Astronics
ATRO on Nasdaq. Astronics sells aircraft electrical power, lighting and test systems to aerospace and defense makers. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.41 of spare cash in the past 12 months. A savings account pays about $4.
You pay 22.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 34 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.
$69.16 a share, 109% above its 1-year low
Over the past year the price has ranged from $33.12 to $94.46.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $445m | $535m | $689m | $795m | $862m |
| Operating margin | |||||
| Operating margin | -6.4% | -5.6% | -1.0% | 3.3% | 8.9% |
| Debt to equity | |||||
| Debt to equity | 0.64 | 0.68 | 0.68 | 0.66 | 2.39 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.39× equity
- Revenue growth, five yearsStrong, 11.4% a year
- Buying back its own sharesNo, 13% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $260 million last quarter, up 27% on a year ago.
- Profit: $35 million, up 2568% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, up from 4 cents a year earlier.
- Spare cash over the past 12 months: $61 million, up from $36 million.
- 7% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $301 million more than cash, up from $146 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $204m |
| December 2024 | $209m |
| March 2025 | $206m |
| June 2025 | $205m |
| September 2025 | $211m |
| December 2025 | $240m |
| March 2026 | $231m |
| June 2026 | $260m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$12m |
| December 2024 | -$3m |
| March 2025 | $10m |
| June 2025 | $1m |
| September 2025 | -$11m |
| December 2025 | $30m |
| March 2026 | $26m |
| June 2026 | $35m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
4 long-term investors we follow own it, down from 5 last quarter. 310 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $32m | 0.3% | Added |
| First Eagle Investment ManagementMatthew McLennan | $31m | <0.1% | Added |
| Polen CapitalDan Davidowitz | $3m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$248mAdded
- State Street$167mCut
- American Century Companies$117mCut
- Vanguard Capital Management$115mAdded
- Capital International Investors$108mAdded
- Geode Capital Management$85mAdded
- Pertento Partners LLP$81mAdded
- Next Century Growth Investors$60mCut
- Ameriprise Financial$58mAdded
- Dimensional Fund Advisors LP$55m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Dimensional Fund Advisors LPPassive investor7.5%Since 30 June 2026
- Capital International InvestorsPassive investor5.8%+1.8 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- American Century Investment Management, Inc.Passive investorat least 4.5%−1.1 pts(filed with 2 related holders)Since 30 June 2026
- ACK Asset Management LLCPassive investorat least 4.0%(filed with 2 related holders)Since 30 September 2025
- NEXT CENTURY GROWTH INVESTORS LLCPassive investorSold down below 5%Since 13 February 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 31 July 2026
- THE GOLDMAN SACHS GROUP, INC.Passive investorSold down below 5%Since 30 June 2025
- REDWOOD CAPITAL MANAGEMENT LLCPassive investorSold down below 5%Since 31 March 2025
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 31 July 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Sold down below 5%Since 15 October 2025
- Patricia DowdenPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Dimensional Fund Advisors LP Passive investor | 7.5% | 30 June 2026 | |
Capital International Investors Passive investor | 5.8%+1.8 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
American Century Investment Management, Inc. Passive investor | at least 4.5%−1.1 pts (filed with 2 related holders) | 30 June 2026 | |
ACK Asset Management LLC Passive investor | at least 4.0% (filed with 2 related holders) | 30 September 2025 | |
NEXT CENTURY GROWTH INVESTORS LLC Passive investor | Sold down below 5% | 13 February 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 July 2026 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | Sold down below 5% | 30 June 2025 | |
REDWOOD CAPITAL MANAGEMENT LLC Passive investor | Sold down below 5% | 31 March 2025 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 31 July 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Sold down below 5% | 15 October 2025 | ||
Patricia Dowden Passive investor | Sold down below 5% | 31 December 2024 |
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.
None of the warning signs we check for were found.
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 26 Feb 2026, plus the 10-Q filed 12 Aug 2026 and 4 later 8-Ks.
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
- It carries a lot of debt: 2.4× its equity.
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.