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Astronics Corporation

ATROB
44
Aerospace & Defense · Industrials
Price
$67.00
-0.01 (-0.01%)
Market Cap
$2.41B
Exchange
United States
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+23.4% over 4y

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

Diluted shares outstanding: 31.2M (2021) → 38.5M (2025)

Astronics Corporation makes specialized equipment for aircraft. Its main products include in-flight entertainment systems, aircraft lighting, power systems, and electrical components. The company sells mostly to commercial airlines, aircraft manufacturers like Boeing and Airbus, and military customers. It is a key supplier in the aerospace industry, with a strong focus on the systems that keep passengers connected and aircraft running safely.

Astronics makes money by selling hardware and systems directly to aircraft manufacturers and airlines, and through aftermarket services and repairs. The company operates mainly in the United States but sells globally, generating roughly $800 million in annual revenue. Its competitive edge comes from long-standing relationships with major aircraft makers and the high cost of switching suppliers in a heavily certified industry. The biggest growth driver is the recovery and expansion of commercial air travel, which boosts demand for new aircraft and cabin upgrades, though supply chain disruptions and Boeing production slowdowns remain meaningful near-term risks.

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

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+163.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$43M/ year

5.0% of revenue

In line with sector average (4%)

Research and development spending

Insider Activity

46.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 years

$12M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$12M cash & investments at current burn rate

Growth context

Astronics Corporation is growing revenue at 12% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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
32.6%
Modest — 32.6% gross margin
Operating Margin
11.8%
Modest — 11.8% operating margin
ROCE
5.4%
Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+8.6%
Steady sales growth (8.6% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
144%
Turns 144% of profit into real cash
FCF Margin
2.8%
Thin free cash flow (2.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
2.11
Heavy debt load (2.11)
Interest Cover
7.91x
Adequate interest coverage (7.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
53.2x
Expensive — P/E 53.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+26.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (53.2 → 26.8)

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Dividends

Not applicable for this business.
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