AIRTNasdaqAir Courier ServicesFiscal year ends March 31Also trades as AIRTP
AIR T INC
Financials through Q1 FY2027, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 14, 2026
$26.77−1.27 (-4.51%)
Close on Oct 19, 2026
- Market cap
- $72.19M
- P/E (TTM)
- 1.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Operating margin
-3.4%+1.8 pts over 5 years
Net margin
23.8%+28.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.1% | +9.8% | +13.3% | +8.2% | |
| Net income | – | – | – | +33.3% | |
| EPS, diluted | – | – | – | +37.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -11.2% | -38.6% | 203.6% | |
| Return on assets | -5.5% | -5.0% | 26.8% | |
| Current ratio | 2.41 | 3.75 | 1.67 | |
| Interest coverage | – | -2.0× | -0.9× | |
| Capex to revenue | 1.6% | 2.2% | 5.0% | |
| Diluted shares | 3M | 3M | 3M |
Where the cash went
Fiscal 2022 to 2026, five years combined
AIR T generated $115.71M from operations and spent $23.70M on capital expenditure, dividends and share buybacks. 90% of that went back into the business.
Generated
$115.71M
Used
$23.70M
Capital expenditure$21.35M90%Dividends$00%Share buybacks$2.35M10%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.8%
×Asset turnover1.12×
×Equity multiplier7.61×
=Return on equity, FY2026203.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 23.8% | 1.12× | 7.61× | 203.6% |
| FY2025 | -2.1% | 1.66× | 225.83× | -790.2% |
| FY2024 | -2.4% | 1.56× | 21.99× | -81.8% |
| FY2023 | -5.0% | 1.25× | 10.88× | -67.3% |
| FY2022 | 6.2% | 1.02× | 9.09× | 57.0% |
| FY2021 | -4.2% | 1.20× | 7.74× | -38.6% |
| FY2020 | 3.2% | 1.78× | 5.51× | 31.7% |
| FY2019 | 0.6% | 2.03× | 4.29× | 5.4% |
| FY2018 | 1.2% | 2.39× | 3.38× | 9.5% |
| FY2017 | -2.2% | 2.53× | 2.05× | -11.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
5of 7 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$77.98M
- Cash generatingOperating cash flow above zero-$25.04M
- Return on assets improvedROA up on the prior year-3.5% → 44.9%
- Earnings backed by cashOperating cash flow above net income-$25.04M vs $77.98M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.65 → 1.67
- No dilutionShare count did not rise3M → 3M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.65 → 1.88