Saturday 17 October 2026 Export AIRI’s income statement to Excel — free account

Air Industries Group

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.

2.49 0.04 −1.58%

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Market cap: $12.3M
P/E: 0.0×
Fwd P/E: −8.6×
Dividend yield: —
F-score: 3/9
Altman Z: −0.50
Beneish M: −2.89
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 34.92%

Capital & Financial Ratios $m

Market Cap 12.27

Revenue 46.73

Net Income (1.76)

Free Cash Flow (4.49)

Net Debt 1.67

Current Ratio 1.24

Debt/Equity 0.35

P/E ratio 0.00

Fwd P/E (8.60)

P/S ratio 0.26

P/B ratio 0.66

Past 5Y EPS Growth —

This Y EPS Growth (56.41%)

Next Y EPS Growth 42.62%

Next Y revenue growth 4.34%

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 20.57%

10-year low 10-year high

P/B against its own 10 years 9.51%

10-year low 10-year high

EV/Sales against its own 10 years 2.99%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	0	1	5	5
Receivables	8	9	7	7
Inventory	30	29	34	37
Other	—	—	—	—
	39	39	47	49

	2023	2024	2025	Q'26
Payables	6	7	8	7
ST’ Debt	—	—	5	5
Other	4	1	0	3
	27	27	38	40

Compound Annual Growth %

	10y	5y	3y
Sales	(5.05%)	(0.88%)	(3.45%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	(3.97%)	4.91%	4.47%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	12	12	—	—	—
’25	12	13	10	13	48
’24	14	14	13	15	55
’23	13	13	12	13	52
’22	12	14	13	14	53
’21	14	15	14	15	59
’20	13	8	14	14	50

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	2	—	—	—
’25	2	0	(3)	(1)	(1)
’24	0	1	0	0	0
’23	1	0	6	(2)	5
’22	1	(1)	0	1	0
’21	1	(1)	3	2	4
’20	0	(1)	(2)	2	(2)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2)	1	—	—	—
’25	0	(1)	(3)	(1)	(4)
’24	0	(1)	0	(1)	(2)
’23	0	0	5	(2)	3
’22	1	(2)	(1)	0	(2)
’21	0	(1)	2	1	3
’20	0	(1)	(3)	(1)	(5)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.21)	(0.18)	—	—	—
’25	(0.27)	(0.11)	(0.01)	0.05	(0.31)
’24	(0.21)	0.09	(0.12)	(0.17)	(0.41)
’23	(0.19)	(0.12)	(0.40)	0.06	(0.65)
’22	(0.01)	0.00	(0.04)	(0.28)	(0.33)
’21	(0.05)	0.06	(0.02)	0.50	0.50
’20	0.30	(0.50)	(0.16)	0.68	0.40

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	22.10	11.50	7.00	7.30	6.00	9.00	4.07	2.60	3.03	2.77	Analyst estimates 2026–2028 Powerpack
	High	82.70	46.00	19.50	26.20	33.60	24.60	10.10	5.98	9.44	4.70
People
People	Employees	366	275	209	159	151	197	185	180	184	160
	Revenue/emp, $m	0.14	0.18	0.21	0.34	0.33	0.30	0.29	0.29	0.30	0.30
Income, $m
Income, $m	Revenue	51	50	45	55	50	59	53	52	55	48
	Gross margin, %	8.32	9.76	12.23	16.75	13.00	17.40	14.00	14.42	16.21	17.08
	EBT	(13)	(16)	(9)	(3)	0	2	(1)	(2)	(1)	(1)
	EBT margin, %	(24.87)	(32.63)	(19.20)	(4.69)	(0.17)	2.76	(2.02)	(4.14)	(2.48)	(3.00)
	Net income	(16)	(23)	(11)	(3)	1	2	(1)	(2)	(1)	(1)
	Depreciation	6	17	5	4	3	3	3	3	3	3
Per share, $
Per share, $	Revenue	67.71	37.69	16.56	18.91	16.30	18.39	16.50	15.71	16.52	11.36
	Earnings	(20.60)	(17.00)	(4.20)	(0.90)	0.30	0.50	(0.33)	(0.65)	(0.41)	(0.31)
	Cash flow	(0.91)	(3.01)	(0.87)	(0.31)	(0.50)	1.27	0.14	1.48	0.10	(0.32)
	Capex	0.05	(1.14)	(0.47)	(0.26)	(1.24)	(0.43)	(0.73)	(0.64)	(0.68)	(0.74)
	Free cash flow	(0.86)	(4.16)	(1.34)	(0.57)	(1.73)	0.84	(0.59)	0.84	(0.59)	(1.06)
	Book value	32.84	13.43	4.31	3.54	4.91	5.43	5.22	4.63	4.48	4.55
	Shares, m	1	1	3	3	3	3	3	3	3	4
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	28.83	17.97	0.00	0.00	0.00	0.00
	P/S	0.44	0.47	0.43	1.22	0.75	0.49	0.26	0.21	0.25	0.27
	P/B	0.90	1.31	1.67	6.50	2.50	1.68	0.83	0.70	0.91	0.67
	EV/Sales	0.47	0.52	0.52	1.68	1.26	0.89	0.75	0.63	0.64	0.31
	EV/FCF	(37.02)	(4.75)	(6.41)	(55.52)	(11.89)	19.48	(20.81)	11.75	(18.11)	(3.29)
Cash, $m
Cash, $m	Operating cash flow	(1)	(4)	(2)	(1)	(2)	4	0	5	0	(1)
	Capex	0	(2)	(1)	(1)	(4)	(1)	(2)	(2)	(2)	(3)
	Free cash flow	(1)	(5)	(4)	(2)	(5)	3	(2)	3	(2)	(4)
Balance, $m
Balance, $m	Working capital	9	10	9	6	16	17	19	12	12	9
	Total debt	37	27	25	27	28	24	26	7	8	6
	Net debt	36	26	23	25	25	23	26	7	7	2
	Shareholders’ equity	25	18	12	10	15	17	17	15	15	19
Returns, %
Returns, %	ROA	(18.27)	(31.42)	(20.26)	(5.53)	2.01	2.93	(2.01)	(4.08)	(2.69)	(2.39)
	ROIC	(10.46)	(18.13)	(8.86)	0.58	(2.22)	3.81	(0.28)	(0.83)	1.30	(1.01)
	ROE	(58.19)	(105.74)	(74.85)	(25.05)	8.66	10.01	(6.29)	(13.31)	(9.06)	(7.64)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MOB Mobilicom Limited Sponsored ADR	$41.8M	— (loss-making)	— (loss-making)	−64.81% (below 0%: shrinking)	n/m	−367.36% (below 0%: shrinking)	58.40%	0.00%	Compare
LILMF Lilium N.V.	$33.0M	— (loss-making)	—	—	n/m	−16,519.23% (below 0%: shrinking)	—	0.00%	Compare
XTIA XTI Aerospace, Inc.	$30.8M	— (loss-making)	— (loss-making)	+5,622.31% (above 0%: growing)	n/m	+30.76% (above 0%: growing)	18.58%	(37.51%)	Compare
GPUS Hyperscale Data, Inc.	$27.8M	0.0×	9.9×	+34.75% (above 0%: growing)	n/m	−696.15% (below 0%: shrinking)	25.24%	(66.34%)	Compare
DFNS T3 Defense Inc.	$20.0M	— (loss-making)	—	+1,438.11% (above 0%: growing)	n/m	−267.69% (below 0%: shrinking)	25.35%	(84.53%)	Compare
PRZO ParaZero Technologies Ltd.	$15.5M	—	—	—	—	−42.97% (below 0%: shrinking)	43.65%	0.00%	Compare
DUKR DUKE Robotics Corp.	$14.7M	— (loss-making)	—	+313.89% (above 0%: growing)	n/m	−77.73% (below 0%: shrinking)	38.93%	(622.82%)	Compare
AIRI Air Industries Group	$12.3M	— (loss-making)	— (loss-making)	−5.25% (below 0%: shrinking)	n/m	+365.52% (above 0%: growing)	20.70%	(3.05%)
VWAV visionwave holdings, inc.	$9.6M	— (loss-making)	—	—	n/m	−10,453.05% (below 0%: shrinking)	40.03%	(6,337.65%)	Compare
Median of peers	$23.9M	—	—	+313.89%	—	−317.52%	38.93%	(51.92%)

All 82 Aerospace & Defense stocks →

Air Industries Group (AIRI) key facts

Concern: Air Industries Group’s revenue for fiscal 2025 (year ended December 2025) was $47.9 million, down 13.0% from fiscal 2024.
Air Industries Group (AIRI) is an Aerospace & Defense company in the Industrials sector, listed on NYSE American.
As of October 16, 2026, AIRI traded at $2.49, a market capitalization of $12.3 million.
Return on equity was −7.64% and debt-to-equity 0.35.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −0.50 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.