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Forensic Analysis · Aerospace & Defense · as of Nov 9, 2026

Airo Group Holdings, Inc. (AIRO)

A forensic read on Airo Group Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk
Forensic grade
Safe
Financial health
12.1
Distress distance
3
Forensic signals
-0.6%
ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Airo Group Holdings, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 12.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-2.8%
FY2025
Return on invested capital. Return on invested capital is -2.8% in the latest fiscal year.
FCF ($36M)
FY2025
Shareholder returns. Returned $19M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($36M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
22% of rev
FY2025
Stock-based comp load. Stock-based compensation ran 22% of revenue in FY2025 — about $0.84 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.

Key fundamentals

Latest Revenue$90.9M
Net Margin-4.5%
Free Cash Flow-$35.5M
Return on Equity-0.6%
Debt / Equity0.00x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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