Airsculpt Technologies
AIRS on Nasdaq. AirSculpt sells body contouring procedures to people seeking fat removal and skin tightening. Market value $138m.
Figures from the annual report for the year ended 31 December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.49 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 49 of 100. Price score: 2 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | |||||
| Revenue | $133m | $169m | $196m | $180m | $152m |
| Operating margin | |||||
| Operating margin | 11.8% | -2.7% | 5.0% | -0.9% | -7.6% |
| Debt to equity | |||||
| Debt to equity | 0.99 | 1.18 | 0.87 | 0.89 | 0.64 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.07bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- Debt0.64× equity
- Revenue growth, five yearsSlow, 3.3% a year
- Buying back its own sharesNo, 28% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 103 funds in all.
Largest holders overall
- Vesey Street Capital Partners, L.L.C.$136m
- Thrivent Financial for Lutherans$20mNew
- BlackRock$6mAdded
- Wexford Capital LP$4mAdded
- UBS Group AG$4mAdded
- FourWorld Capital Management$3mCut
- Flputnam Investment Management$3mNew
- AQR Capital Management$2mAdded
- Geode Capital Management$2mAdded
- GSA Capital Partners LLP$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Adam T FeinsteinPassive investorat least 42.1%−6.5 pts(filed with 4 related holders)Since 30 June 2026
- Rollins AaronPassive investor20.9%−2.7 ptsSince 15 May 2026
- Chernett JoreyPassive investor10.8%+0.9 ptsSince 2 March 2026
- Parian Ultreia LPPassive investor9.6%0.0 ptsSince 21 April 2026
- THRIVENT FINANCIAL FOR LUTHERANSPassive investorat least 6.3%−2.3 pts(filed with 1 related holder)Since 30 June 2026
- SW Investment Management LLCPassive investorSold down below 5%Since 13 February 2026
| Holder | Stake | Since | |
|---|---|---|---|
Adam T Feinstein Passive investor | at least 42.1%−6.5 pts (filed with 4 related holders) | 30 June 2026 | |
Rollins Aaron Passive investor | 20.9%−2.7 pts | 15 May 2026 | |
Chernett Jorey Passive investor | 10.8%+0.9 pts | 2 March 2026 | |
Parian Ultreia LP Passive investor | 9.6%0.0 pts | 21 April 2026 | |
THRIVENT FINANCIAL FOR LUTHERANS Passive investor | at least 6.3%−2.3 pts (filed with 1 related holder) | 30 June 2026 | |
SW Investment Management LLC Passive investor | Sold down below 5% | 13 February 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Airsculpt Technologies’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses in our internal control over financial reporting described below, which were previously identified in our Annual Report on Form 10‑K for the year ended December 31, 2025 and have not yet been remediated.”
From the 10-Q filed 10 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.