# Astronics (ATRO.US)

Canonical: https://gigainvestors.com/s/ATRO

Analysis as of: 2026-10-16T07:26:40.412Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $61.57 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 5

- Operating margin variation: 24.03×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.05×

- FY2018: 0.08×

- FY2019: 0.00×

- FY2020: -0.20×

- FY2021: -0.06×

- FY2022: -0.06×

- FY2023: -0.01×

- FY2024: 0.03×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: -6.9%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 20.7%

- Recent gross margin (lower of latest and 3-year median): 21.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.6%

- FY2017: 5.2%

- FY2018: 11.8%

- FY2019: 0.3%

- FY2020: -22.8%

- FY2021: -6.7%

- FY2022: -6.9%

- FY2023: -1.4%

- FY2024: 5.5%

- FY2025: 16.1%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.0M

- Net income, five-year total: -$75M

- Return on incremental invested capital: -0.7%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 8.5 pp

- Working capital / revenue, final three-year average: 43.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$2.6M

- FY2022: -$16M

- FY2023: -$8.0M

- FY2024: -$177K

- FY2025: $29M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.8% vs 5.5%

- Per-share earnings: 1.12 to -0.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 3.4%

- Market cap gain: $1.0B

- Cumulative retained earnings: -$89M

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.49

- Per-share value, starting three-year median: $1.12

- Per-share value, ending three-year median: -$0.37

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $87M

- Cumulative net income, 10 years: -$23M

- ROIC, first three-year median: 11.8%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.12

- FY2017: $0.47

- FY2018: $1.13

- FY2019: $1.28

- FY2020: -$3.00

- FY2021: -$0.66

- FY2022: -$0.89

- FY2023: -$0.64

- FY2024: -$0.37

- FY2025: $0.64

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 9.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.1%

- FY2017: -2.5%

- FY2018: -1.0%

- FY2019: 1.2%

- FY2020: -24.7%

- FY2021: -3.3%

- FY2022: -1.2%

- FY2023: -0.4%

- FY2024: -7.2%

- FY2025: -6.4%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 29% since May 2026 · "Astronics Non-GAAP EPS of $0.38 in-line, revenue of $204.7M misses by $3.59M" (seekingalpha.com, Aug 2025) · sales +8.4%

Story as of 2026-10-16T09:58:20.724Z; price observation 2026-10-15.

- 2025-08-06: Astronics Non-GAAP EPS of $0.38 in-line, revenue of $204.7M misses by $3.59M ([seekingalpha.com](https://seekingalpha.com/news/4480501-astronics-non-gaap-eps-of-0_38-in-line-revenue-of-204_7m-misses-by-3_59m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-24: Astronics signals 12.5%–15% revenue growth for 2026 while targeting sustained high-teens margins ([seekingalpha.com](https://seekingalpha.com/news/4556346-astronics-signals-12_5-percent-15-percent-revenue-growth-for-2026-while-targeting-sustained?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-12: Astronics forecasts $970M-$1B 2026 revenue as Q2 sales target $245M-$250M ([seekingalpha.com](https://seekingalpha.com/news/4591774-astronics-forecasts-970m-1b-2026-revenue-as-q2-sales-target-245m-250m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +8.4%; source https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm; observed 2026-02-26.

- FY2016: $633M 

- FY2017: $624M 

- FY2018: $803M 

- FY2019: $773M 

- FY2020: $503M 

- FY2021: $445M 

- FY2022: $535M 

- FY2023: $689M 

- FY2024: $795M 

- FY2025: $862M 

### Gross margin · FY2025

gross margin 29.9%; source https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm; observed 2026-02-26.

- FY2016: 25.2% 

- FY2017: 22.0% 

- FY2018: 22.5% 

- FY2019: 20.2% 

- FY2020: 19.3% 

- FY2021: 14.7% 

- FY2022: 13.4% 

- FY2023: 17.5% 

- FY2024: 21.2% 

- FY2025: 29.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are USD 862.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm (filed 2026-02-26); FY2025: revenue 862128000; grossProfit 258158000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 17.5% to 29.9% during 2023–25; it earns 2.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 21.2%.

- Source: https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.1460847455146585],[2017,0.052182837028943906],[2018,0.11779760242492343],[2019,0.0030093730370310003],[2020,-0.22750780010009294],[2021,-0.06695117085324656],[2022,-0.0685213274246864],[2023,-0.013946685932347819],[2024,0.054643232365470557],[2025,0.1605815437460005]]; median 0.027596105032987452. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 33.5% of cash earnings on expansion; paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 13037000; owner earnings 61177000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 13478000; owner earnings 33264000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 16317000; owner earnings 65518000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 12083000; owner earnings 72983000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm (filed 2026-02-26); FY2025: growth capex 9835000; upkeep 21838000; owner earnings 29359000. Growth capex / owner earnings = 0.33499097380700976.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATRO.US SharesStats.PercentInsiders = 1.932 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 61.57 USD; reporting-to-trading FX 1; FY2025 annual sales per share 18.869325291087264; price multiple 3.262967755878477. FY2025 cash earnings/share 0.6425780408721571. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $37.02 per share

- 2016-11: $36.92 per share

- 2016-12: $33.84 per share

- 2017-01: $32.81 per share

- 2017-02: $33.51 per share

- 2017-03: $31.73 per share

- 2017-04: $32.51 per share

- 2017-05: $30.60 per share

- 2017-06: $30.47 per share

- 2017-07: $29.25 per share

- 2017-08: $26.29 per share

- 2017-09: $29.75 per share

- 2017-10: $34.40 per share

- 2017-11: $41.49 per share

- 2017-12: $41.47 per share

- 2018-01: $44.60 per share

- 2018-02: $38.55 per share

- 2018-03: $37.30 per share

- 2018-04: $36.58 per share

- 2018-05: $35.20 per share

- 2018-06: $35.97 per share

- 2018-07: $41.01 per share

- 2018-08: $43.51 per share

- 2018-09: $43.50 per share

- 2018-10: $29.16 per share

- 2018-11: $32.46 per share

- 2018-12: $30.45 per share

- 2019-01: $30.67 per share

- 2019-02: $35.97 per share

- 2019-03: $32.72 per share

- 2019-04: $33.34 per share

- 2019-05: $40.67 per share

- 2019-06: $40.22 per share

- 2019-07: $36.84 per share

- 2019-08: $27.51 per share

- 2019-09: $29.38 per share

- 2019-10: $28.94 per share

- 2019-11: $29.15 per share

- 2019-12: $27.95 per share

- 2020-01: $25.20 per share

- 2020-02: $20.27 per share

- 2020-03: $9.18 per share

- 2020-04: $8.98 per share

- 2020-05: $9.13 per share

- 2020-06: $10.56 per share

- 2020-07: $8.70 per share

- 2020-08: $9.04 per share

- 2020-09: $7.72 per share

- 2020-10: $6.40 per share

- 2020-11: $11.42 per share

- 2020-12: $13.23 per share

- 2021-01: $12.46 per share

- 2021-02: $15.80 per share

- 2021-03: $18.04 per share

- 2021-04: $17.41 per share

- 2021-05: $16.96 per share

- 2021-06: $17.51 per share

- 2021-07: $17.08 per share

- 2021-08: $13.36 per share

- 2021-09: $14.06 per share

- 2021-10: $12.90 per share

- 2021-11: $10.46 per share

- 2021-12: $12.00 per share

- 2022-01: $12.03 per share

- 2022-02: $14.71 per share

- 2022-03: $12.93 per share

- 2022-04: $9.69 per share

- 2022-05: $10.50 per share

- 2022-06: $10.17 per share

- 2022-07: $11.22 per share

- 2022-08: $9.21 per share

- 2022-09: $7.86 per share

- 2022-10: $9.26 per share

- 2022-11: $8.40 per share

- 2022-12: $10.30 per share

- 2023-01: $14.85 per share

- 2023-02: $15.24 per share

- 2023-03: $13.36 per share

- 2023-04: $14.74 per share

- 2023-05: $15.90 per share

- 2023-06: $19.86 per share

- 2023-07: $20.98 per share

- 2023-08: $17.53 per share

- 2023-09: $15.86 per share

- 2023-10: $15.33 per share

- 2023-11: $14.85 per share

- 2023-12: $17.42 per share

- 2024-01: $16.91 per share

- 2024-02: $19.17 per share

- 2024-03: $19.04 per share

- 2024-04: $16.77 per share

- 2024-05: $20.56 per share

- 2024-06: $20.03 per share

- 2024-07: $23.03 per share

- 2024-08: $22.42 per share

- 2024-09: $19.48 per share

- 2024-10: $17.39 per share

- 2024-11: $16.15 per share

- 2024-12: $15.96 per share

- 2025-01: $17.70 per share

- 2025-02: $20.01 per share

- 2025-03: $24.17 per share

- 2025-04: $22.69 per share

- 2025-05: $31.22 per share

- 2025-06: $33.48 per share

- 2025-07: $36.12 per share

- 2025-08: $36.37 per share

- 2025-09: $45.61 per share

- 2025-10: $49.18 per share

- 2025-11: $54.57 per share

- 2025-12: $54.24 per share

- 2026-01: $75.75 per share

- 2026-02: $80.62 per share

- 2026-03: $66.73 per share

- 2026-04: $71.40 per share

- 2026-05: $87.00 per share

- 2026-06: $81.26 per share

- 2026-07: $69.49 per share

- 2026-08: $73.67 per share

- 2026-09: $67.42 per share

- 2026-10: $61.57 per share

## Annual estimated value (USD per share)

- FY2016: low $16.83 per share, central $21.72 per share, high $25.38 per share

- FY2017: low $15.08 per share, central $17.14 per share, high $19.88 per share

- FY2018: low $20.57 per share, central $26.94 per share, high $31.51 per share

- FY2019: low $21.00 per share, central $25.08 per share, high $29.14 per share

- FY2020: low $12.40 per share, central $14.00 per share, high $16.13 per share

- FY2021: low $7.19 per share, central $8.11 per share, high $9.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 192,726 ATRO shares; USD 15,661,000 reported position value; 0.03% of portfolio; add; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 39,379 ATRO shares; USD 3,200,000 reported position value; 0.03% of portfolio; reduce; quarter 2026 Q2.

# ATRO — Astronics Corp.

Held by 2 investors · USD 18,861,000 total · 2026 Q2 · reported price USD 81.26 (split-adjusted).
Page: https://gigainvestors.com/s/ATRO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 15,661,000 | <0.1% | add +0.21% |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 3,200,000 | <0.1% | reduce -7.15% |

## Total held by quarter

- 2021 Q2: USD 74,000 · 1 holder · USD 17.49
- 2021 Q3: USD 404,020 · 1 holder · USD 14.07
- 2021 Q4: USD 1,146,576 · 1 holder · USD 12.00
- 2022 Q1: USD 2,337,783 · 1 holder · USD 12.93
- 2022 Q2: USD 2,456,136 · 1 holder · USD 10.17
- 2022 Q3: USD 1,574,421 · 1 holder · USD 7.86
- 2022 Q4: USD 1,601,640 · 1 holder · USD 10.30
- 2023 Q1: USD 4,535,707 · 1 holder · USD 13.36
- 2023 Q2: USD 6,772,240 · 1 holder · USD 19.86
- 2023 Q3: USD 5,386,437 · 1 holder · USD 15.86
- 2023 Q4: USD 6,019,934 · 1 holder · USD 17.42
- 2024 Q1: USD 6,871,079 · 1 holder · USD 19.04
- 2024 Q2: USD 7,840,263 · 1 holder · USD 20.03
- 2024 Q3: USD 7,942,502 · 1 holder · USD 19.48
- 2024 Q4: USD 6,406,759 · 1 holder · USD 15.96
- 2025 Q1: USD 6,705,386 · 1 holder · USD 24.17
- 2025 Q2: USD 9,110,477 · 2 holders · USD 33.48
- 2025 Q3: USD 13,241,990 · 2 holders · USD 45.62
- 2025 Q4: USD 15,405,082 · 2 holders · USD 54.24
- 2026 Q1: USD 15,663,933 · 2 holders · USD 66.73
- 2026 Q2: USD 18,861,000 · 2 holders · USD 81.26