AIR T Inc key statistics and ratios

In fiscal 2026, AIR T Inc had an operating margin of -3.4%, debt equal to 263.8% of equity and a current ratio of 1.67. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

AIR T Inc: financial ratios, annual
Fiscal year	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Operating margin	4.1%	2.3%	2.6%	2.6%	3.0%	4.1%	−2.1%	2.2%	4.3%	3.1%	−5.2%	4.9%	−1.8%	0.4%	0.7%	−3.4%	−6.7%
Net margin	2.6%	1.5%	1.6%	1.5%	2.2%	3.0%	−2.2%	1.2%	0.6%	3.2%	−4.2%	6.2%	−5.0%	−2.4%	−2.1%	23.8%	17.2%
Free-cash-flow margin	−5.7%	−2.0%	3.9%	−1.8%	5.4%	1.3%	−6.7%	−1.2%	9.2%	−11.6%	−3.3%	−19.5%	6.4%	5.6%	7.7%	−12.7%	−17.3%
Return on equity	8.1%	5.1%	6.1%	5.3%	8.7%	13.8%	−11.2%	9.5%	5.4%	31.7%	−38.6%	57.0%	−67.3%	−81.8%	—	—	88.0%
Return on assets	6.2%	3.9%	4.7%	4.0%	6.2%	9.2%	−5.5%	2.8%	1.3%	5.7%	−5.0%	6.3%	−6.2%	−3.7%	−3.5%	26.8%	14.5%
Asset turnover	2.44	2.58	2.90	2.75	2.78	3.10	2.53	2.39	2.03	1.78	1.20	1.02	1.25	1.56	1.66	1.12	0.85
Current ratio	3.85	3.78	3.88	3.45	4.69	2.48	2.41	1.98	1.35	1.45	3.75	4.15	1.81	2.20	1.65	1.67	1.43
Debt to equity	0.0%	0.0%	24.9%	25.6%	45.9%	5.4%	80.3%	228.2%	338.2%	535.3%	678.6%	578.1%	>999%	>999%	—	263.8%	381.5%
Interest cover (operating income ÷ interest)	—	178.0x	—	—	—	74.7x	—	2.5x	2.7x	1.6x	n/m	1.8x	n/m	0.2x	0.2x	n/m	n/m
Effective tax rate	—	—	—	—	27.3%	38.9%	—	7.4%	29.5%	−20.7%	—	8.7%	—	—	—	1.6%	3.0%
R&D as % of revenue	—	—	—	—	0.0%	0.5%	0.7%	0.1%	—	—	—	—	—	—	—	—	—
Capital spending as % of revenue	0.3%	1.1%	0.4%	1.3%	0.7%	0.8%	1.6%	1.1%	0.5%	1.0%	2.2%	0.9%	0.5%	0.4%	0.4%	5.0%	10.1%
Free cash flow ÷ net income	−223.2%	−129.9%	238.8%	−125.3%	243.2%	44.6%	—	−105.3%	>999%	−359.4%	—	−316.7%	—	—	—	−53.3%	−100.9%
Dividends ÷ net income	37.5%	45.3%	36.6%	50.0%	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	15.3%	—	—	—	—	—	3.8%	—	—	—	—	5.4%	6.4%	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

AIR T Inc: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Operating margin	4.5%	1.8%	−3.9%	1.2%	8.6%	−5.3%	−11.4%	−11.1%
Net margin	3.1%	−1.7%	−10.6%	−2.3%	6.8%	−3.4%	64.3%	−13.7%
Free-cash-flow margin	3.3%	20.5%	6.0%	−1.9%	−8.8%	−27.1%	−12.7%	−20.9%
Current ratio	2.27	1.90	1.65	1.89	2.06	0.96	1.67	1.43
Debt to equity	>999%	>999%	—	—	>999%	—	260.9%	377.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026

What it owns · $469m

Short-term assets $158mLonger-term assets $311m

What it owes, and who funded it · $451m

Short-term liabilities $111mLonger-term liabilities $275mShareholders' equity $65m

Short-term assets cover short-term liabilities $158m of assets due within a year against $111m of liabilities due within a year.
Short-term assets cover long-term liabilities $158m short-term assets against $275m of longer-dated liabilities.
More cash than debt $17m of cash against $246m of debt.
Debt below 40% of shareholders' equity Debt is 378% of equity.
Debt burden no higher than five years ago Debt to equity moved from 537% to 378% over five years.
A year's operating cash flow covers at least 20% of debt −$27m of operating cash flow against $246m of debt.
Operating profit covers interest at least five times over Operating income of −$25m against $15m of interest.

From AIR T Inc'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.

Moat

24 /100

Weak moat

How hard AIR T'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 0.7% of total assets over 10 years.
Durability 0 / 20

Operating margin has been a median 1.5%; its worst year was -6.7%.
Cash conversion 4 / 20

Free cash flow was positive in 4 of 10 years, at a median -4.2% of revenue.
Discipline 19 / 20

The diluted share count fell 6.3% over five years; stock-based pay has been a median 0.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).

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

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Figures from AIR T Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to AIR T Inc.