Forensic Analysis · Transportation / Logistics · as of Aug 13, 2026
Air T Inc (AIRT)
A forensic read on Air T Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.8
Distress distance
Watch
Earnings quality
6
Forensic signals
97.7%
ROE
12.1%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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.
Air T Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.24×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was 0.24× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+87.0%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +87.0% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +100% against +12% in revenue and receivables up +67% against revenue +12%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 53% of net operating assets, against an accruals ratio of 87.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
-3.4%
FY2026
Return on invested capital.Return on invested capital is -3.4% in the latest fiscal year and steady — well below its ~9% cost of capital, and it has been across FY2023–FY2026, so reinvested dollars have not been earning their keep.
FCF ($42M)
FY2026
Shareholder returns.Returned $28,000 to shareholders (buybacks + dividends) in FY2026, but free cash flow was ($42M) 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.
Key fundamentals
Latest Revenue$327.1M
Revenue Growth YoY+12.1%
Revenue CAGR (3yr)+9.8%
Net Margin23.8%
Free Cash Flow-$41.5M
Return on Equity97.7%
Debt / Equity2.61x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Air T Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 13, 2026. Forensic signals flag probability, not certainty.
Air T Inc (AIRT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
36d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 29 to 36 days FY2025→FY2026 (receivables +67% vs revenue +12%). Only 24¢ of operating cash arrived for every dollar of profit reported over FY2024–FY2026 ($15.6M against $65.0M), and the receivables balance is one of the places the rest is sitting. Across FY2024–FY2026 the day count ran 32 → 29 → 36 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Receivables grew, but deferred revenue grew +443% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections.
-24%
FY2011→FY2012
Dividend — cut.The payout was CUT ~24% in FY2012 (from FY2011) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.