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Astrotech Corporation

ASTC
23
Aerospace & Defense · Technology
Price
$7.73
+0.20 (+2.66%)
Market Cap
$13.0M
Exchange
NASDAQ Capital Market
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.

Share count rising — dilution

+127.2% over 4y

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

Diluted shares outstanding: 733K (2021) → 1.7M (2025)

Astrotech Corporation is a small aerospace and technology company based in Austin, Texas. It develops detection and sensing technologies, with its main product being the 1st Detect mass spectrometer — a device that can identify chemicals, explosives, and drugs in the air. Its primary target customers are government agencies, airports, and defense organizations that need portable chemical detection tools.

Astrotech makes money by selling its detection hardware and pursuing government contracts and licensing deals. The company is very small, with a market cap near zero and deeply negative profit margins, meaning it spends far more than it earns right now. Its main competitive challenge is breaking into a market dominated by much larger, well-funded defense and security companies, and its financial losses raise real questions about whether it can fund operations long enough to reach commercial scale.

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

-35.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-3.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$8M/ year

Rising (+20% vs prior year)

776.2% of revenue

51.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

16.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 months

$7M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Astrotech Corporation is putting 776% of revenue into R&D and that number is rising. That's 51.7x the sector average.

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

Every number that matters to educated investors.

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Quality

Gross Margin
-67.6%
Thin — -67.6% gross margin
Operating Margin
-1006.7%
Losing money on operations — -1006.7%
ROCE
-27.8%
Weak — -27.8% return on capital

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

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Growth

Sales YoY
+82.6%
Fast-growing sales (82.6% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-1143.7%
Burning cash (-1143.7%)

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

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Stability

Debt / Equity
0.02
Conservative — low debt load (0.02)
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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