Air T, Inc.
AIRT Industrials Conglomerates
Air T, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $327.1 million, up 12.1% from fiscal 2025. In the quarter to June 2026, revenue grew 62.9%, EPS fell 860.7%, free cash flow fell 1,721.5% and total debt rose 92.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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Air T, Inc. (AIRT) Altman Z-score
Air T, Inc.'s Altman Z-score for fiscal 2026 is 1.28, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.28 | (0.82) |
| FY2025 | 2.10 | (0.20) |
| FY2024 | 2.31 | 0.40 |
| FY2023 | 1.90 | (0.05) |
| FY2022 | 1.95 | (0.23) |
| FY2021 | 2.18 | (0.17) |
| FY2020 | 2.35 | (0.64) |
| FY2019 | 2.99 | (0.11) |
| FY2018 | 3.11 | (0.53) |
| FY2017 | 3.63 | (2.94) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | 0.20 | — | 0.27 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 0.18 | — | 0.11 | |
| Sales / total assets | 0.80 | — | 0.80 | |
| Altman Z-score | Distress zone | 1.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.75 | ||
Z and Z″ put Air T, Inc. in different zones: distress zone by Z, grey zone by Z″.
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 |
|---|---|
| HHS Harte Hanks, Inc. compare | 14.6× |
| MAMK MaxsMaking Inc. compare | 7.4× |
| RCMT RCM Technologies, Inc. compare | 4.5× |
| BOOM DMC Global compare | 1.5× |
| AIRT Air T, Inc. | 1.3× |
| FIP FTAI Infrastructure Inc. compare | 0.0× |
| NNBR NN, Inc. compare | 0.0× |
| TUSK Mammoth Energy Services, Inc. compare | −0.5× |
| STRR Star Equity Holdings, Inc. compare | −3.2× |
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