Astronics (ATRO)
Market Price (9/14/2026): $73.925 | Market Cap: $3.2 BilSector: Industrials | Industry: Aerospace & Defense
Astronics (ATRO)
Market Price (9/14/2026): $73.925Market Cap: $3.2 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include Advanced Aviation & Space. Themes include In-Flight Entertainment & Connectivity, Aerospace Power & Cabin Systems, and Aerospace Test Solutions. | Key risksATRO key risks include [1] the drag on overall profitability from its consistently underperforming Test Systems segment and [2] a heavy debt load combined with high planned capital expenditures creating a near-term liquidity threat. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space. Themes include In-Flight Entertainment & Connectivity, Aerospace Power & Cabin Systems, and Aerospace Test Solutions. |
| Key risksATRO key risks include [1] the drag on overall profitability from its consistently underperforming Test Systems segment and [2] a heavy debt load combined with high planned capital expenditures creating a near-term liquidity threat. |
Qualitative Assessment
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Updated on 9/1/2026
Astronics (ATRO) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Ex-Distribution Price Adjustment.
Astronics Corporation's stock experienced a significant mechanical decline of approximately 16.67% in premarket trading on June 15, 2026. This decline was a direct result of an ex-distribution price adjustment, coinciding with the record date for the company's previously announced 20% Class B stock distribution. This technical adjustment accounts for a substantial portion of the stock's overall loss since May 31, 2026.
2. Persistent Overvaluation Concerns.
Despite reporting strong operational performance in its fiscal Q2 2026, which ended July 4, 2026, the stock has been perceived as significantly overvalued. This sentiment likely constrained the stock's ability to fully recover from the ex-distribution event. As of August 26, 2026, Astronics was trading 275.2% above its estimated intrinsic value, according to GuruFocus. This persistent overvaluation, even after the initial drop, likely limited investor appetite for further price appreciation.
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Astronics (ATRO) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Ex-Distribution Price Adjustment.
Astronics Corporation's stock experienced a significant mechanical decline of approximately 16.67% in premarket trading on June 15, 2026. This decline was a direct result of an ex-distribution price adjustment, coinciding with the record date for the company's previously announced 20% Class B stock distribution. This technical adjustment accounts for a substantial portion of the stock's overall loss since May 31, 2026.
2. Persistent Overvaluation Concerns.
Despite reporting strong operational performance in its fiscal Q2 2026, which ended July 4, 2026, the stock has been perceived as significantly overvalued. This sentiment likely constrained the stock's ability to fully recover from the ex-distribution event. As of August 26, 2026, Astronics was trading 275.2% above its estimated intrinsic value, according to GuruFocus. This persistent overvaluation, even after the initial drop, likely limited investor appetite for further price appreciation.
Show more
Updated on 9/1/2026
Astronics (ATRO) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Ex-Distribution Price Adjustment.
Astronics Corporation's stock experienced a significant mechanical decline of approximately 16.67% in premarket trading on June 15, 2026. This decline was a direct result of an ex-distribution price adjustment, coinciding with the record date for the company's previously announced 20% Class B stock distribution. This technical adjustment accounts for a substantial portion of the stock's overall loss since May 31, 2026.
2. Persistent Overvaluation Concerns.
Despite reporting strong operational performance in its fiscal Q2 2026, which ended July 4, 2026, the stock has been perceived as significantly overvalued. This sentiment likely constrained the stock's ability to fully recover from the ex-distribution event. As of August 26, 2026, Astronics was trading 275.2% above its estimated intrinsic value, according to GuruFocus. This persistent overvaluation, even after the initial drop, likely limited investor appetite for further price appreciation.
3. Broader Aerospace and Defense Sector Caution.
While the aerospace and defense sector generally showed signs of increased activity, investor caution in certain areas likely contributed to the stock's limited recovery. In fiscal Q2 2026, private equity deal value in the aerospace and defense sector fell almost 58% year-over-year, with investors leaning into smaller growth-equity checks and bolt-ons instead of large platform buyouts. This shift suggests a more selective and cautious investment environment within the industry, which may have tempered a stronger rebound for Astronics, even amidst its company-specific positive developments like record Q2 sales of $260.0 million and an earnings per share of $0.75, which beat consensus estimates by $0.11.
Show less
Astronics (ATRO) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Ex-Distribution Price Adjustment.
Astronics Corporation's stock experienced a significant mechanical decline of approximately 16.67% in premarket trading on June 15, 2026. This decline was a direct result of an ex-distribution price adjustment, coinciding with the record date for the company's previously announced 20% Class B stock distribution. This technical adjustment accounts for a substantial portion of the stock's overall loss since May 31, 2026.
2. Persistent Overvaluation Concerns.
Despite reporting strong operational performance in its fiscal Q2 2026, which ended July 4, 2026, the stock has been perceived as significantly overvalued. This sentiment likely constrained the stock's ability to fully recover from the ex-distribution event. As of August 26, 2026, Astronics was trading 275.2% above its estimated intrinsic value, according to GuruFocus. This persistent overvaluation, even after the initial drop, likely limited investor appetite for further price appreciation.
3. Broader Aerospace and Defense Sector Caution.
While the aerospace and defense sector generally showed signs of increased activity, investor caution in certain areas likely contributed to the stock's limited recovery. In fiscal Q2 2026, private equity deal value in the aerospace and defense sector fell almost 58% year-over-year, with investors leaning into smaller growth-equity checks and bolt-ons instead of large platform buyouts. This shift suggests a more selective and cautious investment environment within the industry, which may have tempered a stronger rebound for Astronics, even amidst its company-specific positive developments like record Q2 sales of $260.0 million and an earnings per share of $0.75, which beat consensus estimates by $0.11.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -15.0% change in ATRO stock from 5/31/2026 to 9/13/2026 was primarily driven by a -51.1% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.00 | 73.98 | -15.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 887 | 942 | 6.2% |
| Net Income Margin (%) | 5.1% | 8.4% | 64.1% |
| P/E Multiple | 82.2 | 40.2 | -51.1% |
| Shares Outstanding (Mil) | 43 | 43 | -0.3% |
| Cumulative Contribution | -15.0% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| ATRO | -15.0% | |
| Market (SPY) | 1.0% | 22.4% |
| Sector (XLI) | -0.4% | 35.9% |
Fundamental Drivers
The -8.2% change in ATRO stock from 2/28/2026 to 9/13/2026 was primarily driven by a -65.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.62 | 73.98 | -8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 862 | 942 | 9.3% |
| Net Income Margin (%) | 3.4% | 8.4% | 146.6% |
| P/E Multiple | 117.5 | 40.2 | -65.8% |
| Shares Outstanding (Mil) | 43 | 43 | -0.5% |
| Cumulative Contribution | -8.2% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| ATRO | -8.2% | |
| Market (SPY) | 11.7% | 38.7% |
| Sector (XLI) | -2.4% | 50.0% |
Fundamental Drivers
The 103.4% change in ATRO stock from 8/31/2025 to 9/13/2026 was primarily driven by a 79.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.37 | 73.98 | 103.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 823 | 942 | 14.5% |
| P/S Multiple | 1.9 | 3.4 | 79.8% |
| Shares Outstanding (Mil) | 42 | 43 | -1.2% |
| Cumulative Contribution | 103.4% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| ATRO | 103.4% | |
| Market (SPY) | 19.5% | 36.5% |
| Sector (XLI) | 14.6% | 47.8% |
Fundamental Drivers
The 322.0% change in ATRO stock from 8/31/2023 to 9/13/2026 was primarily driven by a 205.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.53 | 73.98 | 322.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 621 | 942 | 51.8% |
| P/S Multiple | 1.1 | 3.4 | 205.5% |
| Shares Outstanding (Mil) | 39 | 43 | -9.0% |
| Cumulative Contribution | 322.0% |
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| ATRO | 322.0% | |
| Market (SPY) | 75.7% | 38.5% |
| Sector (XLI) | 65.9% | 46.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ATRO Return | -9% | -14% | 69% | -8% | 240% | 35% | 455% |
| Peers Return | 12% | 26% | 15% | -26% | 11% | -26% | -1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| ATRO Win Rate | 42% | 50% | 58% | 25% | 83% | 56% | |
| Peers Win Rate | 58% | 50% | 50% | 33% | 43% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| ATRO Max Drawdown | -51% | -48% | -35% | -33% | -24% | -32% | |
| Peers Max Drawdown | -20% | -14% | -16% | -37% | -23% | -55% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HII, FLY, FBDT, LYNX, SPCX.
[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 9/11/2026 (YTD)
How Low Can It Go
| Event | ATRO | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.4% | -7.8% |
| % Gain to Breakeven | 11.6% | 8.5% |
| Time to Breakeven | 18 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.3% | -9.5% |
| % Gain to Breakeven | 43.4% | 10.5% |
| Time to Breakeven | 188 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.1% | -6.7% |
| % Gain to Breakeven | 16.5% | 7.1% |
| Time to Breakeven | 24 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.7% | -24.5% |
| % Gain to Breakeven | 58.0% | 32.4% |
| Time to Breakeven | 105 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.5% | -33.7% |
| % Gain to Breakeven | 238.7% | 50.9% |
| Time to Breakeven | 1808 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.7% | -19.2% |
| % Gain to Breakeven | 48.6% | 23.8% |
| Time to Breakeven | 189 days | 105 days |
In The Past
Astronics's stock fell -0.7% during the 2025 US Tariff Shock. Such a loss loss requires a 0.7% gain to breakeven.
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| Event | ATRO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.3% | -9.5% |
| % Gain to Breakeven | 43.4% | 10.5% |
| Time to Breakeven | 188 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -36.7% | -24.5% |
| % Gain to Breakeven | 58.0% | 32.4% |
| Time to Breakeven | 105 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.5% | -33.7% |
| % Gain to Breakeven | 238.7% | 50.9% |
| Time to Breakeven | 1808 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.7% | -19.2% |
| % Gain to Breakeven | 48.6% | 23.8% |
| Time to Breakeven | 189 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.7% | -3.7% |
| % Gain to Breakeven | 38.4% | 3.9% |
| Time to Breakeven | 251 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -51.5% | -12.2% |
| % Gain to Breakeven | 106.1% | 13.9% |
| Time to Breakeven | 695 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.5% | -6.8% |
| % Gain to Breakeven | 73.9% | 7.3% |
| Time to Breakeven | 701 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.5% | -17.9% |
| % Gain to Breakeven | 25.8% | 21.8% |
| Time to Breakeven | 43 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.1% | -53.4% |
| % Gain to Breakeven | 357.1% | 114.4% |
| Time to Breakeven | 844 days | 1085 days |
In The Past
Astronics's stock fell -0.7% during the 2025 US Tariff Shock. Such a loss loss requires a 0.7% 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 Astronics (ATRO)
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Astronics Corporation (ATRO) is a global designer and manufacturer of highly engineered products primarily for the aerospace, defense, and electronics industries. Operating internationally, the company segments its business into two core areas: Aerospace and Test Systems, serving a broad spectrum of customers from commercial airlines to government defense contractors.
The Aerospace segment specializes in critical aircraft components and systems. Its product offerings include lighting and safety systems, electrical power generation and distribution systems, seat motion solutions, aircraft structures, and various avionics products. This segment's primary customers are airframe manufacturers (OEMs) across commercial, military, and general aviation markets, along with their suppliers, aircraft operators (such as airlines), and branches of the U.S. Department of Defense.
Astronics' Test Systems segment focuses on developing and maintaining automated test systems essential for product verification and performance. These systems support diverse industries including aerospace and defense, communications, and mass transit. This segment also provides specialized wireless communication testing for the civil land mobile radio market and creates training and simulation devices for both commercial and military applications. Its customer base consists mainly of OEMs and prime government contractors involved in electronics and military product development.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Astronics (ATRO):
- It's like a specialized **Honeywell (HON)**, focused on internal components such as power, lighting, and seat systems for aircraft.
- Think **Keysight Technologies (KEYS)** for advanced test equipment, but they also develop critical power and avionics systems that go *into* commercial and military planes.
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- Aerospace Systems: Designs and manufactures a range of components including lighting, safety, electrical power, distribution, seat motions, and avionics for aircraft.
- Aircraft Structures: Produces various structural components for commercial, military, and general aviation aircraft.
- System Certification: Provides services for the certification of aircraft systems and products.
- Automated Test Systems: Designs, develops, and maintains automated test systems for aerospace, defense, communications, and mass transit industries.
- Wireless Communication Testing: Offers specialized testing services for the civil land mobile radio market.
- Training and Simulation Devices: Creates devices used for commercial and military training and simulation applications.
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Astronics (ATRO) sells primarily to other companies and government entities, not individuals. Its major customers fall into the following categories:
-
Aerospace and Defense Original Equipment Manufacturers (OEMs) and Prime Contractors: These include airframe manufacturers for commercial, military, and general aviation markets, as well as prime government contractors for electronics and military products.
- Examples of such public companies include:
Boeing (BA)
Airbus (EADSY - an ADR for a European company)
Lockheed Martin (LMT)
Raytheon Technologies (RTX)
Textron (TXT) (for brands like Cessna, Beechcraft, and Bell)
- Examples of such public companies include:
-
Aircraft Operators (Airlines): Companies that operate aircraft for commercial passenger and cargo services.
- Examples of such public companies include:
Delta Air Lines (DAL)
American Airlines (AAL)
United Airlines Holdings (UAL)
- Examples of such public companies include:
- U.S. Department of Defense and other Government Branches: These are government entities that procure aerospace and defense products directly.
- Other Industry Suppliers: This category includes suppliers to OEMs, suppliers to aircraft operators, and companies involved in wireless communication testing for the civil land mobile radio market, as well as those developing training and simulation devices for commercial and military applications.
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Peter J. Gundermann, Chairman, President, and Chief Executive Officer
Peter Gundermann was appointed President and Chief Executive Officer in 2003 and has been with Astronics Corporation since 1988. He was appointed Chairman of the Board in June 2019. Prior to his CEO role, he led Astronics' Aerospace and Defense subsidiaries from 1991–2003. Mr. Gundermann holds a B.A. in Applied Mathematics and Economics from Brown University and an M.B.A. from Duke University. His experience includes M&A, finance, manufacturing, logistics, and product strategy.
Nancy L. Hedges, Vice President and Chief Financial Officer
Nancy Hedges assumed the role of Vice President and Chief Financial Officer on January 3, 2025. She joined Astronics in 2014 as Principal Accounting Officer and Controller. Before joining Astronics, Ms. Hedges served as Director of Accounting and External Reporting at Dayco, LLC from May 2008 to November 2014. She also brings over twelve years of experience from PricewaterhouseCoopers LLP, where she was a Senior Manager in its Accounting and Business Advisory Services practice. Ms. Hedges is a Certified Public Accountant and graduated cum laude from Canisius University with a B.S. in Accounting.
James S. Kramer, Executive Vice President, President of Luminescent Systems Inc.
James Kramer was appointed Executive Vice President of Astronics in 2010 and has served as President of Astronics subsidiary Luminescent Systems Inc. since 2014. He joined Astronics in 1988 and has held various positions in Engineering, Sales, and Program Management. Mr. Kramer holds a Bachelor's degree in Engineering and Economics from Brown University.
Mark A. Peabody, Executive Vice President, President of Astronics Aerospace
Mark Peabody was appointed Executive Vice President of Astronics in 2010 and has been the President of Astronics Aerospace since 2020. He previously led the Advanced Electronic Systems subsidiary as its President since 2014 and initially joined that business in 1997. He became Executive Vice President, Astronics AES, upon its acquisition by Astronics in 2005. Mr. Peabody began his career with the Boeing Company and holds a Bachelor's degree in Electrical Engineering from The Ohio State University.
Jim Mulato, President, Astronics Test Systems
Jim Mulato has been the President of Astronics Test Systems since 2014. Prior to his time at Astronics, he served as President of Airbus' North American Test and Services Group (which Astronics acquired in 2014), President of EADS North America Defense Company, and held multiple leadership roles at Lockheed Martin. Mr. Mulato earned a Bachelor of Science degree in Computer and Information Science Engineering from The Ohio State University and an MBA in Finance from Florida State University.
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Astronics Corporation (ATRO) faces several key risks to its business operations and financial performance:
- Dependence on Major Customers and Aerospace Market Cyclicality: Astronics is significantly reliant on a limited number of major customers, with Boeing accounting for 10.4% of sales in 2025 and 10.2% in 2024. A substantial reduction in business from key customers like Boeing or a downturn in the inherently cyclical aerospace and defense industries could materially and adversely affect the company's sales and earnings. The commercial airline industry, in particular, is sensitive to factors such as fuel price increases, labor disputes, and global economic conditions, all of which can impact demand for Astronics' products.
- Supply Chain Constraints and Rising Operational Costs: The company continues to face persistent supply chain challenges, including shortages of raw materials, increased input costs, and limited availability of skilled labor. These issues can lead to production delays, impact delivery timelines, and put pressure on operating performance and profit margins.
- Financial Leverage and Litigation Expenses: Astronics carries a notable debt load, with net long-term debt of $314.4 million in the third quarter of 2025. While the company has refinanced its debt, potential covenant violations under its credit facility remain a financial risk. Additionally, ongoing UK litigation related to a patent infringement case could result in significant liability payouts and legal fees, which management intends to largely fund through operational cash flow, potentially impacting earnings and free cash flow in the foreseeable future. The Test Systems segment also presents a drag on overall profitability, experiencing program delays and low operating margins.
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Astronics Corporation operates in several key markets within the aerospace, defense, and electronics industries. The addressable markets for their main products and services are sized as follows:
- Avionics Products: The global avionics market was valued at an estimated USD 69.8 billion in 2024 and is projected to grow to USD 156.0 billion by 2035. North America held a significant share of 34% of this market in 2024. Another estimate places the global avionics market size at USD 108.2 billion in 2024, with a projection to reach USD 200.9 billion by 2034.
- Aircraft Electrical Power Generation and Systems: The global market for aircraft electrical generation systems was approximately USD 885.2 million in 2024 and is expected to reach USD 1,169.0 million by 2032. More broadly, the global aircraft electrical system market was valued at USD 23.55 billion in 2024 and is projected to reach USD 37.82 billion by 2032. North America dominated this market in 2024.
- Aircraft Lighting and Safety Systems: The global aircraft lighting market was valued at USD 1.16 billion in 2024 and is projected to grow to USD 2.3 billion by 2030. North America's aircraft lighting market is expected to exceed USD 1.1 billion by 2034. Another source estimates the aircraft lighting systems market size to reach USD 3.6 billion by 2030. A specific segment, the global aircraft anti-collision lights market, was valued at USD 3.84 billion in 2024 and is poised to grow to USD 6.95 billion by 2033.
- Aircraft Structures (Aerostructures): The global aerostructures market was valued at USD 64.9 billion in 2024 and is anticipated to reach approximately USD 128.87 billion by 2034. North America accounted for over 36.1% of this market in 2024.
- Aircraft Seat Motions Systems: The global aircraft seat actuation systems market size was valued at USD 564.9 million in 2024 and is projected to reach USD 902.9 million by 2030. North America held the largest share of this market, at 34.4%, in 2024. Another estimate indicates the market was USD 618.77 million in 2025 and is expected to reach USD 1270.30 million by 2034.
- Automated Test Systems: The global automated test equipment (ATE) market was valued at USD 10.63 billion in 2024 and is projected to reach USD 18.11 billion by 2033. North America is expected to experience significant growth in this sector. The global aerospace testing market, which includes automated test systems, was valued at USD 5.90 billion in 2024 and is projected to reach USD 9.40 billion by 2032. In 2024, North America held a dominant 45.42% share of the aerospace testing market.
- Wireless Communication Testing: The global wireless testing market size was estimated at USD 14.55 billion in 2023 and is expected to reach USD 31.91 billion by 2030. Another report indicates the market was valued at USD 23.16 billion in 2024 and is predicted to increase to approximately USD 51.17 billion by 2034. North America was the largest revenue-generating market in 2023.
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Astronics Corporation (ATRO) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Sustained Demand and Backlog in Commercial and Military Aerospace: The company benefits from a robust backlog, which reached a record $674.5 million at the end of 2025, with approximately 79% anticipated to convert into revenue within the next twelve months. This growth is fueled by favorable market conditions, including increasing OEM build rates from major aircraft manufacturers like Boeing (specifically the 737 MAX program) and Airbus. Additionally, ongoing airline investments in cabin upgrades, such as in-seat power and in-flight connectivity solutions, and sustained global defense budgets supporting military aircraft programs, are driving demand for Astronics' core aerospace product offerings.
- Contributions from Strategic Acquisitions: Recent acquisitions are expected to bolster revenue. Specifically, the acquisition of Bühler Motor Aviation (BMA) is projected to add $20 million to $25 million in sales in 2026. These strategic moves, along with the acquisition of Envoy Aerospace, are enhancing Astronics' market position and expanding its capabilities in aerospace technologies and FAA certification.
- Growth and Profitability in the Test Systems Segment with Key Military Contracts: The Test Systems segment is anticipated to be a significant driver of growth. This segment is expected to see a positive inflection, largely due to major U.S. Army contracts, including the radio test program 4549/T, with volume production expected to commence in the second quarter of 2026 or shortly thereafter. This growth is also supported by broader defense modernization initiatives and the need for advanced electronics testing. The segment aims to achieve profitability in 2026 and beyond.
- Expansion into New Aircraft Programs and Platforms: Astronics' involvement in new aircraft types and high-profile military programs, such as the Bell V-280 aircraft electrical systems, is expected to enhance its market presence and contribute to future revenue generation.
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Share Issuance
- In August 2023, Astronics initiated an "At-the-Market" (ATM) equity offering for up to $30 million.
- Under this ATM offering, the company sold 1,334,228 shares of common stock, generating aggregate net proceeds of $21.3 million.
- As of year-end 2023, approximately $8.2 million of capacity remained under the ATM program.
Outbound Investments
- Astronics acquired Bühler Motor Aviation (BMA) on October 13, 2025.
- The acquisition of BMA advanced Astronics' market leadership position in seat actuation and other motion systems for aircraft.
Capital Expenditures
- Capital expenditures for the full year 2025 were $31.7 million, which included investments in previously deferred spending and the consolidation of operations in a new Seattle facility.
- Planned capital expenditures for 2026 are projected to be between $40 million and $50 million, primarily for the remaining costs associated with the Seattle operation consolidation.
- The company also plans to invest approximately $14 million to $18 million in 2026 for the rollout of a global enterprise resource planning (ERP) system, which will be reported as a cash outflow from operations.
Peer Outperformance in Aerospace & Defense
ATRO has outperformed 94% of its 53 Aerospace & Defense peers over 5Y. Among the peers that beat it is HWM. Aerospace & Defense ranks 4th of 23 industries in Industrials by median 5Y return.
Share of Aerospace & Defense constituents that ATRO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
91%
of 69 industry peers · 85.5% return
3Y
88%
of 59 industry peers · 345.9% return
5Y
94%
of 53 industry peers · 469.5% return
Aerospace & Defense peers with revenue growth within 4pp of ATRO's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ATRO | Astronics | 15.0% | 40.2x | 85.5% | 345.9% | 469.5% | — |
| HWM | Howmet Aerospace | 13.8% | 49.1x | 23.9% | 391.6% | 637.4% | +168pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is ATRO's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 12.7% | 109.6% | 196.6% | CDNL 2642% · FIX 2380% · STRL 2143% |
| Marine Transportation | 5 | 78.1% | 61.8% | 168.4% | HOS 46637% · MATX 193% · KEX 168% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 8.1% | 59.5% | 124.7% | CAT 341% · ALSN 275% · WAB 226% |
| Aerospace & Defense ← | 54 | -1.3% | 64.3% | 71.0% | ATI 1047% · FTAI 949% · HWM 637% |
| Rail Transportation | 7 | 34.0% | 64.5% | 45.3% | FSTR 144% · CSX 72% · UNP 56% |
| Passenger Ground Transportation | 3 | -21.7% | 35.1% | 42.4% | UBER 84% · CAR 42% · LYFT -70% |
| Trading Companies & Distributors | 19 | 6.3% | 35.0% | 40.9% | DXPE 580% · AIT 293% · WCC 230% |
| Industrial Machinery & Supplies & Components | 71 | 7.9% | 43.0% | 38.3% | CRS 1375% · PSIX 994% · EROC 630% |
| Diversified Support Services | 32 | 12.7% | 30.3% | 34.0% | LIME 3588% · TH 447% · WLFC 368% |
| Cargo Ground Transportation | 16 | 37.5% | 5.4% | 33.5% | XPO 264% · R 247% · CVLG 230% |
| Electrical Components & Equipment | 41 | 14.4% | 56.4% | 21.7% | POWL 2288% · BE 1304% · VRT 993% |
| Building Products | 33 | -11.2% | 2.7% | 18.3% | LMB 640% · GFF 407% · PPIH 312% |
| Industrial Conglomerates | 17 | 6.4% | 9.4% | 7.0% | RCMT 482% · CSW 145% · CSL 81% |
| Environmental & Facilities Services | 29 | -9.0% | 26.7% | -1.7% | CECO 1049% · ADUR 387% · NVRI 384% |
| Agricultural & Farm Machinery | 17 | 12.3% | -5.7% | -4.0% | BLBD 218% · DE 103% · GENC 56% |
| Research & Consulting Services | 13 | -12.8% | -25.5% | -11.5% | HURN 206% · CRAI 91% · GRNQ 79% |
| Data Processing & Outsourced Services | 6 | -33.5% | -15.9% | -25.2% | EXLS 42% · BR 8% · G -24% |
| Passenger Airlines | 11 | 1.9% | 2.8% | -26.9% | LTM 3321% · UAL 150% · SKYW 113% |
| Office Services & Supplies | 9 | 8.9% | 22.2% | -30.2% | PBI 198% · TILE 145% · HNI 54% |
| Air Freight & Logistics | 12 | -10.2% | -24.7% | -38.3% | CHRW 91% · FDX 68% · EXPD 59% |
| Security & Alarm Services | 10 | -34.4% | 15.9% | -38.4% | CIX 150% · MG 110% · NL 70% |
| Human Resource & Employment Services | 22 | 0.4% | -21.9% | -38.7% | BBSI 90% · ADP 50% · PAYX 23% |
| Airport Services | 3 | -71.3% | -79.6% | -57.6% | JOBY -21% · ASLE -58% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is ... Fall In Astronics (ATRO) Stock A Buying Opportunity? | 03/14/2026 | |
| Astronics Earnings Notes | 12/16/2025 | |
| With Astronics Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| Astronics (ATRO) EBITDA Comparison | 08/08/2025 | |
| Astronics (ATRO) Net Income Comparison | 08/08/2025 | |
| Astronics (ATRO) Operating Income Comparison | 08/08/2025 | |
| Astronics (ATRO) Tax Expense Comparison | 08/08/2025 | |
| Astronics (ATRO) Operating Cash Flow Comparison | 08/08/2025 | |
| Astronics (ATRO) Debt Comparison | 08/08/2025 | |
| Astronics (ATRO) Revenue Comparison | 08/08/2025 | |
| ARTICLES | ||
| Astronics Stock To $45? | 03/14/2026 | |
| Small Cap Stocks Trading At 52-Week High | 01/05/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.55 |
| Mkt Cap | 7.2 |
| Rev LTM | 942 |
| Op Inc LTM | -29 |
| FCF LTM | -85 |
| FCF 3Y Avg | 167 |
| CFO LTM | 103 |
| CFO 3Y Avg | 368 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.5% |
| Rev Chg 3Y Avg | 10.9% |
| Rev Chg Q | 27.0% |
| QoQ Delta Rev Chg LTM | 6.2% |
| Op Inc Chg LTM | 38.0% |
| Op Inc Chg 3Y Avg | 287.0% |
| Op Mgn LTM | -13.6% |
| Op Mgn 3Y Avg | 5.6% |
| QoQ Delta Op Mgn LTM | 3.2% |
| CFO/Rev LTM | 2.6% |
| CFO/Rev 3Y Avg | 5.5% |
| FCF/Rev LTM | -113.8% |
| FCF/Rev 3Y Avg | 2.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aerospace | 797 | 707 | 605 | 461 | 365 |
| Test Systems | 65 | 89 | 84 | 74 | 80 |
| Inter-segment Sales | -0 | -0 | -0 | -0 | |
| Total | 862 | 795 | 689 | 535 | 445 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aerospace | 113 | 62 | 25 | -2 | -9 |
| Test Systems | -8 | -8 | -9 | -8 | -4 |
| Net gain on sale of businesses | 11 | ||||
| Total | 105 | 54 | 16 | -10 | -2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Aerospace | 570 | 499 | 494 | 481 | 458 |
| Test Systems | 120 | 129 | 123 | 112 | 105 |
| Corporate | 17 | 21 | 17 | 22 | 45 |
| Total | 707 | 649 | 634 | 615 | 609 |
Price Behavior
Price Behavior
| Market Price | $73.98 | |
| Market Cap ($ Bil) | 3.2 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -22.9% | |
| 50 Days | 200 Days | |
| DMA Price | $73.91 | $72.33 |
| DMA Trend | up | down |
| Distance from DMA | 0.1% | 2.3% |
| 3M | 1YR | |
| Volatility | 62.5% | 58.8% |
| Downside Capture | 262.73 | 179.18 |
| Upside Capture | 96.14 | 219.37 |
| Correlation (SPY) | 10.3% | 38.2% |
ATRO Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.39 | 2.99 | 1.29 | 1.95 | 1.73 | 1.34 |
| Up Beta | 0.66 | 2.16 | 0.01 | 1.35 | 1.40 | 1.21 |
| Down Beta | 8.22 | 1.38 | 0.18 | 1.18 | 1.13 | 1.12 |
| Up Capture | 601% | 369% | 175% | 261% | 442% | 636% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 34 | 71 | 140 | 393 |
| Down Capture | 657% | 374% | 223% | 212% | 145% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 30 | 56 | 111 | 349 |
[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 ATRO | |
|---|---|---|---|---|
| ATRO | 68.9% | 59.0% | 1.11 | - |
| Sector ETF (XLI) | 15.1% | 17.2% | 0.65 | 48.0% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 36.8% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 23.3% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -8.1% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 16.7% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATRO | |
|---|---|---|---|---|
| ATRO | 40.9% | 56.4% | 0.82 | - |
| Sector ETF (XLI) | 12.0% | 17.6% | 0.52 | 43.7% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 37.5% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 10.3% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 8.8% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 27.9% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 20.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATRO | |
|---|---|---|---|---|
| ATRO | 6.5% | 57.8% | 0.35 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 52.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 44.5% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 3.7% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 18.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 39.0% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 17.3% | 15.0% | -1.9% |
| 5/12/2026 | 2.3% | 1.4% | 21.1% |
| 2/24/2026 | -0.7% | -4.7% | -13.9% |
| 1/8/2026 | 11.3% | 22.9% | 31.5% |
| 11/4/2025 | -1.3% | -0.1% | 6.6% |
| 8/6/2025 | -15.2% | -3.2% | 9.4% |
| 5/6/2025 | 16.6% | 26.8% | 37.5% |
| 3/4/2025 | 24.8% | 23.2% | 23.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 15 |
| # Negative | 13 | 13 | 9 |
| Median Positive | 6.9% | 7.2% | 16.1% |
| Median Negative | -8.8% | -5.9% | -15.0% |
| Max Positive | 24.8% | 26.8% | 87.8% |
| Max Negative | -19.5% | -19.8% | -23.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 17.3% | 15.0% | -1.9% |
| 5/12/2026 | 2.3% | 1.4% | 21.1% |
| 2/24/2026 | -0.7% | -4.7% | -13.9% |
| 1/8/2026 | 11.3% | 22.9% | 31.5% |
| 11/4/2025 | -1.3% | -0.1% | 6.6% |
| 8/6/2025 | -15.2% | -3.2% | 9.4% |
| 5/6/2025 | 16.6% | 26.8% | 37.5% |
| 3/4/2025 | 24.8% | 23.2% | 23.3% |
| 1/10/2025 | 2.8% | 7.2% | 21.2% |
| 11/6/2024 | -11.9% | -19.8% | -20.1% |
| 8/1/2024 | -7.7% | -12.8% | 2.7% |
| 5/2/2024 | 6.7% | 8.1% | 17.2% |
| 1/9/2024 | 6.9% | 3.2% | 15.4% |
| 11/8/2023 | -13.4% | -5.9% | -8.5% |
| 8/3/2023 | -19.5% | -19.1% | -16.7% |
| 5/9/2023 | 5.0% | 6.6% | 16.1% |
| 3/2/2023 | -6.4% | -14.0% | -15.0% |
| 11/15/2022 | -14.4% | -6.7% | 9.4% |
| 8/10/2022 | -0.2% | 6.2% | -23.4% |
| 11/8/2021 | -0.5% | -2.2% | -22.2% |
| 8/6/2021 | -9.2% | -12.7% | -12.5% |
| 5/6/2021 | -8.8% | -4.1% | 9.7% |
| 2/23/2021 | 10.2% | -2.3% | 4.5% |
| 10/30/2020 | 4.8% | 6.1% | 87.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 15 |
| # Negative | 13 | 13 | 9 |
| Median Positive | 6.9% | 7.2% | 16.1% |
| Median Negative | -8.8% | -5.9% | -15.0% |
| Max Positive | 24.8% | 26.8% | 87.8% |
| Max Negative | -19.5% | -19.8% | -23.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/15/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/04/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 265.00 Mil | 270.00 Mil | 275.00 Mil | ||||
| 2026 Revenue | Reported | 1.02 Bil | 1.03 Bil | 1.04 Bil | 4.6% | Raised | Guidance: 985.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 40.00 Mil | 42.50 Mil | 45.00 Mil | 0 | Affirmed | Guidance: 42.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 245.00 Mil | 247.50 Mil | 250.00 Mil | ||||
| 2026 ERP Project Spend | Reported | 15.00 Mil | 16.00 Mil | 17.00 Mil | ||||
| 2026 Revenue | Reported | 970.00 Mil | 985.00 Mil | 1.00 Bil | 1.5% | Raised | Guidance: 970.00 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 14.0% | ||||||
| 2026 Capital Expenditures | Reported | 40.00 Mil | 42.50 Mil | 45.00 Mil | -5.6% | Lowered | Guidance: 45.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 220.00 Mil | 225.00 Mil | 230.00 Mil | ||||
| 2026 Revenue | Reported | 950.00 Mil | 970.00 Mil | 990.00 Mil | 0 | Affirmed | Guidance: 970.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 40.00 Mil | 45.00 Mil | 50.00 Mil | ||||
Q4 2025 Earnings Reported 1/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 950.00 Mil | 970.00 Mil | 990.00 Mil | 13.8% | Higher New | Guidance: 852.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 10.0% | 12.5% | 15.0% | ||||
Investor Activity (13F)
Updated Sep 14, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
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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Core Cache Last Updated: 9/13/2026