Astronics Corporation ATRO

IndustrialsAerospace & DefenseUnited States of America

Last close 60.91 USD on Nov 3, 2026, +35.0% year to date

Quant rating

Quant rating B Rank 180 of 486 in Industrials

Growth A 58 of 486
Valuation C 253 of 486
Quality A 62 of 486
Revisions D 387 of 486
Momentum B 184 of 486

Wall Street consensus Buy (2.00)Average target 89.38 USD +46.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.6B
Enterprise value: 2.9B
52-week range: 35.05 – 94.34
3-year range: 11.92 – 94.34
Dividend yield: –
Beta (5 years): 1.34
Shares outstanding: 43.0M
Next earnings: Nov 10, 2026

About the company

Astronics Corporation is a provider of advanced technologies to the global aerospace, defense, and electronics industries. The Company’s products and services include advanced electrical power generation, distribution and seat motion systems, lighting and safety systems, avionics products, systems and certification, aircraft structures and automated test systems. The Company’s segments include Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace and defense industry. The Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries as well as training and simulation devices for both commercial and military applications. It also offers FAA Organization Designation Authorization (ODA) services. Its products and solutions also include emergency systems, lighting systems, and seat actuation systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	862	795	689	535	445	–
Revenue growth	8.4%	15.4%	28.8%	20.2%	−11.5%	11.4%
EPS (basic, normalized)	2.01	−0.46	−0.80	−1.11	−1.10	–
EPS growth	–	–	–	–	–	–
Gross margin	30.6%	21.2%	17.5%	14.5%	17.1%	20.2%
Net margin	3.4%	−2.0%	−3.8%	−6.7%	−5.7%	−3.0%
ROE	14.8%	−6.4%	−10.8%	−14.4%	−9.7%	−5.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	9.0
Current ratio	2.97x
Long-term debt (mil)	310
Net debt (mil)	301
Total equity (mil)	198
Net debt / equity	1.52x
Net debt / EBITDA	2.24x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	862	+8.4%	3.4x	135	+56.9%	21.7x	2.01	+537.0%	30.3x
2026	1,018	+18.1%	2.9x	195	+45.1%	15.0x	2.81	+40.0%	21.6x
2027	1,135	+11.5%	2.6x	227	+16.3%	12.9x	3.18	+12.8%	19.2x
2028	1,075	−5.3%	2.7x	112	−50.7%	26.1x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,018	−1.4%	+3.2%	+4.8%	2.81	−1.1%	+1.4%	+6.5%
2027	1,135	−0.1%	+5.8%	+7.5%	3.18	+0.9%	−3.7%	+7.4%
2028	1,075	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	185	198	204	209	206	205	211	240	231	260
Sales mean (mil)	173	191	199	195	193	208	212	237	228	245
Surprise	+6.8%	+3.7%	+2.6%	+7.0%	+7.0%	−1.7%	−0.3%	+1.4%	+1.3%	+6.0%
EPS reported	−0.09	0.04	−0.34	−0.08	0.26	0.04	0.49	0.75	0.59	0.70
EPS mean	−0.01	0.17	0.08	0.19	0.28	0.43	0.42	0.60	0.56	0.69
Surprise	−800.0%	−76.5%	−525.0%	−142.1%	−7.1%	−90.7%	+17.6%	+25.0%	+4.9%	+1.1%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ATRO Astronics Corporation	2.6B	2.24x	3.4%	13.22x	21.6x	19.2x	15.0x	12.9x
GE General Electric Company	331.4B	1.05x	19.0%	18.91x	39.3x	34.3x	28.0x	24.8x
RTX RTX Corporation	275.0B	1.90x	7.6%	3.97x	26.4x	25.2x	17.9x	16.7x
AIR Airbus SE	171.3B	0.51x	7.1%	5.70x	26.3x	22.4x	14.7x	12.8x
BA Boeing Co	137.3B	4.05x	2.1%	20.96x	−86.7x	202.0x	49.0x	28.5x
LMT Lockheed Martin Corporation	147.6B	1.54x	6.7%	14.60x	20.9x	19.2x	14.4x	13.3x
Mean		1.88x	7.7%	12.89x	8.0x	53.7x	23.2x	18.2x
Median		1.72x	6.9%	13.91x	24.0x	23.8x	16.4x	15.0x

Technical analysis

1M−10.7%
3M−14.4%
1Y+50.3%
3Y+356.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Astronics Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	862	795	689	535	445	503
Cost of revenue	598	627	568	457	369	405
Gross profit	264	168	121	77.6	76.3	97.1
Selling, general & administrative expenses	138	142	127	101	98.2	105
Research & development	43.5	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	38.8	10.1	−3.4	−5.0	−4.0	92.3
Other operating expenses	0	0	0	0	0	0
Operating income	43.8	16.3	−3.2	−18.8	−18.0	−101
Net interest income (expense)	−12.6	−22.0	−23.3	−9.4	−6.8	−6.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.7	−2.2	0.3	−1.6	−2.2	−5.0
Net income before taxes	31.9	−7.9	−26.3	−29.8	−27.0	−112
Provision for taxes	2.6	8.3	0.1	6.0	−1.4	3.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	29.4	−16.2	−26.4	−35.7	−25.6	−116
Extraordinary items	–	–	–	–	–	–
Net income	29.4	−16.2	−26.4	−35.7	−25.6	−116
EBIT, normalized	82.6	26.5	−6.6	−23.8	−22.0	−8.4
EBITDA, normalized	104	50.9	19.5	3.2	6.7	23.5
Basic EPS, normalized	2.01	−0.46	−0.80	−1.11	−1.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Astronics Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	18.2	9.3	4.8	13.8	29.8	40.4
Receivables	205	191	172	148	107	93.1
Total inventory	197	200	192	188	158	157
Prepaid expenses	18.0	16.6	14.6	15.7	45.1	26.4
Other current assets	0	9.1	6.6	0	0	0
Total current assets	438	426	390	365	340	317
Property, plant & equipment	139	104	114	104	111	127
Goodwill	62.9	58.1	58.2	58.2	58.3	58.3
Intangibles	55.4	52.5	65.4	79.3	94.3	110
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	11.3	7.6	6.8	8.5	5.2	7.6
Total assets	707	649	634	615	609	620
Liabilities
Accounts payable	41.1	43.0	61.1	64.2	34.9	26.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	72.7	78.9	48.0	43.9	53.7	39.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	0.1	9.1	4.5	0.1	2.1
Other current liabilities	27.5	34.2	25.1	39.0	30.0	25.6
Total current liabilities	141	156	143	152	119	93.7
Long-term debt	334	169	159	160	163	174
Minority interest	–	–	–	–	–	–
Other liabilities	90.9	67.8	81.6	63.9	70.9	81.9
Total liabilities	567	393	384	375	353	349
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.4	0.4	0.4	0.4	0.4	0.3
Additional paid-in capital	4.9	144	130	98.6	92.0	82.2
Retained earnings (accumulated deficit)	217	192	210	240	287	313
Treasury stock	−77.5	−76.8	−80.7	−89.9	−109	−109
Other equity	−4.4	−3.9	−9.4	−9.5	−14.5	−16.4
Total equity	140	256	250	240	257	270
Total liabilities & shareholders' equity	707	649	634	615	609	620

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Astronics Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	29.4	−16.2	−26.4	−35.7	−25.6	−116
Depreciation, depletion & amortization	21.8	24.5	26.1	27.8	29.0	31.9
Deferred taxes	−1.4	0	0.1	0	−0.4	15.6
Non-cash items	64.5	54.6	32.0	12.8	14.4	115
Changes in working capital	−39.5	−32.3	−55.8	−33.1	−22.9	−9.8
Cash from operations	74.8	30.6	−23.9	−28.3	−5.5	37.3
Investing activities
Capital expenditures	−31.7	−8.4	−7.6	−7.7	−6.0	−7.5
Other investing cash flows	−22.1	0	3.5	22.1	9.2	1.7
Cash from investing	−53.7	−8.4	−4.1	14.4	3.2	−5.8
Financing activities
Financing cash flow items	−37.4	−16.8	14.5	−2.4	0	−0.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	15.0	2.3	10.9	1.0	−7.5	−24.2
Cash from financing	−22.4	−14.5	25.4	−1.4	−7.5	−24.6
Foreign exchange effects	1.1	−0.5	0.2	−0.6	−0.8	1.5
Net change in cash	−0.2	7.1	−2.5	−16.0	−10.7	8.5
Free cash flow	43.1	22.1	−31.6	−36.0	−11.6	29.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.