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Air T, Inc. (the Company, Air T, we or us or our ) is a holding company with a portfolio of operating businesses and financial assets. Our goal is to prudently and strategically grow Air T s earnings power, compounding its free-cash-flow per share over time.
Operating margin is thin at 0.65%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 1.7%, essentially flat. This is a business that needs a catalyst.
Net debt of $118M represents 5.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$272M
▲ +1.7% YoY
Net Income (TTM)
-$7M
▲ +10.0% YoY
Op. Margin
-0.14%
▲ +0.2pp YoY
ROIC
-0.20%
▲ +0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$21M
▲ +39.2% YoY
Op. Cash Flow (TTM)
-$21M
▲ +36.8% YoY
Net Debt
$172M
Cash & Equiv.
$38M
5Y CAGR: +4.3%
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