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) Beneish M-score
Air T, Inc.'s Beneish M-score for fiscal 2026 is −0.93; 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) |
|---|---|---|
| FY2026 | −0.93 | 2.26 |
| FY2025 | −3.19 | (0.12) |
| FY2024 | −3.07 | 0.14 |
| FY2023 | −3.21 | (3.94) |
| FY2022 | 0.72 | 3.66 |
| FY2021 | −2.94 | (1.59) |
| FY2020 | −1.35 | 2.23 |
| FY2019 | −3.58 | (1.39) |
| FY2018 | −2.18 | (0.01) |
| FY2017 | −2.17 | (0.91) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.45 | — | 1.34 | |
| Gross margin index | 0.61 | — | 0.32 | |
| Asset quality index | 0.49 | — | 0.20 | |
| Sales growth index | 1.12 | — | 1.00 | |
| Depreciation index | 2.50 | — | 0.29 | |
| SG&A index | 1.25 | — | −0.21 | |
| Total accruals to total assets | 0.27 | — | 1.25 | |
| Leverage index | 0.84 | — | −0.27 | |
| Beneish M-score | Flagged by the model | −0.93 | ||
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 |
|---|---|
| NNBR NN, Inc. compare | −2.9× |
| TUSK Mammoth Energy Services, Inc. compare | −2.9× |
| BOOM DMC Global compare | −2.8× |
| HHS Harte Hanks, Inc. compare | −2.5× |
| RCMT RCM Technologies, Inc. compare | −2.4× |
| FIP FTAI Infrastructure Inc. compare | −1.9× |
| STRR Star Equity Holdings, Inc. compare | −1.0× |
| MAMK MaxsMaking Inc. compare | −0.9× |
| AIRT Air T, Inc. | −0.9× |
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