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what it is
AirSculpt sells custom body-contouring procedures under its Elite Body Sculpture brand.
how it gets paid
FY2024 revenue was ~$180M. The filing mix is not broken out here the same way as the illustrative rows below — treat segment bars as directional, not audited splits.
what just happened
Q3 fiscal 2025 revenue was ~$35.0M (down ~17.8% YoY). Nine months ended Sept 30, 2025 revenue was ~$118.4M (down ~16.1% YoY) — that nine-month figure is not a single quarter.
At a glance
C++ balance sheet — some cracks in the foundation
1.2% return on capital — nothing to write home about
-$0.14 fy2024 eps est
FY2025 guidance ~$153M rev (company)
5.6% operating margin
xvary composite: 41/100 — below average
What they do
AirSculpt sells custom body-contouring procedures under its Elite Body Sculpture brand.
You are not buying a generic clinic. You are buying a branded procedure machine that did 14,036 cases in 2024. That name matters because patients pay for a specific experience, and 389 employees keep the process tight.
How they make money
$180M
annual revenue
AirSculpt core procedures
$72M
Power BBL
$36M
Up a Cup
$27M
Hip Flip
$18M
Non-surgical procedures
$27M
The products that matter
premium body contouring
Elite Body Sculpture
$151.8M · core procedure revenue
It's the main event. This procedure line generated $151.8M, which means the investment case rises and falls with procedure volume and pricing.
84% of sales
clinic network delivery
AirSculpt Clinics
30+ clinics · same-store pressure
The network gives the brand a physical footprint; same-store revenue has been under pressure in recent company commentary. Verify latest clinic count in the most recent filing.
footprint matters
ancillary revenue bucket
Other Revenue
$28.2M · secondary stream
This $28.2M bucket is the non-core portion of sales. Useful, yes. Large enough to offset a shrinking procedure business, no.
15.7% of sales
Key numbers
$180M
annual revenue
This is the whole pie. For a $116M market cap, the stock trades like a business people expect to keep fighting.
$73M
long-term debt
That is 39% of capital. You are not buying a debt-free clinic chain.
5.6%
operating margin
That means AirSculpt keeps 5.6 cents of operating profit from each revenue dollar before interest and taxes.
1.2%
return on capital
Every $100 invested in the business produced only $1.20 of operating profit. That is thin.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $73M (39% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for AIRS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q3 fiscal 2025 revenue ~$35.0M (down ~17.8% YoY).
Nine months ended Sept 30, 2025: revenue ~$118.4M (down ~16.1% YoY); net loss ~$13.0M vs. ~$3.2M in the prior-year period — per the company Q3 FY2025 results. Full-year 2025 guidance was revised to ~$153M revenue and ~$16M adjusted EBITDA.
$35M
Q3 FY'25 rev
$118M
9M FY'25 rev
~$153M
FY'25 guide
the number that mattered
The ~$35M quarter shows the demand curve is still soft YoY; the nine-month ~$118M base is the scale of the 2025 reset.
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What could go wrong
the top risk is a prolonged slowdown in cash-pay cosmetic procedure demand. AirSculpt is not selling insulin. It is selling an expensive elective service into a softer consumer tape.
med
same-store weakness persists
Preliminary Q4 FY25 same-store revenue fell 16%. Because procedure revenue is $151.8M, that is the number underwriting almost the entire business.
If that trend continues, the clinic footprint starts looking like fixed cost, not growth infrastructure.
med
the short base gets proved right
Short interest sits at 61% of float. That is not ordinary skepticism. That is a market structure where every negative update can hit harder.
You get volatility either way, but bad news matters more than squeeze fantasies when the underlying business is weakening.
med
delayed reporting reveals uglier details
The company delayed its 10-K on March 16, 2026. Filing delays are not automatically fatal, but they are rarely a sign that everything is running smoothly.
Any adverse disclosure could pressure confidence, financing flexibility, and the stock's already fragile credibility.
med
thin margins meet real leverage
Operating margin is 5.6%, long-term debt is $73M, and that debt equals 39% of capital. Those numbers do not leave much room for a drawn-out slump.
A small deterioration in traffic or pricing can have an outsized effect on equity value when the margin cushion is this narrow.
A shrinking same-store trend, 61% short interest, and a delayed filing are enough to make this a credibility story as much as a growth story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
same-store revenue in q1 fy26
The next quarter needs to answer one question: was -16% a temporary drop or the new demand baseline. For this stock, that is the whole plot.
calendar
the actual 10-k filing date
The filing was delayed on March 16, 2026. Watch when it lands and whether the language around controls, liquidity, or restatements gets worse.
risk
short interest after the next update
A 61% short position can fall for two very different reasons: shorts covering because the thesis broke, or float mechanics. You want the first one.
metric
operating margin versus 5.6%
If management cannot protect margin from here, the equity story gets much harder. Premium pricing means little if the clinics cannot convert it into durable profit.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for AIRS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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