Air T Inc. Common Stock (AIRT)

FairStock Score: 17/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Air T and see a small, asset-heavy conglomerate trading at $31.20 as of the 2026-10-13 close, below a FairStock-calculated Graham Number of $113.41. On the surface that is a deep discount: market cap $83.7M, P/E 1.32, P/B 1.29, EV/EBITDA 3.06. But I do not confuse a low multiple with safety. The reported earnings are erratic. In fiscal FY2026, ended 2026-03-31, Air T earned $78.0M, or $28.85 diluted EPS, on $327.1M revenue. The prior year lost $6.1M, and fiscal FY2024 lost $6.8M. Latest fiscal Q1 2027, quarter ended 2026-06-30, reversed hard: revenue $115.5M but net loss $15.8M and diluted EPS -$5.86. That swing makes the trailing P/E suspect. The balance sheet worries me more: D/E 3.18, ROCE -5.54%, Piotroski 3/9, Altman Z 0.60, FairStock Score 17/100, and trailing free cash flow -$64.4M, a -76.9% FCF yield. ROE 157.43% is not a sign of quality here; it likely reflects thin equity and debt. The FedEx dry-lease relationship—103 aircraft as of March 31, 2026—may provide some revenue visibility, but a moat is hard to prove when returns on capital are negative and cash burns. The Lynch category is TURNAROUND, and turnarounds are often cheap for good reason. I would want consistent cash generation and debt reduction before trusting the low price.

In plain English: Air T flies overnight cargo planes and makes aircraft equipment and parts, with many planes leased to FedEx. The business looks weak right now because it lost money in its latest quarter and burned cash, even though it reported a big profit in its most recent full year. The stock price is much lower than its reported profits and assets suggest, but the weak cash flow and heavy debt make that low price uncertain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2027 10-Q (period ended 2026-06-30) · fiscal Q3 2026 10-Q (period ended 2025-12-31) · fiscal Q2 2026 10-Q (period ended 2025-09-30) · fiscal Q1 2026 10-Q (period ended 2025-06-30) · FY2026 10-K (period ended 2026-03-31) · FY2025 10-K (period ended 2025-03-31) · FY2024 10-K/A (period ended 2024-03-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer