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.
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Air Industries Group (AIRI) Beneish M-score
Air Industries Group's Beneish M-score for fiscal 2025 is −2.89; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.89 | (0.20) |
| FY2024 | −2.69 | 0.52 |
| FY2023 | −3.21 | (0.58) |
| FY2022 | −2.63 | 0.03 |
| FY2021 | −2.66 | (0.65) |
| FY2020 | −2.00 | (1.16) |
| FY2019 | −0.85 | 2.32 |
| FY2018 | −3.16 | 0.70 |
| FY2017 | −3.86 | (0.62) |
| FY2016 | −3.25 | (0.90) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.59 | — | 0.24 | |
| Sales growth index | 0.87 | — | 0.78 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | 0.00 | — | 0.00 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.89 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MOB Mobilicom Limited Sponsored ADR compare | −8.0× |
| DUKR DUKE Robotics Corp. compare | −2.9× |
| AIRI Air Industries Group | −2.9× |
| PRZO ParaZero Technologies Ltd. compare | −1.7× |
| GPUS Hyperscale Data, Inc. compare | −1.2× |
| XTIA XTI Aerospace, Inc. compare | 5.0× |
| VWAV visionwave holdings, inc. compare | — |
| LILMF Lilium N.V. compare | — |
| DFNS T3 Defense Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI