Revenue growth remains highly inconsistent, with a 12.7% increase in 2026Q1 failing to mask structural margin compression risks evidenced by a 2025Q2 gross margin of only 4.4%.
| 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'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 71.22M | 69.26M | 81.08M | 86.47M | 83.34M | 103.37M | 87.58M | 87.52M | 83.93M | 81.28M | 81.33M | 100.2M | 39.69M | 82.99M | 89.27M | 74.14M | 43.99M | 43.91M | 35.59M | 27.99M | 17.91M | 25.53M | 30.27M | 27.29M | 24M | 15.02M | 28.62M | 21.6M | 19.8M | 13M | 6.8M |
| Revenue Growth % | -7.98% | -14.57% | -6.23% | 3.76% | -19.38% | 18.02% | 0.08% | 4.28% | 3.26% | -0.06% | -18.83% | 152.48% | -52.18% | -7.04% | 20.42% | 68.53% | 0.19% | 23.37% | 27.17% | 56.27% | -29.85% | -15.67% | 10.92% | 13.7% | 59.74% | -47.51% | 32.51% | 9.09% | 52.31% | 91.18% | 44.68% |
| Cost of Goods Sold | 57.83M | 58.71M | 63.84M | 69.4M | 67.03M | 88.36M | 77.82M | 80.69M | 65.77M | 62.64M | 77.01M | 83.6M | 69.41M | 64.56M | 65.04M | 55.33M | 37.88M | 32.6M | 27.07M | 20.6M | 16.26M | 19.51M | 19.97M | 18.28M | 16.3M | 10.96M | 19.68M | 14M | 23.4M | 8.8M | 4.1M |
| COGS % of Revenue | - | 84.76% | 78.74% | 80.26% | 80.44% | 85.48% | 88.86% | 92.19% | 78.36% | 77.06% | 94.69% | 83.43% | 174.9% | 77.79% | 72.86% | 74.63% | 86.1% | 74.24% | 76.05% | 73.6% | 90.82% | 76.44% | 65.99% | 67% | 67.91% | 72.92% | 68.76% | 64.81% | 118.18% | 67.69% | 60.29% |
| Gross Profit | 13.39M | 10.56M | 17.24M | 17.07M | 16.3M | 15.01M | 9.76M | 6.83M | 18.16M | 18.65M | 4.32M | 16.6M | -29.72M | 18.43M | 24.23M | 18.81M | 6.11M | 11.31M | 8.52M | 7.39M | 1.64M | 6.01M | 10.3M | 9M | 7.7M | 4.07M | 8.94M | 7.6M | -3.6M | 4.2M | 2.7M |
| Gross Margin % | 18.8% | 15.24% | 21.26% | 19.74% | 19.56% | 14.52% | 11.14% | 7.81% | 21.64% | 22.94% | 5.31% | 16.57% | -74.9% | 22.21% | 27.14% | 25.37% | 13.9% | 25.76% | 23.95% | 26.4% | 9.18% | 23.56% | 34.01% | 33% | 32.09% | 27.08% | 31.24% | 35.19% | -18.18% | 32.31% | 39.71% |
| Gross Profit Growth % | - | -38.76% | 1.01% | 4.67% | 8.66% | 53.74% | 42.86% | -62.39% | -2.58% | 331.73% | -73.99% | 155.85% | -261.26% | -23.93% | 28.83% | 207.71% | -45.95% | 32.69% | 15.35% | 349.58% | -72.67% | -41.6% | 14.34% | 16.92% | 89.28% | -54.49% | 17.64% | 311.11% | -185.71% | 55.56% | 350% |
| Operating Expenses | 10.55M | 10.73M | 10.51M | 10.76M | 11.41M | 11.82M | 12.05M | 11.56M | 9.53M | 8.45M | 8.61M | 7.64M | 7.31M | 6.7M | 7.32M | 7.93M | 5.42M | 5.2M | 4.72M | 4.36M | 3.55M | 3.34M | 3.42M | 3.18M | 2.69M | 1.48M | 6.21M | 5.7M | 5.8M | 2.4M | 1.9M |
| OpEx % of Revenue | - | 15.5% | 12.96% | 12.44% | 13.69% | 11.44% | 13.75% | 13.21% | 11.35% | 10.4% | 10.59% | 7.62% | 18.41% | 8.08% | 8.2% | 10.7% | 12.31% | 11.84% | 13.25% | 15.56% | 19.83% | 13.1% | 11.31% | 11.64% | 11.22% | 9.85% | 21.69% | 26.39% | 29.29% | 18.46% | 27.94% |
| Selling, General & Admin | 15.9M | 0 | 10.51M | 10.76M | 11.41M | 11.82M | 12.05M | 11.56M | 9.53M | 8.45M | 8.61M | 7.64M | 7.31M | 6.7M | 7.32M | 7.93M | 5.42M | 5.2M | 4.72M | 4.36M | 3.55M | 3.34M | 3.42M | 3.18M | 2.69M | 1.48M | 4.64M | 4M | 4.4M | 2M | 1.8M |
| SG&A % of Revenue | - | - | 12.96% | 12.44% | 13.69% | 11.44% | 13.75% | 13.21% | 11.35% | 10.4% | 10.59% | 7.62% | 18.41% | 8.08% | 8.2% | 10.7% | 12.31% | 11.84% | 13.25% | 15.56% | 19.83% | 13.1% | 11.31% | 11.64% | 11.22% | 9.85% | 16.23% | 18.52% | 22.22% | 15.38% | 26.47% |
| Research & Development | 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 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 10.73M | 0 | 0 | 0 | 0 | 0 | 0 | 28.71K | -19.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.56M | 1.7M | 1.4M | 400K | 100K |
| Operating Income | 2.84M | -176.38K | 6.73M | 6.31M | 4.89M | 3.18M | -2.29M | -4.73M | 8.64M | 10.2M | -4.3M | 8.97M | -37.03M | 11.73M | 16.91M | 10.88M | 697.53K | 6.11M | 3.81M | 3.03M | -1.91M | 2.67M | 6.87M | 5.83M | 5.01M | 2.59M | 2.73M | 1.9M | -9.4M | 1.8M | 800K |
| Operating Margin % | 3.99% | -0.25% | 8.3% | 7.29% | 5.87% | 3.08% | -2.61% | -5.41% | 10.29% | 12.54% | -5.28% | 8.95% | -93.31% | 14.13% | 18.94% | 14.67% | 1.59% | 13.92% | 10.7% | 10.84% | -10.66% | 10.46% | 22.7% | 21.36% | 20.87% | 17.23% | 9.54% | 8.8% | -47.47% | 13.85% | 11.76% |
| Operating Income Growth % | - | -102.62% | 6.73% | 28.87% | 53.85% | 239.15% | 51.68% | -154.79% | -15.31% | 337.38% | -147.91% | 124.21% | -415.75% | -30.64% | 55.45% | 1459.55% | -88.59% | 60.57% | 25.45% | 259.01% | -171.47% | -61.14% | 17.9% | 16.33% | 93.47% | -5.22% | 43.78% | 120.21% | -622.22% | 125% | 214.29% |
| EBITDA | 3.08M | 244K | 7.16M | 6.78M | 5.58M | 4.21M | -1.25M | -3.61M | 9.35M | 10.81M | -3.63M | 9.82M | -36.27M | 12.43M | 17.53M | 11.47M | 1.08M | 6.45M | 4.09M | 3.27M | -1.69M | 2.86M | 7.06M | 5.96M | 5.06M | 2.62M | 4.3M | 3.6M | -8M | 2.2M | 900K |
| EBITDA Margin % | 4.32% | 0.35% | 8.83% | 7.84% | 6.7% | 4.07% | -1.43% | -4.12% | 11.14% | 13.3% | -4.47% | 9.8% | -91.39% | 14.98% | 19.64% | 15.47% | 2.46% | 14.69% | 11.5% | 11.68% | -9.45% | 11.22% | 23.31% | 21.84% | 21.09% | 17.47% | 15.01% | 16.67% | -40.4% | 16.92% | 13.24% |
| EBITDA Growth % | -56.16% | -96.59% | 5.66% | 21.42% | 32.59% | 435.95% | 65.26% | -138.6% | -13.57% | 397.59% | -137% | 127.07% | -391.71% | -29.09% | 52.87% | 958.17% | -83.2% | 57.57% | 25.21% | 293.2% | -159.09% | -59.41% | 18.4% | 17.74% | 92.81% | -38.9% | 19.33% | 145% | -463.64% | 144.44% | 250% |
| D&A (Non-Cash Add-back) | 240.54K | 420.39K | 430.01K | 470.95K | 688.1K | 1.03M | 1.03M | 1.12M | 710.2K | 616.29K | 661.92K | 854.06K | 763.74K | 704.43K | 623.79K | 591.37K | 386.39K | 339K | 287.41K | 235.23K | 215.97K | 193.63K | 184.35K | 131.2K | 51.42K | 35.65K | 1.56M | 1.7M | 1.4M | 400K | 100K |
| EBIT | 2.84M | -176.38K | 6.73M | 6.31M | 4.89M | 7.98M | -2.29M | -4.64M | -5.54M | 10.18M | -4.32M | 8.93M | -36.89M | 11.73M | 16.94M | 10.88M | 701.3K | 6.11M | 3.89M | 3.03M | -1.91M | 2.67M | 6.87M | 5.83M | 5.01M | 2.59M | 2.73M | 1.9M | -9.4M | 1.8M | 800K |
| Net Interest Income | -1.37M | -1.57M | -2.29M | -2.46M | -2.27M | -1.14M | -1.42M | -2.1M | -1.99M | -1.7M | -1.36M | -918.13K | -649.36K | -574.83K | -384.85K | -339.43K | -154.64K | -250.95K | 47.1K | -17.47K | -13.67K | -12.85K | -815 | -131.8K | -506.72K | -153.39K | -1.15M | 0 | -1.3M | 0 | -100K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 145.07K | 78.96K | 31.52K | 4.07K | 3.77K | 2.01K | 78.95K | 4.97K | 6.66K | 5.46K | 7.29K | 16.21K | 3.61K | 2.43K | 422 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.37M | 1.57M | 2.29M | 2.46M | 2.27M | 1.14M | 1.42M | 2.1M | 1.99M | 1.7M | 1.36M | 918.13K | 794.43K | 653.79K | 416.37K | 343.49K | 158.41K | 252.96K | 31.85K | 22.44K | 20.33K | 18.31K | 8.11K | 148.01K | 510.33K | 155.82K | 1.15M | 0 | 1.3M | 0 | 100K |
| Other Income/Expense | -1.34M | -1.57M | -2.29M | -2.46M | -2.27M | 3.65M | -1.42M | -2.02M | -1.96M | -1.72M | -1.38M | -958.56K | -649.36K | -574.83K | -384.85K | -339.43K | -154.64K | -250.95K | 47.1K | -17.47K | -13.67K | -12.85K | -815 | 2.76M | -441.1K | -157.44K | -1.18M | -800K | -1.1M | -300K | 0 |
| Pretax Income | 1.5M | -1.74M | 4.44M | 3.85M | 2.62M | 6.83M | -3.71M | -6.75M | 6.67M | 8.48M | -5.67M | 8.01M | -37.68M | 11.15M | 16.53M | 10.54M | 542.9K | 5.86M | 3.85M | 3.02M | -1.92M | 2.66M | 6.87M | 8.59M | 4.57M | 2.43M | 1.55M | 1.1M | -10.5M | 1.5M | 800K |
| Pretax Margin % | 2.1% | -2.52% | 5.48% | 4.45% | 3.15% | 6.61% | -4.23% | -7.71% | 7.95% | 10.43% | -6.98% | 7.99% | -94.95% | 13.44% | 18.51% | 14.22% | 1.23% | 13.35% | 10.83% | 10.78% | -10.73% | 10.41% | 22.7% | 31.47% | 19.04% | 16.19% | 5.43% | 5.09% | -53.03% | 11.54% | 11.76% |
| Income Tax | -220.54K | -900.86K | 1.14M | -13.35M | -6.55M | 14.61K | -53.41K | 3.88K | 4.46M | 2.71M | -2.07M | 2.99M | -12.47M | 3.42M | 5.51M | 3.12M | 13K | 1.92M | 1.26M | 1.11M | -657K | 1.14M | 1.79M | 195K | 124K | 0 | -376K | 300K | -1.9M | 600K | 300K |
| Effective Tax Rate % | -14.73% | 51.65% | 25.74% | -346.58% | -249.82% | 0.21% | 1.44% | -0.06% | 66.87% | 31.97% | 36.41% | 37.35% | 33.1% | 30.64% | 33.37% | 29.62% | 2.39% | 32.67% | 32.77% | 36.79% | 34.18% | 42.82% | 26.11% | 2.27% | 2.71% | 0% | -24.21% | 27.27% | 18.1% | 40% | 37.5% |
| Net Income | 1.72M | -843.36K | 3.3M | 17.2M | 9.18M | 6.82M | -3.65M | -6.75M | 2.21M | 5.77M | -3.61M | 5.02M | -25.21M | 7.74M | 11.01M | 7.42M | 529.9K | 3.95M | 2.59M | 1.91M | -1.27M | 1.52M | 5.08M | 8.39M | 4.44M | -11.64M | 1.93M | 800K | -8.6M | 900K | 600K |
| Net Margin % | 2.41% | -1.22% | 4.07% | 19.89% | 11.01% | 6.6% | -4.17% | -7.71% | 2.63% | 7.1% | -4.44% | 5.01% | -63.52% | 9.32% | 12.33% | 10% | 1.2% | 8.99% | 7.28% | 6.81% | -7.06% | 5.95% | 16.77% | 30.76% | 18.52% | -77.46% | 6.74% | 3.7% | -43.43% | 6.92% | 8.82% |
| Net Income Growth % | -4.97% | -125.56% | -80.82% | 87.45% | 34.54% | 286.62% | 45.86% | -405.22% | -61.66% | 259.83% | -171.94% | 119.9% | -425.83% | -29.74% | 48.46% | 1299.69% | -86.57% | 52.32% | 35.85% | 250.74% | -183.26% | -70.07% | -39.52% | 88.84% | 138.19% | -703.26% | 141.15% | 109.3% | -1055.56% | 50% | 154.55% |
| Net Income (Continuing) | 1.72M | -843.36K | 3.3M | 17.2M | 9.18M | 6.82M | -3.65M | -6.75M | -7.55M | 5.77M | -3.61M | 5.02M | -25.21M | 7.74M | 11.01M | 7.42M | 529.9K | 3.95M | 2.59M | 1.91M | -1.27M | 1.52M | 5.08M | 7.93M | 4.44M | 2.43M | 1.93M | 800K | -8.6M | 900K | 500K |
| Discontinued Operations | 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 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.13 | -0.07 | 0.26 | 1.38 | 0.74 | 0.56 | -0.31 | -0.38 | 0.23 | 0.65 | -0.42 | 0.58 | -2.98 | 0.91 | 1.40 | 1.04 | 0.08 | 0.64 | 0.42 | 0.32 | -0.23 | 0.25 | 0.83 | 1.56 | 1.40 | -4.25 | 0.70 | 0.30 | -3.82 | 0.36 | 0.81 |
| EPS Growth % | -3.48% | -125.31% | -81.16% | 86.49% | 32.14% | 280.65% | 18.42% | -265.22% | -64.62% | 254.76% | -172.41% | 119.46% | -427.47% | -35% | 34.62% | 1200% | -87.5% | 52.38% | 31.25% | 239.13% | -192% | -69.88% | -46.79% | 11.43% | 132.94% | -707.14% | 133.33% | 107.85% | -1161.11% | -55.56% | 131.03% |
| EPS (Basic) | - | -0.07 | 0.26 | 1.40 | 0.74 | 0.56 | -0.31 | -0.38 | 0.23 | 0.65 | -0.42 | 0.59 | -2.98 | 0.92 | 1.43 | 1.08 | 0.08 | 0.66 | 0.44 | 0.34 | -0.23 | 0.28 | 0.94 | 1.72 | 1.63 | -4.39 | 0.73 | 0.31 | -3.82 | 0.42 | 0.90 |
| Diluted Shares Outstanding | 13.04M | 12.82M | 12.72M | 12.47M | 12.39M | 12.19M | 11.88M | 11.81M | 9.48M | 8.84M | 8.66M | 8.58M | 8.47M | 8.47M | 7.87M | 7.13M | 6.74M | 6.16M | 6.2M | 6.03M | 5.45M | 6.11M | 6.1M | 5.38M | 3.18M | 2.74M | 2.76M | 2.67M | 2.25M | 2.55M | 740.67K |
| Basic Shares Outstanding | 12.86M | 12.76M | 12.59M | 12.31M | 12.39M | 12.19M | 11.88M | 11.81M | 9.43M | 8.83M | 8.59M | 8.55M | 8.46M | 8.39M | 7.72M | 6.87M | 6.49M | 5.99M | 5.95M | 5.67M | 5.45M | 5.42M | 5.39M | 4.87M | 2.72M | 2.65M | 2.65M | 2.58M | 2.25M | 2.19M | 666.6K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and program volatility
As evidenced by the quarterly data, CVU's revenue trajectory remains highly inconsistent, with a recent 12.7% growth in 2026Q1 failing to offset the broader trend of contraction observed in previous periods, highlighting the inherent instability of its project-based defense and commercial aerospace revenue model.
The revenue fluctuations suggest that the company is struggling to maintain a consistent cadence of contract awards or program transitions. Investors should monitor whether the recent growth represents a sustainable recovery or merely the lumpy recognition of milestones on legacy defense platforms.
Based on reported financial statements, CVU's gross margin has fluctuated significantly, reaching a low of 4.4% in 2025Q2, which underscores the company's limited pricing power and vulnerability to cost overruns within its fixed-price contract portfolio for complex aerospace structural assemblies.
The thin margin profile suggests that the company lacks the scale to absorb operational inefficiencies effectively. Any deviation in material costs or labor productivity appears to have an outsized impact on profitability, indicating a high sensitivity to contract execution risks.
According to the income statement history, CVU's operating income has frequently failed to scale with revenue, as seen in the 2025Q2 period where a revenue decline led to a significant operating loss, demonstrating the company's high fixed-cost burden and limited operational flexibility.
The inability to maintain consistent operating margins during periods of revenue contraction suggests that the company's overhead structure is not sufficiently variable. This lack of operating leverage may continue to suppress earnings growth until the company can achieve a higher, more stable utilization rate.
As reported in recent filings, the company's net income has been subject to extreme swings, including a notable 2023Q4 spike, which warrants further investigation into the non-operating items and accounting adjustments that may be masking the underlying operational performance of the core business.
The reliance on percentage-of-completion accounting and potential EAC adjustments suggests that reported earnings may not always reflect cash-generative performance. Analysts should be cautious of relying on headline EPS figures without adjusting for these non-cash accounting nuances.
Based on the provided financial data, the company's extremely low cash position relative to its revenue base creates a precarious liquidity profile, which may limit management's ability to fund working capital requirements or invest in the necessary tooling for future defense program wins.
The current cash position appears insufficient to weather prolonged operational disruptions or unexpected contract delays. This vulnerability may force the company to seek external financing, potentially leading to shareholder dilution or increased interest expenses that would further pressure the bottom line.
Quick answers to the most common questions about buying CVU stock.
For fiscal year 2025, CPI Aerostructures, Inc. (CVU) reported total revenue of $69.3M. This represents a 918.6% increase compared to $6.8M in 1996.
CPI Aerostructures, Inc. (CVU) reported a net loss of $0.8M for the fiscal year ending 2025.
CPI Aerostructures, Inc. (CVU) reported an operating income of $-0.2M, resulting in an operating profit margin of -0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
CPI Aerostructures, Inc. (CVU) generated $10.6M in gross profit for the year, representing a gross profit margin of 15.2%. This demonstrates the company's core pricing power and production efficiency.