Astronics Corporation
ATRO Industrials Aerospace & Defense
Astronics Corporation’s revenue for fiscal 2025 (year ended December 2025) was $862.1 million, up 8.39% from fiscal 2024. In the quarter to June 2026, revenue grew 27.0%, EPS grew 2,362.5%, free cash flow grew 299.4% and total debt rose 94.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Astronics Corporation (ATRO) Altman Z-score
Astronics Corporation's Altman Z-score for fiscal 2025 is 4.46, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.46 | 1.37 |
| FY2024 | 3.09 | 0.25 |
| FY2023 | 2.84 | 0.67 |
| FY2022 | 2.18 | (0.10) |
| FY2021 | 2.28 | 0.19 |
| FY2020 | 2.08 | (1.32) |
| FY2019 | 3.41 | (0.42) |
| FY2018 | 3.83 | 0.24 |
| FY2017 | 3.59 | (0.98) |
| FY2016 | 4.57 | 0.39 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.42 | — | 0.50 | |
| Retained earnings / total assets | 0.31 | — | 0.43 | |
| EBIT / total assets | 0.11 | — | 0.36 | |
| Market value of equity / total liabilities | 3.25 | — | 1.95 | |
| Sales / total assets | 1.22 | — | 1.22 | |
| Altman Z-score | Safe zone | 4.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.74 | ||
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 |
|---|---|
| ACHR Archer Aviation Inc. compare | 9.4× |
| ATRO Astronics Corporation | 4.5× |
| MOG.B Moog Inc. compare | 4.0× |
| AIR AAR Corp. compare | 3.7× |
| DCO Ducommun Incorporated compare | 3.2× |
| VVX V2X, Inc. compare | 2.3× |
| FLY Firefly Aerospace, Inc. compare | 0.8× |
| RDW Redwire Corporation compare | 0.6× |
| LUNR Intuitive Machines, Inc. compare | 0.1× |
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