Air T (AIRT) AI Stock Analysis

• Market Cap: $59.84M
• Dividend Yield: N/A
• Average Volume (3M): 942.00
• Price to Earnings (P/E): ―
• Beta (1Y): <0.01
• Revenue Growth: -1.72%
• EPS Growth: -137.31%
• Country: US
• Employees: 624
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): -0.91
• Shares Outstanding: 2,702,639
• 10 Day Avg. Volume: 705
• 30 Day Avg. Volume: 942
• PEG Ratio: 0.96
• Price to Book (P/B): -14.45
• Price to Sales (P/S): 0.16
• P/FCF Ratio: 5.95
• Enterprise Value/Market Cap: 4.05
• Enterprise Value/Revenue: 0.89
• Enterprise Value/Gross Profit: 4.45
• Enterprise Value/Ebitda: 36.31
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $23.00 ▲(12.47% Upside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is primarily held down by weak financial performance—negative equity, elevated leverage, and a recent turn to negative TTM operating/free cash flow. Technical indicators also reflect bearish momentum. Corporate actions provide some strategic upside via aviation asset management expansion, but valuation remains hard to justify while losses persist and no dividend yield is available.

Positive Factors

Aviation asset management scale

Scaling Crestone via the Arena acquisition to ~124 aircraft and ~$4B AUM builds a global, fee-based aviation asset management franchise. That durable revenue mix can diversify cash flows, attract capital partners, enable cross-sell to airline clients, and create recurring income.

Geographic and segment diversification

Entry into the Australian regional airline market via the Rex assets creates a new operating segment and broadens geographic exposure. Over time this reduces reliance on any single contract type or geography and can stabilize revenue mix if operations are integrated and scaled successfully.

Diversified platform with positive adjusted EBITDA

A platform grown from 3 to 20 businesses and positive adjusted EBITDA shows operating breadth and the ability to produce cash earnings across segments. Sustainable EBITDA generation provides a durable buffer to fund reinvestment, integration, and gradual deleveraging if maintained.

Negative Factors

Negative equity and high leverage

Negative shareholders' equity and elevated debt signal a stressed capital structure. This reduces borrowing capacity, raises refinancing and solvency risk, and limits strategic flexibility to fund growth or absorb shocks, making long-term investments and acquisitions riskier.

Deteriorating cash generation

A trailing‑12‑month swing to negative operating and free cash flow undermines internal funding for operations and debt service. Persistent negative cash generation forces dependence on external financing, increasing refinancing risk and constraining capital allocation over the medium term.

Volatile revenue and recurring losses

Inconsistent top‑line patterns and repeated net losses reduce predictability of earnings and retained cash for reinvestment. Ongoing volatility raises execution risk for integration and expansion plans and hampers the company's ability to sustainably improve margins and lower leverage.

Air T Business Overview & Revenue Model

Company Description

Air T, Inc., through its subsidiaries, provides overnight air cargo, ground equipment sale, and commercial jet engines and parts, and printing equipment and maintenance services in the United States and internationally. The company's Overnight Air Cargo segment offers air express delivery services. As of March 31, 2022, this segment had 72 aircraft under the dry-lease agreements with FedEx. Its Ground Equipment Sales segment manufactures, sells, and services aircraft deicers, scissor-type lifts, military and civilian decontamination units, flight-line tow tractors, glycol recovery vehicles, and other specialized equipment. This segment sells its products to passenger and cargo airlines, ground handling companies, the United States Air Force, airports, and industrial customers. Its Commercial Aircraft, Engines and Parts segment offers commercial aircraft trading, leasing, and parts solutions; commercial aircraft storage, storage maintenance, and aircraft disassembly/part-out services; commercial aircraft parts sales, exchanges, procurement services, consignment programs, and overhaul and repair services; and aircraft instrumentation, avionics, and a range of electrical accessories for civilian, military transport, regional/commuter and business/commercial jet, and turboprop aircraft. This segment also provides composite aircraft structures, and repair and support services. Air T, Inc. was incorporated in 1980 and is based in Denver, North Carolina.

How the Company Makes Money

Air T generates revenue primarily through its operating subsidiaries. In air cargo, it earns contract revenue by providing scheduled air freight services on specified routes using its aircraft and crews; historically, a significant portion of this business has been conducted under agreements supporting FedEx’s network (often referred to as “FedEx feeder” flying). In ground equipment, it makes money by selling and servicing aviation ground support equipment and related products to airports, airlines, cargo operators, and other customers. Additional revenue and earnings may come from other consolidated operating businesses and from investment or holding-company activities (e.g., income, gains, or losses from investments), but the specific mix and materiality of these items depend on the period and are not available here. Key factors influencing earnings typically include the terms and renewal of major air cargo contracts, aircraft and maintenance costs, labor costs, demand and pricing in the ground support equipment market, and the performance of other subsidiaries/investments.

Air T Financial Statement Overview

Summary

Overall fundamentals are weak. Income statement performance is volatile with recent net losses, cash flow deteriorated to negative in the TTM, and the balance sheet is the largest risk with negative equity and elevated leverage that constrains financial flexibility.

Income Statement

Revenue has been volatile: strong gains in FY2023 and FY2024, modest growth in FY2025, then a decline in TTM (Trailing-Twelve-Months). Profitability remains challenged—net income is negative in the most recent periods (FY2023–TTM), despite some improvement in operating performance versus FY2021 and a positive operating result in FY2024–FY2025. Gross margin has been relatively steady around the ~18%–22% range, but the company has not consistently converted that into bottom-line profits.

Balance Sheet

The balance sheet is the key weakness. Stockholders’ equity has turned negative in the most recent two periods, which makes leverage risk meaningfully higher and limits financial flexibility. Total debt is elevated, and the debt-to-equity readings are extreme/distorted due to negative equity (still signaling heavy leverage). Overall, the capital structure looks stressed relative to the company’s profit profile.

Cash Flow

Cash generation has been inconsistent. Several years showed positive operating cash flow and free cash flow (FY2023–FY2025), but TTM (Trailing-Twelve-Months) flipped sharply negative on both measures, indicating deterioration in cash earnings and/or working-capital needs. The recent swing to negative free cash flow is a notable risk, especially given the leveraged balance sheet.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	272.47M	291.85M	286.83M	247.32M	177.08M	175.12M
Gross Profit	54.37M	60.19M	52.38M	48.83M	39.38M	31.67M
EBITDA	6.67M	7.97M	5.53M	741.00K	20.06M	-4.32M
Net Income	-6.76M	-6.14M	-6.82M	-12.29M	10.93M	-7.28M
Balance Sheet
Total Assets	381.76M	173.78M	177.17M	189.56M	207.60M	140.75M
Cash, Cash Equivalents and Short-Term Investments	43.50M	6.35M	7.10M	5.81M	6.47M	12.40M
Total Debt	224.50M	129.12M	125.20M	137.52M	143.99M	95.94M
Total Liabilities	375.87M	168.24M	158.37M	163.87M	171.12M	119.44M
Stockholders Equity	-1.17M	-3.22M	4.77M	11.90M	24.61M	13.72M
Cash Flow
Free Cash Flow	-22.26M	7.82M	16.10M	15.73M	-34.64M	-7.82M
Operating Cash Flow	-20.88M	23.50M	17.18M	16.91M	-33.08M	-1.82M
Investing Cash Flow	3.60M	-20.19M	-2.50M	-6.17M	-33.39M	2.52M
Financing Cash Flow	40.96M	-4.80M	-13.91M	-12.38M	59.25M	71.00K

Air T Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 20.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRT, the sentiment is Neutral. The current price of 20.45 is below the 20-day moving average (MA) of 21.88, below the 50-day MA of 22.02, and below the 200-day MA of 21.75, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 49.89 is Neutral, neither overbought nor oversold. The STOCH value of 74.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AIRT.

Air T Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SFWL	73 Outperform	$71.28M	3.59	9.73%	―	21.10%	31.75%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
PAL	58 Neutral	$173.66M	-7.95	-10.08%	―	―	―
PSIG	52 Neutral	$45.70M	―	-41.14%	―	―	―
AIRT	44 Neutral	$59.84M	-5.27	302.22%	―	-1.72%	-137.31%

Air T Corporate Events

Air T Director Resigns as Audit Chair, Leadership Shifts

On March 9, 2026, Air T, Inc. director Travis Swenson resigned from the board and as chair of the audit committee, with the company stating his departure did not arise from any disagreement over operations, policies, or practices. Swenson immediately assumed the role of chief financial officer at Air T’s newly acquired regional airline, Regional Express Holdings Limited, while lead independent director Raymond Cabillot, already an audit committee member, was appointed as the new audit committee chair, signaling continuity in the company’s financial oversight structure.

The most recent analyst rating on (AIRT) stock is a Sell with a $20.00 price target. To see the full list of analyst forecasts on Air T stock, see the AIRT Stock Forecast page.

Air T Expands Global Footprint With Arena Aviation Acquisition

On March 8, 2026, Air T, Inc., through its majority-owned platform Crestone Air Partners, agreed via Crestone’s share purchase agreement to acquire all outstanding shares of Arena Aviation Capital for aggregate consideration exceeding $35 million, subject to customary post-closing adjustments for debt and transaction expenses. The cash deal, which includes potential contingent payments to certain depositary receipt holders tied to collections under specified servicing agreements, reflects Air T’s continued push to scale its aviation asset management operations.

The acquisition is intended to materially expand Crestone’s aviation lifecycle platform, creating a combined business expected to oversee about 124 aircraft and 17 engines on lease worldwide with more than $4 billion in assets under management and over 55 employees across five countries. The integrated organization plans to maintain offices in Denver, Amsterdam, and Dublin with satellite presences in Singapore and Buenos Aires, aiming for a seamless integration that preserves continuity for airline customers, capital partners, and employees while leveraging synergies in asset management, technical services, lease administration, and market intelligence.

Air T and Crestone are also evaluating a potential strategic transaction at the Crestone level that could involve selling a minority equity stake in Crestone or its affiliates to a third party, although discussions remain preliminary and no definitive agreement has been executed. Together, the Arena acquisition and the possible minority-stake transaction signal Air T’s effort to consolidate its position as a scaled, full-service aviation asset manager, potentially reshaping its capital structure and enhancing its ability to serve global airline and investor clients.

The most recent analyst rating on (AIRT) stock is a Sell with a $19.50 price target. To see the full list of analyst forecasts on Air T stock, see the AIRT Stock Forecast page.

Air T Highlights Q3 2026 Performance and Growth Strategy

Air T has released an updated investor presentation covering its fiscal 2026 third-quarter position, highlighting a 12‑year expansion from three to 20 businesses, revenue growth to $206.2 million for the nine months ended Dec. 31, 2025, and adjusted EBITDA of $9.5 million despite a year‑over‑year revenue decline. The materials also detail the Dec. 18, 2025 acquisition of substantially all assets and operations of Australia’s Rex Express Holdings, marking Air T’s entry into the Australian regional airline market, the creation of a new regional airline segment and a shift in segment mix that could reshape its international aviation services footprint and earnings profile.

The most recent analyst rating on (AIRT) stock is a Hold with a $23.50 price target. To see the full list of analyst forecasts on Air T stock, see the AIRT Stock Forecast page.

Air T Sets 2026–2027 Alpha Income Preferred Dividends

On February 5, 2026, Air T, Inc. announced the 2026 and 2027 distribution and record dates for cash dividends on Air T Funding’s Alpha Income Preferred (AIP) securities (NASDAQ: AIRTP), setting quarterly cash distributions at $0.50 per share, equivalent to an 8.0% annual rate. The scheduled distribution dates run from February 17, 2026 through November 15, 2027, providing preferred shareholders with a clearly defined payout calendar that underpins the income profile of the AIP securities and signals ongoing commitment to returning capital to this class of investors.

The most recent analyst rating on (AIRT) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on Air T stock, see the AIRT Stock Forecast page.