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what it is
Air T runs five small aviation and equipment businesses, plus a leasing arm, under one roof.
how it gets paid
Fiscal 2025 (year ended March 31, 2025) revenue was about $292M. Overnight air cargo was the largest line at about $127M, or roughly 44% of sales.
growth snapshot
Full-year revenue was about $292M, up roughly 2% vs. prior year. The latest reported quarter (Q3 fiscal 2026, ended December 31, 2025) posted about $71M in revenue, down roughly 9% from the same quarter a year earlier, with a wider GAAP loss per share.
what just happened
Q3 fiscal 2026 revenue was about $71M, with a GAAP loss of about $0.91 per share versus about $0.47 per share in the prior-year quarter.
At a glance
C balance sheet — red flag territory — real financial stress
10/100 earnings predictability — expect surprises
8.8% return on capital — nothing to write home about
-$2.23 FY2025 GAAP EPS
~$292M FY2025 revenue
xvary composite: 25/100 — weak
What they do
Air T runs five small aviation and equipment businesses, plus a leasing arm, under one roof.
You are not betting on one airplane business. You are buying 5 businesses and 646 employees, so one weak line does not sink the whole ship. The weird part: a $60M market cap sits under $128M of long-term debt, or 68% of capital. That is less moat than a juggling act.
How they make money
$292M
annual revenue (FY2025) · revenue grew about +2% vs. the prior fiscal year
Overnight air cargo
$127M
Commercial aircraft, engines and parts
$118M
Ground support equipment
$39M
Digital solutions
$7.3M
The products that matter
FedEx-linked overnight express and related services
Overnight Air Cargo
$127M · ~44% of FY2025 revenue
management reported this segment grew about 7% in fiscal 2025 versus the prior year. it remains the single largest consolidated revenue line, so labor, pass-through costs, and contract economics here still set the tone for the whole portfolio.
largest segment
leasing, trading, and parts around commercial aircraft and engines
Commercial Aircraft, Engines and Parts
$118M · ~41% of FY2025 revenue
in fiscal 2025 this segment's revenue fell about $7.3 million vs. prior year as management cited a tighter supply of whole assets for tear-down and resale. when this line weakens, overnight cargo and equipment have to offset it to keep consolidated growth positive.
volatile line item
deicers and specialized ground-support equipment
Ground Support Equipment
$39M · ~13% of FY2025 revenue
revenue was about $39 million in fiscal 2025, up roughly 5% vs. prior year with spare parts and support services called out as drivers. digital solutions added about $7.3 million (up ~26%), but it is still a small slice of the consolidated top line.
smaller, growing pieces
Key numbers
-$2.23
FY2025 GAAP EPS
$292M
FY2025 revenue
n/a
trailing p/e
n/a
dividend yield
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 15 / 100
- long-term debt $128M (68% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for AIRT right now.
source: institutional data · return history unavailable
What just happened
weaker vs. prior-year Q3
Q3 fiscal 2026 revenue was about $71M, with GAAP EPS of about $(0.91).
Versus the same quarter a year earlier, revenue fell roughly 9% (from about $78M to about $71M), and the per-share loss widened from about $(0.47) to about $(0.91). The quarter also reflected timing and costs around the December 2025 Rex regional airline acquisition.
$71M
Q3 FY2026 revenue
$(0.91)
GAAP EPS
~−9%
revenue vs. prior-year Q3
the number that mattered
The revenue decline versus the prior-year quarter, combined with a larger GAAP loss per share, framed the quarter more than the headline dollar total — especially with a sub-$65M market cap and a heavy debt stack.
source: Air T, Inc. Q3 fiscal 2026 results press release (Feb 13, 2026) · FY2025 full-year release (Jun 27, 2025)
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What could go wrong
the #1 risk is trust preferred financing arriving on expensive terms while aviation services keeps shrinking.
med
capital raise on weak footing
Air T announced plans on february 13, 2026 to raise capital through trust preferred securities after reporting a 9% revenue decline and an operating loss.
When a company needs fresh capital while the core business is slipping, terms tend to favor the capital provider, not existing common shareholders.
med
aviation services contraction
Overnight air cargo is the largest consolidated line at roughly $127M in fiscal 2025 revenue (~44% of the total) and grew about 7% that year. Commercial aircraft, engines and parts revenue was about $118M and fell about $7.3M vs. prior year in fiscal 2025.
If commercial aircraft and parts revenue keeps slipping, ground support equipment and overnight cargo have to outrun it just to hold consolidated growth.
med
thin margins with real leverage
FY2025 consolidated operating income was about $1.9M on ~$292M revenue (under 1% operating margin), while long-term debt stands at $128M, or 68% of capital. That is not much cushion if another rough quarter hits.
A small operating miss can travel fast when the debt stack is larger than the equity value.
med
governance noise during a fragile stretch
Director and audit chair Travis Swenson resigned on march 9, 2026. The CFO's new employment agreement became effective february 27, 2026.
Leadership change does not break the thesis by itself, but it adds friction when the company is already managing financing risk.
These risks sit on top of $128M in long-term debt against a $55.4M equity value. If operations do not stabilize, common shareholders move to the back of the line fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital
trust preferred terms
Size, coupon, and structure will tell you whether this is breathing room or an expensive rescue. The announcement matters. The terms matter more.
operations
aviation services revenue
Commercial aircraft, engines and parts was about $118M in fiscal 2025 and down about $7.3M vs. prior year. If that line cannot stabilize, other segments are stuck filling the gap.
margin
operating margin under 1% (FY2025)
Thin margins are fine when revenue is steady. They are a problem when quarterly revenue just fell about 9% from the prior-year quarter.
governance
board and finance stability
Watch how fast the audit-chair vacancy is addressed and whether management communication gets cleaner from here. Weak stories need boring governance.
Analyst rankings
earnings predictability
10 / 100
Analysts have very little confidence in stable earnings here. In human-speak: expect uneven quarters, estimate misses, and a stock that reacts hard to small changes.
source: institutional data
Institutional activity
institutional ownership data for AIRT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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