Airship AI Holdings, Inc. (AISP) 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

-7.7%

$1.86

vs $2.01 price

Levered DCF

-$3.45

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.42

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	3.21×	-2.68×	2.13×	-806.4×	-81.58×
P/B	-13.1×	-2.9×	-1.98×	-47.02×	-48.32×
P/S	6.11×	6.68×	2.82×	27.01×	31.15×
EV / EBITDA	2.79×	-2.55×	2.08×	3,033.65×	-80.4×
Gross margin	50.2%	45.7%	46.7%	57.9%	53.6%
Operating margin	-47.1%	-15.2%	-54.0%	-19.4%	-47.0%
Net margin	191.4%	-249.3%	133.1%	-3.3%	-39.3%
Current ratio	2.94×	2.24×	0.4×	0.33×	0.45×
Debt / equity	-0.12×	-0.02×	-0.23×	-0.15×	-0.14×
Interest coverage	0×	-3.49×	-119.24×	-37.53×	-288.94×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-410.1%	108.4%	-93.6%	5.8%	61.0%
Return on invested capital	-52.9%	-41.9%	238.9%	236.1%	765.5%
Return on assets	150.6%	-419.2%	268.9%	-12.5%	-121.4%
Free cash flow yield	-8.5%	-4.2%	-9.5%	-0.7%	-1.3%
Earnings yield	31.3%	-37.3%	47.2%	-0.1%	-1.3%
Enterprise value	$82.8M	$143.4M	$35.5M	$394M	$406M
Net debt / EBITDA	-0.37×	0.19×	0.05×	7.38×	0.04×
Cash conversion cycle (days)	99	-3	-113	29	14