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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 10 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FDX | $73.4B | 16.9× | 8.6× | 0.8× | 7.7% | — | 4.7% | 14.0% | 8.0% | 1.1× | 596 |
| DAL | $52.7B | 10.5× | 7.5× | 0.8× | 2.8% | — | 7.9% | 24.0% | 14.7% | 1.1× | 436 |
| UAL | $33.9B | 10.2× | 6.4× | 0.6× | 3.5% | — | 5.7% | 21.9% | 9.2% | 2.0× | 264 |
| LUV | $20.8B | 53.7× | — | 0.7× | 2.1% | — | 1.6% | 5.5% | 3.3% | — | 251 |
| FDXF | $18.8B | 28.8× | 21.8× | 2.1× | -1.1% | — | 7.4% | -132% | 17.2% | 3.9× | — |
| AAL | $8.3B | 74.1× | 9.7× | 0.1× | 0.8% | — | 0.2% | -3.0% | 0.5% | 7.5× | 137 |
| ALK | $4.0B | 43.0× | 7.9× | 0.3× | 21.3% | — | 0.7% | 2.4% | 1.1% | 4.3× | 100 |
| SKYW | $3.2B | 8.0× | 5.6× | 0.8× | 15.0% | — | 10.6% | 15.6% | 8.3% | 2.3× | 65 |
| JBLU | $1.1B | — | 26.2× | 0.1× | -2.3% | — | -6.6% | -28.4% | -5.3% | — | 81 |
| RJET | $905M | 10.3× | 6.8× | 0.5× | 13.7% | — | 4.5% | 5.7% | 3.0% | 3.7× | 15 |
| AIRT | $75M | 1.0× | — | 0.2× | 12.1% | — | 23.8% | 97.7% | 27.1% | — | — |
Peers = companies sharing AIRT's sector (Air Courier Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $27.90 today, the market must believe free cash flow compounds 7.3%/yr for a decade (off $19.3M on the 3-yr avg basis).
Default is 12.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.00B shares (market data) · net debt $187.9M
mean -120.7% · volatility σ 165% · implied rate exceeded in 1/4 yrs
Central path = implied 7.3%/yr growth; shaded band = ±1σ (165%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $28K buybacks = $28K returned on -$41.5M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 27%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $327.1M 100.0% | $291.9M 100.0% | $286.8M 100.0% | $247.3M 100.0% | $177.1M 100.0% | $175.1M 100.0% | $236.8M 100.0% | $215.5M 100.0% | $194.5M 100.0% | $148.5M 100.0% |
| Research & Development | — | — | — | — | — | — | — | — | $196K 0.1% | $1.0M 0.7% |
| Selling, General & Admin | $80.8M 24.7% | $57.8M 19.8% | $51.1M 17.8% | $42.8M 17.3% | $29.8M 16.8% | $34.3M 19.6% | $39.8M 16.8% | $33.6M 15.6% | $29.1M 15.0% | $22.2M 15.0% |
| Total Operating Expenses | $345.3M 105.6% | $289.9M 99.3% | $285.6M 99.6% | $251.7M 101.8% | $168.3M 95.1% | $184.3M 105.2% | $229.5M 96.9% | $206.2M 95.7% | $190.3M 97.8% | $151.6M 102.1% |
| Operating Income | -$11.2M -3.4% | $1.9M 0.7% | $1.3M 0.4% | -$4.4M -1.8% | $8.8M 4.9% | -$9.2M -5.2% | $7.3M 3.1% | $9.3M 4.3% | $4.2M 2.2% | -$3.1M -2.1% |
| Interest Expense | $12.0M 3.7% | $8.4M 2.9% | $6.9M 2.4% | $7.9M 3.2% | $4.9M 2.8% | $4.6M 2.6% | $4.7M 2.0% | $3.4M 1.6% | $1.7M 0.9% | — |
| Interest & Investment Income | $748K 0.2% | $375K 0.1% | $92K 0.0% | $328K 0.1% | $227K 0.1% | $16K 0.0% | $3K 0.0% | $58K 0.0% | $61K 0.0% | — |
| Other Income (Expense), net | $97.2M 29.7% | -$6.9M -2.4% | -$5.2M -1.8% | -$6.9M -2.8% | $4.6M 2.6% | -$2.6M -1.5% | -$4.7M -2.0% | -$3.4M -1.6% | -$1.6M -0.8% | -$1.1M -0.8% |
| Pretax Income | $86.0M 26.3% | -$5.0M -1.7% | -$4.0M -1.4% | -$11.4M -4.6% | $13.4M 7.6% | -$11.8M -6.7% | $2.6M 1.1% | $6.0M 2.8% | $2.7M 1.4% | -$4.2M -2.8% |
| Income Tax Expense | $1.4M 0.4% | $423K 0.1% | $729K 0.3% | $432K 0.2% | $1.2M 0.7% | -$3.4M -1.9% | -$544K -0.2% | $1.8M 0.8% | $195K 0.1% | $725K 0.5% |
| Net Income | $78.0M 23.8% | -$6.1M -2.1% | -$6.8M -2.4% | -$12.3M -5.0% | $10.9M 6.2% | -$7.3M -4.2% | $7.7M 3.2% | $1.3M 0.6% | $2.3M 1.2% | -$3.2M -2.2% |
| Per Share | ||||||||||
| EPS (Basic) | $28.85 | -$2.23 | -$2.42 | -$4.32 | $3.79 | -$2.53 | $2.74 | $0.44 | $0.74 | -$1.51 |
| EPS (Diluted) | $28.85 | -$2.23 | -$2.42 | -$4.32 | $3.78 | -$2.53 | $2.73 | $0.44 | $0.74 | -$1.51 |
| Weighted Avg Shares (Basic) | 2.7M | 2.8M | 2.8M | 2.8M | 2.9M | 2.9M | 2.8M | 3.1M | 3.1M | 2.1M |
| Weighted Avg Shares (Diluted) | 2.7M | 2.8M | 2.8M | 2.8M | 2.9M | 2.9M | 2.8M | 3.1M | 3.1M | 2.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 43th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 98% against ROIC 27% — 71% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 203.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 15.6 | 16.8 | 19.6 | 16.8 | 17.3 | 17.8 | 19.8 | 24.7 |
| Operating Income | 4.3 | 3.1 | -5.2 | 4.9 | -1.8 | 0.4 | 0.7 | -3.4 |
| Income Tax | 0.8 | -0.2 | -1.9 | 0.7 | 0.2 | 0.3 | 0.1 | 0.4 |
| Net Income | 0.6 | 3.2 | -4.2 | 6.2 | -5.0 | -2.4 | -2.1 | 23.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AIRT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $20.3M is below the $35.4M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2026-03-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.8% on $208.2M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Earns -18.25pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 6.2% | 12.8% (today's — no rate published for this year) | -6.6pts |
| FY2021 | -9.0% | 12.8% (today's — no rate published for this year) | -21.8pts |
| FY2022 | 5.3% | 8.2% | -2.9pts |
| FY2023 | -3.0% | 11.4% | -14.4pts |
| FY2024 | 1.0% | 11.9% | -11.0pts |
| FY2025 | 1.6% | 12.0% | -10.4pts |
| FY2026 | -3.9% | 12.0% | -15.9pts |
| Now | 27.1% | 12.8% | 14.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | not reported | -2.1% | -2.2% |
| FY2018 | not reported | 2.2% | 1.2% |
| FY2019 | not reported | 4.3% | 0.6% |
| FY2020 | not reported | 3.1% | 3.2% |
| FY2021 | not reported | -5.2% | -4.2% |
| FY2022 | not reported | 4.9% | 6.2% |
| FY2023 | not reported | -1.8% | -5.0% |
| FY2024 | not reported | 0.4% | -2.4% |
| FY2025 | not reported | 0.7% | -2.1% |
| FY2026 | not reported | -3.4% | 23.8% |
Leverage and buybacks account for 71 points of the 98% return on equity in FY2026. The business earns 27% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$20M of goodwill — 9% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is -5.98% against -5.41% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Accruals are 25.18% of assets — profit is running ahead of cash, which is the earliest quality warning available.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage falls to -0.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -0.93x |
| 5% | -0.88x |
| 10% | -0.84x |
| 15% | -0.79x |
| 20% | -0.74x |
| 25% | -0.70x |
| 30% | -0.65x |
| 35% | -0.60x |
| 40% | -0.56x |
| 45% | -0.51x |
| 50% | -0.46x |
| 55% | -0.42x |
| 60% | -0.37x |
Ladder as of 2026-06-30 (10-Q); cash from the 2026-03-31 balance sheet; FCF from FY2026. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $27.90, free cash flow must compound 8.16%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 2.4% | 8.2% |
| FY2025 | 39.2% | 8.2% |
| FY2026 | −285.3% | 8.2% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 1 of the last 3 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $78M | $78M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$103M | −$25M |
| Operating cash flow | −$25M | −$25M |
| Capex | −$16M | −$42M |
| Free cash flow | −$42M | −$42M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -26.0% | -50.3% | -24.2 points |
| FY2022 | 1.1% | 202.6% | 201.5 points |
| FY2023 | 39.7% | 38.3% | -1.4 points |
| FY2024 | 16.0% | -15.8% | -31.8 points |
| FY2025 | 1.8% | 4.4% | 2.6 points |
| FY2026 | 12.1% | 66.8% | 54.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 20.2 days | not reported | not reported | not reported |
| FY2021 | 13.6 days | not reported | not reported | not reported |
| FY2022 | 40.6 days | not reported | not reported | not reported |
| FY2023 | 40.2 days | not reported | not reported | not reported |
| FY2024 | 29.2 days | not reported | not reported | not reported |
| FY2025 | 29.9 days | not reported | not reported | not reported |
| FY2026 | 44.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | 21.6 percent |
| FY2021 | -3.9 percent |
| FY2022 | 21.2 percent |
| FY2023 | -15.4 percent |
| FY2024 | -13.5 percent |
| FY2025 | -17.1 percent |
| FY2026 | 25.2 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.