Air T Inc. (AIRT) intrinsic value & 10-year financials
Air T Inc. (AIRT) has a Graham intrinsic value of $78.72 per share. At $28.04 on Oct 17, 2026, the stock trades 64% below that value. Over the last 10 fiscal years revenue grew 7.8% a year to $291.9M, with an average return on invested capital of 2.2%.
- Graham intrinsic value
- $78.72
- Share price (Oct 17, 2026)
- $28.04
- Price vs Graham value
- 64% below
- Market cap
- $77.1M
- Revenue (FY2025)
- $291.9M
- Revenue growth (10-yr CAGR)
- 7.8%
- ROIC (10-yr avg)
- 2.2%
- Free cash flow (FY2025)
- $22.4M
AIRT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $291.9M | -$6.1M | -$2.23 | $22.4M | 0.7% | 1.6% |
| FY2024 | $286.8M | -$6.8M | -$2.42 | $16.1M | 0.4% | 1.0% |
| FY2023 | $247.3M | -$12.3M | -$4.32 | $15.7M | -1.8% | -2.9% |
| FY2022 | $177.1M | $10.9M | $3.78 | -$34.6M | 4.9% | 6.1% |
| FY2021 | $175.1M | -$7.3M | -$2.53 | -$5.7M | -5.2% | -6.0% |
| FY2020 | $236.8M | $7.7M | $2.73 | -$27.5M | 3.1% | 8.1% |
| FY2019 | $215.5M | $1.3M | $0.66 | $19.6M | 3.7% | 5.5% |
| FY2018 | $194.5M | $2.3M | $1.11 | -$20.5M | 2.2% | 8.0% |
| FY2017 | $148.5M | -$3.2M | -$1.51 | -$9.9M | -2.1% | -12.0% |
| FY2016 | $148.2M | $4.9M | $2.06 | $2.0M | 4.1% | 13.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AIR T INC has demonstrated mature, steady growth, with revenue compounding at 7.8% annually over the past decade.
AIR T INC has historically struggled to out-earn its cost of capital, averaging just 2.2% ROIC.
Over the decade, AIR T INC shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AIR T INC is modeled at 7.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $78.72 per share.