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Beyond Air, Inc. (XAIR) stock analysis

XAIRNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends March 31
Financials through Q2 FY2027, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 12, 2026Score 6/3088% below fair value
$2.13−0.08 (-3.40%)

Close on Nov 13, 2026Market cap $2.04MP/E –Yield –

StockData Score

Prices as of Nov 13, 2026How the score works

Value3Growth2Performance0Health1Dividend0

Weak6 of 30 checks passed

Beyond Air passes 6 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
3/6
Growth
2/6
Past performance
0/6
Financial health
1/6
Dividend
0/6

What stands out

  • Margin of safety over 20%

    The price is 88.3% below fair value, more than the 20% cushion we look for.

  • Trading below fair value

    The share price of $2.13 is below our fair value estimate of $18.26.

  • P/B below the industry

    Beyond Air's price-to-book of 0.38 is below the Surgical, Medical, and Dental Instruments and Supplies median of 3.38.

  • Growing faster than the industry

    Revenue grew 41.2% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.6%.

What to watch

  • Return on equity under 15%

    Return on equity was -370% over the last twelve months and averaged -191% over five years; we look for 15% on both.

  • Interest not well covered

    Operating income covers interest expense -4.9 times; we look for at least 5.

  • Elevated bankruptcy risk

    The Altman Z-score is -14.44; above 3 is the safe zone and below 1.8 the distress zone.

  • Guidance lowered

    Beyond Air lowered its calendar year 2026 revenue guidance outlook on Jun 26, 2026.

Valuation3/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B below the industry

    Beyond Air's price-to-book of 0.38 is below the Surgical, Medical, and Dental Instruments and Supplies median of 3.38.

  • Trading below fair value

    The share price of $2.13 is below our fair value estimate of $18.26.

  • Margin of safety over 20%

    The price is 88.3% below fair value, more than the 20% cushion we look for.

Growth2/6

  • Revenue growth over 3 years

    Needs three years of positive revenue.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 41.2% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 10.6%.

  • Guidance lowered

    Beyond Air lowered its calendar year 2026 revenue guidance outlook on Jun 26, 2026.

  • Gross margin improving

    Gross margin was 10.0% over the last twelve months, against -6.7% a year earlier.

Past performance0/6

  • Return on equity under 15%

    Return on equity was -370% over the last twelve months and averaged -191% over five years; we look for 15% on both.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity below the industry

    Beyond Air's return on equity of -370% is below the Surgical, Medical, and Dental Instruments and Supplies median of -30.1%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin against its history

    Needs five years of revenue and net income.

  • Net margin below the industry

    Beyond Air's net margin of -407% is below the Surgical, Medical, and Dental Instruments and Supplies median of -12.9%.

Financial health1/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt coverage

    Needs operating cash flow.

  • Interest not well covered

    Operating income covers interest expense -4.9 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 3.67 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -14.44; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Beyond Air has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$18.26

The share price is 88% below this estimate.

20%+ below
Near fair value
20%+ above
$2.13Price$18.26Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/B2.7×1.9×3.4×$14.8050%
P/S2.5×2.5×2.6×$21.7250%
Fair value$18.26100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • EV/EBITDA at month end
  • Surgical, Medical, and Dental Instruments and Supplies median 16.4

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$140.65K
Value traded per 1% price move
$22.72K

Downside

High risk

Typical loss in a bad month
48.4%
Volatility (annualized)
182%
Sharpe ratio, 1 year
-0.54
Beta to the S&P 500 (5Y)
0.58

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2015 to 2026

Gross margin

3.3%

Operating margin

-378.2%+2166.3 pts over 5 years

Net margin

-433.0%+2187.3 pts over 5 years

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