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AIR Industries Group (AIRI) stock

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NYSE: AIRI NYSE Aerospace & Defense

D Fundamentals grade

AIR Industries Group is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for AIR Industries Group is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

AIR Industries Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds10 adding, 10 cuttingOf 2 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter AIR Industries Group files

Where AIR Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $47m, down 10.6% on a year earlier, about the same pace as a quarter earlier. That puts it 44 of 48 for growth among the aerospace & defense companies we cover. Free-cash-flow margin fell to -10.0% from -2.5% a year earlier. The diluted share count is up 39.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks.

Our model value for AIR Industries Group is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

AIR Industries Group's trailing-twelve-month revenue fell 10.6% year on year, with a free-cash-flow margin of -10.0%. Where it stands out: long-term debt as % of assets of 2.4% ranks 8 of 47 aerospace & defense companies we cover. Where it lags: revenue growth of -10.6% ranks 53 of 57 aerospace & defense companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 254.6% while net income grew 25.6%: a 280pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in AIR Industries Group's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 10.6% over the last 12 months.
  • Loss-making. Operating margin is -1.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -10.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 39.6% in a year.
  • Below peers: gross margin. Gross margin of 19.7% ranks 36 of 46 aerospace & defense companies we cover (median 28.3%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 12, 2026
Earnings per share
-$0.11 against an average estimate of -$0.15: beat by 26.7%
Revenue
$12m, down 5.2% on a year earlier

AIR Industries Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week+2.4%
  • 1 month-4.0%
  • This year-15.0%
  • 1 year-20.2%
  • 5 years-76.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$46.7M
Operating margin
-1.1%
Net margin
-3.8%
EPS (TTM, diluted)
$-0.37

Growth

Revenue growth
−10.6%
Change in growth rate
+0.3 pts
Share count change
+39.6%

Cash

Free cash flow (TTM)
-$4.7M
FCF margin
-10.0%
Stock pay % of revenue
3.0%

Earnings

Last results
February 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AIR Industries Group valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value AIR Industries Group as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$21 ~$17–$53 Left out: out of range vs price (8.03x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AIR Industries Group with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$81.50$31.50$16.90$7.20$23.00$12.30$9.10$4.25$3.25$4.07$3.07$2.61
Market value$122m$48m$45m$19m$66m$45m$33m$14m$11m$14m$13m$12m
+ Net debt (− = net cash)$40m$35m$26m$23m$18m$25m$23m$32m$28m$19m$21m$21m
Enterprise value$162m$82m$71m$42m$84m$70m$56m$46m$38m$33m$34m$33m
Multiples
Price / sales 1.5x0.9x0.9x0.4x1.2x0.9x0.6x0.3x0.2x0.2x0.3x0.3x
Price / earnings —————41.2x20.4x—————
Price / free cash flow ——————12.3x—3.9x———
EV / EBITDA 43.7x———25.3x61.9x10.6x19.7x19.4x13.0x15.5x15.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard AIR Industries Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -3.8% of total assets over 9 years.

  • Pricing power 6 / 20

    Gross margin has been a median 14.5%, moving by 3.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1.4%; its worst year was -25.9%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -3.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 69.2% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for AIR Industries Group: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2025 −$0.15 −$0.11 +26.7%
Mar 2025 −$0.04 −$0.27 −575.0%
Dec 2024 $0.02 −$0.17 −950.0%
Sept 2024 −$0.02 −$0.12 −500.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
6.09
at average volume
Short interest, 1 month
−33%
to October 15, 2026
Held by institutions
6%
of shares
Held by insiders
36.2%
of shares
Employees
150
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −20.2%

$3.27 on October 31, 2025 to $2.61

ThenNowEffect
Revenue (last 12 months) $52m $47m −10.6%
P/S multiple 0.2x 0.3x +24.6%
Share count 3m 5m −28.3%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

Last 3 years −15.5%

$3.09 on November 3, 2023 to $2.61

ThenNowEffect
Revenue (last 12 months) $53m $47m −11.7%
P/S multiple 0.2x 0.3x +40.6%
Share count 3m 5m −31.9%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AIRI−26%−53%−24%+25%−25%−15%
Industry peers (median)−4%−10%+14%+22%+19%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AIRI25%17%33%67%42%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AIRI−56%−58%−54%−59%−38%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 97% from November 19, 2015 to August 24, 2026. Getting back needed a 3521% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.32 – $3.54
From 52-week high
−26.3%
vs 50-day average
+0.7%
vs 200-day average
−11.1%
Volatility (1 year)
43%
Beta vs S&P 500
0.77

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.2%
After a week
4 up, 8 down
typical move ±6.8%
After a month
3 up, 9 down
typical move ±9.8%
Results releasedNext dayS&P 500 next day5 days21 days
February 17, 2026 −6.0% +0.7% +3.8% +3.8%
November 14, 2025 −2.3% −0.9% −6.0% −4.0%
August 14, 2025 −13.4% −0.2% −9.8% −5.3%
May 15, 2025 −4.9% +1.1% −0.3% −4.6%
March 31, 2025 −4.7% +1.0% −12.3% −1.4%
November 14, 2024 −21.3% −1.9% −25.3% −25.4%
October 16, 2024 +10.0% +0.4% +4.1% −17.7%
December 7, 2023 −5.7% +1.2% −3.2% +1.3%
August 8, 2023 −1.0% −1.1% −1.3% −4.6%
July 10, 2023 +10.9% +0.9% +5.0% −9.4%
April 20, 2023 +3.8% −0.5% −0.5% −4.8%
November 6, 2019 +2.7% +0.4% +9.8% +34.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

AIR Industries Group in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) AIR Industries Group
$45M $50M $55M $60M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $51.9M Revenue (TTM), FY23 Q4: $51.5M Revenue (TTM), FY24 Q1: $53M Revenue (TTM), FY24 Q2: $53.4M Revenue (TTM), FY24 Q3: $53.7M Revenue (TTM), FY24 Q4: $55.1M Revenue (TTM), FY25 Q1: $53.2M Revenue (TTM), FY25 Q2: $52.3M Revenue (TTM), FY25 Q3: $50M Revenue (TTM), FY25 Q4: $47.9M Revenue (TTM), FY26 Q1: $47.4M Revenue (TTM), FY26 Q2: $46.7M $46.7M

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $51.9M
FY23 Q4 $51.5M
FY24 Q1 $53M
FY24 Q2 $53.4M
FY24 Q3 $53.7M
FY24 Q4 $55.1M
FY25 Q1 $53.2M
FY25 Q2 $52.3M
FY25 Q3 $50M
FY25 Q4 $47.9M
FY26 Q1 $47.4M
FY26 Q2 $46.7M
Revenue growth, TTM YoY AIR Industries Group
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -5.2% Revenue growth, TTM YoY, FY23 Q4: -3.2% Revenue growth, TTM YoY, FY24 Q1: -1.3% Revenue growth, TTM YoY, FY24 Q2: 0.9% Revenue growth, TTM YoY, FY24 Q3: 3.3% Revenue growth, TTM YoY, FY24 Q4: 7.0% Revenue growth, TTM YoY, FY25 Q1: 0.3% Revenue growth, TTM YoY, FY25 Q2: -2.1% Revenue growth, TTM YoY, FY25 Q3: -6.8% Revenue growth, TTM YoY, FY25 Q4: -13.1% Revenue growth, TTM YoY, FY26 Q1: -10.9% Revenue growth, TTM YoY, FY26 Q2: -10.6% -10.6%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -5.2%
FY23 Q4 -3.2%
FY24 Q1 -1.3%
FY24 Q2 0.9%
FY24 Q3 3.3%
FY24 Q4 7.0%
FY25 Q1 0.3%
FY25 Q2 -2.1%
FY25 Q3 -6.8%
FY25 Q4 -13.1%
FY26 Q1 -10.9%
FY26 Q2 -10.6%
Operating margin (TTM) AIR Industries Group
-4% -2% 0% 2% 4% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -3.3% Operating margin (TTM), FY23 Q4: -0.6% Operating margin (TTM), FY24 Q1: -0.7% Operating margin (TTM), FY24 Q2: 0.5% Operating margin (TTM), FY24 Q3: 2.1% Operating margin (TTM), FY24 Q4: 0.8% Operating margin (TTM), FY25 Q1: -0.1% Operating margin (TTM), FY25 Q2: -1.5% Operating margin (TTM), FY25 Q3: -1.0% Operating margin (TTM), FY25 Q4: -0.7% Operating margin (TTM), FY26 Q1: -0.3% Operating margin (TTM), FY26 Q2: -1.1% -1.1%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -3.3%
FY23 Q4 -0.6%
FY24 Q1 -0.7%
FY24 Q2 0.5%
FY24 Q3 2.1%
FY24 Q4 0.8%
FY25 Q1 -0.1%
FY25 Q2 -1.5%
FY25 Q3 -1.0%
FY25 Q4 -0.7%
FY26 Q1 -0.3%
FY26 Q2 -1.1%
FCF margin (TTM) AIR Industries Group
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.3% FCF margin (TTM), FY23 Q4: 5.3% FCF margin (TTM), FY24 Q1: 3.6% FCF margin (TTM), FY24 Q2: 3.4% FCF margin (TTM), FY24 Q3: -6.5% FCF margin (TTM), FY24 Q4: -3.6% FCF margin (TTM), FY25 Q1: -2.5% FCF margin (TTM), FY25 Q2: -2.5% FCF margin (TTM), FY25 Q3: -9.5% FCF margin (TTM), FY25 Q4: -9.8% FCF margin (TTM), FY26 Q1: -14.2% FCF margin (TTM), FY26 Q2: -10.0% -10.0%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.3%
FY23 Q4 5.3%
FY24 Q1 3.6%
FY24 Q2 3.4%
FY24 Q3 -6.5%
FY24 Q4 -3.6%
FY25 Q1 -2.5%
FY25 Q2 -2.5%
FY25 Q3 -9.5%
FY25 Q4 -9.8%
FY26 Q1 -14.2%
FY26 Q2 -10.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 54 64 63 64 80 51 50 45 55 50 59 53 52 55 48 47
Gross profit 11 15 15 14 17 4 5 5 9 7 10 7 7 9 8 9
EBITDA 6 8 6 4 4 −7 −10 −2 3 1 5 2 2 3 2 2
Operating income 4 6 5 2 1 −10 −13 −5 0 −1 2 −0 −0 0 −0 −1
Net income 2 3 4 1 −1 −16 −23 −11 −3 1 2 −1 −2 −1 −1 −2
Diluted EPS $3.15 $2.70 $3.15 $0.50 −$0.55 −$10.30 — — — $0.50 $0.45 −$0.33 −$0.65 −$0.41 −$0.31 −$0.37
Growth (year on year)
Revenue — +19.5% −2.2% +2.4% +25.0% −36.2% −2.8% −10.7% +22.6% −8.2% +17.6% −9.7% −3.2% +7.0% −13.0% −10.6%
EBITDA — +28.2% −16.2% −35.2% −9.3% −282.7% — — — −66.0% +367.7% −56.0% −15.2% +28.3% −14.6% +50.6%
Operating income — +36.7% −22.9% −62.4% −63.9% — — — — — — −107.8% — — — —
Net income — +13.4% +46.7% −82.2% — — — — — — +48.4% −166.1% — — — —
Diluted EPS — −14.3% +16.7% −84.1% — — — — — — −10.0% −173.3% — — — —
Margins
Gross margin 20.3% 23.1% 24.2% 21.9% 21.5% 8.3% 9.8% 12.2% 16.8% 13.0% 17.4% 14.0% 14.4% 16.2% 17.1% 19.7%
EBITDA margin 10.9% 11.7% 10.1% 6.4% 4.6% −13.2% −20.1% −4.6% 6.1% 2.3% 9.0% 4.4% 3.8% 4.6% 4.5% 4.7%
Operating margin 8.1% 9.3% 7.3% 2.7% 0.8% −19.7% −25.6% −11.0% 0.6% −2.9% 4.2% −0.4% −0.6% 0.8% −0.7% −1.1%
Net margin 4.2% 4.0% 6.0% 1.0% −1.0% −30.4% −45.2% −24.7% −5.0% 2.2% 2.8% −2.0% −4.1% −2.5% −2.7% −3.8%
Free-cash-flow margin 5.3% 1.0% 13.7% −5.2% −3.1% −4.5% −11.0% −8.1% −3.0% −10.6% 4.6% −3.6% 5.3% −3.6% −9.8% −10.0%
Cash flow
Cash from operations 4 2 9 −3 −1 −1 −4 −2 −1 −2 4 0 5 0 −1 −3
Capital spending 1 1 0 1 2 2 2 1 1 4 1 2 2 2 3 2
Free cash flow 3 1 9 −3 −2 −2 −6 −4 −2 −5 3 −2 3 −2 −5 −5
Stock-based pay 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1
Free cash flow after stock pay 3 1 9 −3 −3 −2 −6 −4 −2 −6 2 −2 2 −3 −6 −6
Balance sheet
Cash 1 0 1 1 1 1 1 2 1 3 1 0 0 1 5 5
Total debt 14 19 15 20 41 36 27 25 19 27 23 32 28 20 25 26
Net debt (negative = net cash) 13 19 14 18 40 35 26 23 18 25 23 32 28 19 21 21
Diluted shares — — 1m 1m 1m 2m 3m 3m 3m 4m 4m 3m 3m 3m 4m 5m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $59m
Short-term assets $49mLonger-term assets $10m
What it owes, and who funded it · $59m
Short-term liabilities $40mLonger-term liabilities $1mShareholders' equity $18m
  • Short-term assets cover short-term liabilities $49m of assets due within a year against $40m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $49m short-term assets against $1m of longer-dated liabilities.
  • More cash than debt $5m of cash against $26m of debt.
  • Debt below 40% of shareholders' equity Debt is 142% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 53% to 142% over five years.
  • A year's operating cash flow covers at least 20% of debt −$3m of operating cash flow against $26m of debt.
  • Operating profit covers interest at least five times over Operating income of −$531,000 against $2m of interest.

From AIR Industries Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+39.6%
year over year
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated AIRI EH SPIR MIND SATL UMAC Median
Revenue, last 12 months $47m $58m $62m $35m $32m $32m $769m
Revenue growth, last 12 months −10.6% −8.3% −33.1% −28.5% 130.1% 313.6% 15.5%
Revenue growth, 3-year average −4.1% — −9.7% 3.6% — — 12.6%
Revenue growth, latest quarter −5.2% — −5.9% −58.5% 258.5% 687.3% 15.8%
Gross margin 19.7% 61.5% 37.7% 42.2% — 34.8% 27.8%
Operating margin −1.1% −75.8% −142.1% −2.7% −66.8% −93.5% 9.0%
Operating margin, 3-year average −0.7% −345.8% −92.2% 6.3% −654.1% −194.8% 6.0%
Net margin −3.8% −66.0% −145.2% −6.8% −325.6% −20.3% 5.5%
Cash from operations / revenue −6.4% −42.9% −105.7% −9.9% −82.4% −176.5% 5.5%
Free-cash-flow margin −10.0% −78.6% −159.7% −11.1% −132.2% −183.7% 3.4%
Free-cash-flow margin, 3-year average −3.1% −159.6% −88.5% −4.0% −416.6% — 3.0%
Stock pay / revenue 3.0% 58.9% 23.4% 5.8% 16.5% 45.0% 1.2%
Change in share count 39.6% >999% 28.6% 40.3% 403.1% 195.8% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth -10.6% 15.5% 53 of 57
Change in growth rate Growth +0.3pp +2.2pp 36 of 57
Gross margin Profitability 19.7% 28.3% 36 of 46
Operating margin Profitability -1.1% 8.5% 34 of 51
Net margin Profitability -3.8% 5.5% 39 of 57
Free-cash-flow margin Cash generation -10.0% 3.4% 39 of 57
Stock pay as % of revenue Cash generation 3.0% 1.5% 32 of 53
Long-term debt as % of assets Balance sheet 2.4% 22.1% 8 of 47
Change in share count Balance sheet 39.6% 2.4% 41 of 51
Days sales outstanding Balance sheet 54 days 53 days 26 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Military $27.9M 58.3% ▼ 27.5%
Commercial Real Estate $20M 41.7% ▲ 20.4%

From AIR Industries Group's 10-K filed March 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$856,047
Institutions reporting
17
Shares held vs prior quarter
▼ 2.6%
Positions opened / closed
7 / 6

Top buyers and sellers, Q2 2026: 10 institutions bought and 10 sold ; the biggest buyer was Jane Street Group, LLC (+17K shares) and the biggest seller Citadel Advisors LLC (−21K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $208,256 69K 24.3% 0.0%
Geode Capital Management, LLC $130,274 43K 15.2% ▲ 17.5%
Dimensional Fund Advisors LP $92,850 31K 10.8% ▼ 4.1%
UBS Group AG $81,326 27K 9.5% ▲ 10.7%
Medallion Wealth Advisors, LLC $70,925 23K 8.3% 0.0%
Xtx Topco Ltd $64,697 21K 7.6% ▼ 5.8%
Vanguard Fiduciary Trust Co $58,624 19K 6.8% 0.0%
Jane Street Group, LLC $51,648 17K 6.0% New
Susquehanna International Group, LLP $48,685 16K 5.7% New
HRT Financial LP $40,000 14K 4.7% New
Steward Partners Investment Advisory, LLC $4,832 2K 0.6% New
Osaic Holdings, Inc. $1,510 1K 0.2% ▼ 50.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AIR Industries Group's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around May 14, 2026 estimated from the company's past filing pattern, not announced

  • February 17, 2026
  • November 14, 2025
  • August 14, 2025
  • May 15, 2025
  • March 31, 2025
  • November 14, 2024

Recent SEC filings

Data status

When each part of this page on AIR Industries Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AIR Industries Group in brief

What does AIR Industries Group do?
AIR Industries Group is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is AIR Industries Group's stock ticker?
AIR Industries Group trades under the ticker AIRI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AIR Industries Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, AIR Industries Group reported revenue of $46.7M, 10.6% lower than a year earlier, according to its SEC filings.
What is AIR Industries Group's free cash flow?
AIR Industries Group's free-cash-flow margin is -10.0% of revenue over the trailing twelve months, ranking 39 of the 57 aerospace & defense companies we cover.
Who are AIR Industries Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Geode Capital Management, LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is AIR Industries Group's market cap?
On November 2, 2026, AIR Industries Group's market capitalisation was about $12.5M and net debt of $21M. Market figures come from third-party market data and may be delayed.
How much debt does AIR Industries Group have?
AIR Industries Group's debt-to-equity ratio is 141.6%, from its latest balance sheet (53.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are AIR Industries Group's competitors?
In our Aerospace & Defense peer group, the companies closest to AIR Industries Group are Ehang Holdings Ltd, Spire Global, Inc., Mind Technology, Inc, Satellogic Inc. and Unusual Machines, Inc. The side-by-side comparison below sets their revenue, margins and growth against AIR Industries Group's.