Air T, Inc. Financial Ratios — AIRTP Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	11.06	6.63	7.85	6.62	10.46	16.22	-13.28	11.33	6.25	33.13	-35.03	49.1	-58.65	-58.3	-103.73
Return on Assets (%)	6.7	3.9	4.69	4	6.16	9.23	-5.47	2.8	1.26	5.74	-4.98	6.27	-6.19	-3.72	-3.5
Return on Capital (%)	11.05	6.66	7.85	6.62	9.46	16.43	- -	6.77	2.33	- -	- -	9.23	- -	- -	- -
Return on Invested Capital (%)	8.05	4.96	6.08	5.21	6	10.27	- -	8.19	8.21	- -	- -	5.91	- -	- -	- -
Gross Margin (%)	17.14	14.98	13.62	15.33	14.95	16.83	13.57	17.41	19.93	19.87	18.09	22.24	19.74	18.26	20.62
EBITDA Margin (%)	4.56	2.7	3.17	3.34	3.03	4.91	0.05	3.86	7.71	5.48	0.29	6.45	3.07	1.42	2.3
Operating Margin (%)	4.12	2.29	2.65	2.59	2.27	4.07	-2.09	2.62	4.34	3.07	-1.48	5.4	1.39	0.44	0.8
Incremental Operating Margin (%)	-87.21	-23.04	4.98	5.39	-0.54	9.65	- -	17.78	20.29	-9.74	- -	621.57	-8.72	-5.51	21.51
Pretax Margin (%)	4.28	2.35	2.65	2.64	3.04	4.15	-2.84	1.36	2.77	1.11	-6.73	7.57	-4.59	-1.38	-1.71
Profit Margin (%)	2.56	1.51	1.62	1.46	2.21	2.98	-2.16	1.17	0.62	3.23	-4.16	6.17	-4.97	-2.38	-2.1
Net Income to Common Margin (%)	2.56	1.51	1.62	1.46	2.21	2.98	-2.16	1.17	0.62	3.23	-4.16	6.17	-4.97	-2.38	-2.1
Effective Tax Rate (%)	40.1	35.59	38.83	44.84	27.26	38.93	- -	7.35	29.51	- -	- -	8.73	- -	- -	- -
Dvd Payout Ratio (%)	37.53	45.29	36.62	50.04	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	6.91	3.63	4.97	3.31	10.46	16.22	-13.28	11.33	6.25	33.13	-35.03	49.1	-58.65	-58.3	-103.73

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	5	2	18	48	58	94	96	144	138	125	129
ST Debt	- -	- -	- -	- -	- -	2	- -	9	25	44	7	8	40	16	13
LT Debt	- -	- -	- -	- -	5	- -	18	39	33	51	89	136	97	109	116
Total Debt/EBITDA	- -	- -	- -	- -	1.47	0.26	227.42	6.4	3.47	7.28	186.66	12.6	18.09	30.82	19.27
Net Debt/EBITDA	-1.71	-2.41	-2.82	-1.12	-2.46	-0.48	193.34	5.76	2.72	6.15	148.83	11.4	15.69	26.05	16.27
Total Debt/EBIT	- -	- -	- -	- -	1.96	0.31	-5.95	9.45	6.17	12.99	-37	15.05	39.97	99.05	55.11
Net Debt/EBIT	-1.89	-2.83	-3.37	-1.44	-3.29	-0.58	-5.05	8.51	4.84	10.98	-29.5	13.61	34.66	83.72	46.51
EBITDA to Interest Expense	2,717.4	207.35	- -	- -	- -	90.2	0.14	4.43	5.05	2.91	0.12	2.38	0.96	0.61	0.78
EBITDA-CapEx/Interest Expense	2,717.4	207.35	- -	- -	- -	74.77	0.14	4.43	5.05	2.91	0.12	2.38	0.96	0.61	0.78
EBIT to Interest Expense	2,456.04	176.08	- -	- -	- -	74.63	-5.42	3	2.84	1.63	-0.6	1.99	0.43	0.19	0.27
Interest Expense	- -	- -	- -	- -	- -	- -	1	2	3	4	4	5	8	7	9
Common Equity/Total Assets	58.45	59.13	60.47	60.48	57.53	56.4	29.04	21.83	18.84	16.2	12.1	13.24	7.62	5.05	1.66
Long-Term Debt/Equity (%)	- -	- -	- -	- -	16.78	0.01	78	148.1	114.16	162.78	417.29	372.99	378.02	580.35	2,101.82
Long-Term Debt/Capital (%)	- -	- -	- -	- -	16.67	0.01	48.39	55.18	39.27	40.14	73.77	74.21	58.59	73.62	82.67
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	11.51	0.01	28.18	40	28.59	33.42	63.18	65.54	51.23	61.57	66.96
Total Debt/Equity (%)	0.03	- -	- -	- -	16.78	5.29	78.1	183.28	199.95	303.84	450.17	394.72	535.26	666.11	2,332.28
Total Debt/Capital (%)	0.04	- -	- -	- -	16.67	5.77	48.46	68.29	68.78	74.93	79.58	78.54	82.97	84.49	91.73
Total Debt/Total Assets (%)	0.02	- -	- -	- -	11.51	3.57	28.22	49.5	50.07	62.38	68.16	69.36	72.55	70.67	74.3
Net Debt to Equity	-24.8	-21.49	-32.7	-13.74	-28.15	-9.87	66.4	164.97	156.88	256.88	358.95	356.91	464.27	563.02	1,968.26
Net Debt/Capital (%)	-48.22	-38.94	-72.97	-20.04	-50.5	-12.91	44.42	65.97	63.35	66.49	69.83	73.26	74.58	75.01	80.82
EBITDA	4	2	3	3	3	7	- -	8	17	13	1	11	8	4	7
EBITDA-CapEx	4	2	3	3	3	6	- -	8	17	13	1	11	8	4	7
Operating Income (Loss)	3	2	3	3	3	6	-3	5	9	7	-3	10	3	1	2

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.82	0.73	1.17	0.58	2.26	0.65	0.24	0.16	0.27	0.11	0.44	0.21	0.09	0.16	0.13
Current Ratio	3.85	3.78	3.88	3.45	4.69	2.48	2.41	1.98	1.35	1.45	3.75	4.15	1.81	2.2	1.65
Quick Ratio	2.3	1.94	2.71	1.98	3.54	1.52	1.31	0.79	0.48	0.32	0.83	1.25	0.56	0.73	0.65
CFO/Avg Current Liab	-0.71	0.09	0.55	-0.07	0.79	0.27	-0.42	-0.01	0.5	-0.42	-0.04	-1.12	0.36	0.31	0.5
Common Equity/Total Assets	58.45	59.13	60.47	60.48	57.53	56.4	29.04	21.83	18.84	16.2	12.1	13.24	7.62	5.05	1.66
Long-Term Debt/Equity (%)	- -	- -	- -	- -	16.78	0.01	78	148.1	114.16	162.78	417.29	372.99	378.02	580.35	2,101.82
Long-Term Debt/Capital (%)	- -	- -	- -	- -	16.67	0.01	48.39	55.18	39.27	40.14	73.77	74.21	58.59	73.62	82.67
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	11.51	0.01	28.18	40	28.59	33.42	63.18	65.54	51.23	61.57	66.96
Total Debt/Equity (%)	0.03	- -	- -	- -	16.78	5.29	78.1	183.28	199.95	303.84	450.17	394.72	535.26	666.11	2,332.28
Total Debt/Capital (%)	0.04	- -	- -	- -	16.67	5.77	48.46	68.29	68.78	74.93	79.58	78.54	82.97	84.49	91.73
Total Debt/Total Assets (%)	0.02	- -	- -	- -	11.51	3.57	28.22	49.5	50.07	62.38	68.16	69.36	72.55	70.67	74.3
CFO/Total Liabilities	-56.6	9.37	55	-5.62	50.07	19.04	-18.1	-0.39	24.26	-20.84	-1.52	-19.33	10.32	10.85	13.97
CFO/CapEx	- -	- -	- -	- -	- -	2.58	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.36	4.3	4.69	4.48	4.4	4.66	3.33	3.03	2.71	2.25	2.09	1.97	2.04	2.38	2.22

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	9.64	8.66	9.99	9.19	11.34	13.57	9.51	11.41	16.55	19.77	17.89	13.52	10.55	11.44	12.46
Days Sales Outstanding	37.86	42.15	36.55	39.72	32.18	26.89	38.38	31.98	22.05	18.47	20.41	26.99	34.61	31.89	29.28
Inventory Turnover	7.52	6.08	8.23	8.36	9.53	12.29	8.01	5.95	5.59	4.31	2.16	1.87	2.71	3.56	4.67
Days Inventory Outstanding	48.57	60.01	44.34	43.68	38.31	29.7	45.59	61.35	65.24	84.72	168.69	195.02	134.5	102.63	78.18
Accounts Payable Turnover	16.91	12.88	14.27	14.69	16.33	21.8	14.63	16.1	15.36	20.02	16.12	15.88	19.6	17.56	12.75
Accounts Payable Turnover Days	21.58	28.34	25.58	24.84	22.35	16.74	24.96	22.67	23.77	18.24	22.65	22.98	18.63	20.79	28.63
Cash Conversion Cycle	64.84	73.81	55.31	58.56	48.14	39.85	59.01	70.66	63.53	84.95	166.45	199.03	150.48	113.73	78.83
Inventory to Cash Days	-10.71	-17.86	-7.8	-3.96	-6.13	-2.81	-7.2	-29.38	-43.19	-66.26	-148.28	-168.02	-99.89	-70.73	-48.9
Inventories	12	13	8	12	8	12	20	34	27	61	72	75	71	61	39
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	12	13	8	12	8	12	20	34	27	61	72	75	71	61	39

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	7	6	9	4	13	5	3	5	12	6	11	6	6	7	6
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	1	1	1	4	7	8	12	14	14	9
+ Total Debt	- -	- -	- -	- -	5	2	18	48	58	94	96	144	138	125	129
Enterprise Value	-7	-6	-9	-5	-14	-7	14	44	48	94	91	149	146	132	132
Total Capital	20	21	22	23	30	32	38	70	84	126	121	183	166	148	141
Total Debt/Capital (%)	0.04	- -	- -	- -	16.67	5.77	48.46	68.29	68.78	74.93	79.58	78.54	82.97	84.49	91.73
Total Debt / EV	- -	- -	- -	- -	-0.37	-0.25	1.3	1.09	1.2	1.01	1.05	0.96	0.95	0.95	0.98
EV/Sales	- -	- -	- -	- -	- -	- -	0.1	0.23	0.22	0.4	0.52	0.84	0.59	0.46	0.45
EV/EBITDA	- -	- -	- -	- -	- -	- -	174.96	5.87	2.89	7.23	177.29	13.07	19.14	32.4	19.63
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	8.67	5.13	12.92	- -	15.62	42.28	104.11	56.13
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	34.1	2.06	- -	71.09	- -	5.79	5.24	4.01
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	34.1	2.06	- -	71.09	- -	5.79	5.24	4.01
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-7	-6	-9	-4	-8	-2	16	44	50	96	93	150	146	132	132
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	83	89	103	101	112	148	148	195	216	237	175	177	247	287	292
TTM EBITDA	4	2	3	3	3	7	- -	8	17	13	1	11	8	4	7
TTM Operating Income	3	2	3	3	3	6	-3	5	9	7	-3	10	3	1	2
TTM Cash Flow to Firm	-5	1	4	-1	7	3	-7	1	23	-20	1	-29	25	25	33
TTM Free Cash Flow to Firm	-5	1	4	-1	7	5	-7	1	23	-20	1	-29	25	25	33

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	8.67	5.13	12.92	- -	15.62	42.28	104.11	56.13
Enterprise Value	-7	-6	-9	-5	-14	-7	14	44	48	94	91	149	146	132	132
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.01	18.6	22.25	19.1	14.69	16.02
EV/Sales	- -	- -	- -	- -	- -	- -	0.1	0.23	0.22	0.4	0.52	0.84	0.59	0.46	0.45
EV/EBITDA	- -	- -	- -	- -	- -	- -	174.96	5.87	2.89	7.23	177.29	13.07	19.14	32.4	19.63
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	- -	- -	- -	- -	- -	0.11	0.23	0.23	0.4	0.53	0.85	0.59	0.46	0.45
EV/Sales High	- -	- -	- -	- -	- -	- -	0.11	0.23	0.23	0.4	0.53	0.85	0.59	0.46	0.45
EV/Sales Low	- -	- -	- -	- -	- -	- -	0.11	0.23	0.23	0.4	0.53	0.85	0.59	0.46	0.45
EV/EBITDA Average	-1.71	-2.41	-2.82	-1.12	-2.46	-0.34	201.24	5.91	2.99	7.36	180.02	13.15	19.14	32.53	19.69
EV/EBITDA High	-1.71	-2.41	-2.82	-1.12	-2.46	-0.34	201.24	5.91	2.99	7.36	180.02	13.15	19.14	32.53	19.69
EV/EBITDA Low	-1.71	-2.41	-2.82	-1.12	-2.46	-0.34	201.24	5.91	2.99	7.36	180.02	13.15	19.14	32.53	19.69
EV/EBIT Average	-1.89	-2.83	-3.37	-1.44	-3.29	-0.4	-5.26	8.73	5.32	13.15	-35.69	15.71	42.28	104.53	56.31
EV/EBIT High	-1.89	-2.83	-3.37	-1.44	-3.29	-0.4	-5.26	8.73	5.32	13.15	-35.69	15.71	42.28	104.53	56.31
EV/EBIT Low	-1.89	-2.83	-3.37	-1.44	-3.29	-0.4	-5.26	8.73	5.32	13.15	-35.69	15.71	42.28	104.53	56.31
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.6	25.1	23.4	21.53	17.36	17.08
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.6	27.69	26.5	24.26	23.87	19.99
Enterprise Value Average	-7	-6	-9	-4	-8	-2	16	44	50	96	93	150	146	132	132
Enterprise Value High	-7	-6	-9	-4	-8	-2	16	44	50	96	93	150	146	132	132
Enterprise Value Low	-7	-6	-9	-4	-8	-2	16	44	50	96	93	150	146	132	132

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	4	4	4	4	4	4	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Air T, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)