Air T (AIRT) AI Stock Analysis

• Market Cap: $60.23M
• 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: 4.08
• Enterprise Value/Revenue: 0.90
• Enterprise Value/Gross Profit: 4.52
• Enterprise Value/Ebitda: 36.85
• 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: $20.50 ▲(0.24% 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

The Arena acquisition meaningfully scales Crestone’s asset-management franchise, creating a larger AUM base that can drive recurring fee income, improve fixed-cost absorption and support cross-selling of technical and lease services, enhancing long-term revenue stability and margin resilience.

Expanded global footprint

A broader geographic footprint strengthens customer proximity to global airline clients and spreads counterparty concentration risk. Local operations support leasing, maintenance and remarketing, increasing structural resilience by diversifying revenue by region and client base over multiple economic cycles.

Diversification via Rex regional airline entry

The Rex acquisition creates an operating airline segment that diversifies Air T’s revenue mix beyond feeder flying and equipment sales. Owning airline operations can provide vertical synergies with leasing, GSE and technical services, offering multi-year revenue streams and strategic growth optionality.

Negative Factors

Negative shareholders' equity

Negative equity indicates cumulative losses and raises solvency concerns, materially elevating leverage metrics and constraining strategic flexibility. It limits ability to raise unsecured capital, increases creditor bargaining power, and heightens dilution or restructuring risk if performance doesn’t improve.

TTM negative operating and free cash flow

A recent swing to negative operating and free cash flow undermines internal funding for fleet maintenance, working capital and investments. Sustained negative cash generation forces reliance on costly external financing, raising refinancing risk and limiting capacity to execute growth or absorb shocks.

Complex, creditor-heavy Rex financing

The Rex financing structure adds high-cost, secured debt and intercreditor covenants that can divert cash via sweeps and enable counterparty step-in rights. This increases execution risk, raises interest burden and could restrict Air T’s operational freedom, amplifying downside if integration underperforms.

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 through multiple streams, primarily by offering air freight and cargo services. The company earns money from transporting goods via air, which involves charging clients for shipping services based on weight, distance, and delivery speed. Additionally, Air T benefits from ground handling services, where it manages cargo loading and unloading operations at airports. Key partnerships with airlines and logistics companies enhance its service offerings and expand its customer base. The company may also realize revenue from ancillary services related to cargo logistics, such as warehousing and distribution, which further contribute to its overall earnings.

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: Positive
• 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 Positive. The current price of 20.45 is below the 20-day moving average (MA) of 21.94, below the 50-day MA of 21.76, and below the 200-day MA of 21.67, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 52.40 is Neutral, neither overbought nor oversold. The STOCH value of 56.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$70.95M	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	$174.77M	-7.95	-10.08%	―	―	―
PSIG	52 Neutral	$46.88M	―	-41.14%	―	―	―
AIRT	44 Neutral	$60.23M	-5.27	302.22%	―	-1.72%	-137.31%

Air T Corporate Events

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.

Air T Finalizes Rex Acquisition and Long-Term Financing

On December 17, 2025, Air T, Inc., through its subsidiary structure, completed the court-approved acquisition of all outstanding shares of Regional Express Holdings Limited (Rex), assuming approximately A$108 million of liabilities for a nominal cash price of $1.00, and simultaneously put in place a complex, multi-party financing stack to support Rex’s restructuring and ongoing operations. The deal is anchored by a US$40 million, 11.5% senior secured note issued to Honeywell-affiliated investors, whose proceeds fund a new A$50 million credit facility from Air T to the Rex group, and by amended and new loan facilities from the Commonwealth of Australia, which remains a secured creditor with about A$108 million outstanding and up to an additional A$60 million in undrawn funding for engine overhauls and operations. An intercreditor framework sets priority over aircraft and other collateral, mandates excess cash flow sweeps between Air T and the Commonwealth, and gives the Commonwealth step-in and equity acquisition rights if Air T-linked notes go unpaid, while new warrants in the acquisition vehicle align certain executives with the performance – and risk – of the Rex financing structure. Air T and Rex’s management present the transaction as the resolution of a financially challenging period and the start of a “revitalised” phase aimed at restoring Rex’s fleet from about 31 to 45 aircraft over two years and reinforcing regional air connectivity across Australia, with long-dated facilities and shared governance rights positioning both Air T and the Australian government as key long-term stakeholders in the airline’s future.

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