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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Astronics reported revenue of $862M in the fiscal year ended Dec 2025, up 8.4% from the year before. Operating income was $76M, an operating margin of 8.9%, and net income was $29M. Operating cash flow of $75M less capital expenditure of $32M left free cash flow of $43M. Net debt was $316M.
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 445 | 535 | 689 | 795 | 862 |
| Cost of revenue | 380 | 463 | 515 | 575 | 604 |
| Gross profit | 65.4 | 71.5 | 175 | 220 | 258 |
| Research & development | 43.3 | 48.3 | 53.7 | 52.1 | 43.5 |
| Selling, general & admin | 99.1 | 102 | 127 | 142 | 138 |
| Operating income | −28.7 | −30.0 | −6.7 | 26.5 | 76.4 |
| Net interest incomeBanks | −6.8 | −9.4 | −23.3 | – | – |
| Pre-tax income | −27.0 | −29.8 | −26.3 | −7.9 | 31.9 |
| Income tax | −1.4 | 6.0 | 0.1 | 8.3 | 2.6 |
| Net income | −25.6 | −35.7 | −26.4 | −16.2 | 29.4 |
| Diluted EPS | −0.82 | −1.11 | −0.80 | −0.46 | 0.81 |
| Diluted shares | 31.1 | 32.2 | 33.1 | 35.0 | 36.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 29.8 | 13.8 | 4.8 | 9.3 | 18.2 |
| Receivables | 107 | 148 | 172 | 191 | 205 |
| Inventory | 158 | 188 | 192 | 200 | 197 |
| Current assets | 340 | 365 | 390 | 426 | 438 |
| Net PP&E | 95.2 | 90.7 | 85.4 | 80.7 | 107 |
| Goodwill | 58.3 | 58.2 | 58.2 | 58.1 | 62.9 |
| Total assets | 609 | 615 | 634 | 649 | 707 |
| Payables | 34.9 | 64.2 | 61.1 | 43.0 | 41.1 |
| Deferred revenue | 27.4 | 32.6 | 22.0 | 27.5 | 26.1 |
| Current liabilities | 119 | 152 | 143 | 156 | 141 |
| Short-term debt | 0.0 | 4.5 | 9.0 | 0.0 | – |
| Long-term debt | 163 | 160 | 159 | 169 | 334 |
| Total liabilities | 353 | 375 | 384 | 393 | 567 |
| Shareholders' equity | 257 | 240 | 250 | 256 | 140 |
| Backlog (remaining obligations) | 416 | 571 | 592 | 599 | 675 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −5.5 | −28.3 | −24.0 | 30.6 | 74.8 |
| Capital expenditure | 6.0 | 7.7 | 7.6 | 8.4 | 31.7 |
| Free cash flow | −11.6 | −36.0 | −31.6 | 22.1 | 43.1 |
| Depreciation & amortisation | 29.0 | 27.8 | 26.1 | 24.5 | 21.8 |
| Stock-based compensation | 6.5 | 6.5 | 7.2 | 8.6 | 6.8 |
| Acquisitions | 0.0 | – | 0.0 | 0.0 | 22.1 |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.2% | 28.8% | 15.4% | 8.4% |
| Operating income growth (YoY) | – | – | – | – | 188.7% |
| Gross margin | 14.7% | 13.4% | 25.3% | 27.7% | 29.9% |
| Operating margin | −6.4% | −5.6% | −1.0% | 3.3% | 8.9% |
| Net margin | −5.7% | −6.7% | −3.8% | −2.0% | 3.4% |
| Return on equityBlank when equity is negative | −10.0% | −14.9% | −10.6% | −6.3% | 21.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.8% | −6.5% | −1.4% | 5.4% | 13.5% |
| Free cash flow margin | −2.6% | −6.7% | −4.6% | 2.8% | 5.0% |
| Cash conversion (CFO ÷ net income) | 0.22x | 0.79x | 0.91x | −1.89x | 2.55x |
| Receivable days | 88 | 101 | 91 | 88 | 87 |
| Inventory days | 152 | 148 | 136 | 127 | 119 |
| Payable days | 34 | 51 | 43 | 27 | 25 |
| Debt ÷ equity | 0.64x | 0.68x | 0.67x | 0.66x | 2.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 133 | 150 | 163 | 159 | 316 |
| Current ratio | 2.87x | 2.41x | 2.72x | 2.73x | 3.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.