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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.

2.49 0.04 −1.58%
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 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (8.60) (negative: loss-making)
P/S ratio 0.26
P/B ratio 0.66
Past 5Y EPS Growth —
This Y EPS Growth (56.41%) (below 0%: weak)
Next Y EPS Growth 42.62% (at or above 15%: strong)
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
EV/Sales is 0.3×, against a ten-year median of 0.7×; over the ten years it ranged from 0.3× in 2017 to 1.7× in 2019.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Air Industries Group vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

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.

Air Industries Group (AIRI) Latest News

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stockrow.com/AIRI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com