88x32.38x43.62x25.28x29.68x47.30x70.10x61.55x56.39x42.46x29.36x25.10x22.17x17.12x18.61x20.16x21.59x22.68x18.20x22.54x24.12x
Goodwill19.59M11.82M10.54M10.54M10.56M10.13M4.23M4.23M4.42M4.42M4.42M275.41K0000000000000000000
Intangible Assets57.08M13.03M10.02M10.98M12.1M13.26M1.6M749K1.23M1.31M1.38M1.11M0000000008.91M7.97M79.69K219.86K290.86K361.63K430.78K498.12K389.5K0
Long-Term Investments105.49M26.07M19M16.65M13.23M9.86M4.47M6.02M6.7M6.38M2.46M4.71M000000001.3M1.23M1.16M1.06M0000000
Other Non-Current Assets33.14M21.61M7.49M3.63M1.5M219K5.67M30K924.39K-88.91M2.69M-288.48M-275.79M-207.92M-407.95M-428.01M1.96M1.64M1.83M1.62M251.1K81.54K54.63K458.22K940.48K797.45K660.68K570.03K372.69K427.88K210.37K
Total Assets469.06M409.12M173.78M177.17M189.56M207.6M140.75M151.43M115.14M97.15M65.34M52.15M43.46M37.22M36.05M35.08M34.22M29.6M29.34M27.31M24.61M23.92M24.11M19.57M21.33M22.9M28.53M23.94M20.85M18.29M11.12M
Asset Turnover1.03x0.80x1.68x1.62x1.30x0.85x1.24x1.56x2.17x2.00x2.27x2.84x2.58x2.71x2.86x2.55x2.44x2.74x3.09x2.87x2.73x3.32x2.90x2.86x2.01x3.10x2.46x2.46x2.50x2.79x3.16x
Asset Growth %379.45%135.43%-1.91%-6.54%-8.69%47.49%-7.05%31.51%18.52%48.69%25.27%20.02%16.75%3.23%2.77%2.52%15.59%0.9%7.45%10.94%2.89%-0.77%23.17%-8.22%-6.88%-19.73%19.2%14.79%14.01%64.5%8.79%
Total Current Liabilities110.69M95.52M47.66M46.84M64.29M30.91M28.18M67.75M52.79M31.18M20.27M15.72M8.25M9.02M7.86M7.97M7.98M4.7M7.57M8.32M7.88M7.95M8.48M6.09M7.18M6.51M11.44M13.13M9.91M7.49M2.86M
Accounts Payable41.02M36.97M17.78M15.07M10.45M9.4M8.34M10.86M11.41M10.18M11.57M7M4.72M6.43M5.74M6M6.1M2.62M3.02M5.61M5.3M5.35M6.09M3.54M4.44M3.54M8.88M7.52M4.3M3.98M800K
Days Payables Outstanding32.4850.8928.0223.4619.2124.9121.2320.920.4823.0932.9120.7418.0427.4923.8528.9232.2314.8315.2532.6536.3729.5738.6629.2846.3522.0155.7255.5136.2435.210.24
Short-Term Debt12.93M4.55M10.38M14.36M38.74M6.48M5.64M43.86M24.74M9.23M25K1.86M00008.27K13.57K462.71K121.48K144.68K186.49K191.26K94.81K113.13K691.81K699.72K4.05M3.95M972.32K0
Deferred Revenue (Current)50.64M22.15M3.69M5.55M304K4.73M01.85M1.52M10M508.62K11.31K000072K0058K194.84K002.37M1.87M000000
Other Current Liabilities55.77M198K430K4.66M8.08M4.43M06.38M7.85M590K3.27M3.55M1.96M1.14M847.82K778.82K833.4K00000080.13K647.85K-691.81K00-32.11K0-839
Current Ratio1.43x1.67x1.65x2.20x1.81x4.15x3.75x1.45x1.35x1.98x2.41x2.48x4.69x3.45x3.88x3.92x3.85x5.60x3.34x2.82x2.61x2.39x2.24x2.37x2.33x2.72x2.07x1.52x1.70x2.01x3.30x
Quick Ratio0.61x0.87x0.84x0.90x0.71x1.72x1.20x0.56x0.78x0.88x1.43x1.70x3.75x2.10x2.84x2.09x2.40x4.14x2.04x1.86x1.59x1.68x1.52x1.31x1.46x1.20x1.13x0.77x1.00x1.30x2.93x
Cash Conversion Cycle83.55100.0163.66104.16153.92240.41184.6117.6949.4190.9376.549.1446.0770.6453.0680.6280.2753.7461.1971.0660.942.8141.6558.3172.3369.7470.5867.1171.1559.6937.76
Total Non-Current Liabilities275.21M222.38M120.58M111.53M99.58M140.21M91.26M52.59M33.51M39.73M21.46M1.17M5.42M842K69K64K07.07K18.62K1.27M1.29M1.47M2.54M1.81M4.53M5.3M6.92M1.55M1.31M1.09M0
Long-Term Debt237.29M204.56M104.51M98.57M86.35M129.33M81.86M43.14M32.92M38.86M18.41M4.83K5M00007.07K18.62K461.38K575.2K763.46K1.02M131.86K2.35M3.38M5.27M36.44K000
Capital Lease Obligations50.23M12.19M11.84M10.52M10.77M6.73M7.08M7.47M7.47M00000000018.62K60K77.7K029.55K52.66K50.07K87.72K105.01K36.44K23.92K30.9K0
Deferred Tax Liabilities17.19M3.36M2.25M2.45M2.42M2.81M595K579K092K8K546K416K842K69K64K0000-711.39M-757.97M-29.55K0-50.07K0-105.01K0000
Other Non-Current Liabilities14.04M2.27M1.98M047K1.34M1.73M1.4M-6.88M785.8K3.04M615.24K000000-18.62K752.51K001.49M00001.48M1.28M1.06M0
Total Liabilities385.9M317.9M168.24M158.37M163.87M171.12M119.44M120.34M86.31M70.91M41.73M16.88M13.66M9.86M7.93M8.03M7.98M4.7M7.59M9.59M9.17M9.42M11.02M7.9M11.72M11.8M18.36M14.68M11.22M8.58M2.86M
Total Debt264.78M224.7M129.12M125.2M137.52M143.99M95.94M95.64M57.65M48.08M18.44M1.86M5M0008.27K20.64K481.33K642.86K797.59K949.95K1.24M279.33K2.51M4.16M5.97M4.09M3.98M1M0
Net Debt248.11M204.37M123.18M118.1M131.71M138.37M84.94M89.69M45.13M43.28M15.67M-3.48M-9.17M-3.76M-9.2M-5.81M-6.51M-9.76M-6.37M591K-2.1M-1.75M-2.25M-180.12K2.43M4.13M5.87M3.94M3.71M809.31K-2.38M
Debt / Equity3.18x2.46x23.32x6.66x5.35x3.95x4.50x3.08x2.00x1.83x0.78x0.05x0.17x---0.00x0.00x0.02x0.04x0.05x0.07x0.10x0.02x0.26x0.37x0.59x0.44x0.41x0.10x-
Debt / EBITDA-34.98x-20.61x30.82x-13.56x-7.36x3.76x7.20x-0.26x1.17x---0.00x0.00x0.07x0.12x0.18x0.25x0.30x0.07x2.07x1.37x1.79x2.16x2.49x0.28x-
Net Debt / EBITDA-32.78x-19.67x29.07x-13.04x-6.90x2.94x6.48x--0.49x-2.14x-1.11x-2.82x-2.47x-1.71x-1.67x-0.90x0.11x-0.47x-0.46x-0.55x-0.05x2.00x1.36x1.76x2.08x2.33x0.22x-1.18x
Interest Coverage5.69x7.69x0.41x0.39x-0.41x3.52x-1.60x1.51x2.71x--6.38x77.15x---180.95x2550.22x346.07x67.76x31.27x19.57x----------
Total Equity83.16M91.22M5.54M18.8M25.69M36.48M21.31M31.09M28.83M26.24M23.61M35.27M29.8M27.36M28.12M27.05M26.24M24.9M21.75M17.71M15.45M14.5M13.09M11.68M9.61M11.1M10.17M9.26M9.64M9.71M8.25M
Equity Growth %2906.74%1547.78%-70.55%-26.84%-29.57%71.16%-31.45%7.83%9.9%11.14%-33.07%18.38%8.9%-2.72%3.96%3.1%5.38%14.47%22.8%14.67%6.54%10.81%12.06%21.49%-13.41%9.14%9.88%-3.94%-0.78%17.66%11.33%
Book Value per Share30.8433.752.016.679.0212.637.3911.119.428.547.419.818.357.507.647.367.106.795.984.853.893.623.242.852.352.652.442.222.302.321.97
Total Shareholders' Equity65.2M79.81M-3.22M4.77M11.9M24.61M13.72M24.01M24.36M25.12M22.97M34.77M29.8M27.36M28.12M27.05M26.24M24.9M21.75M17.71M15.45M14.5M13.09M11.68M9.61M11.1M10.17M9.26M9.64M9.71M8.25M
Common Stock758K758K758K758K757K756K756K756K505.66K510.9K510.7K593.13K593.13K588.76K611.57K611.57K607.82K607.83K606.12K605.88K627.5K667.82K667.82K671.71K681.58K681.08K676.29K684.42K690.49K677.24K662.86K
Retained Earnings64.3M80.11M2.13M8.19M13.69M26.73M16.27M23.77M21.19M20.7M18.46M29.35M24.41M21.92M21.19M20.13M19.39M18.06M15.1M11.45M8.66M6.84M5.45M4.13M2.53M4.08M3.21M2.19M2.05M1.91M465.05K
Treasury Stock-6.65M-6.43M-6.4M-4.96M-4.08M-3M-2.62M-2.62M00000000000000000000000
Accumulated OCI5.1M4.25M-647K-80K816K-263K-684K-537K-205.09K-260.9K-212.05K-117.9K-134.91K-7.78K-7.6M-6.9M-6.79M-6.62M0-41.51K104.56K52.48K25.27K43.33K-464.05K-519.87K-541.25K-597.9K-154.75K-2.43M-1.94M
Minority Interest17.96M11.41M8.75M14.03M13.79M11.87M7.59M7.08M4.48M1.12M640.76K497.65K0000000000000000000

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Excessive leverage and insolvency

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Balance Sheet Erosion Accelerates Rapidly

As reported in recent financial filings, AIRT's equity position has deteriorated into negative territory, falling to -$1.2 million in 2026Q3 from a positive $9.9 million in 2024Q2, signaling a significant erosion of shareholder value driven by persistent operational losses and aggressive debt-funded asset expansion.

The rapid shift from positive to negative equity suggests that the company's capital base is being consumed by ongoing operational deficits. Investors should monitor whether this trajectory indicates a structural inability to generate sufficient returns to cover the cost of the firm's debt-heavy capital structure.

Leverage Ratios Reach Critical Levels

According to the latest quarterly balance sheet data, AIRT's debt-to-equity ratio has surged to an alarming 38.07 in 2026Q3, a dramatic increase from the 5.20 level observed in 2024Q2, which highlights a reliance on debt that appears increasingly unsustainable given the company's negative net margins.

The ballooning debt load, now at $224.5 million, suggests that the company is heavily dependent on external financing to maintain its operations and inventory levels. This level of leverage warrants further investigation into the company's ability to service interest obligations without further diluting shareholders or liquidating core assets.

Liquidity Buffer Remains Precariously Thin

Based on reported figures, the current ratio has compressed to 0.96 in 2026Q3, down from a peak of 2.27 in 2025Q2, indicating that the company's ability to meet short-term obligations is increasingly constrained by its limited cash reserves relative to its total liabilities.

The decline in the current ratio suggests that the company's liquidity position is tightening, leaving little room for error in managing working capital requirements. This trend may indicate that the firm is becoming more vulnerable to sudden shocks in the aviation parts market or unexpected delays in contract payments.

Asset Valuation Risks Obscure Solvency

As indicated by the company's financial statements, the significant increase in total assets to $381.8 million in 2026Q3 is largely offset by a corresponding rise in liabilities, suggesting that the asset base is heavily encumbered and potentially subject to future impairment risks.

The reliance on debt to fund asset growth, particularly in the volatile aviation parts segment, may mask underlying solvency issues if the market value of these assets does not align with their carrying value. Investors should be wary that the reported asset values may not provide a reliable floor for the company's valuation in a distressed scenario.

AIRT — Frequently Asked Questions

Quick answers to the most common questions about buying AIRT stock.

What are the total assets of Air T, Inc. (AIRT)?

As of 2026, Air T, Inc. (AIRT) had total assets of $409.1M including $160.0M in current assets.

How much debt does Air T, Inc. (AIRT) have?

Air T, Inc. (AIRT) carries total debt of $224.7M, offset by $21.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Air T, Inc.?

Air T, Inc. (AIRT) has total shareholders' equity (book value) of $79.8M ($33.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Air T, Inc.'s current ratio and liquidity?

Air T, Inc. (AIRT) reported a current ratio of 1.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.