Air T (AIRT)
Market Price (10/8/2026): $29.59 | Market Cap: $79.8 MilSector: Industrials | Industry: Industrial Conglomerates
Air T (AIRT)
Market Price (10/8/2026): $29.59Market Cap: $79.8 MilSector: IndustrialsIndustry: Industrial Conglomerates
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 77%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 72% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25% Megatrend and thematic driversMegatrends include Future of Freight, and Automation & Robotics. Themes include Freight Technology, and Process / Warehouse Automation. | Weak multi-year price returns3Y Excs Rtn is -50% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 298% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17% Key risksAIRT key risks include [1] a heavy reliance on FedEx, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 77%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 72% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25% |
| Megatrend and thematic driversMegatrends include Future of Freight, and Automation & Robotics. Themes include Freight Technology, and Process / Warehouse Automation. |
| Weak multi-year price returns3Y Excs Rtn is -50% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 298% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17% |
| Key risksAIRT key risks include [1] a heavy reliance on FedEx, Show more. |
Qualitative Assessment
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Air T (AIRT) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Significant Revenue Growth Driven by the Rex Acquisition.
Air T, Inc. reported a substantial increase in revenue for its fiscal Q1 2027, which ended June 30, 2026. Revenue rose by 63% year-over-year to $115.5 million, largely attributable to a $55.9 million contribution from the first full quarter of operations following the acquisition of Regional Express Holdings Pty Ltd ("Rex") in December 2025. This indicated a strong expansion in the company's operational scope and market presence.
2. Strategic Expansion through Crestone Air Partners' Acquisition of Arena Aviation Capital.
Crestone Air Partners, an Air T business, completed its acquisition of Arena Aviation Capital. This move was highlighted in an August 17, 2026 press release, noting that it expanded assets under management to over $3.6 billion and signaling growth in Air T's aviation leasing and asset management segment.
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Air T (AIRT) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Significant Revenue Growth Driven by the Rex Acquisition.
Air T, Inc. reported a substantial increase in revenue for its fiscal Q1 2027, which ended June 30, 2026. Revenue rose by 63% year-over-year to $115.5 million, largely attributable to a $55.9 million contribution from the first full quarter of operations following the acquisition of Regional Express Holdings Pty Ltd ("Rex") in December 2025. This indicated a strong expansion in the company's operational scope and market presence.
2. Strategic Expansion through Crestone Air Partners' Acquisition of Arena Aviation Capital.
Crestone Air Partners, an Air T business, completed its acquisition of Arena Aviation Capital. This move was highlighted in an August 17, 2026 press release, noting that it expanded assets under management to over $3.6 billion and signaling growth in Air T's aviation leasing and asset management segment.
3. Enhanced Financial Flexibility with Extended Bank Credit Facility.
Air T strengthened its financial position by securing an extended bank credit facility through 2029, which included additional borrowing capacity. This development, announced on September 4, 2026, improved the company's liquidity and financial flexibility.
4. Key Executive Appointment at Contrail Aviation Support.
On September 15, 2026, Air T announced the appointment of Stuart G. Weinroth as Chief Executive Officer of Contrail Aviation Support, a subsidiary focused on narrowbody engine and aircraft asset management. This strategic leadership addition is intended to drive continued growth within this key segment.
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Stock Movement Drivers
Fundamental Drivers
The 15.9% change in AIRT stock from 6/30/2026 to 10/7/2026 was primarily driven by a 41.3% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.50 | 30.71 | 15.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 327 | 372 | 13.6% |
| Net Income Margin (%) | 23.8% | 17.2% | -28.0% |
| P/E Multiple | 0.9 | 1.3 | 41.3% |
| Shares Outstanding (Mil) | 3 | 3 | 0.3% |
| Cumulative Contribution | 15.9% |
Market Drivers
6/30/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| AIRT | 15.9% | |
| Market (SPY) | 4.1% | 15.1% |
| Sector (XLI) | -9.4% | 20.9% |
Fundamental Drivers
The 40.9% change in AIRT stock from 3/31/2026 to 10/7/2026 was primarily driven by a 36.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.80 | 30.71 | 40.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 272 | 372 | 36.4% |
| P/S Multiple | 0.2 | 0.2 | 3.0% |
| Shares Outstanding (Mil) | 3 | 3 | 0.3% |
| Cumulative Contribution | 40.9% |
Market Drivers
3/31/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| AIRT | 40.9% | |
| Market (SPY) | 19.8% | 11.0% |
| Sector (XLI) | 4.0% | 5.9% |
Fundamental Drivers
The 29.5% change in AIRT stock from 9/30/2025 to 10/7/2026 was primarily driven by a 25.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.72 | 30.71 | 29.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 296 | 372 | 25.4% |
| P/S Multiple | 0.2 | 0.2 | 2.9% |
| Shares Outstanding (Mil) | 3 | 3 | 0.3% |
| Cumulative Contribution | 29.5% |
Market Drivers
9/30/2025 to 10/7/2026| Return | Correlation | |
|---|---|---|
| AIRT | 29.5% | |
| Market (SPY) | 17.6% | 13.3% |
| Sector (XLI) | 9.8% | 8.9% |
Fundamental Drivers
The 37.4% change in AIRT stock from 9/30/2023 to 10/7/2026 was primarily driven by a 38.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.35 | 30.71 | 37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 268 | 372 | 38.7% |
| P/S Multiple | 0.2 | 0.2 | -5.3% |
| Shares Outstanding (Mil) | 3 | 3 | 4.5% |
| Cumulative Contribution | 37.4% |
Market Drivers
9/30/2023 to 10/7/2026| Return | Correlation | |
|---|---|---|
| AIRT | 37.4% | |
| Market (SPY) | 88.1% | 5.3% |
| Sector (XLI) | 72.2% | 5.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AIRT Return | 1% | -2% | -32% | 18% | -4% | 61% | 24% |
| Peers Return | 20% | 8% | 11% | 15% | 28% | 3% | 119% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| AIRT Win Rate | 42% | 50% | 33% | 50% | 42% | 70% | |
| Peers Win Rate | 58% | 48% | 45% | 55% | 55% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AIRT Max Drawdown | -43% | -50% | -42% | -49% | -28% | -21% | |
| Peers Max Drawdown | -17% | -25% | -19% | -16% | -21% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HEI, TXT, AIR, RTX, HON.
[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] 2026 data is for the year up to 10/7/2026 (YTD)
How Low Can It Go
| Event | AIRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.2% | -18.8% |
| % Gain to Breakeven | 32.0% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.1% | -7.8% |
| % Gain to Breakeven | 11.2% | 8.5% |
| Time to Breakeven | 307 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.0% | -9.5% |
| % Gain to Breakeven | 40.9% | 10.5% |
| Time to Breakeven | 132 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.4% | -6.7% |
| % Gain to Breakeven | 19.7% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.7% | -24.5% |
| % Gain to Breakeven | 77.6% | 32.4% |
| Time to Breakeven | 150 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.0% | -33.7% |
| % Gain to Breakeven | 88.8% | 50.9% |
| Time to Breakeven | 275 days | 140 days |
In The Past
Air T's stock fell -24.2% during the 2025 US Tariff Shock. Such a loss loss requires a 32.0% gain to breakeven.
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Asset Allocation
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| Event | AIRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.2% | -18.8% |
| % Gain to Breakeven | 32.0% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.0% | -9.5% |
| % Gain to Breakeven | 40.9% | 10.5% |
| Time to Breakeven | 132 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.7% | -24.5% |
| % Gain to Breakeven | 77.6% | 32.4% |
| Time to Breakeven | 150 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.0% | -33.7% |
| % Gain to Breakeven | 88.8% | 50.9% |
| Time to Breakeven | 275 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.1% | -19.2% |
| % Gain to Breakeven | 43.2% | 23.8% |
| Time to Breakeven | 159 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.2% | -12.2% |
| % Gain to Breakeven | 33.6% | 13.9% |
| Time to Breakeven | 26 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -36.0% | -53.4% |
| % Gain to Breakeven | 56.2% | 114.4% |
| Time to Breakeven | 184 days | 1085 days |
In The Past
Air T's stock fell -24.2% during the 2025 US Tariff Shock. Such a loss loss requires a 32.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Air T (AIRT)
Air T, Inc. (AIRT) is a diversified holding company primarily engaged in various sectors of the aviation industry. Its operations span three main areas: overnight air cargo logistics, ground support equipment manufacturing and sales, and commercial aircraft, engine, and parts solutions.
The company's Overnight Air Cargo segment provides air express delivery services, notably operating a fleet of aircraft under dry-lease agreements with FedEx. Its Ground Equipment Sales segment manufactures and services a range of specialized equipment, including aircraft deicers, tow tractors, and decontamination units, serving passenger and cargo airlines, ground handlers, airports, and the U.S. Air Force. Furthermore, Air T's Commercial Aircraft, Engines and Parts segment offers comprehensive services such as aircraft trading, leasing, storage, and disassembly, alongside the sale, exchange, and repair of a wide array of commercial aircraft parts, engines, avionics, and composite structures for diverse civilian and military aircraft applications.
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It's like a specialized **Ryder or Penske** for cargo aircraft, dry-leasing planes to logistics giants like FedEx.
Think of it as a niche **Caterpillar or John Deere**, manufacturing and servicing specialized ground equipment for airports and airlines.
It's like the **LKQ Corporation** for commercial aircraft, dealing in parts sales, exchanges, and overhaul services, as well as aircraft trading and storage.
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- Overnight Air Cargo Services: Provides air express delivery services.
- Ground Support Equipment Sales and Service: Manufactures, sells, and services specialized equipment for aircraft and industrial use, such as deicers and tow tractors.
- Commercial Aircraft, Engine, and Parts Solutions: Offers trading, leasing, sales, exchange, procurement, and overhaul/repair services for commercial aircraft, engines, and parts.
- Aircraft Disassembly and Part-out Services: Provides commercial aircraft storage, maintenance, and disassembly for parts.
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Air T (AIRT) sells primarily to other companies and organizations. Its major customers include:
- FedEx (FDX): A major customer for its Overnight Air Cargo segment, with 66 aircraft under dry-lease agreements.
The company also serves a variety of other corporate and organizational customers across its segments. These customer categories include:
- Passenger and cargo airlines
- Ground handling companies
- The United States Air Force
- Airports
- Industrial customers
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Nick Swenson, Chairman & CEO
Nick Swenson joined the Air T, Inc. Board of Directors in August 2012, became Chairman in August 2013, served as interim CEO in October 2013, and was appointed Chief Executive Officer in February 2014. He is the managing member of AO Partners, LLC, which is the general partner of AO Partners I, L.P., a significant shareholder of Air T. Prior to his tenure at Air T, Mr. Swenson was a portfolio manager and partner at Whitebox Advisors, LLC from 2001 to 2009. He also served as a Research Analyst at Varde Partners, LLC, a hedge fund specializing in distressed debt, from 1999 to 2001. Mr. Swenson founded Groveland Capital LLC in 2009, where he served as CEO and Portfolio Manager, and also founded Whitebox Hedged High Yield Fund Ltd. and Whitebox Combined Fund. His work at Whitebox Advisors was noted in Michael Lewis's book "The Big Short" for his accurate navigation of the subprime mortgage market. He has also held board positions at other public companies, including Chairman of Pro-Dex Inc. and a director of Lendway, Inc.
Tracy Kennedy, Chief Financial Officer
Tracy Kennedy was appointed Chief Financial Officer of Air T, Inc., effective October 16, 2024. She has been with Air T for over six years, progressing through roles as Director of Accounting, Corporate Controller, and most recently Chief Accounting Officer. Prior to joining Air T, Ms. Kennedy was a Controller-Business Unit at Driven Brands, Inc. and a Senior Audit professional at Deloitte & Touche LLP. She holds a graduate degree from Lee University and an MBA from The Wake Forest University School of Business.
Mark Jundt, General Counsel
Mark Jundt joined Air T as General Counsel in May 2018. He brings 15 years of legal experience, including expertise in mergers, acquisitions, litigation, risk management, securities law, and commercial arrangements. Before joining Air T, Mr. Jundt served as Principal Legal Counsel, International and Global Disputes, for CHS Inc., a Fortune 100 company. He previously oversaw Litigation and Employment Law at RSM, an international accounting firm, and began his legal career as a commercial attorney at Blackwell Burke. Mr. Jundt has also served on the Board of Directors of Lendway, Inc. since November 2022, becoming its Chair in August 2023, and was appointed Co-Chief Executive Officer of Lendway, Inc. effective July 1, 2024.
Katrina Philp, Chief Of Staff
Katrina Philp serves as the Chief of Staff at Air T, Inc.
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The key risks to Air T's business are:
Significant Reliance on FedEx: Air T's Overnight Air Cargo segment, a core part of its operations, has a substantial dependency on FedEx, with 66 aircraft under dry-lease agreements as of March 31, 2021. This creates a considerable customer concentration risk. Any changes in FedEx's operational strategy, financial health, or decision to reduce its reliance on third-party leased aircraft could materially and adversely impact Air T's revenue and profitability from this segment.
Cyclicality and Dependence on the Aviation and Air Cargo Industries: All of Air T's business segments—Overnight Air Cargo, Ground Equipment Sales, and Commercial Aircraft, Engines and Parts—are intrinsically linked to the broader health and cyclical nature of the aviation and air cargo industries. Economic downturns, fluctuations in global trade, changes in air travel demand, or reduced capital expenditures by airlines, airports, and cargo operators could negatively affect demand for air express services, ground support equipment, and commercial aircraft/parts trading, leasing, and repair services.
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The industry-wide transition towards electric and autonomous ground support equipment (GSE) poses an emerging threat to Air T's Ground Equipment Sales segment. This shift, driven by environmental regulations and operational efficiency demands from airports and airlines, could reduce demand for traditional, non-electric, or manually operated equipment that Air T currently manufactures, sells, and services.
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Air T (symbol: AIRT) operates in several distinct markets, each with significant addressable opportunities.
Overnight Air Cargo Services
The global air cargo market, which includes air express delivery services, was valued at approximately USD 172.74 billion in 2024 and is projected to reach USD 273.50 billion by 2032. North America held a substantial share of this market, valued at USD 55.45 billion in 2024, representing 32.10% of the global air cargo market. Another estimate for the global air cargo market indicated a size of USD 186.24 billion in 2025, with North America accounting for over 40% of this revenue, reaching USD 74.50 billion. Specifically for the U.S., the air freight transport market was estimated at USD 64.06 billion in 2025 and is projected to grow to USD 91.81 billion by 2034.
Ground Equipment Sales
The global market for aircraft ground support equipment (GSE), which includes products like deicers, lifts, and tow tractors, was valued at USD 6.15 billion in 2024 and is projected to grow to USD 7.45 billion by 2029. Other estimates place the global GSE market at USD 10 billion in 2025, expanding to USD 19.7 billion by 2035, or USD 11.7 billion in 2025, reaching USD 18.6 billion by 2032. North America holds the largest market share in the aircraft ground support equipment market, accounting for 41.1% in 2025. The U.S. ground support equipment market alone is projected to reach USD 1.98 billion by 2026.
Commercial Aircraft, Engines, and Parts
Air T's involvement in commercial aircraft trading, leasing, parts solutions, and MRO services positions it within the broader commercial aircraft MRO and aircraft parts markets.
- Commercial Aircraft MRO (Maintenance, Repair, and Overhaul): The global commercial aircraft MRO market is estimated at USD 100.99 billion in 2026 and is projected to reach USD 128.17 billion by 2031. Another assessment valued the global commercial aircraft MRO services market at USD 110.7 billion in 2023, with an expected increase to USD 146.9 billion by 2032. North America's aircraft MRO market held over 25% of the global revenue share in 2024.
- Aircraft Parts (including aftermarket and PMA parts): The global aircraft parts market was valued at approximately USD 702.19 billion in 2024 and is expected to grow to USD 1,091.20 billion by 2033. North America constituted about 37.9% of this global market in 2024. More specifically, the U.S. aircraft parts market was valued at USD 228.6 billion in 2024. The global aircraft aftermarket parts market was valued at USD 48.71 billion in 2024 and is projected to reach USD 93.52 billion by 2032. The global commercial aircraft parts manufacturer approval (PMA) market was valued at USD 11.4 billion in 2024 and is estimated to reach USD 15.6 billion by 2033.
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Share Repurchases
No recent share repurchases or authorized share repurchase programs within the last 3-5 years were explicitly identified in the provided information.Share Issuance
- Air T, Inc. announced its intent to raise additional capital through Trust Preferred Securities in February 2026.
- Shareholders are set to consider an amendment on August 14, 2025, to increase the authorized preferred stock from 2 million to 4 million shares.
- In June 2025, Air T, Inc. secured a Third Note Purchase Agreement for a Multiple Advance Senior Secured Note of up to $100 million, carrying an 8.5% annual interest rate and maturing on May 31, 2035.
Inbound Investments
- Air T announced a $100 million multi-year financing agreement with institutional investors in June 2025.
Outbound Investments
- On December 18, 2025, a wholly-owned subsidiary of Air T completed the acquisition of substantially all assets and operations of Rex Express Holdings Ltd., marking the company's entry into the Australian regional airline market.
- On May 15, 2025, Mountain Air Cargo, Inc., a wholly-owned subsidiary, acquired Royal Aircraft Services, LLC for $1,050,000 to enhance aircraft maintenance, repair, and overhaul services.
- On January 31, 2023, the Company acquired WASI, an aircraft repair station specializing in medium passenger regional jets, turboprops, cargo, and other operators.
Capital Expenditures
- Capital expenditures in the most recent quarter (as of early 2026 reporting) totaled -$0.78 million.
Peer Outperformance in Industrial Conglomerates
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AIRT | Air T | 11.9% | 1.3x | 39.6% | 36.8% | 14.7% | — |
| CSW | CSW Industrials | 15.7% | 38.7x | 18.4% | 63.1% | 115.0% | +100pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 6.0% | 120.4% | 193.1% | STRL 2186% · FIX 2165% · CDNL 1905% |
| Marine Transportation | 5 | 95.0% | 69.1% | 164.2% | HOS 39216% · MATX 189% · KEX 164% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 0.1% | 46.2% | 94.6% | CAT 354% · ALSN 235% · WAB 224% |
| Aerospace & Defense | 54 | -15.1% | 58.5% | 60.7% | ATI 1016% · FTAI 869% · HWM 614% |
| Industrial Machinery & Supplies & Components | 72 | 9.7% | 47.8% | 46.9% | PSIX 1241% · CRS 1144% · EROC 652% |
| Rail Transportation | 7 | 21.0% | 57.9% | 42.0% | FSTR 128% · CSX 53% · RAIL 48% |
| Trading Companies & Distributors | 19 | 2.5% | 33.8% | 41.5% | DXPE 471% · AIT 263% · WCC 224% |
| Electrical Components & Equipment | 39 | 3.3% | 57.2% | 28.9% | POWL 2375% · BE 1421% · VRT 1004% |
| Cargo Ground Transportation | 16 | 35.1% | 1.5% | 28.4% | XPO 279% · R 215% · CVLG 145% |
| Diversified Support Services | 33 | 6.0% | 20.6% | 22.4% | LIME 3003% · TH 362% · CXW 239% |
| Building Products | 33 | -14.6% | 2.2% | 17.2% | LMB 723% · GFF 349% · PPIH 267% |
| Industrial Conglomerates ← | 17 | 6.7% | 3.5% | -2.8% | RCMT 568% · CSW 115% · DD 71% |
| Agricultural & Farm Machinery | 17 | 11.4% | -1.9% | -9.1% | BLBD 176% · DE 104% · GENC 58% |
| Environmental & Facilities Services | 30 | -28.4% | 16.7% | -10.3% | CECO 898% · ADUR 404% · NVRI 318% |
| Security & Alarm Services | 9 | -36.8% | 38.4% | -14.6% | CIX 164% · MG 115% · BCO 70% |
| Research & Consulting Services | 13 | -9.7% | -27.8% | -15.8% | HURN 211% · CRAI 74% · GRNQ 24% |
| Passenger Ground Transportation | 3 | -26.3% | 40.7% | -16.1% | UBER 43% · CAR -16% · LYFT -72% |
| Office Services & Supplies | 9 | 21.3% | 18.5% | -25.4% | PBI 176% · TILE 126% · HNI 45% |
| Data Processing & Outsourced Services | 6 | -34.0% | -13.9% | -26.7% | EXLS 41% · BR 4% · G -24% |
| Passenger Airlines | 11 | 12.1% | 20.7% | -33.8% | LTM 3387% · UAL 124% · DAL 98% |
| Air Freight & Logistics | 12 | -22.2% | -29.0% | -37.4% | FDX 79% · EXPD 77% · CHRW 68% |
| Human Resource & Employment Services | 22 | 6.2% | -20.8% | -42.6% | BBSI 64% · ADP 43% · KFY 3% |
| Airport Services | 3 | -77.8% | -78.5% | -72.1% | JOBY -37% · ASLE -72% · UP -100% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 139.87 |
| Mkt Cap | 27.0 |
| Rev LTM | 10,238 |
| Op Inc LTM | 1,135 |
| FCF LTM | 895 |
| FCF 3Y Avg | 743 |
| CFO LTM | 1,174 |
| CFO 3Y Avg | 982 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.3% |
| Rev Chg 3Y Avg | 10.9% |
| Rev Chg Q | 18.8% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 25.0% |
| Op Inc Chg 3Y Avg | 29.0% |
| Op Mgn LTM | 9.6% |
| Op Mgn 3Y Avg | 7.7% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 11.1% |
| CFO/Rev 3Y Avg | 10.1% |
| FCF/Rev LTM | 8.0% |
| FCF/Rev 3Y Avg | 6.7% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Overnight Air Cargo | 129 | 125 | 116 | 91 | 74 |
| Commercial Aircraft, Engines and Parts | 90 | 119 | 128 | 102 | 58 |
| Regional Airline | 55 | 0 | |||
| Ground Support Equipment | 47 | 39 | 37 | 48 | 42 |
| Digital Solutions | 9 | 7 | 6 | 7 | 3 |
| Other revenue | 5 | 4 | 4 | ||
| Elimination of intersegment revenue | -8 | -2 | -3 | ||
| Total | 327 | 292 | 287 | 247 | 177 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Overnight Air Cargo | 7 | 4 | 3 | 2 | 1 |
| Commercial Aircraft, Engines and Parts | 4 | -1 | 4 | -11 | 8 |
| Ground Support Equipment | -2 | 3 | 3 | 9 | 7 |
| Digital Solutions | -8 | -11 | -1 | -9 | -9 |
| Total | 1 | -4 | 9 | -9 | 7 |
| $ Mil | 2010 | 2009 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|
| Ground Support Equipment | 10 | 12 | |||
| Corporate | 9 | 8 | |||
| Overnight Air Cargo | 7 | 7 | 6 | 6 | 7 |
| Ground Support Services | 4 | 2 | |||
| Ground Equipmemt | 13 | 13 | 10 | ||
| Total | 30 | 29 | 19 | 19 | 17 |
Price Behavior
| Market Price | $30.71 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 04/24/1984 | |
| Distance from 52W High | -10.4% | |
| 50 Days | 200 Days | |
| DMA Price | $29.03 | $22.60 |
| DMA Trend | up | up |
| Distance from DMA | 5.8% | 35.9% |
| 3M | 1YR | |
| Volatility | 71.2% | 64.7% |
| Downside Capture | -64.90 | 24.96 |
| Upside Capture | 11.67 | 64.15 |
| Correlation (SPY) | 10.4% | 12.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.59 | 1.04 | 1.05 | 0.54 | 0.50 | 0.21 |
| Up Beta | 0.26 | 4.44 | 3.82 | 1.15 | 0.76 | -0.23 |
| Down Beta | 4.30 | 3.44 | 1.39 | 0.89 | 0.96 | 0.71 |
| Up Capture | 227% | -29% | 21% | 41% | 21% | 6% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 20 | 31 | 50 | 98 | 323 |
| Down Capture | 351% | -53% | -18% | -19% | 24% | 40% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 21 | 29 | 49 | 88 | 317 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIRT | |
|---|---|---|---|---|
| AIRT | 13.4% | 66.5% | 0.56 | - |
| Sector ETF (XLI) | 9.2% | 17.5% | 0.34 | 9.4% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 13.4% |
| Gold (GLD) | 3.2% | 29.5% | 0.11 | 9.8% |
| Commodities (DBC) | 44.6% | 20.9% | 1.66 | -1.8% |
| Real Estate (VNQ) | 1.6% | 13.7% | -0.13 | -3.0% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 6.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIRT | |
|---|---|---|---|---|
| AIRT | -7.9% | 64.4% | 0.11 | - |
| Sector ETF (XLI) | 12.6% | 17.6% | 0.54 | 16.1% |
| Equity (SPY) | 13.8% | 17.1% | 0.62 | 16.2% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 0.9% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 2.6% |
| Real Estate (VNQ) | 0.8% | 18.8% | -0.07 | 5.8% |
| Bitcoin (BTCUSD) | 15.5% | 52.2% | 0.46 | 6.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIRT | |
|---|---|---|---|---|
| AIRT | 8.1% | 118.7% | 0.39 | - |
| Sector ETF (XLI) | 13.1% | 20.1% | 0.57 | 8.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 9.5% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 0.8% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 4.1% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 8.2% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 4.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | -5.5% | -2.3% | 0.1% |
| 2/13/2026 | -2.0% | -4.6% | -0.8% |
| 11/12/2025 | 0.3% | -7.1% | -4.4% |
| 8/13/2025 | 2.2% | 7.5% | 17.3% |
| 6/27/2025 | -2.1% | 0.1% | 4.6% |
| 2/12/2025 | -1.5% | -1.4% | -10.8% |
| 11/12/2024 | 23.2% | 21.3% | 40.8% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 4 |
| # Negative | 4 | 4 | 3 |
| Median Positive | 2.2% | 7.5% | 10.9% |
| Median Negative | -2.0% | -3.4% | -4.4% |
| Max Positive | 23.2% | 21.3% | 40.8% |
| Max Negative | -5.5% | -7.1% | -10.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | -5.5% | -2.3% | 0.1% |
| 2/13/2026 | -2.0% | -4.6% | -0.8% |
| 11/12/2025 | 0.3% | -7.1% | -4.4% |
| 8/13/2025 | 2.2% | 7.5% | 17.3% |
| 6/27/2025 | -2.1% | 0.1% | 4.6% |
| 2/12/2025 | -1.5% | -1.4% | -10.8% |
| 11/12/2024 | 23.2% | 21.3% | 40.8% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 4 |
| # Negative | 4 | 4 | 3 |
| Median Positive | 2.2% | 7.5% | 10.9% |
| Median Negative | -2.0% | -3.4% | -4.4% |
| Max Positive | 23.2% | 21.3% | 40.8% |
| Max Negative | -5.5% | -7.1% | -10.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 06/29/2026 | 10-K |
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 06/27/2025 | 10-K |
| 12/31/2024 | 02/12/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 06/26/2024 | 10-K |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 06/27/2023 | 10-K |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 06/29/2026 | 10-K |
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 06/27/2025 | 10-K |
| 12/31/2024 | 02/12/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 06/26/2024 | 10-K |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 06/27/2023 | 10-K |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 06/28/2022 | 10-K |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 06/25/2021 | 10-K |
| 12/31/2020 | 02/12/2021 | 10-Q |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 06/26/2020 | 10-K |
| 12/31/2019 | 02/13/2020 | 10-Q |
| 09/30/2019 | 11/13/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q1 2027 Earnings Reported 8/14/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 U.S. military order timing | Reported | |||||||
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Conglomerates Resources |
| Bloomberg Businessweek |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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