Astronics
ATRONASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $62.00 Prior regular-session close from the quote source.
- $53.18–$63.20 Regular-session low and high so far today.
- 2.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 13 projected Projected for 2027-01-13 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $36.51–$94.46 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ATRO if the 2024–2025 margin and cash recovery proves structural rather than one-off.
ATRO price history
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Investment thesis
What must happen next
The company's margin expansion is driven by sustained higher-margin product mix and pricing power on aerospace/defense programs, so operating income will remain materially positive going forward.StrengtheningMateriality: High
operating_income swung from -6,671,000 (FY2023) to 26,466,000 (FY2024) to 76,412,000 (FY2025). If true, Astronics will convert revenue into durable profits and justify a premium; if false, margins will revert and valuation compresses.
Watch: Loss or non‑renewal of one or more multi‑year program contracts or a competitor capturing key design wins (would reduce pricing/mix).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income swung from -6,671,000 (FY2023) to 26,466,000 (FY2024) to 76,412,000 (FY2025).
Open source ↗Improved operating cash flow is converting accounting profits into real liquidity, giving management the ability to pay down debt, fund targeted M&A or return capital without dilutive financing.StrengtheningMateriality: High
operating_cash_flow improved from -23,950,000 (FY2023) to 30,566,000 (FY2024) to 74,795,000 (FY2025). Sustained cash generation lowers financial risk and funds shareholder-friendly actions that compound per‑share value.
Watch: Working capital swings tied to large program timing (customer payment delays or inventory builds) that reverse the cash conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow improved from -23,950,000 (FY2023) to 30,566,000 (FY2024) to 74,795,000 (FY2025).
Open source ↗Future revenue growth depends on winning and converting multi‑year aerospace and defense program awards (design wins) rather than short cyclical order surges.HoldingMateriality: Medium
Revenue rose from 444,908,000 (FY2021) to 534,894,000 (FY2022) to 689,206,000 (FY2023), showing historical growth in the company’s markets. If growth comes from durable program wins, margins and cash will be sustainable; if growth was cyclical, revenue and profits will roll over.
Watch: Prolonged airline fleet idling or defense budget re‑prioritization that delays program funding.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue rose from 444,908,000 (FY2021) to 534,894,000 (FY2022) to 689,206,000 (FY2023), showing historical growth in the company’s markets.
Open source ↗The jump in liabilities and the drop in shareholders' equity by FY2025 could signal acquisition financing, impairment charges, or other balance-sheet actions that raise financial risk and could pressure returns if not earnings‑accretive.HoldingMateriality: Medium
equity fell from 256,097,000 (FY2024) to 140,074,000 (FY2025). If the equity decline reflects structural write‑downs or leverage, future ROIC and shareholder returns may underperform despite EBITDA recovery.
Watch: If the equity reduction was primarily share repurchases or one‑time accounting charges disclosed as non‑recurring, the underlying operating thesis can remain intact.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
equity fell from 256,097,000 (FY2024) to 140,074,000 (FY2025).
Open source ↗
Full investment case & evidence
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Original research
The company's margin expansion is driven by sustained higher-margin product mix and pricing power on aerospace/defense programs, so operating income will remain materially positive going forward. If true, Astronics will convert revenue into durable profits and justify a premium; if false, margins will revert and valuation compresses.
Improved operating cash flow is converting accounting profits into real liquidity, giving management the ability to pay down debt, fund targeted M&A or return capital without dilutive financing. Sustained cash generation lowers financial risk and funds shareholder-friendly actions that compound per‑share value.
Future revenue growth depends on winning and converting multi‑year aerospace and defense program awards (design wins) rather than short cyclical order surges. If growth comes from durable program wins, margins and cash will be sustainable; if growth was cyclical, revenue and profits will roll over.
The jump in liabilities and the drop in shareholders' equity by FY2025 could signal acquisition financing, impairment charges, or other balance-sheet actions that raise financial risk and could pressure returns if not earnings‑accretive. If the equity decline reflects structural write‑downs or leverage, future ROIC and shareholder returns may underperform despite EBITDA recovery.
All standing thesis claims
Original report summary
the 2024–2025 margin and cash recovery proves structural rather than one-off.
Bull case and bear case
Bull case and bear case for Astronics
Where the evidence on Astronics stands: Holding on the latest evidence (Nov 7, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
The company's margin expansion is driven by sustained higher-margin product mix and pricing power on aerospace/defense programs, so operating income will remain materially positive going forward.
Improved operating cash flow is converting accounting profits into real liquidity, giving management the ability to pay down debt, fund targeted M&A or return capital without dilutive financing.
Future revenue growth depends on winning and converting multi‑year aerospace and defense program awards (design wins) rather than short cyclical order surges.
The jump in liabilities and the drop in shareholders' equity by FY2025 could signal acquisition financing, impairment charges, or other balance-sheet actions that raise financial risk and could pressure returns if not earnings‑accretive.
Bear case: what would count against it
Loss or non‑renewal of one or more multi‑year program contracts or a competitor capturing key design wins (would reduce pricing/mix).
Working capital swings tied to large program timing (customer payment delays or inventory builds) that reverse the cash conversion.
Prolonged airline fleet idling or defense budget re‑prioritization that delays program funding.
Thesis-Break Engine
Thesis-break watch · Astronics
No break has crossed Astronics’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Astronics filed an SEC 8-K on 2026-08-11: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Astronics filed an SEC 8-K on 2026-06-01: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Astronics filed an SEC 8-K on 2026-05-12: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Loss or non‑renewal of one or more multi‑year program contracts or a competitor capturing key design wins (would reduce pricing/mix).
- Working capital swings tied to large program timing (customer payment delays or inventory builds) that reverse the cash conversion.
- Prolonged airline fleet idling or defense budget re‑prioritization that delays program funding.
- If the equity reduction was primarily share repurchases or one‑time accounting charges disclosed as non‑recurring, the underlying operating thesis can remain intact.
ATRO news
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Financial statements
ATRO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ATRO: quick answers
- When does Astronics (ATRO) report earnings next?
- Astronics's next results are projected for January 13, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 10, 2026. Earnings calendar
- What is ATRO's short interest?
- As of October 30, 2026, 3.1M ATRO shares were sold short, down 2.3% from the count before. At the stock's average daily volume that is 5.5 days to cover. FINRA publishes the count twice a month. ATRO short interest history
- Have members of Congress traded ATRO?
- 1 trade in ATRO has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed ATRO trade