Air T, Inc. (AIRT) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Integrated Freight & Logistics
EV/EBITDA
↑
30.55
+1% vs avg
5yr avg: 30.26
30Y Low1.1·High44.5
P/FCF
↑
8.72
↑+82% vs avg
5yr avg: 4.79
30Y Low2.1·High180.0
P/B Ratio
↑
11.18
↑+186% vs avg
5yr avg: 3.90
30Y Low0.4·High8.4
ROE
↓
-50.5%
↑-128% vs avg
5yr avg: -22.1%
30Y Low-50%·High38%
Debt/EBITDA
↑
20.61
↓-5% vs avg
5yr avg: 21.67
30Y Low0.0·High30.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AIRT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Air T, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 8.7x P/FCF, 82% above the 5-year average of 4.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68M | $46M | $63M | $71M | $66M | $69M | $35M | $62M | $52M | $43M | $58M |
| Enterprise Value | $191M | $170M | $181M | $203M | $204M | $153M | $125M | $107M | $95M | $59M | $54M |
| P/E Ratio → | -10.09 | — | — | — | 6.02 | — | 11.07 | 45.75 | 22.80 | — | 11.76 |
| P/S Ratio | 0.23 | 0.16 | 0.22 | 0.29 | 0.37 | 0.39 | 0.15 | 0.25 | 0.27 | 0.29 | 0.39 |
| P/B Ratio | 11.18 | 8.40 | 3.33 | 2.78 | 1.80 | 3.21 | 1.13 | 2.14 | 1.98 | 1.82 | 1.64 |
| P/FCF | 8.72 | 5.95 | 3.88 | 4.53 | — | — | — | 131.87 | — | — | 26.70 |
| P/OCF | 2.90 | 1.98 | 3.64 | 4.22 | — | — | — | 2.94 | — | — | 18.02 |
P/E links to full P/E history page with 30-year chart
AIRT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Air T, Inc.'s enterprise value stands at 30.5x EBITDA, roughly in line with its 5-year average of 30.3x. The Industrials sector median is 13.8x, placing the stock at a 122% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.58 | 0.63 | 0.82 | 1.15 | 0.88 | 0.53 | 0.43 | 0.49 | 0.39 | 0.37 |
| EV / EBITDA | 30.55 | 27.08 | 44.47 | — | 19.22 | — | 9.59 | 6.97 | 13.73 | — | 7.63 |
| EV / EBIT | 100.29 | 46.89 | 66.09 | — | 11.21 | — | 17.61 | 11.29 | 21.73 | — | 8.74 |
| EV / FCF | — | 21.70 | 11.22 | 12.91 | — | — | — | 228.47 | — | — | 25.10 |
AIRT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Air T, Inc. earns an operating margin of 0.7%, below the Industrials sector average of 4.9%. Operating margins have expanded from -1.8% to 0.7% over the past 3 years, signaling improving operational efficiency. A negative ROE of -50.5% indicates the company is currently destroying shareholder equity. ROIC of 1.1% represents below-average returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6% | 20.6% | 18.3% | 19.7% | 22.2% | 18.1% | 19.9% | 18.6% | 17.3% | 13.6% | 16.8% |
| Operating Margin | 0.7% | 0.7% | 0.4% | -1.8% | 4.9% | -5.2% | 3.1% | 3.2% | 2.2% | -2.1% | 4.1% |
| Net Profit Margin | -2.1% | -2.1% | -2.4% | -5.0% | 6.2% | -4.2% | 3.2% | 0.5% | 1.2% | -2.2% | 3.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -50.5% | -50.5% | -30.7% | -39.6% | 37.8% | -27.8% | 25.6% | 4.9% | 9.1% | -10.9% | 15.2% |
| ROA | -3.5% | -3.5% | -3.7% | -6.2% | 6.3% | -5.0% | 5.7% | 1.3% | 2.8% | -5.5% | 10.3% |
| ROIC | 1.1% | 1.1% | 0.6% | -2.0% | 4.7% | -6.1% | 5.6% | 8.4% | 5.9% | -6.5% | 17.3% |
| ROCE | 1.5% | 1.5% | 1.0% | -2.9% | 6.1% | -9.4% | 10.0% | 12.6% | 7.6% | -7.6% | 16.8% |
AIRT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Air T, Inc. carries a Debt/EBITDA ratio of 20.6x, which is highly leveraged (545% above the sector average of 3.2x). Net debt stands at $123M ($129M total debt minus $6M cash). Interest coverage of just 0.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 23.32 | 23.32 | 6.66 | 5.35 | 3.95 | 4.50 | 3.08 | 2.00 | 1.83 | 0.78 | 0.05 |
| Debt / EBITDA | 20.61 | 20.61 | 30.82 | — | 13.56 | — | 7.36 | 3.77 | 6.94 | — | 0.26 |
| Net Debt / Equity | — | 22.25 | 6.28 | 5.13 | 3.79 | 3.99 | 2.88 | 1.57 | 1.65 | 0.66 | -0.10 |
| Net Debt / EBITDA | 19.67 | 19.67 | 29.07 | — | 13.04 | — | 6.90 | 2.95 | 6.25 | — | -0.49 |
| Debt / FCF | — | 15.76 | 7.33 | 8.37 | — | — | — | 96.61 | — | — | -1.60 |
| Interest Coverage | 0.21 | 0.21 | 0.18 | -0.53 | 1.69 | -1.98 | 1.55 | 2.31 | — | -5.42 | 74.70 |
AIRT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.65x means Air T, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.84x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.81x to 1.65x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 2.20 | 1.81 | 4.15 | 3.75 | 1.45 | 1.35 | 1.98 | 2.41 | 2.48 |
| Quick Ratio | 0.84 | 0.84 | 0.90 | 0.71 | 1.72 | 1.20 | 0.56 | 0.78 | 0.88 | 1.43 | 1.70 |
| Cash Ratio | 0.13 | 0.13 | 0.15 | 0.09 | 0.21 | 0.44 | 0.11 | 0.27 | 0.16 | 0.24 | 0.65 |
| Asset Turnover | — | 1.68 | 1.62 | 1.30 | 0.85 | 1.24 | 1.56 | 2.17 | 2.00 | 2.27 | 2.84 |
| Inventory Turnover | 6.01 | 6.01 | 3.86 | 2.79 | 1.83 | 1.99 | 3.13 | 6.79 | 4.70 | 6.49 | 10.04 |
| Days Sales Outstanding | — | 30.99 | 33.09 | 42.35 | 66.07 | 22.71 | 21.97 | 16.10 | 36.38 | 53.16 | 33.53 |
AIRT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Air T, Inc. returns 2.1% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 16.6% | — | 9.0% | 2.2% | 4.4% | — | 8.5% |
| FCF Yield | 11.5% | 16.8% | 25.8% | 22.1% | — | — | — | 0.8% | — | — | 3.7% |
| Buyback Yield | 2.1% | 3.1% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% | 18.5% | 0.0% |
| Total Shareholder Yield | 2.1% | 3.1% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% | 18.5% | 0.0% |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M |
Peer Comparison
Compare AIRT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AIRTYou | $68M | -10.1 | 30.5 | 8.7 | 20.6% | 0.7% | -50.5% | 1.1% | 20.6 |
 MRTN | $1B | 72.1 | 10.3 | — | 5.7% | 1.2% | 2.3% | 1.1% | 0.0 |
 HTLD | $1B | -19.4 | 11.8 | — | -0.9% | -7.7% | -6.6% | -4.8% | 1.7 |
 UPS | $85B | 15.3 | 9.1 | 17.8 | 18.5% | 9.6% | 33.8% | 16.1% | 2.6 |
 HUBG | $3B | 25.3 | 9.1 | 18.1 | 85.4% | 3.6% | 6.3% | 5.1% | 1.5 |
 FWRD | $547M | -5.0 | 13.8 | 35.8 | 20.5% | 1.5% | -48.2% | 1.2% | 11.4 |
 BA | $182B | 93.2 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 GE | $316B | 37.1 | 32.5 | 43.5 | 36.8% | 19.1% | 45.3% | 24.7% | 2.1 |
 AAL | $9B | 77.5 | 12.5 | — | 19.2% | 2.7% | — | 3.5% | 10.5 |
 AVAV | $8B | 108.5 | 103.0 | — | 39.4% | 5.0% | 5.1% | 3.6% | 0.8 |
 HAYW | $3B | 21.7 | 9.8 | 14.2 | 45.6% | 21.1% | 10.0% | 10.2% | 0.0 |
| Industrials Median | — | 25.5 | 13.8 | 20.7 | 32.7% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAIRT — Frequently Asked Questions
Quick answers to the most common questions about buying AIRT stock.
What is Air T, Inc.'s P/E ratio?
Air T, Inc.'s current P/E ratio is -10.1x. The historical average is 14.8x.
What is Air T, Inc.'s EV/EBITDA?
Air T, Inc.'s current EV/EBITDA is 30.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
What is Air T, Inc.'s ROE?
Air T, Inc.'s return on equity (ROE) is -50.5%. The historical average is 5.7%.
Is AIRT stock overvalued?
Based on historical data, Air T, Inc. is trading at a P/E of -10.1x. Compare with industry peers and growth rates for a complete picture.
What are Air T, Inc.'s profit margins?
Air T, Inc. has 20.6% gross margin and 0.7% operating margin.
How much debt does Air T, Inc. have?
Air T, Inc.'s Debt/EBITDA ratio is 20.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.