Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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

7.4

Distress distance

Clean

Earnings quality

Forensic signals

-15.5

P / E (ttm)

-0.6%

ROE

$264M

Market cap

0.00%

Dividend yield

4.6%

Revenue growth

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 (red flags, auditor quality, say on pay, board independence). 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 7.4, 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

-2.5%

FY2025

Return on invested capital. Return on invested capital is -2.5% in the latest fiscal year— well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

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. 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. The bill lands on the share count instead, and this filer's count is not on file in enough years to say how much of the company changed hands to pay it.

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 Aug 11, 2026. Forensic signals flag probability, not certainty.