Astronics Corporation
🔔 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.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that cabin retrofits, build rates and military programs carry earnings toward the estimates of just three analysts fast enough — and that neither the UK Court of Appeal (July 2026) nor Paris (from October 28, 2026) nor the next conversion round spoils the bill. Whoever waits checks three things in every quarterly report (10-Q): does book-to-bill stay above 1, what does the UK judgment finally cost, and does the Test Systems segment turn beyond its 2.4 percent margin? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Astronics is a documented turnaround with momentum: record revenue, the first profit since 2019, a book-to-bill of 1.26 and 22 scanner hits. Against that stand a 15-year patent war with two court dates on the 2026 calendar, a cash position of just $11.9 million next to $334.9 million of debt, and a convertible mechanism that has already charged the rally $285.8 million once. At 71 times trailing earnings, the continuation of the climb is priced in — quiet landings are not. Not investment advice.
Operating turnaround & order book
2025 revenue of $862.1 million above the old 2018 peak for the first time, the first annual profit since 2019 ($29.4 million), Q1 2026 up 12 percent with a 16.5 percent Aerospace margin; book-to-bill of 1.26 and a $734.3 million backlog (quarterly report 10-Q as of 04/04/2026) — the recovery is not a price phenomenon, it is on the books.
Momentum & scanner confluence
22 hits in the in-house stock scanner in the momentum run of July 17, 2026 (stage 2, RS rating 95, Minervini trend template, institutional accumulation) alongside decent fundamentals (grade B, Piotroski 6/9) — a rare combination, but one that reads no court files.
Lufthansa legal risk
Patent proceedings since December 2010; Germany lost with final effect on 02/25/2026 ($17.7 million reserved), $21.6 million already paid in the UK with the appeal scheduled for July 2026, France re-tries from 10/28/2026 — the 10-K itself calls further losses "probable" and potentially "substantial."
Financing & dilution mechanics
Repurchase of $132 million in principal of the company's own nine-month-old convertible for $285.8 million ($32.6 million book loss — more than the 2025 annual profit); only $11.9 million of cash next to $334.9 million of debt, and the zero-coupon 2031 note (conversion price $54.87) is already deep in the money with the stock around $87 — the same mechanism can get expensive again.
Valuation
Roughly $3.1 billion of market value at 71 times trailing and roughly 39 times estimated current-year earnings (base: only three analysts; data as of July 17, 2026) — no bubble level for a turnaround with a full order book, but a price that already assumes the climb continues.
Worth Noting
ATRO reached the research list through the momentum/stage-2 scanner run of July 17, 2026, with 22 hits in the in-house stock scanner — attention here is a trend finding, not a fundamental verdict.
Scanner metrics (RS rating, Piotroski, Altman Z, fundamental grade) are computed on trailing twelve-month figures; the $32.6 million loss from the convertible buyback (Q3 2025) is in them, potential further litigation costs naturally are not.
Price and valuation figures dated July 17, 2026 (about $87, roughly $3.1 billion market value based on 35.7 million shares of both classes per the 10-K); analyses are evergreen, daily prices are not a buy argument. Astronics uses 13-week quarters (Q1 2026 ended April 4, 2026); the fiscal year ends December 31.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ATRO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 40.10 $ to 96.00 $ · Last price: 64.90 $ (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: Aerospace & Defense
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Astronics Corporation ATRO | 3.2 | – | 21.5 | 32.3 | 11.8 | 8.4 | 103.0 |
| Space Exploration Technologies Corp. SPCX | 1,172.1 | – | 511.6 | 51.9 | – | – | – |
| GE Aerospace GE | 326.7 | 40.1 | 27.6 | 31.1 | 20.2 | 18.5 | 8.8 |
| RTX Corporation RTX | 254.2 | 36.5 | 18.5 | 20.3 | 13.2 | 9.7 | 24.1 |
| The Boeing Company BA | 155.3 | 78.7 | 25.5 | 4.7 | 1.7 | 34.5 | -8.2 |
| Lockheed Martin Corporation LMT | 124.1 | 26.0 | 13.6 | 11.8 | 11.0 | 5.7 | 16.7 |
| General Dynamics Corporation GD | 96.7 | 22.8 | 15.1 | 15.4 | 10.5 | 10.1 | 11.4 |
| Howmet Aerospace Inc HWM | 90.3 | 52.0 | 34.8 | 36.0 | 28.2 | 11.1 | 22.0 |
| Northrop Grumman Corporation NOC | 73.6 | 16.6 | 11.8 | 20.1 | 11.7 | 2.2 | -7.7 |
| Median of companies shown | 124.1 | 36.5 | 21.5 | 20.3 | 11.8 | 9.9 | 14.0 |
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) |
|---|---|---|---|---|---|---|---|
| 2016 | 633 | 73 | 48 | 1.40 | 49 | 337 | 604 |
| 2017 | 624 | 30 | 20 | 0.58 | 38 | 330 | 736 |
| 2018 | 803 | 64 | 47 | 1.41 | 55 | 387 | 775 |
| 2019 | 773 | 2 | 52 | 1.60 | 43 | 389 | 783 |
| 2020 | 503 | -101 | -116 | -3.76 | 37 | 270 | 620 |
| 2021 | 445 | -29 | -26 | -0.82 | -6 | 257 | 609 |
| 2022 | 535 | -30 | -36 | -1.11 | -28 | 240 | 615 |
| 2023 | 689 | -7 | -26 | -0.80 | -24 | 250 | 649 |
| 2024 | 795 | 26 | -16 | -0.46 | 31 | 256 | 649 |
| 2025 | 862 | 76 | 29 | 0.76 | 75 | 140 | 707 |
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 | -0.08 | -140.00 | 209 | 6.80 | -1.40 | 26 | 23 |
| 2025: Q1 | 0.22 | – | 206 | 11.30 | 4.60 | 21 | 19 |
| 2025: Q2 | 0.04 | -9.70 | 205 | 3.30 | 0.60 | -8 | -12 |
| 2025: Q3 | -0.31 | – | 211 | 3.80 | -5.20 | 35 | 22 |
| 2025: Q4 | 0.77 | – | 240 | 15.10 | 12.30 | 28 | 16 |
| 2026: Q1 | 0.67 | 201.30 | 231 | 12.00 | 11.10 | 11 | -1 |
| 2026: Q2 | 0.75 | 1,775.00 | 260 | 27.00 | 13.50 | 30 | 30 |
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 22 of our scanner strategies — each hit links to the scanner.
Growth
- Dan Zanger: Leader
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
- Ted Zhang: Super Stock Universe
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
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 | 2.72 | 2.52 – 2.89 | 1,033 | 62.4% | 4 |
| 12/31/2027 | 3.15 | 2.80 – 3.48 | 1,136 | 15.7% | 4 |
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 20.6% 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) | $61.4M |
|---|---|
| Market cap | $3.17B |
| Free cash flow in year ten | $401.1M |
| Terminal value as a share of market value | 66.7% |
For comparison: over the past five years free cash flow grew by 7.6% 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
Geprüft am 17.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 26.02.2026) und 2024 (05.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 04.04.2026): In den ausgewerteten SEC-Filings von Astronics findet sich kein wesentlicher KI-Bezug. Die 10-Ks nennen KI nur in Boilerplate-Passagen — als generisches Wettbewerbsrisiko („adapt more quickly than we do to new technologies, such as generative artificial intelligence (‚AI‘)“, Item 1A) und als Cybersecurity-/Datenschutz-Floskel zu KI-Tools bei Kunden und Zulieferern. Konkretester Treffer ist eine Lieferketten-Notiz im 10-K 2025, wonach KI-Ausgaben der Hyperscaler die Beschaffungsmärkte für Vorprodukte unter Druck setzen („Recent spending by hyperscalers and others to support AI is beginning to pressure supply chains for goods used to manufacture our products“) — ein Beschaffungskosten-Thema, weder KI-Umsatzquelle noch operativer KI-Einsatz noch konkretes KI-Risiko fürs eigene Geschäftsmodell (Kabinen-Elektronik und Testsysteme). Die vier 10-Q enthalten keinerlei KI-Treffer. Nach dem Kriterienkatalog: neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-03-05 · 10-Q 2026-05-13 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-07
Rated on July 17, 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 17.2%
- More than 10% revenue growth is expected for the coming year 7.8%
- Share count grows by less than 3% a year 6.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 13.4%
- Gross margin at 40% or higher and without meaningful erosion 29.9%
- Goodwill from acquisitions does not grow faster than revenue 8.9%
- Net debt below twice EBITDA 5.4 x EBITDA
- Operating cash flow covers the profits of the last three years 95 m
- Return on capital at 15% or higher, or up versus two years ago 13.5%
- Insiders hold at least 10% or are net buyers 2.2%
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
4/10The 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% 3.5%
- Exp. sales growth 3Y > 5% 14.8%
- EBIT growth 10Y > 5% 0.5%
- Exp. EBIT growth 3Y > 5% 103.1%
- Net debt < 4x EBIT 4.7x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 134.7%
- ROCE > 15% 13.5%
- Expected return > 10% 105.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Astronics Corporation entwirft und fertigt über ihre Tochtergesellschaften Produkte für die Branchen Luft- und Raumfahrt, Verteidigung und Elektronik in den USA, dem übrigen Nordamerika, Asien, Europa, Südamerika und international. Sie ist in zwei Segmenten tätig: Aerospace und Test Systems.
- Employees
- 2,700
- Headquarters
- East Aurora, NY
- Address
- 130 Commerce Way, 14052 East Aurora, United States
- Phone
- 716 805 1599
- Website
- astronics.com
- IPO Date
- 09/07/1984
- ISIN
- US0464331083
- Stock Split
- 1253:1000 on 06/15/2026
- Stock Split
- 1182:1000 on 10/11/2018
- Stock Split
- 115:100 on 10/06/2016
Management
| Name | Title | Birth Year |
|---|---|---|
| Peter J. Gundermann | Chairman, CEO & President | 1963 |
| Nancy L. Hedges | VP, CFO, Treasurer & Principal Accounting Officer | 1974 |
| Mark A. Peabody | Executive VP & President of Aerospace Segment | 1959 |
| James F. Mulato | Executive Vice President | 1961 |
| Julie M. Davis | General Counsel & Secretary | – |
| James S. Kramer | Executive VP & President of Luminescent Systems Inc. | 1964 |
| Michael C. Kuehn | Executive VP and President of Astronics Connectivity Systems & Certification Corp. | 1961 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
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.