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Air Industries

AIRI
20
Aerospace & Defense · Industrials
Price
$2.63
+0.01 (+0.38%)
Market Cap
$12.8M
Exchange
New York Stock Exchange Arca
Winston Score
20
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+31.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.6M (2021) → 4.8M (2025)

Air Industries Group is a small American company that makes metal parts and assemblies for military and commercial aircraft. Its customers include major defense contractors like Lockheed Martin, Northrop Grumman, and the U.S. Navy, who use these parts in fighter jets, helicopters, and other aircraft. The company operates primarily in the aerospace and defense industry, focusing on complex structural components that require precise manufacturing.

Air Industries earns money by fulfilling long-term contracts with defense primes and government agencies, getting paid for the parts and assemblies it delivers. It operates mainly in the United States, with facilities in New York and Connecticut, and generates roughly $60–70 million in annual revenue, making it one of the smaller players in defense manufacturing. Its main competitive advantage is its established relationships with large defense contractors, but its near-zero operating margins leave little room for error, and rising labor or material costs could quickly push the business into deeper losses.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+22.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

35.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 months

$4M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Air Industries has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
21.0%
Thin — 21.0% gross margin
Operating Margin
-4.9%
Losing money on operations — -4.9%
ROCE
-1.1%
Weak — -1.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
-10.9%
Shrinking sales (-10.9% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-14.2%
Burning cash (-14.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
1.64
Elevated debt (1.64)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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