Air T Inc Stock Research

Market Summary

USD23.21+0.76

Delayed

3.39%

AIRT Stock Price

AIRT RSI Chart

AIRT Valuation

Market Cap

64.5M

Price/Earnings (Trailing)

-25.64

Price/Sales (Trailing)

0.29

EV/EBITDA

13.92

Price/Free Cashflow

-3.48

AIRT Price/Sales (Trailing)

AIRT Profitability

EBT Margin

1.76%

Return on Equity

-11.77%

Return on Assets

-1.18%

Free Cashflow Yield

-28.76%

AIRT Fundamentals

AIRT Revenue

Revenue (TTM)

224.4M

Revenue Y/Y

35.14%

Revenue Q/Q

1.17%

AIRT Earnings

Earnings (TTM)

-2.5M

Earnings Y/Y

53.25%

Earnings Q/Q

52.11%

Price Action

52 Week Range

14.0128.95

(Low)(High)

Last 7 days

6.8%

Last 30 days

-0.1%

Last 90 days

-3.2%

Trailing 12 Months

-0.4%

AIRT Financial Health

Current Ratio

1.93

Debt/Equity

7.15

Debt/Cashflow

-0.11

AIRT Investor Care

Buy Backs (1Y)

2.08%

Diluted EPS (TTM)

0.36

Peers (Alternatives to Air T)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
FDX	57.2B	94.1B	8.14%	-2.48%	17.16	0.61	5.07%	-32.20%
DAL	24.5B	50.6B	-14.00%	-15.25%	298.7	0.53	69.18%	370.71%
LUV	17.9B	23.8B	-9.71%	-31.35%	18.7	0.75	50.82%	-2.15%
EXPD	16.3B	17.1B	-1.64%	3.07%	11.99	0.95	3.32%	-4.10%
CHRW	11.2B	24.7B	-3.27%	-9.94%	11.93	0.45	6.90%	11.40%
MID-CAP
XPO	3.6B	7.7B	-8.75%	-59.51%	5.48	0.47	7.16%	95.31%
AAWW	2.9B	4.5B	0.24%	22.01%	8.22	0.64	12.86%	-27.86%
FWRD	2.7B	2.0B	-1.67%	5.75%	14.08	1.38	18.71%	82.50%
JBLU	2.2B	9.2B	-16.32%	-53.16%	-6.16	0.24	51.67%	-98.90%
SMALL-CAP
SAVE	1.8B	5.1B	-11.57%	-22.05%	-3.29	0.36	56.88%	-17.26%
ATSG	1.5B	2.0B	2.13%	-38.98%	7.31	0.71	17.94%	-14.19%
RLGT	299.2M	727.6M	-2.49%	-16.72%	7.3	0.22	-19.14%	92.40%
AIRT	64.5M	224.4M	-0.13%	-0.39%	-25.64	0.29	30.18%	-139.59%
HUBG	2.7M	5.3B	-11.86%	3.00%	0.01	5e-4	26.18%	108.16%

Financials for Air T

* denotes actual numbers (not divided by Thousands)
Income Statement (Last 12 Months)					(In Thousands)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	7.7%	224,384	208,421	190,971	177,077	172,367
Operating Expenses	8.0%	215,204	199,351	181,376	168,322	177,935
S&GA Expenses	7.1%	37,989	35,481	33,432	29,817	35,153
EBITDA	24.9%	15,265	12,219	20,636	20,204	-
EBITDA Margin	16.0%	0.07*	0.06*	0.11*	0.11*	-
Earnings Before Taxes	56.6%	3,938	2,515	12,464	13,396	-174
EBT Margin	45.4%	0.02*	0.01*	0.07*	0.08*	-
Interest Expenses	14.5%	7,629	6,661	5,832	4,948	4,553
Net Income	21.1%	-2,515	-3,187	5,600	7,322	6,352
Net Income Margin	26.7%	-0.01*	-0.02*	0.03*	0.04*	-
Free Cahsflow	27.9%	-18,542	-25,728	-28,539	-34,614	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-6.0%	212	226	213	208	164
Current Assets	-10.5%	131	147	137	128	107
Cash Equivalents	-32.8%	5.00	7.00	7.00	6.00	6.00
Inventory	-1.6%	86.00	88.00	86.00	75.00	76.00
Net PPE	-0.4%	21.00	21.00	21.00	21.00	21.00
Goodwill	3.1%	10.00	10.00	10.00	10.00	4.00
Liabilities	-7.2%	178	192	178	171	135
Current Liabilities	-7.1%	68.00	73.00	29.00	31.00	21.00
Long Term Debt	8.9%	153	140	136	108	-
Shareholder's Equity	-10.8%	21.00	24.00	25.00	25.00	21.00
Retained Earnings	-6.6%	23.00	25.00	26.00	27.00	22.00
Additional Paid-In Capital	13.8%	1.00	1.00	0.00	0.00	0.00
Accumulated Depreciation	5.5%	6.00	6.00	6.00	5.00	5.00
Shares Outstanding	-1.0%	3.00	3.00	3.00	3.00	3.00
Minority Interest	-0.6%	1.00	1.00	1.00	1.00	1.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	29.1%	-17.21	-24.28	-26.79	-33.08	-14.85
Cashflow From Investing	48.4%	-16.93	-32.79	-33.00	-33.39	-16.72
Cashflow From Financing	-42.2%	35.00	61.00	58.00	59.00	-11.23
Buy Backs	41.5%	2.00	1.00	0.00	-	-

Risks for AIRT

What is the probability of a big loss on AIRT?

100%

Probability that Air T stock will be more than 20% underwater in next one year

80%

Probability that Air T stock will be more than 30% underwater in next one year.

73.1%

Probability that Air T stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does AIRT drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Air T was unfortunately bought at previous high price.

Drawdowns

Returns for AIRT

Cumulative Returns on AIRT

18.9%

10-Year Cumulative Returns

11.1%

7-Year Cumulative Returns

15.4%

5-Year Cumulative Returns

28.5%

3-Year Cumulative Returns

What are the long-term rolling returns for AIRT?

FIve years rolling returns for Air T.

Annualized Returns

Which funds bought or sold AIRT recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-02-14	BRIDGEWAY CAPITAL MANAGEMENT, LLC	unchanged	-	137,803	432,803	0.01%
2023-02-14	NewEdge Advisors, LLC	new	-	32,457	32,457	-%
2023-02-14	MORGAN STANLEY	added	2.25	181,380	562,380	-%
2023-02-13	RENAISSANCE TECHNOLOGIES LLC	reduced	-5.77	813,000	3,066,000	-%
2023-02-13	GEODE CAPITAL MANAGEMENT, LLC	reduced	-0.21	120,000	381,000	-%
2023-02-13	BlackRock Inc.	added	0.51	71,784	228,784	-%
2023-02-13	DCF Advisers, LLC	reduced	-3.84	74,927	266,927	0.18%
2023-02-13	WELLS FARGO & COMPANY/MN	unchanged	-	173	173	-%
2023-02-10	VANGUARD GROUP INC	added	0.06	406,529	1,319,530	-%
2023-02-10	ADVISOR GROUP HOLDINGS, INC.	sold off	-100	-4,000	-	-%

Latest Funds Activity

Are funds buying AIRT calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own AIRT

No. of Funds

Air T News

Schedule 13G FIlings of Air T

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	renaissance technologies llc	4.36%	124,011	SC 13G/A
Sep 27, 2022	farnam street partners lp /mn	13.75%	394,090	SC 13D/A
Feb 11, 2022	renaissance technologies llc	5.54%	159,711	SC 13G/A
Feb 22, 2021	ao partners i, lp	32.6%	940,750	SC 13D/A
Feb 11, 2021	renaissance technologies llc	6.43%	185,211	SC 13G/A
Jan 12, 2021	ao partners i, lp	32.5%	937,084	SC 13D/A
Jan 08, 2021	farnam street partners lp /mn	13.55%	390,424	SC 13D/A
Apr 01, 2020	swenson nicholas john	30.3%	883,557	SC 13D/A
Mar 31, 2020	farnam street partners lp /mn	12.0%	350,313	SC 13D/A
Feb 13, 2020	renaissance technologies llc	6.99%	211,311	SC 13G/A

AIRT Fair Value

Air T fair value in different scenarios

The table shows the Fair Value estimates for Air T for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	9.74 -58.04%	12.49 -46.19%	18.84 -18.83%	36.82 58.64%	54.38 134.30%
Current Inflation	9.17 -60.49%	11.61 -49.98%	17.08 -26.41%	32.75 41.10%	47.96 106.64%
Very High Inflation	8.44 -63.64%	10.51 -54.72%	14.95 -35.59%	27.93 20.34%	40.44 74.24%

Historical Air T Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Air T

View All Filings

Date Filed	Form Type	Document
Mar 27, 2023	8-K	Current Report
Feb 21, 2023	8-K	Current Report
Feb 13, 2023	SC 13G/A	Major Ownership Report
Feb 10, 2023	10-Q	Quarterly Report
Feb 06, 2023	8-K	Current Report

Latest Insider Trading transactions for AIRT

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-09-16	McClung Peter B.	bought	36,875	14.75	2,500	-
2022-09-16	CABILLOT RAYMOND E	bought	30,860	15.5	1,991	-
2022-09-15	CABILLOT RAYMOND E	bought	41,719	15.4118	2,707	-
2022-09-14	CABILLOT RAYMOND E	bought	4,620	15.3013	302	-
2022-09-13	McClung Peter B.	bought	40,200	16.75	2,400	-
2022-09-12	McClung Peter B.	bought	43,996	17.5984	2,500	-
2022-09-12	CABILLOT RAYMOND E	bought	87,681	17.5362	5,000	-
2022-08-26	Swenson Nicholas John	acquired	21,562	5.75	3,750	ceo
2022-08-18	McClung Peter B.	bought	1,700	17.00	100	-
2022-08-17	CABILLOT RAYMOND E	bought	7,650	15.3	500	-

About Air T

Nicholas J. Swenson

www.airt.net

450

Air T, Inc., through its subsidiaries, provides overnight air cargo, ground equipment sale, commercial jet engines and parts, and printing equipment and maintenance services in the United States and internationally. The company's Overnight Air Cargo segment offers air express delivery services. As of March 31, 2021, this segment had 66 aircraft under the dry-lease agreements with FedEx. Its Ground Equipment Sales segment manufactures, sells, and services aircraft deicers, scissor-type lifts, military and civilian decontamination units, flight-line tow tractors, glycol recovery vehicles, and other specialized equipment. This segment sells its products to passenger and cargo airlines, ground handling companies, the United States Air Force, airports, and industrial customers. Its Commercial Aircraft, Engines and Parts segment offers commercial aircraft trading, leasing, and parts solutions; commercial aircraft storage, storage maintenance, and aircraft disassembly/part-out services; commercial aircraft parts sales, exchanges, procurement services, consignment programs, and overhaul and repair services; and aircraft instrumentation, avionics, and a range of electrical accessories for civilian, military transport, regional/commuter and business/commercial jet, and turboprop aircraft. This segment also provides composite aircraft structures, and repair and support services. Air T, Inc. was incorporated in 1980 and is based in Denver, North Carolina.

AIRT Income Statement

2022-09-30

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues:
Total revenue	$ 60,688,000	$ 43,238,000	$ 111,550,000	$ 80,206,000
Operating Expenses:
General and administrative	10,664,000	8,615,000	22,396,000	16,836,000
Depreciation and amortization	1,026,000	323,000	1,888,000	703,000
Inventory write-down	1,003,000	0	1,020,000	0
Asset impairment	485,000	0	516,000	0
(Gain) Loss on sale of property and equipment	(1,000)	0	(2,000)	3,000
Operating expenses	60,509,000	42,534,000	110,538,000	79,507,000
Operating Income	179,000	704,000	1,012,000	699,000
Non-operating (Expense) Income:
Interest expense	(1,996,000)	(1,167,000)	(3,818,000)	(2,105,000)
Income from equity method investments	266,000	14,000	798,000	97,000
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan	0	8,331,000	0	8,331,000
Other	(357,000)	159,000	(509,000)	1,340,000
Nonoperating income (expense)	(2,087,000)	7,337,000	(3,529,000)	7,663,000
(Loss) Income before income taxes	(1,908,000)	8,041,000	(2,517,000)	8,362,000
Income Taxes (Benefit) Expense	(572,000)	38,000	(380,000)	33,000.0
Net (Loss) Income	(1,336,000)	8,003,000	(2,137,000)	8,329,000
Net Loss (Income) Attributable to Non-controlling Interests	104,000	(448,000)	(528,000)	(486,000)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (1,232,000)	$ 7,555,000	$ (2,665,000)	$ 7,843,000
(Loss) Income per share (Note 6)
Basic (in dollars per share)	$ (0.43)	$ 2.62	$ (0.93)	$ 2.72
Diluted (in dollars per share)	$ (0.43)	$ 2.60	$ (0.93)	$ 2.71
Weighted Average Shares Outstanding:
Basic (in shares)	2,865	2,882	2,866	2,882
Diluted (in shares)	2,865	2,901	2,866	2,893
Overnight air cargo
Operating Revenues:
Total revenue	$ 22,069,000	$ 18,847,000	$ 42,633,000	$ 37,697,000
Operating Expenses:
Cost of Revenue	19,451,000	16,553,000	37,522,000	33,297,000
Depreciation and amortization	23,000	14,000	42,000	27,000
Operating Income	845,000	857,000	1,922,000	1,589,000
Ground equipment sales
Operating Revenues:
Total revenue	18,019,000	9,189,000	23,834,000	17,371,000
Operating Expenses:
Cost of Revenue	14,438,000	8,033,000	18,870,000	13,562,000
Depreciation and amortization	46,000	32,000	95,000	64,000
Operating Income	1,887,000	43,000	2,029,000	1,465,000
Commercial jet engines and parts
Operating Revenues:
Total revenue	18,986,000	14,916,000	41,841,000	24,510,000
Operating Expenses:
Cost of Revenue	13,443,000	9,010,000	28,328,000	15,106,000
Depreciation and amortization	563,000	214,000	996,000	479,000
Operating Income	(204,000)	1,902,000	2,870,000	1,664,000
Corporate and other
Operating Revenues:
Total revenue	1,614,000	286,000	3,242,000	628,000
Operating Expenses:
Depreciation and amortization	394,000	62,000	755,000	133,000
Operating Income	$ (2,349,000)	$ (2,098,000)	$ (5,809,000)	$ (4,019,000)

AIRT Balance Sheet

2022-09-30

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 7,071	$ 5,616
Marketable securities	788	859
Restricted cash	2,394	2,752
Restricted investments	1,589	1,691
Accounts receivable, net of allowance for doubtful accounts of $1,328 and $1,368	22,571	19,684
Income tax receivable	3,893	3,230
Inventories, net	87,604	75,167
Employee retention credit receivable	7,689	9,138
Other current assets	12,932	10,106
Total Current Assets	146,531	128,243
Assets on lease or held for lease, net of accumulated depreciation of $1,041 and $780	14,574	14,509
Property and equipment, net of accumulated depreciation of $6,015 and $5,405	21,338	21,212
Intangible assets, net of accumulated amortization of $3,512 and $2,947	10,722	13,260
Right-of-use ("ROU") assets	6,755	7,354
Equity method investments	11,559	9,864
Goodwill	10,093	10,126
Other assets	4,360	3,031
Total Assets	225,932	207,599
Current Liabilities:
Accounts payable	13,249	9,397
Income tax payable	252	194
Accrued expenses and other (Note 4)	13,626	13,391
Current portion of long-term debt	44,704	6,482
Short-term lease liability	1,341	1,443
Total Current Liabilities	73,172	30,907
Long-term debt	107,979	129,326
Deferred income tax liabilities, net	3,175	2,812
Long-term lease liability	6,206	6,734
Other non-current liabilities	1,208	1,342
Total Liabilities	191,740	171,121
Redeemable non-controlling interest	10,253	10,761
Commitments and contingencies (Note 16)
Equity:
Preferred stock, $1.00 par value, 2,000,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,026,495 and 3,022,745 shares issued, 2,850,748 and 2,866,418 shares outstanding	757	756
Treasury stock, 175,747 shares at $19.07 and 156,327 shares at $19.20	(3,353)	(3,002)
Additional paid-in capital	571	393
Retained earnings	24,802	26,729
Accumulated other comprehensive income (loss)	68	(263)
Total Air T, Inc. Stockholders' Equity	22,845	24,613
Non-controlling Interests	1,094	1,104
Total Equity	23,939	25,717
Total Liabilities and Equity	$ 225,932	$ 207,599