MeritValue

AIR T INC

AIRTdata completeness 100%16 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$177.1M1$247.3M2$286.8M3$291.9M4$327.1M4
Net income$10.9M5−$12.3M6−$6.82M7−$6.14M8$78M8
Operating cash flow−$33.1M9$16.9M10$17.2M11$23.5M12−$25M12
Capital expenditure$1.53M13$1.18M14$1.08M15$1.08M16$16.5M16
Free cash flow (derived)−$34.6M9$15.7M10$16.1M11$22.4M12−$41.5M12
Total debt$135.8M17$125.1M18$112.9M19$110.3M20$208.2M20
Cash & equivalents$5.62M21$5.81M22$7.1M23$5.93M24$20.3M24
Diluted shares2.9M2.8M2.8M2.8M2.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.00037%
of the whole company
Your share of last year’s profit
$288.51
Your share of its debt
$770.24
Your share of free cash flow
−$153.63
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$48.13
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$16.1M
DCF · Growth Exit 5Y
$38.85
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$16.1M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$138.44
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $38.85

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000353184-22-000046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000353184-24-000062 (Revenues)
  3. 10-K/A · period ending 2024-03-31 · accession 0000353184-25-000069 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0000353184-26-000054 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2022-03-31 · accession 0000353184-23-000074 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0000353184-24-000062 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-03-31 · accession 0000353184-25-000069 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0000353184-26-000054 (NetIncomeLoss)
  9. 10-K/A · period ending 2022-03-31 · accession 0000353184-23-000074 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0000353184-24-000062 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-03-31 · accession 0000353184-25-000069 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0000353184-26-000054 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2022-03-31 · accession 0000353184-23-000074 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0000353184-24-000062 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2024-03-31 · accession 0000353184-25-000069 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0000353184-26-000054 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2022-03-31 · accession 0000353184-23-000074 (LongTermDebt)
  18. 10-K · period ending 2023-03-31 · accession 0000353184-24-000062 (LongTermDebt)
  19. 10-K/A · period ending 2024-03-31 · accession 0000353184-25-000069 (LongTermDebt)
  20. 10-K · period ending 2025-03-31 · accession 0000353184-26-000054 (LongTermDebt)
  21. 10-K/A · period ending 2022-03-31 · accession 0000353184-23-000074 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-03-31 · accession 0000353184-24-000062 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K/A · period ending 2024-03-31 · accession 0000353184-25-000069 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2025-03-31 · accession 0000353184-26-000054 (CashAndCashEquivalentsAtCarryingValue)