Air T, Inc. (AIRT) Key Metrics
AIRT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $75.6M
- Enterprise value
- $326.1M
- P/E (TTM)
- 1.2 10-yr median 6.0
- Forward P/E
- 12.8
- PEG ratio
- —
- Price / sales
- 0.2 10-yr median 0.3
- Price / book
- 1.2 10-yr median 2.5
- EV / EBITDA
- 3.0 10-yr median 12.9
- Dividend yield
- —
- Beta
- 0.21
AIRT key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsAIRT valuation Price multiples at each fiscal year-end price.
AIRT returns How much profit the business earns on the capital it uses.
AIRT per-share figures Results divided by the shares outstanding at year-end.
AIRT financial health Debt, liquidity and how easily interest is covered.
AIRT efficiency & capital use Working capital cycle and where the cash goes.
AIRT valuation history
AIRT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AIRT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AIRT cash returned to shareholders
AIRT price vs earnings per share
AIRT key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $58.9M | $46.5M | $62.5M | $71.3M | $65.7M | $68.5M | $35.0M | $61.6M | $53.8M | $42.9M |
| Enterprise value | $262.3M | $169.2M | $180.6M | $203.0M | $203.2M | $152.0M | $123.0M | $105.0M | $87.8M | $55.5M |
| P/E ratio | 0.8 | — | — | — | 6.0 | — | 4.6 | 46.0 | 23.6 | — |
| Price / sales | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.1 | 0.2 | 0.3 | 0.3 |
| Price / book | 0.7 | — | 13.1 | 6.0 | 2.7 | 5.0 | 1.5 | 2.5 | 2.3 | 1.9 |
| Price / free cash flow | — | 5.9 | 3.9 | 4.5 | — | — | — | 131.8 | — | — |
| Price / operating cash flow | — | 2.0 | 3.6 | 4.2 | — | — | — | 2.9 | — | — |
| EV / sales | 0.8 | 0.6 | 0.6 | 0.8 | 1.1 | 0.9 | 0.5 | 0.4 | 0.5 | 0.4 |
| EV / EBITDA | 2.4 | 21.2 | 32.7 | 274.0 | 10.1 | — | 9.6 | 6.3 | 12.9 | 521.1 |
| EV / free cash flow | — | 21.6 | 11.2 | 12.9 | — | — | — | 224.7 | — | — |
| Earnings yield | 132.3% | −13.2% | −10.9% | −17.2% | 16.6% | −10.6% | 21.9% | 2.2% | 4.2% | −7.5% |
| Free cash flow yield | −70.5% | 16.8% | 25.8% | 22.1% | −52.7% | −11.4% | −182.2% | 0.8% | −38.1% | −23.1% |
| Dividend yield | — | — | — | — | — | — | — | 0.1% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.0% | 3.1% | 1.4% | — | — | 0.0% | 0.0% | 1.3% | 14.7% | 18.5% |
| Share price at fiscal year-end | $21.80 | $16.90 | $22.20 | $25.05 | $22.75 | $23.77 | $12.51 | $20.13 | $16.87 | $13.45 |
| Per share | ||||||||||
| Revenue per share | $121.01 | $106.13 | $101.86 | $86.87 | $61.31 | $60.76 | $84.63 | $81.65 | $61.02 | $46.57 |
| Earnings per share | $28.85 | −$2.23 | −$2.42 | −$4.32 | $3.78 | −$2.52 | $2.74 | $0.44 | $0.71 | −$1.01 |
| Operating cash flow per share | −$9.27 | $8.54 | $6.10 | $5.94 | −$11.46 | −$0.63 | −$8.96 | $6.84 | −$0.09 | −$2.37 |
| Free cash flow per share | −$15.36 | $2.84 | $5.72 | $5.53 | −$12.00 | −$2.71 | −$22.79 | $0.15 | −$6.43 | −$3.11 |
| Cash per share | $7.90 | $2.31 | $2.52 | $2.04 | $2.24 | $4.30 | $2.73 | $4.67 | $1.54 | $1.81 |
| Book value per share | $29.53 | −$1.17 | $1.69 | $4.18 | $8.52 | $4.76 | $8.58 | $7.96 | $7.41 | $6.95 |
| Tangible book value per share | $20.33 | −$8.65 | −$5.95 | −$3.78 | $0.42 | $2.74 | $6.80 | $6.12 | $5.59 | $5.13 |
| Dividends per share | — | — | — | — | — | — | — | $0.02 | $0.00 | $0.00 |
| Capex per share | $6.10 | $5.70 | $0.38 | $0.41 | $0.54 | $2.08 | $13.83 | $6.69 | $6.34 | $0.74 |
| Debt per share | $83.13 | $46.95 | $44.46 | $48.30 | $49.86 | $33.29 | $34.18 | $18.84 | $12.20 | $5.78 |
| Shares outstanding | 2.7M | 2.8M | 2.8M | 2.8M | 2.9M | 2.9M | 2.8M | 3.1M | 3.2M | 3.2M |
| Change in shares outstanding | −1.7% | −2.3% | −1.1% | −1.4% | +0.2% | +3.0% | −8.6% | −4.0% | 0.0% | −11.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 203.6% | — | −81.8% | −67.3% | 57.0% | −38.6% | 31.7% | 5.6% | 10.0% | −11.3% |
| Return on invested capital (ROIC) | −9.2% | 1.2% | 0.7% | −2.3% | 6.2% | −6.9% | 8.1% | 8.8% | 8.5% | −7.9% |
| Return on assets (ROA) | 26.8% | −3.5% | −3.7% | −6.2% | 6.3% | −5.0% | 5.7% | 1.5% | 3.5% | −5.5% |
| Return on tangible assets | 20.3% | −4.0% | −4.4% | −7.4% | 5.9% | −5.4% | 5.2% | 1.2% | 3.8% | −5.4% |
| Free cash flow margin | −12.7% | 2.7% | 5.6% | 6.4% | −19.6% | −4.5% | −26.9% | 0.2% | −10.5% | −6.7% |
| Income quality (OCF / net income) | −0.32 | — | — | — | −3.03 | — | −3.28 | 15.62 | −0.12 | — |
| Financial health | ||||||||||
| Total debt | $224.7M | $129.1M | $125.2M | $137.5M | $144.0M | $95.9M | $95.6M | $57.7M | $38.9M | $18.4M |
| Cash & short-term investments | $21.4M | $6.4M | $7.1M | $5.8M | $6.5M | $12.4M | $7.6M | $14.3M | $4.9M | $5.8M |
| Net debt | $203.3M | $122.8M | $118.1M | $131.7M | $137.5M | $83.5M | $88.0M | $43.4M | $34.0M | $12.7M |
| Debt / equity | 2.82 | — | 26.25 | 11.55 | 5.85 | 6.99 | 3.98 | 2.37 | 1.65 | 0.83 |
| Debt / assets | 0.55 | 0.74 | 0.71 | 0.73 | 0.69 | 0.68 | 0.63 | 0.50 | 0.60 | 0.28 |
| Net debt / EBITDA | 1.84 | 15.40 | 21.35 | 177.75 | 6.85 | — | 6.88 | 2.59 | 4.99 | 118.76 |
| Current ratio | 1.67 | 1.65 | 2.20 | 1.81 | 4.15 | 3.75 | 1.45 | 1.35 | 2.41 | 2.41 |
| Quick ratio | 0.87 | 0.84 | 0.90 | 0.71 | 1.72 | 1.20 | 0.56 | 0.78 | 1.43 | 1.43 |
| Interest coverage | -1.5 | 0.2 | 0.2 | -0.5 | 1.7 | -2.0 | 1.6 | 2.3 | 7.4 | — |
| Working capital | $64.5M | $30.8M | $56.0M | $52.3M | $97.3M | $77.6M | $30.7M | $18.6M | $28.6M | $28.6M |
| Invested capital | $283.2M | $119.5M | $122.9M | $143.6M | $162.1M | $97.3M | $112.0M | $67.7M | $57.6M | $34.8M |
| Tangible asset value | $66.4M | −$15.0M | −$2.7M | $3.0M | $13.1M | $15.5M | $26.1M | $23.2M | $17.8M | $16.4M |
| Net current asset value | −$157.9M | −$89.7M | −$55.5M | −$47.3M | −$42.9M | −$13.7M | −$21.9M | −$15.0M | $7.1M | $5.7M |
| Graham number | $138.44 | — | — | — | $26.94 | — | $22.98 | $8.86 | $10.91 | — |
| Graham net-net per share | −$84.32 | −$45.11 | −$36.01 | −$35.47 | −$35.67 | −$21.82 | −$25.63 | −$15.94 | −$3.37 | −$3.54 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $75,507 | $0 | $0 |
| Share buybacks (net) | $28,000 | $1.4M | $876,000 | — | — | $0 | $0 | $744,173 | $7.9M | $7.9M |
| Dividend payout ratio | — | — | — | — | — | — | — | 5.6% | 0.0% | — |
| Dividends + buybacks / free cash flow | — | 18.5% | 5.4% | — | — | — | — | 175.5% | — | — |
| Capex / revenue | 5.0% | 5.4% | 0.4% | 0.5% | 0.9% | 3.4% | 16.3% | 8.2% | 10.4% | 1.6% |
| Capex / operating cash flow | — | 66.7% | 6.3% | 7.0% | — | — | — | 97.8% | — | — |
| Capex / depreciation | 1.34 | 3.60 | 0.38 | 0.28 | 0.84 | 1.93 | 6.77 | 2.82 | 8.32 | 0.74 |
| Stock-based compensation / revenue | — | — | — | 0.1% | 0.2% | — | — | 463.6% | −1,293.0% | — |
| R&D / revenue | — | — | — | — | — | — | — | — | 0.1% | 0.7% |
| SG&A / revenue | 24.7% | 19.8% | 17.8% | 17.3% | 16.8% | 19.6% | 16.8% | 15.4% | 15.0% | 14.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 36.2 | 31.8 | 34.8 | 44.8 | 44.3 | 26.2 | 19.5 | 23.8 | 40.6 | 43.3 |
| Days of inventory on hand | 79.6 | 78.2 | 102.6 | 134.5 | 195.0 | 168.7 | 87.1 | 44.6 | 44.9 | 45.6 |
| Days payables outstanding | 37.7 | 25.9 | 19.9 | 18.2 | 23.5 | 24.4 | 21.4 | 20.6 | 39.5 | 43.1 |
| Cash conversion cycle (days) | 78.1 | 84.1 | 117.6 | 161.1 | 215.8 | 170.5 | 85.2 | 47.9 | 45.9 | 45.8 |
| Receivables turnover | 10.09 | 11.49 | 10.49 | 8.14 | 8.25 | 13.93 | 18.74 | 15.31 | 9.00 | 8.43 |
| Payables turnover | 9.69 | 14.10 | 18.37 | 20.00 | 15.52 | 14.94 | 17.04 | 17.70 | 9.23 | 8.47 |
| Inventory turnover | 4.59 | 4.67 | 3.56 | 2.71 | 1.87 | 2.16 | 4.19 | 8.18 | 8.14 | 8.01 |
| Asset turnover | 1.12 | 1.66 | 1.56 | 1.25 | 1.02 | 1.20 | 1.78 | 2.77 | 2.98 | 2.53 |
| Average receivables | $32.4M | $25.4M | $27.3M | $30.4M | $21.5M | $12.6M | $12.6M | $16.3M | $21.6M | $17.6M |
| Average payables | $27.4M | $16.4M | $12.8M | $9.9M | $8.9M | $9.6M | $11.1M | $11.5M | $17.4M | $15.1M |
| Average inventory | $57.8M | $49.6M | $65.9M | $73.1M | $73.6M | $66.3M | $45.3M | $24.9M | $19.8M | $16.0M |
| Intangibles / total assets | 6.1% | 11.8% | 12.1% | 12.0% | 11.3% | 4.1% | 3.3% | 4.9% | 8.9% | 8.9% |
Computed from AIRT's annual financial statements (latest annual report filed June 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AIRT valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Air T traded at 0.8 times earnings, against a 10-year median of 6.0. Based on the latest twelve months, the trailing P/E is 1.2 and the forward P/E is 12.8. Air T earned a return on equity of 203.6% and a return on invested capital of −9.2% in fiscal 2026. It ended the year with $224.7 million of debt and $21.4 million in cash and short-term investments, net debt of $203.3 million. It returned $0.0 million to shareholders: $0 in dividends and $0.0 million in share buybacks. The share count fell 15.2% from 3.2M to 2.7M over 9 years.
See the AIRT income statement, the AIRT chart for price history, or the AIRT stock overview for the latest quote and news.
AIRT key metrics FAQ
What is Air T's P/E ratio?
Air T's trailing P/E ratio is 1.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.8. At the end of fiscal 2026 it was 0.8, compared with a 10-year median of 6.0.
What is Air T's EV/EBITDA?
Air T's enterprise value was 2.4 times EBITDA at the end of fiscal 2026 (enterprise value $262.3 million, EBITDA $110.7 million); the current EV/EBITDA is 3.0.
What is Air T's return on equity?
Air T's return on equity (ROE) was 203.6% in fiscal 2026: net income of $78.0 million on average shareholders' equity of $38.3 million. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Air T's ROIC?
Air T's return on invested capital was −9.2% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Air T have?
Air T had total debt of $224.7 million at the end of fiscal 2026, a debt-to-equity ratio of 2.82 and $203.3 million of net debt (1.84 times EBITDA).
Does Air T buy back its shares?
Yes. Air T spent $0.0 million on net share repurchases in fiscal 2026 Shares outstanding changed −1.7% over the year, to 2.7M..
What is Air T's free cash flow yield?
Air T generated -$41.5 million of free cash flow in fiscal 2026, a free cash flow yield of −70.5% on its market value at year-end ($58.9 million).
What is Air T's current ratio?
Air T's current ratio was 1.67 at the end of fiscal 2026: current assets were 1.67 times current liabilities.