Revenue growth has decelerated from double-digit expansion to a 2.4% contraction in 2026Q1, while operating margins have compressed to 7.3% from a 2025Q3 peak of 11.4%.
| 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 | 177.02M | 178.01M | 152.12M | 113.79M | 84.56M | 77.97M | 75.36M | 97.48M | 93.18M | 106.53M | 95.79M | 85.61M | 80.73M | 79.55M | 87.92M | 85.4M | 79.75M | 83.09M | 103.29M | 88.7M | 77.53M | 49.19M | 33.24M | 30.68M | 26.28M | 25.05M | 28.42M | 17.63M | 14.4M | 14.4M | 15.9M |
| Revenue Growth % | 10.52% | 17.03% | 33.68% | 34.58% | 8.44% | 3.47% | -22.69% | 4.62% | -12.53% | 11.2% | 11.9% | 6.05% | 1.48% | -9.52% | 2.96% | 7.07% | -4.01% | -19.55% | 16.44% | 14.41% | 57.61% | 47.98% | 8.35% | 16.75% | 4.91% | -11.87% | 61.23% | 22.43% | 0% | -9.43% | -4.79% |
| Cost of Goods Sold | 132.84M | 133.92M | 119.1M | 91.33M | 68.63M | 66.7M | 66.92M | 82.18M | 84.79M | 86.08M | 76.76M | 71.94M | 63.63M | 60.88M | 66.58M | 71.98M | 64.69M | 66.89M | 80.56M | 65.21M | 57.64M | 35.59M | 22.17M | 19.37M | 17.16M | 16.92M | 18.43M | 11.88M | 10.1M | 10.5M | 10.8M |
| COGS % of Revenue | - | 75.23% | 78.3% | 80.26% | 81.16% | 85.55% | 88.81% | 84.3% | 90.99% | 80.81% | 80.13% | 84.04% | 78.82% | 76.53% | 75.73% | 84.29% | 81.11% | 80.51% | 78% | 73.51% | 74.34% | 72.35% | 66.68% | 63.14% | 65.29% | 67.56% | 64.84% | 67.37% | 70.14% | 72.92% | 67.92% |
| Gross Profit | 44.17M | 44.1M | 33.01M | 22.47M | 15.93M | 11.27M | 8.44M | 15.3M | 8.39M | 20.44M | 19.04M | 13.66M | 17.1M | 18.67M | 21.34M | 13.41M | 15.07M | 16.2M | 22.73M | 23.5M | 19.89M | 13.6M | 11.08M | 11.31M | 9.12M | 8.13M | 9.99M | 5.75M | 4.3M | 3.9M | 5.1M |
| Gross Margin % | 24.95% | 24.77% | 21.7% | 19.74% | 18.84% | 14.45% | 11.19% | 15.7% | 9.01% | 19.19% | 19.87% | 15.96% | 21.18% | 23.47% | 24.27% | 15.71% | 18.89% | 19.49% | 22% | 26.49% | 25.66% | 27.65% | 33.32% | 36.86% | 34.71% | 32.44% | 35.16% | 32.63% | 29.86% | 27.08% | 32.08% |
| Gross Profit Growth % | - | 33.57% | 46.94% | 41.06% | 41.33% | 33.61% | -44.87% | 82.34% | -58.96% | 7.39% | 39.31% | -20.09% | -8.42% | -12.5% | 59.08% | -10.96% | -6.97% | -28.73% | -3.28% | 18.11% | 46.27% | 22.79% | -2.06% | 23.99% | 12.24% | -18.68% | 73.75% | 33.77% | 10.26% | -23.53% | -22.73% |
| Operating Expenses | 26.95M | 25.69M | 20.51M | 16.39M | 17.7M | 15.3M | 12.48M | 12.7M | 14.02M | 15.17M | 14.9M | 12.89M | 13.13M | 13.26M | 16.07M | 15.01M | 16.96M | 15M | 16.78M | 14.71M | 10.18M | 7.71M | 5.81M | 6.25M | 5.27M | 5.32M | 5.49M | 4.68M | 4.8M | 4.5M | 8.5M |
| OpEx % of Revenue | - | 14.43% | 13.48% | 14.41% | 20.94% | 19.63% | 16.56% | 13.02% | 15.05% | 14.24% | 15.56% | 15.06% | 16.27% | 16.67% | 18.28% | 17.57% | 21.26% | 18.06% | 16.24% | 16.59% | 13.12% | 15.66% | 17.48% | 20.37% | 20.06% | 21.22% | 19.3% | 26.52% | 33.33% | 31.25% | 53.46% |
| Selling, General & Admin | 25.32M | 24.31M | 19.65M | 16.11M | 15.6M | 13.5M | 11.98M | 12.58M | 13.47M | 14.38M | 13.9M | 11.37M | 12.22M | 12.66M | 14.91M | 14.39M | 16.31M | 18.72M | 16.78M | 14.71M | 10.18M | 7.63M | 5.69M | 6.13M | 5.07M | 5.06M | 5.15M | 3.27M | 3.3M | 2.8M | 4.2M |
| SG&A % of Revenue | - | 13.65% | 12.92% | 14.16% | 18.45% | 17.32% | 15.9% | 12.91% | 14.46% | 13.5% | 14.51% | 13.28% | 15.14% | 15.92% | 16.96% | 16.85% | 20.45% | 22.53% | 16.24% | 16.59% | 13.12% | 15.52% | 17.11% | 19.98% | 19.29% | 20.19% | 18.13% | 18.55% | 22.92% | 19.44% | 26.42% |
| Research & Development | 1.63M | 1.38M | 1.25M | 715K | 479K | 517K | 185K | 113K | 553K | 731K | 1.14M | 890K | 1.07M | 713K | 1.15M | 786K | 651K | 680K | 0 | 0 | 0 | 72K | 125K | 120K | 204K | 257K | 334K | 485K | 600K | 700K | 3.2M |
| R&D % of Revenue | - | 0.78% | 0.82% | 0.63% | 0.57% | 0.66% | 0.25% | 0.12% | 0.59% | 0.69% | 1.19% | 1.04% | 1.33% | 0.9% | 1.31% | 0.92% | 0.82% | 0.82% | - | - | - | 0.15% | 0.38% | 0.39% | 0.78% | 1.03% | 1.18% | 2.75% | 4.17% | 4.86% | 20.13% |
| Other Operating Expenses | 0 | 0 | -383K | -433K | 1.63M | 1.29M | 315K | 0 | -4K | 53K | -138K | 631K | -161K | -115K | 9K | -169K | 0 | -4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 921K | 900K | 1M | 1.1M |
| Operating Income | 17.22M | 18.41M | 12.5M | 6.08M | -1.77M | -4.04M | -3.82M | 2.6M | -5.63M | 5.28M | 4.14M | 5.61M | 3.82M | 5.32M | 4.25M | -1.59M | -6.59M | 1.19M | 5.95M | 8.78M | 9.72M | 5.9M | 5.26M | 5.06M | 3.85M | 2.81M | 4.51M | 1.08M | -500K | -600K | -3.4M |
| Operating Margin % | 9.73% | 10.34% | 8.22% | 5.34% | -2.1% | -5.17% | -5.07% | 2.67% | -6.04% | 4.95% | 4.32% | 6.55% | 4.73% | 6.68% | 4.83% | -1.86% | -8.27% | 1.43% | 5.76% | 9.9% | 12.53% | 11.99% | 15.84% | 16.49% | 14.65% | 11.23% | 15.86% | 6.1% | -3.47% | -4.17% | -21.38% |
| Operating Income Growth % | - | 47.24% | 105.79% | 442.25% | 56.01% | -5.71% | -246.58% | 146.25% | -206.69% | 27.59% | -26.21% | 46.77% | -28.17% | 25.08% | 367.36% | 75.89% | -653.27% | -79.97% | -32.26% | -9.62% | 64.82% | 11.98% | 4.05% | 31.46% | 36.88% | -37.61% | 318.87% | 315.2% | 16.67% | 82.35% | -385.71% |
| EBITDA | 22.33M | 23.51M | 17.96M | 10.79M | 1.93M | 846K | 248K | 6.9M | -1.45M | 9.22M | 7.77M | 8.39M | 5.89M | 7.18M | 6.65M | 1.68M | -3.21M | 4.16M | 9.3M | 10.81M | 11.53M | 7.32M | 6.3M | 6.06M | 4.84M | 4.04M | 5.75M | 2M | 400K | 400K | -2.3M |
| EBITDA Margin % | 12.62% | 13.21% | 11.8% | 9.48% | 2.28% | 1.08% | 0.33% | 7.07% | -1.55% | 8.65% | 8.11% | 9.8% | 7.29% | 9.02% | 7.57% | 1.97% | -4.03% | 5.01% | 9.01% | 12.19% | 14.88% | 14.89% | 18.94% | 19.76% | 18.43% | 16.14% | 20.24% | 11.33% | 2.78% | 2.78% | -14.47% |
| EBITDA Growth % | 12.5% | 30.92% | 66.5% | 458.52% | 128.25% | 241.13% | -96.4% | 577.23% | -115.68% | 18.61% | -7.32% | 42.43% | -17.95% | 7.84% | 295.84% | 152.32% | -177.2% | -55.26% | -13.97% | -6.23% | 57.49% | 16.31% | 3.83% | 25.21% | 19.82% | -29.74% | 188.08% | 399.25% | 0% | 117.39% | -866.67% |
| D&A (Non-Cash Add-back) | 5.11M | 5.1M | 5.46M | 4.71M | 3.71M | 4.88M | 4.07M | 4.29M | 4.18M | 3.94M | 3.64M | 2.78M | 2.07M | 1.86M | 2.4M | 3.27M | 3.38M | 2.97M | 3.35M | 2.03M | 1.81M | 1.43M | 1.03M | 1M | 994K | 1.23M | 1.25M | 921K | 900K | 1M | 1.1M |
| EBIT | 17.02M | 18.41M | 12.03M | 6.43M | -746K | -4.33M | -4.72M | 3.45M | -3.7M | 6.07M | 5.12M | 6.52M | 5.04M | 5.3M | 4.35M | -1.42M | -6.62M | 3.41M | 8.39M | 8.78M | 9.72M | 5.9M | 5.26M | 5.06M | 3.85M | 2.81M | 4.51M | 2.77M | 224K | -577K | -3.4M |
| Net Interest Income | -617K | -1.01M | -1.95M | -1.33M | 127K | -540K | -770K | -422K | -88K | -338K | -154K | -349K | -1.29M | 30K | -155K | -160K | -147K | 149K | 1.17M | 701K | -457K | -135K | 87K | -25K | 99K | -78K | 144K | 0 | -300K | 0 | 0 |
| Interest Income | 206K | 0 | -477K | 353K | 1.03M | 143K | 229K | 848K | 1.47M | 794K | 985K | 913K | 1.22M | 114K | 2.05M | 1.82M | 1.57M | 2.12M | 1.42M | 1.71M | 349K | 222K | 87K | 0 | 99K | 284K | 395K | 0 | 200K | 0 | 0 |
| Interest Expense | 823K | 1.01M | 1.47M | 1.68M | 902K | 683K | 999K | 1.27M | 1.55M | 1.13M | 1.14M | 1.26M | 2.51M | 84K | 2.23M | 2.2M | 1.68M | 2.04M | 435K | 1.01M | 806K | 357K | 0 | 25K | 0 | 362K | 251K | 0 | 500K | 0 | 0 |
| Other Income/Expense | 882K | 557K | -1.14M | -827K | 311K | -616K | -770K | -554K | -568K | -338K | -154K | -349K | -1.29M | -50K | -1.31M | 442K | -311K | 149K | 938K | 27.18M | -405K | -231K | 141K | -1K | 107K | -79K | 963K | 1.83M | -877K | 577K | 400K |
| Pretax Income | 18.11M | 18.96M | 11.36M | 5.25M | -1.46M | -4.65M | -4.82M | 2.05M | -5.73M | 4.94M | 3.98M | 5.26M | 2.52M | 5.27M | 4.07M | -1.97M | -6.91M | 1.37M | 6.89M | 35.96M | 9.31M | 5.67M | 5.41M | 5.06M | 3.96M | 2.73M | 5.47M | 2.65M | -1.3M | 0 | -3M |
| Pretax Margin % | 10.23% | 10.65% | 7.47% | 4.61% | -1.73% | -5.96% | -6.39% | 2.1% | -6.15% | 4.64% | 4.16% | 6.14% | 3.13% | 6.62% | 4.63% | -2.31% | -8.66% | 1.65% | 6.67% | 40.54% | 12.01% | 11.52% | 16.26% | 16.49% | 15.05% | 10.91% | 19.24% | 15.05% | -9.03% | - | -18.87% |
| Income Tax | 1.7M | 2.14M | 195K | 576K | 98K | -662K | -1.52M | 589K | -1.46M | 2.33M | 3.87M | 644K | 1.36M | 1.04M | 2.09M | -316K | -4.35M | -765K | 1.79M | 3.21M | 3.25M | 2.14M | 1.67M | 1.23M | 367K | 75K | 23K | 12K | 1.2M | -200K | -1.1M |
| Effective Tax Rate % | 9.37% | 11.3% | 1.72% | 10.98% | -6.69% | 14.23% | 31.5% | 28.73% | 25.54% | 47.24% | 97.06% | 12.25% | 53.86% | 19.76% | 51.25% | 16.04% | 63.03% | -55.92% | 26.06% | 8.93% | 34.87% | 37.71% | 30.84% | 24.21% | 9.28% | 2.74% | 0.42% | 0.45% | -92.31% | - | 36.67% |
| Net Income | 16.41M | 16.82M | 11.17M | 4.67M | -1.56M | -3.56M | -3.3M | 806K | -4.41M | 2.4M | 62K | 5.85M | 1.43M | 2.82M | -1.71M | -1.03M | -7.19M | 1.75M | 4.27M | 31.98M | 6.07M | 3.53M | 3.74M | 3.83M | 3.59M | 2.66M | 5.45M | 2.64M | -1.7M | -400K | -2.3M |
| Net Margin % | 9.27% | 9.45% | 7.34% | 4.11% | -1.85% | -4.57% | -4.38% | 0.83% | -4.73% | 2.25% | 0.06% | 6.83% | 1.77% | 3.55% | -1.95% | -1.21% | -9.01% | 2.11% | 4.13% | 36.05% | 7.82% | 7.17% | 11.25% | 12.5% | 13.66% | 10.61% | 19.16% | 14.98% | -11.81% | -2.78% | -14.47% |
| Net Income Growth % | 27.5% | 50.64% | 139.02% | 399.1% | 56.15% | -7.97% | -509.31% | 118.28% | -283.97% | 3764.52% | -98.94% | 308.45% | -49.26% | 264.64% | -66.41% | 85.67% | -509.69% | -58.9% | -86.65% | 427.18% | 71.89% | -5.62% | -2.48% | 6.83% | 35.03% | -51.2% | 106.25% | 255.35% | -325% | 82.61% | 64.62% |
| Net Income (Continuing) | 16.41M | 16.82M | 11.17M | 4.67M | -1.56M | -3.99M | -3.3M | 1.46M | -4.27M | 2.61M | 117K | 5.85M | 1.43M | 4.23M | 1.98M | -1.41M | -7.26M | 2.13M | 5.77M | 31.98M | 6.07M | 3.53M | 3.74M | 3.83M | 3.59M | 2.66M | 5.45M | 4.41M | -1.01M | -100K | -2.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 427K | -430K | -655K | 0 | 0 | 0 | 0 | 0 | -2.43M | 0 | -278K | 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 | 1.96M | 2.8M | 2.79M | 3.05M | 2.74M | 28.7M | 24.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.24 | 1.37 | 1.00 | 0.51 | -0.20 | -0.44 | -0.37 | 0.09 | -0.50 | 0.27 | 0.01 | 0.66 | 0.16 | 0.32 | -0.19 | -0.12 | -0.82 | 0.22 | 0.65 | 4.99 | 0.98 | 0.58 | 0.67 | 0.78 | 0.77 | 0.57 | 1.13 | 0.97 | -0.38 | -0.08 | -0.50 |
| EPS Growth % | 9.32% | 37% | 96.08% | 355% | 54.55% | -18.92% | -507.49% | 118.16% | -285.19% | - | -98.94% | 312.5% | -50% | 268.42% | -58.33% | 85.37% | -472.73% | -66.15% | -86.97% | 409.18% | 68.97% | -13.43% | -14.1% | 1.3% | 35.09% | -49.56% | 16.49% | 355.26% | -375% | 84% | 66.22% |
| EPS (Basic) | - | 1.39 | 1.08 | 0.52 | -0.20 | -0.44 | -0.37 | 0.09 | -0.50 | 0.27 | 0.01 | 0.66 | 0.16 | 0.32 | -0.19 | -0.12 | -0.82 | 0.22 | 0.65 | 5.04 | 1.00 | 0.58 | 0.72 | 0.85 | 0.80 | 0.59 | 1.22 | 0.99 | -0.38 | -0.08 | -0.50 |
| Diluted Shares Outstanding | 13.2M | 12.28M | 11.22M | 9.08M | 8.91M | 8.87M | 8.87M | 8.87M | 8.86M | 8.92M | 8.83M | 8.81M | 8.83M | 8.81M | 8.81M | 8.82M | 8.82M | 7.95M | 6.57M | 6.41M | 6.16M | 6.09M | 5.58M | 4.92M | 4.65M | 4.66M | 4.82M | 4.55M | 4.47M | 5M | 4.6M |
| Basic Shares Outstanding | 12.98M | 12.08M | 10.36M | 8.96M | 8.91M | 8.87M | 8.87M | 8.87M | 8.73M | 8.85M | 8.83M | 8.81M | 8.81M | 8.8M | 8.81M | 8.82M | 8.82M | 7.92M | 6.55M | 6.34M | 6.04M | 6.04M | 5.19M | 4.51M | 4.48M | 4.47M | 4.47M | 4.45M | 4.47M | 5M | 4.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 125.21% | 4838.71% | - | 139.66% | - | - | - | - | 357.18% | - | 8.18% | 19.91% | 30.8% | 190.69% | 81.9% | - | - | - | - | - | - | - |
Geopolitical and operational concentration
As indicated by the most recent quarterly data, TATT's year-over-year revenue growth has decelerated significantly, shifting from double-digit expansion in 2024 to a contraction of 2.4% in 2026Q1, suggesting that the post-pandemic recovery in flight cycles may be losing its primary tailwind.
The transition from consistent growth to a revenue decline suggests that the company's reliance on legacy aircraft maintenance may be hitting a cyclical ceiling. Investors should monitor whether this deceleration reflects a broader softening in global MRO demand or specific project-based timing issues within the OEM segment.
Based on reported financial statements, TATT's gross margin has remained largely range-bound between 20% and 25%, indicating that despite recent revenue fluctuations, the company lacks the pricing power to significantly expand profitability amidst persistent inflationary pressures on specialized aerospace-grade materials and skilled labor costs.
The inability to push gross margins beyond the mid-20% level implies that TATT operates in a highly competitive MRO environment where airline customers exert significant downward pressure on pricing. This structural constraint suggests that margin expansion will likely require a shift toward higher-value proprietary engine coatings rather than volume growth alone.
According to the income statement, operating income has failed to scale proportionally with revenue, as evidenced by the 2026Q1 operating margin of 7.3%, which represents a contraction from the 11.4% peak observed in 2025Q3, highlighting the difficulty of diluting fixed regulatory and administrative costs.
The volatility in operating margins suggests that TATT's high fixed-cost base, necessary for maintaining FAA/EASA certifications, creates significant earnings sensitivity to even minor revenue fluctuations. This lack of consistent operating leverage warrants further investigation into the company's ability to manage SG&A expenses during periods of top-line weakness.
While the company maintains a fortress balance sheet, analysis of the income statement suggests that the reliance on Netanya-based operations and potential accumulation of slow-moving legacy inventory could pose hidden risks to future earnings quality if geopolitical instability disrupts production or necessitates significant asset impairments.
Short-sellers might focus on the disconnect between the company's cash-rich balance sheet and the recent decline in quarterly net income, which may indicate that core operational efficiency is being masked by non-operating interest income. The potential for inventory obsolescence in the legacy aerospace niche remains a critical, albeit unquantified, risk factor.
Quick answers to the most common questions about buying TATT stock.
For fiscal year 2025, TAT Technologies Ltd. (TATT) reported total revenue of $178.0M. This represents a 1019.6% increase compared to $15.9M in 1996.
TAT Technologies Ltd. (TATT) is profitable, generating $16.8M in net income for the fiscal year ending 2025 with a net profit margin of 9.4%.
TAT Technologies Ltd. (TATT) reported an operating income of $18.4M, resulting in an operating profit margin of 10.3%. This margin reflects the operational efficiency of the business before interest and taxes.
TAT Technologies Ltd. (TATT) generated $44.1M in gross profit for the year, representing a gross profit margin of 24.8%. This demonstrates the company's core pricing power and production efficiency.