Air T, Inc. (AIRT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5843.6%

$1,656.49

vs $27.87 price

Levered DCF

-$204.36

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.84

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	0.76×	-7.58×	-8.69×	-5.8×	6×	-9.4×	10.97×	45.64×
P/B	0.74×	-14.45×	12.42×	5.99×	2.66×	4.98×	1.45×	2.52×
P/S	0.18×	0.16×	0.21×	0.29×	0.37×	0.39×	0.15×	0.25×
EV / EBITDA	2.38×	21.28×	32.06×	273.96×	10.16×	-35.48×	9.74×	6.37×
Gross margin	18.9%	20.6%	18.3%	19.7%	22.2%	18.1%	19.9%	18.6%
Operating margin	-5.8%	0.7%	0.4%	-1.8%	4.9%	-5.2%	3.1%	3.2%
Net margin	23.8%	-2.1%	-2.4%	-5.0%	6.2%	-4.2%	3.2%	0.5%
Current ratio	1.67×	1.65×	2.2×	1.81×	4.15×	3.75×	1.45×	1.35×
Debt / equity	2.82×	-40.15×	26.25×	11.55×	5.85×	6.99×	3.98×	2.37×
Interest coverage	-1.48×	0.21×	0.18×	-0.53×	1.69×	-1.98×	1.55×	2.31×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	97.7%	190.9%	-143.0%	-103.3%	44.4%	-53.0%	31.9%	5.5%
Return on invested capital	-5.8%	1.4%	0.9%	-2.7%	4.3%	-5.5%	5.7%	6.3%
Return on assets	19.1%	-3.5%	-3.8%	-6.5%	5.3%	-5.2%	5.1%	1.2%
Free cash flow yield	-70.5%	16.8%	27.2%	22.1%	-52.9%	-11.4%	-182.6%	0.8%
Earnings yield	132.3%	-13.2%	-11.5%	-17.2%	16.7%	-10.6%	21.9%	2.2%
Enterprise value	$263.3M	$169.7M	$177.3M	$203M	$203.9M	$153.4M	$124.6M	$106.4M
Net debt / EBITDA	1.85×	15.45×	21.35×	177.75×	6.9×	-19.65×	7.01×	2.7×
Cash conversion cycle (days)	100	64	104	154	240	185	118	49