Air Holdings Ltd.
Air Holdings Ltd. is a consumer products company operating in the social inhalation sector. The company focuses on the production and distribution of branded flavored molasses, commonly known as hookah, shisha, or mu’assel, a tobacco-based mixture typically used in water pipes. Its business spans several geographic segments, including the Americas, Europe, the Middle East, Africa, and Asia, reflecting a broad international footprint in both traditional and evolving shisha markets. Air Holdings Ltd. manages a portfolio that includes flavored shisha molasses brands, hookah-related accessories, and digital platforms that support e-commerce sales of shisha and related products. In addition, the company is involved in the development and commercialization of charcoal-free shisha devices, targeting consumers seeking alternatives to conventional charcoal-based products. Air Holdings Ltd. also engages in product research and testing through collaborations with independent laboratories, with an emphasis on inhalation-related product performance and quality. Incorporated in the United Kingdom, the company plays a specialized role within the global tobacco-adjacent consumer goods landscape.
$7.45
-$0.05 (-0.67%)
EOD Oct 16, 2026
21.94% operating margin is above average. ROIC at 13.37%.
Revenue grew 6.1%, steady but not accelerating. Margins contracted 3.3pp, which offsets some of the top-line progress.
At 26x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 30% versus the prior year, cash generation momentum has weakened.
25.5x earnings, 13.3x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$400M
▲ +6.1% YoY
Net Income (TTM)
$47M
▲ +37.3% YoY
Op. Margin
21.94%
▼ -3.3pp YoY
ROIC
13.37%
▲ +3.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$90M
▼ -29.9% YoY
Op. Cash Flow (TTM)
$104M
▼ -27.8% YoY
Net Debt
$281M
Cash & Equiv.
$119M
Continue Research
Is Air Holdings (AIIR) overvalued?
At a P/E of 25.5 and a price-to-free-cash-flow of 13.3, Air Holdings (AIIR) trades below a two-stage DCF intrinsic value of about $26.60 per share, so at $7.45 the stock looks undervalued (257.0% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Air Holdings scores 56/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 0.1%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Air Holdings's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $26.60 per share for AIIR, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $19.95. At today's $7.45, that puts the stock about 257.0% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Air Holdings a high-quality business?+
Air Holdings scores 56 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 21.9% operating margin and a 13.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does Air Holdings (AIIR) pay a dividend, and how much?+
Yes, Air Holdings pays a regular dividend of about $0.00 per share per year (typically in quarterly installments), a yield of roughly 0.1% at the current price. That is a payout ratio of about 1.5% of earnings, so the dividend is amply covered by earnings. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For AIIR's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Air Holdings a good stock to buy right now?+
That depends on valuation and quality together, not either alone. AIIR currently trades below its estimated intrinsic value and scores 56/100 on quality (mixed). It also yields about 0.1%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
Related stocks: Tobacco
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.