Latest Ratios: P/E Ratio 84.2x · EV/EBITDA 30.4x · ROE 14.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $1.7B | $469M | $481M | $276M | $312M | $339M | $756M | $841M | $1.0B | $847M |
| Enterprise Value | $3.0B | $2.1B | $653M | $667M | $441M | $464M | $496M | $943M | $1.1B | $1.3B | $977M |
| P/E Ratio → | 84.19 | 55.80 | — | — | — | — | — | 14.56 | 18.00 | 51.81 | 17.51 |
| P/S Ratio | 3.04 | 2.02 | 0.59 | 0.70 | 0.52 | 0.70 | 0.68 | 0.98 | 1.05 | 1.62 | 1.34 |
| P/B Ratio | 18.73 | 12.42 | 1.83 | 1.93 | 1.15 | 1.22 | 1.26 | 1.94 | 2.18 | 3.07 | 2.51 |
| P/FCF | 60.80 | 40.34 | 21.18 | — | — | — | 11.36 | 24.70 | 21.81 | 41.69 | 23.64 |
| P/OCF | 35.05 | 23.25 | 15.34 | — | — | — | 9.09 | 17.71 | 15.32 | 26.82 | 17.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.44 | 0.82 | 0.97 | 0.82 | 1.04 | 0.99 | 1.22 | 1.32 | 2.03 | 1.54 |
| EV / EBITDA | 30.35 | 21.37 | 12.83 | 34.34 | — | 1401.71 | — | 27.12 | 10.72 | 22.32 | 9.88 |
| EV / EBIT | 39.02 | 47.17 | — | — | — | — | — | 73.73 | 16.62 | 41.74 | 13.05 |
| EV / FCF | — | 48.69 | 29.52 | — | — | — | 16.62 | 30.80 | 27.44 | 52.13 | 27.28 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 29.9% | 29.9% | 21.2% | 17.5% | 13.4% | 14.7% | 19.3% | 20.2% | 22.5% | 22.0% | 25.2% |
| Operating Margin | 8.9% | 8.9% | 3.3% | -1.0% | -5.6% | -6.4% | -20.0% | 0.2% | 7.9% | 4.9% | 11.6% |
| Net Profit Margin | 3.4% | 3.4% | -2.0% | -3.8% | -6.7% | -5.7% | -23.0% | 6.7% | 5.8% | 3.2% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.8% | 14.8% | -6.4% | -10.8% | -14.4% | -9.7% | -35.1% | 13.4% | 13.1% | 5.9% | 15.2% |
| ROA | 4.3% | 4.3% | -2.5% | -4.2% | -5.8% | -4.2% | -16.5% | 6.7% | 6.2% | 2.9% | 8.0% |
| ROIC | 12.2% | 12.2% | 4.5% | -1.2% | -5.5% | -5.1% | -15.1% | 0.2% | 8.0% | 4.3% | 11.9% |
| ROCE | 14.4% | 14.4% | 5.3% | -1.4% | -6.3% | -5.6% | -17.0% | 0.3% | 10.0% | 5.3% | 14.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.70 | 2.70 | 0.76 | 0.79 | 0.74 | 0.71 | 0.73 | 0.56 | 0.61 | 0.82 | 0.44 |
| Debt / EBITDA | 3.85 | 3.85 | 3.81 | 10.18 | — | 549.23 | — | 6.29 | 2.37 | 4.79 | 1.50 |
| Net Debt / Equity | — | 2.57 | 0.72 | 0.75 | 0.69 | 0.59 | 0.58 | 0.48 | 0.56 | 0.77 | 0.39 |
| Net Debt / EBITDA | 3.67 | 3.67 | 3.62 | 9.60 | — | 459.33 | — | 5.37 | 2.20 | 4.47 | 1.32 |
| Debt / FCF | — | 8.35 | 8.34 | — | — | — | 5.26 | 6.10 | 5.64 | 10.44 | 3.64 |
| Interest Coverage | 3.54 | 3.54 | -0.36 | — | — | — | -2.03 | 2.08 | 6.56 | 5.65 | 17.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.10 | 3.10 | 2.73 | 2.72 | 2.41 | 2.87 | 3.38 | 2.84 | 2.92 | 3.06 | 2.95 |
| Quick Ratio | 1.71 | 1.71 | 1.45 | 1.38 | 1.17 | 1.54 | 1.71 | 1.64 | 1.84 | 1.60 | 1.60 |
| Cash Ratio | 0.13 | 0.13 | 0.06 | 0.08 | 0.09 | 0.25 | 0.43 | 0.26 | 0.13 | 0.17 | 0.21 |
| Asset Turnover | — | 1.22 | 1.23 | 1.06 | 0.87 | 0.73 | 0.81 | 0.99 | 1.04 | 0.85 | 1.05 |
| Inventory Turnover | 3.07 | 3.07 | 3.14 | 2.96 | 2.46 | 2.41 | 2.58 | 4.23 | 4.49 | 3.24 | 4.06 |
| Days Sales Outstanding | — | 86.65 | 87.85 | 91.15 | 100.85 | 88.14 | 67.58 | 69.91 | 82.84 | 77.52 | 63.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.8% | — | — | — | — | — | 6.9% | 5.6% | 1.9% | 5.7% |
| FCF Yield | 1.6% | 2.5% | 4.7% | — | — | — | 8.8% | 4.0% | 4.6% | 2.4% | 4.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 6.7% | 0.0% | 3.2% | 2.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 6.7% | 0.0% | 3.2% | 2.1% |
| Shares Outstanding | — | $38M | $35M | $33M | $32M | $31M | $31M | $32M | $33M | $34M | $35M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ATRO stock.
Astronics Corporation's current P/E ratio is 84.2x. The historical average is 17.1x. This places it at the 100th percentile of its historical range.
Astronics Corporation's current EV/EBITDA is 30.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
Astronics Corporation's return on equity (ROE) is 14.8%. The historical average is 10.5%.
Based on historical data, Astronics Corporation is trading at a P/E of 84.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Astronics Corporation has 29.9% gross margin and 8.9% operating margin.
Astronics Corporation's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin net margin despite growth
Metrics are mathematically derived from official filings.
Margin Inflection Points to Operating Leverage
Gross margin expanded to 33.4% in 2026Q2 from 25.8% a year earlier, while operating margin surged to 15.6% from 2.3%, as reported in financial statements, signaling strong operating leverage.
The sequential and year-over-year margin expansion is driven by better cost absorption and favorable mix, with COGS falling to 66.6% of revenue. However, net margin at 13.5% remains below operating margin, suggesting a persistent tax or interest drag that investors should monitor. The sustainability of these margins depends on maintaining pricing power in OEM contracts and managing input cost volatility.
ROIC Recovery Still Trails Peers
ROIC improved to 5.7% in 2026Q2 from 0.8% a year earlier, but remains well below Curtiss-Wright's 14.1%, based on reported figures, indicating a still-recovering capital efficiency.
The sharp recovery from near-zero ROIC in 2024 reflects the earnings rebound, but the absolute level remains low relative to the aerospace peer group. This suggests that while the company is compounding from a depressed base, it has not yet achieved the capital efficiency of more mature peers. The driver is margin recovery rather than asset turnover, which has stayed flat around 0.32-0.34, implying that further ROIC gains will require either higher margins or better asset utilization.
Working Capital Drags Cash Conversion
Cash conversion cycle lengthened to 160 days in 2026Q2 from 172 days a year earlier, but working capital still consumed $18.8M in the quarter, as per the cash flow statement, pressuring free cash flow.
DSO improved to 78 days from 85, and DIO fell to 114 from 118, but DPO also declined to 32 from 37, limiting the benefit to CCC. The company is funding growth through receivables and inventory, which is typical for a rapidly scaling aerospace supplier, but the negative working capital swing in 2026Q1 and Q2 indicates that cash conversion lags reported earnings. Investors should monitor whether the CCC can compress as production stabilizes, as this would unlock significant cash.
Debt-Fueled Growth Raises Coverage Questions
Debt-to-equity rose to 1.78 in 2026Q2 from 0.72 a year earlier, while interest coverage improved to 17.23 from 1.60, as reported in financial statements, indicating a strategic but risky leverage increase.
Total debt jumped to $353.0M from $195.8M, funding record bookings and backlog, but the D/E ratio remains elevated relative to peers like Curtiss-Wright (0.52). Interest coverage has improved dramatically due to higher EBIT, but the thin net margin of 3.4% over the trailing year suggests that any margin contraction could quickly erode coverage. The company's ability to convert record EBITDA into debt reduction will be a key factor to watch, as the balance sheet appears to be absorbing prior investments.
Liquidity Adequate but Cash Buffer Thin
Current ratio held at 2.97 in 2026Q2, down from 3.04 a year earlier, while cash dropped to $9.0M from $13.5M, as per the balance sheet, indicating adequate short-term coverage.
The current ratio remains healthy, but the quick ratio of 1.63 suggests that inventory is a significant component of current assets, which could be a risk if demand softens. Cash levels are minimal relative to the $353.0M debt load, meaning the company relies on operating cash flow and credit availability for liquidity. Under a severe stress scenario, the thin cash buffer and high inventory levels could pressure the balance sheet, though the current ratio provides a modest cushion.
Misapplied EV/EBITDA in Cyclical Recovery
EV/EBITDA of 40.08 on trailing earnings overstates valuation because EBITDA is still recovering from a trough, while forward EV/EBITDA of 23.87 better reflects normalized earnings, based on reported figures.
The most commonly misapplied ratio for Astronics is trailing EV/EBITDA, which appears extremely expensive but is distorted by the recent earnings trough. The forward multiple of 23.87 is more meaningful, but still above peers like Curtiss-Wright (34.94) and Leonardo DRS (27.03), suggesting the market is pricing in sustained margin expansion. Investors should use forward EV/EBITDA or EV/Sales (4.15) to compare across the cycle, and adjust for the lumpy Test Systems segment, which may warrant a conglomerate discount.