Air Industries Group
AIRI Industrials Aerospace & Defense
Air Industries Group’s revenue for fiscal 2025 (year ended December 2025) was $47.9 million, down 13.0% from fiscal 2024. In the quarter to June 2026, revenue fell 5.25%, EPS fell 63.6%, free cash flow grew 365.5% and total debt fell 3.13%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
Follow AIRI
Air Industries Group (AIRI) Altman Z-score
Air Industries Group's Altman Z-score for fiscal 2025 is −0.50, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.50 | (0.22) |
| FY2024 | −0.28 | 0.12 |
| FY2023 | −0.41 | (0.31) |
| FY2022 | −0.09 | (0.54) |
| FY2021 | 0.44 | 0.39 |
| FY2020 | 0.05 | (0.30) |
| FY2019 | 0.35 | 1.10 |
| FY2018 | −0.75 | (0.14) |
| FY2017 | −0.61 | (0.67) |
| FY2016 | 0.06 | (1.27) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (1.21) | — | −1.69 | |
| EBIT / total assets | (0.01) | — | −0.02 | |
| Market value of equity / total liabilities | 0.33 | — | 0.20 | |
| Sales / total assets | 0.82 | — | 0.82 | |
| Altman Z-score | Distress zone | −0.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.43 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LILMF Lilium N.V. compare | 3.9× |
| AIRI Air Industries Group | −0.5× |
| MOB Mobilicom Limited Sponsored ADR compare | −1.4× |
| GPUS Hyperscale Data, Inc. compare | −3.7× |
| XTIA XTI Aerospace, Inc. compare | −4.0× |
| PRZO ParaZero Technologies Ltd. compare | −8.9× |
| DUKR DUKE Robotics Corp. compare | −16.4× |
| DFNS T3 Defense Inc. compare | −82.2× |
| VWAV visionwave holdings, inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets