Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About AIRO Interactive Breakdown Better Bets vs. AIRO Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

AIRO (AIRO)

Market Price (10/31/2025): $16.41 | Market Cap: $303.4 Mil
Sector: Industrials | Industry: Aerospace & Defense

AIRO (AIRO)

Market Price (10/31/2025): $16.41
Market Cap: $303.4 Mil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 194%		  Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -40%
1   Stock price has recently run up significantly
6M Rtn6 month market price return is 309%, 12M Rtn12 month market price return is 309%
2   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 155%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%
4   High stock price volatility
Vol 12M is 505%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 194%
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -40%
2 Stock price has recently run up significantly
6M Rtn6 month market price return is 309%, 12M Rtn12 month market price return is 309%
3 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 155%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.1%
5 High stock price volatility
Vol 12M is 505%

Market Valuation & Key Metrics

AIROS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)0.1
Rev Chg Q347.5%6.4%
Rev Chg LTM193.9%5.4%
Rev Chg 3Y Avg193.9%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-0.0
CFO LTM ($ Bil)�
Net Inc LTM ($ Bil)-0.0
Op Mgn LTM-40.4%18.7%
Net Inc Mgn-2.8%12.8%
VALUATIONHIGH
P/S5.13.2
P/E-184.023.6
STABILITYGOOD
Debt/Equity0.060.21
Cash/Assets0.050.07

AIRO Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
The 308.8% change in AIRO stock from 5/1/2025 to 10/30/2025 was primarily driven by a 244.0% change in the company's P/S Multiple.

501202510302025Change
Stock Price ($)4.0016.35308.75%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)33.5639.8918.83%
P/S Multiple2.9710.20243.97%
Shares Outstanding (Mil)24.8924.890.00%
Cumulative Contribution308.75%

LTM = Last Twelve Months as of date shown
The 308.8% change in AIRO stock from 10/30/2024 to 10/30/2025 was primarily driven by a 244.0% change in the company's P/S Multiple.

1030202410302025Change
Stock Price ($)4.0016.35308.75%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)33.5639.8918.83%
P/S Multiple2.9710.20243.97%
Shares Outstanding (Mil)24.8924.890.00%
Cumulative Contribution308.75%

LTM = Last Twelve Months as of date shown
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
AIRO Return-7%0%0%0%0%309%306%
Peers Return-11%-2%-3%14%35%35%78%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
AIRO Win Rate8%0%0%0%0%22% 
Peers Win Rate8%8%10%16%15%27% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
AIRO Max Drawdown-19%0%0%0%0%0% 
Peers Max Drawdown-15%-5%-7%-0%-8%-15% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FLY, ATRO, DFSC, PEW, PRZO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventAIROS&P 500
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-58.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven141.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1954 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-43.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven75.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven53 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-98.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven7085.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven533 days1480 days

Compare to FLY, ATRO, DFSC, PEW, PRZO


In The Past

AIRO's stock fell -58.6% during the 2020 Covid Pandemic from a high on 1/24/2020. A -58.6% loss requires a 141.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AIRO (AIRO)

Better Bets than AIRO (AIRO)

 AIROBetter Performance than AIRO
MetricValueIndustry (Aerospace & Defense)
Rev Chg LTM193.9%
Op Mgn LTM-40.4%GE (20.5%), RTX (10.3%), BA (-10.4%), LMT (8.2%), GD (10.3%)
Total Yield-0.5%GE (2.5%), RTX (4.2%), LMT (5.8%), GD (6.2%), NOC (5.6%)
 AIROBetter Performance than AIRO
MetricValueAll Other Sectors
Rev Chg LTM193.9%NBIS (542.6%), ASTS (249.4%), NLY (375.8%), MDGL (3422.0%), CYTK (2635.7%)
Op Mgn LTM-40.4%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
Total Yield-0.5%NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)
 Best Bets In Industrials Sector
 AIROGATX VRSK ADT CPRT NDSN TDG PCTY FTV VRRM CSL
What You Pay           
P/E-183.317.832.911.726.528.839.336.828.173.311.4
P/EBIT26.98.522.55.624.219.519.127.813.721.712.6
What You Get           
Rev Chg Q347.5%11.3%5.9%6.8%5.2%12.1%9.3%12.2%2.3%16.1%-0.1%
Rev Chg LTM193.9%11.7%7.3%6.6%9.7%4.5%12.8%7.0%27.9%8.5%4.4%
Rev Chg 3Y Avg�9.8%13.4%2.6%9.9%3.6%18.2%22.7%9.4%9.1%5.2%
FCF/Rev 3Y Avg�38.6%33.2%24.1%23.7%21.5%20.8%20.5%20.1%19.0%18.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

Trade Ideas

Select past ideas related to AIRO. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		4.4%4.4%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.0%-6.0%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-12.9%-12.9%-12.9%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.2%-7.2%-7.2%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		31.9%31.9%-1.2%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		4.4%4.4%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.0%-6.0%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-12.9%-12.9%-12.9%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.2%-7.2%-7.2%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		31.9%31.9%-1.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for AIRO

Financials

AIROFLYATRODFSCPEWPRZOMedian
NameAIRO Firefly .AstronicsDEFSEC T.GrabAGun.ParaZero. 
Mkt Price16.3524.4549.094.354.591.3810.47
Mkt Cap0.3-1.7---1.0
Rev LTM591018234--80
Op Inc LTM-24-21135-9---16
FCF LTM--19936-9---9
FCF 3Y Avg---9-11---10
CFO LTM--16548-9---9
CFO 3Y Avg--1-10---5

Growth & Margins

AIROFLYATRODFSCPEWPRZOMedian
NameAIRO Firefly .AstronicsDEFSEC T.GrabAGun.ParaZero. 
Rev Chg LTM193.9%-11.0%166.4%--166.4%
Rev Chg 3Y Avg--20.5%94.3%--57.4%
Rev Chg Q347.5%-3.3%330.2%--330.2%
QoQ Delta Rev Chg LTM47.8%-0.8%35.8%--35.8%
Op Mgn LTM-40.4%-209.3%4.3%-209.1%---124.8%
Op Mgn 3Y Avg--0.6%-699.5%---349.4%
QoQ Delta Op Mgn LTM-11.8%--0.4%86.7%---0.4%
CFO/Rev LTM--164.1%5.8%-212.3%---164.1%
CFO/Rev 3Y Avg---0.5%-716.7%---358.6%
FCF/Rev LTM--197.5%4.4%-216.3%---197.5%
FCF/Rev 3Y Avg---1.8%-777.8%---389.8%

Valuation

AIROFLYATRODFSCPEWPRZOMedian
NameAIRO Firefly .AstronicsDEFSEC T.GrabAGun.ParaZero. 
Mkt Cap0.3-1.7---1.0
P/S5.1-2.1---3.6
P/EBIT26.9-49.2---38.0
P/E-183.3--466.2----324.8
P/CFO--36.4---36.4
Total Yield-0.5%--0.2%----0.4%
Dividend Yield0.0%-0.0%---0.0%
FCF Yield 3Y Avg---2.1%----2.1%
D/E0.1-0.1---0.1
Net D/E-0.1-0.1---0.0

Returns

AIROFLYATRODFSCPEWPRZOMedian
NameAIRO Firefly .AstronicsDEFSEC T.GrabAGun.ParaZero. 
1M Rtn-14.8%-16.6%7.6%22.2%-1.5%-12.7%-7.1%
3M Rtn-23.0%-35.9%5.6%-28.5%-24.6%-23.0%
6M Rtn308.8%-113.2%--59.5%113.2%
12M Rtn308.8%-167.8%--127.4%167.8%
3Y Rtn308.8%-430.1%---369.4%
1M Excs Rtn-17.9%-10.0%7.5%13.1%-1.9%-18.5%-5.9%
3M Excs Rtn-28.1%-33.9%-3.0%-38.1%-22.0%-22.0%
6M Excs Rtn287.0%-91.4%--37.7%91.4%
12M Excs Rtn291.6%-149.9%--103.6%149.9%
3Y Excs Rtn232.0%-398.0%---315.0%

Financials

$ Mil | FY: 12/312025Q22024Q22024Q12023Q22023Q12022Q42022Q3
Period End6/30/20256/30/20243/31/20246/30/20233/31/202312/31/20229/30/2022
Filing Date8/13/20258/13/20257/10/20248/31/20236/30/20238/31/20234/6/2023
Key Financials Quarterly       
Total Revenue25101411534
Ebitda16-133-14-160
Operating Income-20-3-0-1-7-11-7
Net Income6-6-20-18-19-2
EPS0.32-0.23-0.080.00-0.74-0.76-0.08
Key Financials TTM       
Total Revenue TTM59403423201717
Ebitda TTM21-10-25-27-37-23-11
Operating Income TTM-24-11-20-26-33-27-17
Net Income TTM-2-26-39-39-42-26-12
Growth Rates Quarterly       
Total Revenue Growth347.5%182.8%277.3%45.6%118.6%13.4%-
EBITDA Growth210.8%93.5%494.4%147.9%-2781.4%-258.5%-
Operating Income Growth-169.8%76.1%93.1%88.2%-753.1%-1319.9%-
Net Income Growth132.1%70.5%-4.5%103.1%-928.3%-234.7%-
Margins Quarterly       
EBITDA Margin64.9%-10.7%18.9%30.5%-262.3%-465.4%12.0%
Operating Income Margin-80.2%-27.5%-3.4%-8.9%-133.0%-325.9%-183.6%
Net Income Margin23.9%-57.3%-14.6%0.8%-333.6%-548.0%-52.8%
Cash & Debt       
Total Cash40-83111
Total Debt1903230333129
Net Debt / (Cash)-22-2427323028
Cash Flows Quarterly       
FCF from Operations--5-3-19-2-2
Cash Flows TTM       
FCF from Operations TTM-0344-5-4
Returns to Shareholders Quarterly       
Dividends0000000
Share Repurchases-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly       
ROIC-6.8%--0.2%-1.2%-9.0%-5.4%-4.3%
Return on Invested Capital (ROIC) TTM       
ROIC TTM-2.8%--2.5%-7.6%-8.1%-2.4%-2.8%

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity569,947
Short Interest: % Change Since 9302025-67.6%
Average Daily Volume951,425
Days-to-Cover Short Interest1
Basic Shares Quantity18,490,316
Short % of Basic Shares3.1%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/14/20255.5%1.4%-7.4%
SUMMARY STATS   
# Positive110
# Negative001
Median Positive5.5%1.4% 
Median Negative  -7.4%
Max Positive5.5%1.4% 
Max Negative  -7.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025813202510-Q 6/30/2025
123120242212025S-1 12/31/2024
123120237102024424B3 12/31/2023
33120236302023S-4/A 3/31/2023
123120228312023S-4/A 12/31/2022
123120214062023DRS 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0KATHURIA CHIRINJEEVExecutive Chairman9162025Sell17.39103,7331,803,91716,235,269Form
1New Generation Aerospace, LLC9162025Sell17.39405,6347,053,97563,485,847Form
2Burns Joseph DChief Executive Officer9162025Sell17.39179,8003,126,72228,140,533Form
3Uczekaj JohnPresident and COO9162025Sell17.392,22538,693348,322Form

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