ASTRONICS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASTRONICS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	633	624	803	773	503	445	535	689	795	862
Cost of revenue	474	487	623	617	406	380	463	515	575	604
Gross profit	159	137	181	156	96.8	65.4	71.5	175	220	258
Research and development	88.9	95	114	109	40.2	43.3	48.3	53.7	52.1	43.5
Selling, general and administrative	84.6	88.8	117	143	111	99.1	102	127	142	138
Operating income	74.9	32.1	63.7	1.7	-101	-28.7	-30	-6.67	26.5	76.4
Other non-operating income							-1.61	0.26	-2.19	0.74
Pre-tax income	68.8	25	52.3	68.3	-112	-27	-29.8	-26.3	-7.87	31.9
Income tax	20.4	5.31	5.48	16.3	3.37	-1.38	5.95	0.11	8.35	2.59
Net income	48.4	19.7	46.8	52	-116	-25.6	-35.7	-26.4	-16.2	29.4
EBITDA	101	59.2	98.7	34.8	-68.8	0.33	-2.27	19.4	50.9	98.3
EPS, basic	1.44	0.60	1.45	1.62	-3.76	-0.82	-1.11	-0.80	-0.46	0.83
EPS, diluted	1.40	0.58	1.41	1.60	-3.76	-0.82	-1.11	-0.80	-0.46	0.81
Shares, basic (weighted)	33.5	32.9	32.4	32	30.8	31.1	32.2	33.1	35	35.4
Shares, diluted (weighted)	34.5	33.7	33.1	32.5	30.8	31.1	32.2	33.1	35	36.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.9	17.9	16.6	31.9	40.4	29.8	13.8	4.76	9.29	18.2
Receivables	109	133	182	148	93.1	107	148	172	191	205
Inventory	117	150	139	146	157	158	188	192	200	197
Other current assets	11.2	14.6	17.2	15.9	26.4	45.1	15.7	14.6	16.6	18
Total current assets	255	315	374	343	317	340	365	390	426	438
Property, plant and equipment	123	126	121	112	107	95.2	90.7	85.4	80.7	107
Lease right-of-use assets				23.6	19	16.2	13	27.9	23.6	32.3
Goodwill	115	126	125	145	58.3	58.3	58.2	58.2	58.1	62.9
Intangible assets	98.1	153	133	127	110	94.3	79.3	65.4	52.5	55.4
Other non-current assets	13.1	15.7	21.3	31.3	9	5.27	8.61	7.04	7.76	11.3
Total assets	604	736	775	783	620	609	615	634	649	707
Accounts payable	25.1	41.8	50.7	35.8	26.4	34.9	64.2	61.1	43	41.1
Accrued liabilities	24.7	24.9	31.7	22.5	16.3	19.6	15.6	22	33.4	34.9
Deferred revenue		19.6	26.9	31.4	24.6	27.4	32.6	22	27.5	26.1
Short-term debt	2.64	2.69	1.87	0.22	0	0	4.5	9	0
Total current liabilities	86.6	103	128	121	93.7	119	152	143	156	141
Long-term debt	145	269	232	188	173	163	160	159	169	334
Lease liabilities				21	16.6	12	9.94	24.4	20.5	38.1
Other non-current liabilities	1.41	2.91	1.92	33	30.7	26.3	25.6	26.7	21.8	52.8
Total liabilities	267	406	388	394	349	353	375	384	393	567
Total debt	148	272	234	188	173	163	164	168	169	334
Paid-in capital	64.8	67.7	73	76.3	82.2	92	98.6	130	144	4.9
Retained earnings	306	325	377	429	313	287	240	210	192	217
Treasury stock	-17.6	-50	-50	-101	-109	-109	-89.9	-80.7	-76.8	-77.5
Other comprehensive income	-15.5	-13.4	-13.3	-15.6	-16.5	-14.5	-9.53	-9.43	-3.86	-4.41
Shareholders' equity	337	330	387	389	270	257	240	250	256	140
Total equity	337	330	387	389	270	257	240	250	256	140
Total liabilities and equity	604	736	775	783	620	609	615	634	649	707

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48.4	19.7	46.8	52	-116	-25.6	-35.7	-26.4	-16.2	29.4
Depreciation and amortization	25.8	27.1	35	33	31.9	29	27.8	26.1	24.5	21.8
Stock-based compensation	2.28	2.6	3.1	3.84	5.18	6.46	6.5	7.2	8.57	6.8
Deferred income tax	-4.76	-5.49	-2.68	-14.4	15.6	-0.44	0.02	0.15	-0.02	-1.36
Change in receivables	-14.6	-9.84	-47.3	34.1	53.9	-14.8	-41.6	-31.9	-22	-8.1
Change in inventory	-2.67	-18.1	-14.7	-12.7	-13.6	-5.15	-34.1	-13.3	-21.6	-4.44
Change in payables	-2	10.4	9.17	-16.6	-9.93	8.61	27.8	-4.5	-17.7	-3.11
Cash from operations	48.9	37.8	54.9	42.7	37.3	-5.53	-28.3	-24	30.6	74.8
Capital expenditures	-13	-13.5	-16.3	-12.1	-7.46	-6.03	-7.68	-7.64	-8.43	-31.7
Acquisitions	0	-114	0	-28.9	0	0		0	0	-22.1
Cash from investing	-14.6	-130	-19.7	64.6	-5.8	3.18	14.4	-4.11	-8.43	-53.7
Debt issued	20	147	35	117	155	20	126	140	377
Debt repaid	-41.8	-23.7	-72.8	-156	-170	-30	-125	-131	-375	-111
Stock issued	3.81	0.44	2.2			0	0	21.3	0	0
Share buybacks	-17.6	-32.4	0	-50.8	-7.73	0	0
Cash from financing	-34.8	91.4	-36.1	-92.2	-24.6	-7.51	-1.41	25.4	-14.5	-22.4
Exchange rate effect	-0.09	0.37	-0.37	0.15	1.54	-0.8	-0.64	0.16	-0.49	1.1
Net change in cash	-0.66	0.01	-1.29	15.3	8.51	-10.7	-16	-2.47	7.12	-0.25
Free cash flow	35.8	24.3	38.6	30.6	29.9	-11.6	-36	-31.6	22.1	43.1
Interest paid	4.54	4.78	9.71	5.71	5.83	5.95	7.61	17.7	19.2	8.98
Income taxes paid	15.9	10.8	12.2	27.3	-1.54	-1.25	-9.98	1.96	3.54	11.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $67.65 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.5%	Gross profit / revenue.
Operating margin	13.4%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.8%	Pre-tax income / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.9%	Cash from operations / revenue.
Effective tax rate	4.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	39.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.4%	Net income / average total assets.
Return on invested capital (ROIC)	24.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.6%	Research and development expense / revenue.
SG&A / revenue	14.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	53.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	188.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	92.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	144.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	14.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	94.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	7.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-45.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.97x	Current assets / current liabilities.
Quick ratio	1.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.8%	Total debt / total assets.
Liabilities / assets	73.9%	Total liabilities / total assets.
Net debt	$301.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$322.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$84.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	8.15x	Revenue / average property, plant and equipment.
Inventory turnover	2.89x	Cost of revenue / average inventory.
Days inventory	126 days	365 x average inventory / cost of revenue.
Receivables turnover	4.12x	Revenue / average receivables.
Days sales outstanding	89 days	365 x average receivables / revenue.
Days payables	37 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	178 days	Days inventory + days sales outstanding - days payables.
FCF conversion	76.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.24	Revenue / diluted weighted shares.
FCF per share	$1.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.20	Cash from operations / diluted weighted shares.
Book value per share	$4.26	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.81	Tangible book value / shares outstanding.
Cash per share	$0.19	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.91B	Share price x shares outstanding.
Enterprise value	$3.21B	Market cap + total debt - cash - short-term investments.
P/E	36.8x	Market cap / net income. Only when net income is positive.
P/S	3.09x	Market cap / revenue.
P/B	14.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	34.5x	Market cap / tangible book value, when positive.
P/FCF	47.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.4x	Market cap / cash from operations, when positive.
EV/Sales	3.41x	Enterprise value / revenue.
EV/EBIT	25.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	52.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).

What was ASTRONICS CORP's revenue in fiscal 2025?

ASTRONICS CORP reported revenue of $862.1M for fiscal 2025, 8.4% higher than the year before.

Was ASTRONICS CORP profitable in fiscal 2025?

Yes. Net income was $29.4M, a net margin of 3.4%.

How much free cash flow did ASTRONICS CORP generate in fiscal 2025?

Cash from operations of $74.8M minus capital expenditures of $31.7M left free cash flow of $43.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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