Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Astronics Corp (ATRO)
A forensic read on Astronics Corp 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
Safe
Financial health
10.5
Distress distance
Clean
Earnings quality
5
Forensic signals
72.4
P / E (ttm)
21.0%
ROE
$3.2B
Market cap
8.4%
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.
Astronics Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.5, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+4.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~12%.
0.8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.8% of revenue and 16% of free cash flow in FY2025 — about $0.19 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2020→FY2022
Shareholder returns — halted.Capital returns have STOPPED — $8M of buybacks + dividends in FY2020, but ~$0 in FY2022. A halt usually means the company is conserving cash.
12.6%
FY2025
Return on invested capital.Return on invested capital is 12.6% in the latest fiscal year and rising from -5% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
$88M
FY2019–FY2020
Goodwill impairments.Took $88M of goodwill writedowns across 2 years (FY2019 ($2M), FY2020 ($86M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$862.1M
Revenue Growth YoY+8.4%
Revenue CAGR (3yr)+17.2%
Net Margin3.4%
Free Cash Flow$43.1M
Return on Equity21.0%
Debt / Equity2.39x
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 Astronics Corp's actual 10-K/10-Q/8-K filings?