AIR T INC
AIRTNasdaqIndustrials · Air Courier Services · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $291.9M | $286.8M | $247.3M | $177.1M | $175.1M | $236.8M |
| Operating income | $1.9M | $1.3M | −$4.4M | $8.8M | −$9.2M | $7.3M |
| Net income | −$6.1M | −$6.8M | −$12.3M | $10.9M | $289,000 | $7.7M |
| Total assets | $173.8M | $177.2M | $189.6M | $207.6M | $140.8M | $151.4M |
| Total liabilities | $168.2M | $158.4M | $163.9M | $171.1M | $119.4M | $120.3M |
| Equity | −$3.2M | $4.8M | $11.9M | $24.6M | $13.7M | $24.0M |
| EPS (diluted) | $-2.23 | $-2.42 | $-4.32 | $3.78 | $-2.53 | $-0.29 |
| Shares out. | 2.7M | 2.8M | 2.8M | 2.9M | 2.9M | 2.9M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 0.7%
- Net margin
- −2.1%
- Return on equity
- 190.9%
- Return on assets
- −3.5%
- Return on capital (ROCE)
- 1.5%
- Liabilities / assets
- 96.8%
- Debt / equity
- —
- Book value / share
- $-1.19
- Revenue growth (YoY)
- 1.7%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 1.26grey zone
- Accruals / assets
- −17.1%clean
- Piotroski F-Score
- 6/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 3 warning● 5 good- Negative shareholder equity
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Reported a net loss
- High leverage (liabilities > 70% of assets)
- Altman Z″ in the grey zone
- Operating margin is positive
- Strong return on equity (>15%)
- Revenue is growing year-over-year
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗Aug 15, 2017
- NT 10-K/Amissed a reporting deadline ↗Jul 14, 2017
- NT 10-Kmissed a reporting deadline ↗Jun 30, 2017
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Ao Partners I, LpActivist (13D)Jan 22, 2026
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Swenson Nicholas JohnOfficer — CEO | Jun 27, 2025 | J | 1,620 | $0.00 |
| Foudray William RDirector | Aug 14, 2023 | Option exercise | 3,750 | $7.04 |
| Swenson Nicholas JohnOfficer — CEO | Dec 28, 2023 | Gift | 611 | $0.00 |
| Mcclung Peter B.Director | Aug 18, 2022 | Buy | 100 | $17.00 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 17,267 | 7.8 | -3.7% |
| Apr 30, 2026 | 17,932 | 19.0 | +7.1% |
| Apr 15, 2026 | 16,747 | 8.6 | -3.1% |
| Mar 31, 2026 | 17,283 | 8.9 | +10.8% |
| Mar 13, 2026 | 15,595 | 6.0 | +0.5% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Other material eventMar 23, 2026
- Director / officer changeMar 10, 2026
- Entered a material agreement · Other material eventMar 9, 2026
- Director / officer changeMar 4, 2026
- Regulation FD disclosure · Other material eventFeb 13, 2026
- Results of operationsFeb 13, 2026
- Regulation FD disclosureFeb 5, 2026
- Director / officer changeJan 5, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.