AIRO Group Holdings, Inc. Common Stock (AIRO)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· unprofitable_growth

$5.16▼ 5.15%

EOD close · as of 2026-10-30

Market Cap

$162.8M

Enterprise Value

$90.1M

P/S

1.8×

Revenue (FY)

$90.9M

Rev. growth

4.6%/yr

Gross margin

60%

Net margin

-5%

ROIC

n/a for a company with no positive EBITDA

Net debt / EBITDA

—

Revenue· FY2025$90.9M

Net Income· FY2025-$4.1M

Free Cash Flow· FY2025-$35.5M

Deep analysis

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Returns on capital

ROIC -1%

-1%

✓

Pricing power

Gross margin 60%

60%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is -0.6%

DuPont — the three levers

Net margin

-4.5%

profit / rev

Asset turns

0.12×

rev / assets

Leverage

1.05×

assets / year-end equity

ROE

-0.6%

on year-end equity

ROE -1% against ROIC -1% — -0% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$1.7M

Cash & Equivalents

$74.4M

Net Debt

-$72.7M

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+4.6%

Op. income Δ

+65.0%

Op. leverage

14.2×

High operating leverage: profit moved 14.2× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2024	FY2025
Cost of Revenue	32.9	40.1
Gross Profit	67.1	59.9
R&D	15.1	19.7
SG&A	20.9	64.5
Operating Income	-20.1	-31.6
Income Tax	10.6	7.7
Net Income	-44.5	-4.5

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2024 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

-1%

FY2025 · latest

Net margin

-5%

FY2025 · latest

Gross margin

60%

FY2025 · latest

Net debt / EBITDA

—

— · latest

—

Current ratio

3.4×

FY2025 · latest

FCF margin

-39%

FY2025 · latest

Free cash flow

-$35.5M

FY2025 · latest

Institutional ownership: 16 holders · 0% of shares · 64th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on AIRO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$5.16▼ 5.15%

EOD close · as of 2026-10-30

Market Cap

$162.8M

Enterprise Value

$90.1M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024
Revenue	$90.9M 100.0%	$86.9M 100.0%
Cost of Revenue	$36.5M 40.1%	$28.6M 32.9%
Gross Profit	$54.4M 59.9%	$58.3M 67.1%
Research & Development	$17.9M 19.7%	$13.1M 15.1%
Selling, General & Admin	$58.6M 64.5%	$18.2M 20.9%
Total Operating Expenses	$83.2M 91.5%	$75.8M 87.1%
Operating Income	-$28.8M -31.6%	-$17.4M -20.1%
Interest Expense	$3.9M 4.3%	—
Other Income (Expense), net	$31.7M 34.9%	-$12.1M -13.9%
Pretax Income	$2.9M 3.2%	-$29.5M -33.9%
Income Tax Expense	$7.0M 7.7%	$9.2M 10.6%
Net Income	-$4.1M -4.5%	-$38.7M -44.5%
Per Share
EPS (Basic)	-$0.17	-$2.36
EPS (Diluted)	-$0.17	-$2.36
Weighted Avg Shares (Basic)	24K	16K
Weighted Avg Shares (Diluted)	24K	16K

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2024	67.1%	-20.1%	-44.5%
FY2025	59.9%	-31.6%	-4.5%

Shared scale — the distance between the lines is the cost structure▨ each line's own 2-year range

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: positive EBIT.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Can't say

Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.

The cash bridge needs net income and operating cash flow for the same year — one of them has no value on file here.

The other side

No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.

Missing from our data, so excluded from this answer: 3 years of cash flow.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at -$36M/yr exceeds resources

Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.

What is on hand

Cash & equivalents

$74M

excludes restricted cash

Net debt

-$73M

net cash

Current ratio

3.45×

current assets / current liabilities

Quick ratio

3.07×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.

Missing from our data, so excluded from this answer: ebitda.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Can't say

At $5.16, free cash flow must compound -9.51%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.

Comparing the market's assumption against the record needs a solvable growth requirement and at least two years of free cash flow growth.

Implied FCF growth

-9.5%

for 10 years, discounted at 12.9% (computed WACC)

Achieved FCF growth

—

no positive start and end year to compound between once stock compensation is charged

Required vs achieved

—

above 1 means the price asks for more than the record

P / E

not reported for this company

P / S

1.8× · med 3.0× · 1.5×–7.5×

EV / EBITDA

not reported for this company

P / B

0.22× · med 4.1× · 2.8×–10.9×

AIRO cohort median p25–p7517 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

This is solved on free cash flow AFTER stock compensation ($20M against $21M before it). On the unadjusted figure the requirement would be -10.12%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.

Basis: FY2025Source: SEC EDGAR XBRL

Loading analysis...

AIRO vs. Aircraft peers

Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

AIRO — · med 43.1× · p25–p75 26.9×–70.2×

not enough peer data

—

P / S

AIRO 1.8× · med 3.0× · p25–p75 1.5×–7.5×

72nd pct

EV / EBITDA

AIRO — · med 27.4× · p25–p75 15.5×–38.3×

not enough peer data

—

P / B

AIRO 0.2× · med 4.1× · p25–p75 2.8×–10.9×

100th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

AIRO 4.6% · med 16.3% · p25–p75 8.2%–21.1%

6th pct

ProfitabilityMargins vs the sector

Gross margin

AIRO 59.9% · med 26.9% · p25–p75 18.8%–39.8%

100th pct

Operating margin

AIRO -31.6% · med 9.8% · p25–p75 5.5%–20.7%

6th pct

Net margin

AIRO -4.5% · med 6.2% · p25–p75 3.0%–13.6%

17th pct

FCF margin

AIRO -39.1% · med 5.6% · p25–p75 -1.1%–14.1%

6th pct

Returns on capitalHow hard the capital works

Return on equity

AIRO -0.6% · med 10.3% · p25–p75 1.3%–14.5%

28th pct

Return on invested capital

AIRO -0.6% · med 6.7% · p25–p75 3.6%–10.1%

22nd pct

LeverageLess debt scores higher

Net debt / EBITDA

AIRO — · med 2.2× · p25–p75 -0.4×–3.8×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

AIRO 16 · med 72 · p25–p75 38–192

22nd pct

Institutional ownership

AIRO 0.3% · med 1.9% · p25–p75 1.1%–3.7%

19th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
RTXRTX Corp	$269.6B	40.3×	21.7×	3.0×	9.7%	—	7.6%	10.3%	6.7%	2.0×	1,281
BABOEING CO	$135.9B	69.2×	30.1×	1.5×	34.5%	4.8%	2.5%	41.0%	3.3%	8.2×	871
HONHONEYWELL INTERNATIONA…	$69.2B	29.7×	9.6×	1.9×	7.8%	36.9%	12.6%	34.0%	9.8%	2.3×	16
TDGTransDigm Group INC	$63.4B	35.8×	19.9×	7.2×	11.2%	60.1%	23.5%	-21.4%	10.5%	5.9×	301
HEIHEICO CORP	$44.9B	65.6×	36.8×	10.0×	16.3%	39.8%	15.4%	16.0%	16.0%	-0.2×	193
ESLTELBIT SYSTEMS LTD	$36.5B	68.5×	42.7×	4.6×	16.3%	24.4%	6.7%	12.9%	12.6%	-0.6×	82
TXTTEXTRON INC	$14.5B	16.8×	—	1.0×	8.0%	—	6.2%	11.7%	11.7%	—	191
SAROStandardAero, Inc.	$7.7B	28.2×	13.0×	1.3×	15.8%	14.8%	4.6%	10.4%	5.7%	2.6×	70
AVAVAeroVironment Inc	$6.4B	—	—	3.2×	141%	25.3%	-13.4%	-6.0%	-5.2%	—	160
LOARLoar Holdings Inc.	$5.8B	82.8×	54.6×	11.7×	23.2%	52.7%	14.5%	6.1%	3.8%	5.3×	67
KRMNKarman Holdings Inc.	$5.3B	307.3×	61.7×	11.2×	36.6%	40.3%	3.7%	4.5%	4.5%	-0.3×	72
AIRAAR CORP	$4.0B	20.6×	15.1×	1.2×	19.0%	18.8%	5.7%	11.0%	7.2%	2.5×	85
ATROASTRONICS CORP	$2.6B	73.3×	29.2×	3.0×	8.4%	29.9%	3.4%	21.0%	6.2%	3.2×	41
DCODUCOMMUN INC /DE/	$2.4B	—	—	2.9×	4.9%	26.9%	-4.5%	-5.6%	-3.9%	—	47
PKEPARK AEROSPACE CORP	$568M	46.0×	31.8×	7.7×	18.2%	30.9%	15.4%	8.7%	8.7%	-5.1×	35
TATTTAT TECHNOLOGIES LTD	$413M	23.2×	15.6×	2.3×	17.0%	24.8%	9.4%	9.5%	8.9%	-1.6×	16
AIROAIRO Group Holdings, I…	$163M	—	—	1.8×	4.6%	59.9%	-4.5%	-0.6%	-0.6%	—	16
SIFSIFCO INDUSTRIES INC	$126M	—	25.6×	1.5×	6.5%	12.5%	-0.9%	-2.0%	-1.6%	1.4×	2

Peers = companies sharing AIRO's sector (Aircraft) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$910k · 2 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

1 of 23 filings

0 open-market purchases and 7 discretionary sales against the share price · hover a marker

2025-10-31$4.75 – $16.362026-10-23

Shares held by reporting insiders1 → 7 insiders reporting — no comparable change

2026-01-05 · 22,1532026-09-02 · 571,781 (7 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-02	Pylypiv Mariya Chief Financial Officer	Open-market sale	8,697	$7.08	$62k
2026-09-02	Uczekaj John President and COO	Open-market sale	7,230	$7.10	$51k
2026-08-14	3 co-filers President and COO	Open-market sale	15,457	$9.61	$149k
2026-08-14	3 co-filers Chief Financial Officer	Open-market sale

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

Loading insider activity...

AIRO Group Holdings, Inc. Common Stock (AIRO)

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is -0.6%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $1.7M scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

AIRO vs. Aircraft peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (6 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Reverse DCF — what growth does the price assume?

Institutional Trends (6 Quarters)

Ownership Map

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is -0.6%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

When the debt comes due · $1.7M scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow

AIRO vs. Aircraft peers

Where it ranks

Peer table

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?