Airsculpt Technologies Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Two documented substance findings drive the red rating. First, operating income does not cover interest: the first half of 2026 showed an operating loss of $1.8 million against $2.2 million of interest expense, and the fourth credit amendment of August 7, 2026 requires biweekly reporting plus the retention of an investment bank from October 31, 2026. Second, two material weaknesses in internal control remained unremediated at June 30, 2026, one of which forced a revision of previously issued financial statements. This is a judgment on the substance of the company, not on the share price: there is no going-concern warning and no covenant breach, and the self-pay model with payment in advance still produces operating cash flow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
AirSculpt can defend its price — $12,707 per case in the second quarter of 2026 — but not the number of people paying it: cases fell from 14,932 in 2023 to 11,852 in 2025, and each new patient recently cost roughly $3,467 in advertising instead of $2,905. What is left is operating income of negative $29 thousand, a book value made almost entirely of goodwill, two unresolved weaknesses in internal control, and a credit agreement that requires an investment bank to be retained from October 31, 2026. Not investment advice.
Pricing and cash model
Revenue per case held in a tight band across five years ($13,121 in 2023, $12,849 in 2024, $12,809 in 2025 and $12,707 in the second quarter of 2026), and direct cost of service ran at 38.6 percent of revenue in the second quarter of 2026. On top of that sits a 100 percent self-pay model with payment in advance: no insurance billing, no bad debt, and $4.0 million of operating cash flow in the first half of 2026.
Demand and case volume
Cases performed fell from 14,932 in 2023 to 14,036 in 2024 and 11,852 in 2025, a same-center decline of 22.1 percent in 2025 alone. The first half of 2026 brought a small gain for the first time in years (6,458 versus 6,389 cases), but revenue still slipped to $82.3 million, down 1.3 percent.
Customer acquisition cost
Cost per acquired patient rose to roughly $3,467 in the second quarter of 2026 from $2,905 a year earlier, up 19.3 percent, while price per case fell 2.1 percent. Selling expense climbed from $9.9 million to $11.7 million, and operating income dropped to negative $29 thousand from positive $786 thousand a year earlier.
Balance sheet and financing
Of $104.8 million of equity at June 30, 2026, $81.7 million is goodwill and $34.5 million other intangibles — leaving tangible book value at roughly minus $11.4 million. First-half 2026 operating income of minus $1.8 million did not cover $2.2 million of interest expense. The fourth credit amendment of August 7, 2026 requires $5.0 million of mandatory payments in 2026, biweekly conference calls, and an investment bank from October 31, 2026.
Accounting and controls
The 2025 annual report was filed late (notification of March 16, 2026 citing the classification of inter-company transactions). Two material weaknesses in internal control — general accounting and lease accounting under ASC 842, the latter forcing a revision of previously issued financial statements — persisted unchanged at June 30, 2026, and the chief executive and chief financial officer themselves call disclosure controls not effective.
Dilution
The share count rose from 58,369,138 on December 31, 2024 to 72,095,209 on August 7, 2026 — up 23.5 percent. At-the-market sales alone raised $19.6 million net in the first half of 2026. Since August 7, 2026, 50 percent of future equity proceeds go straight to the lenders; the company itself writes that only about half remains available to fund operations.
Worth Noting
The trigger for this analysis was the quarterly report for June 30, 2026, filed August 10, 2026, together with the fourth credit amendment disclosed the same day — not a hit in our in-house stock scanner. The stock fell from $5.01 to $2.75 on the day of publication.
Easy to confuse: the ticker AIRS belongs to AirSculpt Technologies, Inc. (CIK 0001870940, Nasdaq Global Market) — not to the similarly named Airship AI Holdings, which trades under AISP. The mapping was verified against the SEC ticker registry.
Business figures carry their own balance sheet or reporting date (December 31, 2025 and June 30, 2026); price, market value, analyst target and short interest are as of August 18/19, 2026. Analyses are evergreen — a daily price is not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AIRS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.60 $ to 11.70 $ · Last price: 2.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Care Facilities
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Airsculpt Technologies Inc AIRS | 0.2 | – | 267.3 | 66.3 | – | -15.8 | -62.8 |
| HCA Healthcare, Inc. HCA | 95.2 | 15.2 | 9.0 | 42.6 | 15.0 | 7.1 | 8.2 |
| Tenet Healthcare Corporation THC | 22.6 | 14.0 | 5.8 | 41.7 | 17.9 | 3.1 | 42.8 |
| Encompass Health Corp EHC | 12.2 | 21.3 | 9.8 | 43.9 | 19.0 | 10.5 | -0.2 |
| DaVita HealthCare Partners Inc DVA | 11.7 | 18.1 | 8.9 | 32.4 | 13.9 | 6.5 | 43.0 |
| Universal Health Services Inc UHS | 10.9 | 7.9 | 5.5 | 44.6 | 11.2 | 9.7 | -3.1 |
| The Ensign Group Inc ENSG | 10.2 | 29.2 | 19.3 | 16.6 | 9.0 | 18.7 | 5.6 |
| Chemed Corp CHE | 6.7 | 29.8 | 15.7 | 33.1 | 12.9 | 4.1 | 11.2 |
| PACS Group, Inc. PACS | 6.5 | – | 20.3 | 17.3 | 8.5 | 29.3 | 274.9 |
| Median of companies shown | 10.9 | 18.1 | 9.8 | 41.7 | 13.4 | 7.1 | 8.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 41 | 1 | -2 | -0.04 | 5 | 120 | 172 |
| 2020 | 63 | 10 | 8 | 0.14 | 14 | 124 | 180 |
| 2021 | 133 | 16 | 11 | 0.19 | 27 | 84 | 201 |
| 2022 | 169 | -5 | -15 | -0.26 | 24 | 71 | 201 |
| 2023 | 196 | 9 | -4 | -0.08 | 24 | 84 | 204 |
| 2024 | 180 | -2 | -8 | -0.14 | 11 | 79 | 210 |
| 2025 | 152 | -5 | -12 | -0.19 | 3 | 88 | 187 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.07 | – | 39 | -17.70 | -12.80 | 3 | -1 |
| 2025: Q1 | -0.04 | -147.20 | 39 | -17.30 | -7.20 | 1 | -1 |
| 2025: Q2 | -0.01 | – | 44 | -13.70 | -1.30 | 5 | 5 |
| 2025: Q3 | -0.13 | – | 35 | -17.80 | -27.20 | 0 | 0 |
| 2025: Q4 | 0.02 | – | 33 | -14.60 | 3.80 | -3 | -3 |
| 2026: Q1 | -0.03 | – | 39 | 0.00 | -6.10 | 5 | 5 |
| 2026: Q2 | -0.02 | -100.00 | 43 | -2.50 | -2.60 | -1 | -1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.06 | -0.06 – -0.06 | 151 | 0.0% | 1 |
| 12/31/2027 | -0.01 | -0.01 – -0.01 | 155 | 83.3% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 41.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $760.0K |
|---|---|
| Market cap | $167.0M |
| Free cash flow in year ten | $24.3M |
| Terminal value as a share of market value | 76.8% |
For comparison: over the past five years free cash flow shrank by 41.7% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In sechs geprüften SEC-Berichten (Geschäftsbericht 10-K 2025 inklusive Nachtrag und vier Quartalsberichte 10-Q bis 30.06.2026) kommt weder „artificial intelligence“ noch „machine learning“ ein einziges Mal vor; AirSculpt beschreibt sich als Betreiber von Körperformungs-Kliniken mit patentiertem Verfahren, ohne KI-Bezug im Geschäftsmodell, in der Technik oder in den Risikofaktoren.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-10 · 10-Q 2026-05-08 · 10-K/A 2026-04-06 · 10-K 2026-03-31 · 10-Q 2025-11-07 · 10-Q 2025-08-01
Rated on August 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -3.5%
- More than 10% revenue growth is expected for the coming year 2.5%
- Share count grows by less than 3% a year 2.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -15.4%
- Gross margin at 40% or higher and without meaningful erosion 59.4%
- Goodwill from acquisitions does not grow faster than revenue 43.6%
- Net debt below twice EBITDA 61.5 x EBITDA
- Operating cash flow covers the profits of the last three years 63 m
- Return on capital at 15% or higher, or up versus two years ago -3.0%
- Insiders hold at least 10% or are net buyers 43.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 24.3%
- Exp. sales growth 3Y > 5% 1.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 1.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -3.0%
- Expected return > 10% 1.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Apr 17, 2026 | Jorey Chernett | Major Shareholder | Buy | 40,000 | 2.54 | 101,600 |
The company
About the Company
AirSculpt Technologies, Inc. fungiert zusammen mit seinen Tochtergesellschaften als Holdinggesellschaft für EBS Intermediate Parent LLC, die Body-Contouring-Verfahren in den USA und Kanada anbietet.
- Employees
- 330
- Headquarters
- Tampa, FL
- Address
- 2023 West Platt Street, 33605 Tampa, United States
- Phone
- 786 709 9690
- Website
- airsculpt.com
- IPO Date
- 10/29/2021
- ISIN
- US0094961002
Management
| Name | Title | Birth Year |
|---|---|---|
| Yogesh Jashnani | CEO & Director | 1982 |
| Michael J. Arthur | Chief Financial Officer | 1988 |
| Brent R. Wadman J.D. | General Counsel | 1972 |
| Stephanie Evans Greene | Chief Marketing Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.