Industrials · Integrated Freight & Logistics
Price
$28.87
Market Cap
$77.8M
Employees
624
Beta
0.30
Avg Volume
1,634
CEO
Nicholas John Swenson
Business Description
Air T, Inc. operates as a diversified company, offering an array of services across the United States and globally. Its primary business activities encompass rapid air cargo transportation, the manufacturing and sale of specialized ground support equipment, comprehensive solutions for commercial aircraft, engines, and parts, and services for printing equipment maintenance. The company's Overnight Air Cargo division specializes in expedited air freight delivery. As of March 31, 2022, this segment utilized a fleet of 72 aircraft, which were dry-leased for operations with FedEx. Through its Ground Equipment Sales segment, Air T, Inc. designs, produces, distributes, and maintains various types of specialized machinery. This includes aircraft de-icing units, elevated work platforms (scissor lifts), decontamination systems for both military and civilian use, flight-line tow tractors, and glycol recovery vehicles, among other unique equipment. Its broad customer base includes passenger and cargo airlines, ground handling companies, the United States Air Force, airport authorities, and industrial enterprises. The Commercial Aircraft, Engines and Parts segment provides an exhaustive suite of services related to commercial aviation assets. These offerings span commercial aircraft trading, leasing arrangements, and extensive parts solutions. Specific services include aircraft storage, maintenance during storage periods, and aircraft disassembly for component recovery (part-out services). Furthermore, this segment handles the sale, exchange, procurement, consignment programs, and overhaul/repair of aircraft components. Its expertise extends to instrumentation, avionics, and a variety of electrical accessories suitable for civilian, military transport, regional/commuter, business/commercial jet, and turboprop aircraft. The division also specializes in composite aircraft structures, providing both repair and support services for them. Air T, Inc. was established in 1980 and is headquartered in Denver, North Carolina.
Business History
Price Overview
Price at report time · Jul 3, 6:42am (0m ago)
$28.87
Change · Jul 3
+3.52 (+13.89%)
Day Range
$25.06 – $29.00
52-Week Range
$18.35 – $28.87
50-Day MA
$22.11
200-Day MA
$21.75
Volume
7,232.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Share Structure
Outstanding
2,696,509.00
Float
1,310,161.00
Free Float
48.6%
Moderate free float
— 48.6% of shares trade freely, ~51.4% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Small absolute float (1.3M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
1.00
Stock Price: $28.87
EPS (Diluted): 28.85
EPS (Diluted): 28.85
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.74
Stock Price: $28.87
Total Equity: $79.81M
Shares: 2,703,000
Total Equity: $79.81M
Shares: 2,703,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-43.04
Market Cap: $77.85M
Total Debt: $224.70M
Cash: $20.33M
EBITDA: -$6.56M
Total Debt: $224.70M
Cash: $20.33M
EBITDA: -$6.56M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$263.3M
Market Cap: $77.85M
Total Debt: $224.70M
Cash: $20.33M
Total Debt: $224.70M
Cash: $20.33M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
18.9%
Gross Profit: $61.94M
Revenue: $327.09M
Revenue: $327.09M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-5.8%
Operating Income: -$18.90M
Revenue: $327.09M
Revenue: $327.09M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
23.8%
Net Income: $77.98M
Revenue: $327.09M
Revenue: $327.09M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
421.1%
Net Income: $77.98M
Total Equity: $79.81M
Total Equity: $79.81M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-5.8%
Operating Income: -$18.90M
Tax Rate: 1.6%
Equity: $79.81M
Total Debt: $224.70M
Cash: $20.33M
Tax Rate: 1.6%
Equity: $79.81M
Total Debt: $224.70M
Cash: $20.33M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.67
Current Assets: $159.98M
Current Liabilities: $95.52M
Current Liabilities: $95.52M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.82
Short-Term Debt: $7.95M
Long-Term Debt: $216.75M
Total Debt: $224.70M
Total Equity: $79.81M
Long-Term Debt: $216.75M
Total Debt: $224.70M
Total Equity: $79.81M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$121.01
Revenue: $327.09M
Shares: 2,703,000
Shares: 2,703,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$29.53
Total Equity: $79.81M
Shares: 2,703,000
Shares: 2,703,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-15.36
Operating CF: -$25.04M
CapEx: -$16.48M
Shares: 2,703,000
CapEx: -$16.48M
Shares: 2,703,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $28.87
Stock Price: $28.87
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $77.98M
Net Income: $77.98M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares AIRT against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 3, 2026 6:42am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $177.1M | $247.3M | $286.8M | $291.9M | $327.1M |
| Cost of Revenue | $137.7M | $198.5M | $234.5M | $231.7M | $265.1M |
| Gross Profit | $39.4M | $48.8M | $52.4M | $60.2M | $61.9M |
| Operating Expenses | $30.6M | $53.2M | $51.1M | $58.3M | $80.8M |
| Operating Income | $8.8M | -$4.4M | $1.3M | $1.9M | -$18.9M |
| Net Income | $10.9M | -$12.3M | -$6.8M | -$6.1M | $78.0M |
| EBITDA | $20.1M | $741,000 | $5.5M | $8.0M | -$6.6M |
| EPS | $3.79 | $-4.32 | $-2.42 | $-2.23 | $28.85 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 3, 2026 6:42am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.6M | $5.8M | $7.1M | $5.9M | $20.3M |
| Total Current Assets | $128.2M | $116.6M | $102.9M | $78.5M | $160.0M |
| Total Assets | $207.6M | $189.6M | $177.2M | $173.8M | $409.1M |
| Current Liabilities | $30.9M | $64.3M | $46.8M | $47.7M | $95.5M |
| Long-Term Debt | $129.3M | $86.3M | $98.6M | $104.5M | $216.8M |
| Total Liabilities | $171.1M | $163.9M | $158.4M | $168.2M | $317.9M |
| Total Equity | $24.6M | $11.9M | $4.8M | -$3.2M | $79.8M |
| Retained Earnings | $26.7M | $13.7M | $8.2M | $2.1M | $80.1M |
Cash Flow (Annual)
Last updated: Jul 3, 2026 6:42am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$33.1M | $16.9M | $17.2M | $23.5M | -$25.0M |
| Capital Expenditure | -$1.6M | -$1.2M | -$1.1M | -$15.7M | -$16.5M |
| Free Cash Flow | -$34.6M | $15.7M | $16.1M | $7.8M | -$25.0M |
| Acquisitions (net) | -$19.6M | -$5.6M | -$4.6M | -$7.0M | -$6.7M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $-876,000 | -$1.4M | $-28,000 |
| Net Change in Cash | -$7.6M | -$1.3M | $753,000 | -$1.1M | $18.5M |
Growth Trends (YoY %)
Last updated: Jul 3, 2026 6:42am (just now)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +39.7% | +16.0% | +1.7% | +12.1% |
| Gross Profit Growth | +24.0% | +7.3% | +14.9% | +2.9% |
| Operating Income Growth | -150.3% | +128.7% | +50.9% | -1,090.4% |
| Net Income Growth | -212.5% | +44.5% | +10.0% | +1,370.1% |
| EBITDA Growth | -96.3% | +646.4% | +44.2% | -182.2% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2025-08-11 | Foudray William R | A-Award | 500.00 | $30.00 | $15,000 |
| 2025-08-11 | Foudray William R | A-Award | 500.00 | $50.00 | $25,000 |
| 2025-08-11 | KOHLER GARY S | A-Award | 500.00 | $30.00 | $15,000 |
| 2025-08-11 | KOHLER GARY S | A-Award | 500.00 | $50.00 | $25,000 |
| 2025-08-11 | McClung Peter B. | A-Award | 500.00 | $50.00 | $25,000 |
| 2025-08-11 | McClung Peter B. | A-Award | 500.00 | $30.00 | $15,000 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 500.00 | $50.00 | $25,000 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 500.00 | $30.00 | $15,000 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 292.00 | $38.23 | $11,163 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 292.00 | $55.78 | $16,288 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 292.00 | $42.12 | $12,299 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 292.00 | $46.33 | $13,528 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 292.00 | $50.87 | $14,854 |
| 2025-08-11 | THINGELSTAD JAMIE | A-Award | 290.00 | $61.06 | $17,707 |
| 2025-06-30 | Kennedy Tracy | 250.00 | $36.78 | $9,195 | |
| 2025-06-30 | Kennedy Tracy | 250.00 | $49.85 | $12,463 | |
| 2025-06-30 | Kennedy Tracy | 250.00 | $33.98 | $8,495 | |
| 2025-06-30 | Kennedy Tracy | 250.00 | $39.76 | $9,940 | |
| 2025-06-30 | Kennedy Tracy | 250.00 | $42.93 | $10,733 | |
| 2025-06-30 | Kennedy Tracy | 250.00 | $46.29 | $11,573 |
Dividend History (Last 20)
Last updated: Jul 3, 2026 6:42am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2013-06-05 | $0.30 | 2013-05-20 | 2013-06-07 | 2013-06-28 |
| 2012-06-06 | $0.25 | 2012-05-21 | 2012-06-08 | 2012-06-29 |
| 2011-06-01 | $0.25 | 2011-05-20 | 2011-06-03 | 2011-06-24 |
| 2010-06-02 | $0.33 | 2010-05-21 | 2010-06-04 | 2010-06-25 |
| 2009-06-03 | $0.33 | 2009-05-20 | 2009-06-05 | 2009-06-26 |
| 2008-06-04 | $0.30 | 2008-05-21 | 2008-06-06 | 2008-06-27 |
| 2007-06-06 | $0.25 | 2007-05-22 | 2007-06-08 | 2007-06-29 |
| 2006-06-07 | $0.25 | 2006-05-23 | 2006-06-09 | 2006-06-28 |
| 2005-06-08 | $0.25 | 2005-05-27 | 2005-06-10 | 2005-06-28 |
| 2004-06-09 | $0.20 | 2004-05-11 | 2004-06-11 | 2004-06-25 |
| 2002-06-03 | $0.12 | 2002-05-22 | 2002-06-05 | 2002-06-20 |
| 2001-05-24 | $0.15 | 2001-05-15 | 2001-05-29 | 2001-06-13 |
| 2000-05-24 | $0.10 | 2000-05-19 | 2000-05-29 | 2000-06-13 |
| 2000-05-12 | $0.08 | |||
| 1999-05-12 | $0.02 | 1999-04-30 | 1999-05-14 | 1999-06-09 |
| 1998-05-13 | $0.04 | 1998-05-08 | 1998-05-19 | 1998-06-12 |
| 1997-05-29 | $0.03 | 1997-05-09 | 1997-06-02 | 1997-06-23 |
| 1996-03-29 | $0.06 | |||
| 1994-05-17 | $0.06 | 1994-05-02 | 1994-05-20 | 1994-06-15 |
| 1993-04-26 | $0.01 | 1993-04-30 | 1993-05-31 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AIRT — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.373 · 697c9e64 · 2026-07-02 20:17:59