# Astronics Corporation (ATRO)

> Source: Nexqual · https://nexqual.com/ATRO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Astronics Corporation (ATRO), nexqual.com/ATRO" · informational, not investment advice.

**Price:** USD 59.2 (-4.24% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 61.82 · day 56.92–60.99 · 52w 33.12–94.46 · market cap $2.55B · NMS

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $942M, net income $79.1M (8.4% margin), free cash flow $60.7M (SEC filings).
- Valuation: P/E 32.2x (avg 67.4x at the last 1 fiscal year-ends), EV/EBITDA 19.1x, net debt $301M.
- 2 of 80 tracked superinvestors hold ATRO (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 98 (range 90–107).
- Total return with dividends: 1Y +48.4% vs S&P 500 +14.9%; 5Y +459.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD 0.72, revenue estimate $268M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $445M | $535M | $689M | $795M | $862M | $942M |
| Gross profit | $65.4M | $71.5M | $175M | $220M | $258M | — |
| Operating income | -$28.7M | -$30.0M | -$6.7M | $26.5M | $76.4M | $126M |
| Net income | -$25.6M | -$35.7M | -$26.4M | -$16.2M | $29.4M | $79.1M |
| EPS (diluted) | -$0.65 | -$0.89 | -$0.64 | -$0.37 | $0.65 | — |
| Free cash flow | -$11.6M | -$36.0M | -$31.6M | $22.1M | $43.1M | $60.7M |
| Gross margin | 14.7% | 13.4% | 25.3% | 27.7% | 29.9% | — |
| Operating margin | -6.4% | -5.6% | -1.0% | 3.3% | 8.9% | 13.4% |
| Net margin | -5.7% | -6.7% | -3.8% | -2.0% | 3.4% | 8.4% |
| Revenue growth | -11.5% | +20.2% | +28.8% | +15.4% | +8.4% | — |
| Cash + short-term investments | $29.8M | $13.8M | $4.8M | $9.3M | $18.2M | — |
| Total debt | $163M | $164M | $168M | $169M | $334M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 32.2x · P/S 2.7x · EV/EBITDA 19.1x · EV/Sales 3.0x · P/FCF 42.0x · P/B 12.8x · FCF yield 2.38% · Earnings yield 3.11% · Net debt $301M · EV $2.85B
P/E at fiscal year-ends: Dec 2025 67.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ATRO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $15.7M | Added +0.2% |
| Polen Capital | Polen Capital Management | 0.03% | $3.2M | Reduced -7.2% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 98 (low 90, high 107).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Keybanc | Initiated | Sector Weight |  |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $100 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +48.4% | +459.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +48.6% | +41.0% |
| Volatility (annualized) | 54.2% | 49.5% |
| Max drawdown | -36.6% (Aug 2026→Oct 2026) | -47.7% (Nov 2021→Oct 2022) |

## Peers (Aerospace & Defense)
HXL (Hexcel Corporation) USD 81.27 -9.54% · SARO (StandardAero, Inc.) USD 21.72 +1.26% · KTOS (Kratos Defense & Security Solut) USD 38.27 -1.21% · CAE (CAE Inc) USD 25.02 +2.08% · DRS (Leonardo DRS, Inc.) USD 34.3 +1.06% · HII (Huntington Ingalls Industries, ) USD 278.86 +1.79%

## More
Full page: https://nexqual.com/ATRO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ATRO's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/8063/000000806326000021/atro-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Boeing (BA) | "•the loss of Boeing as a major customer or a significant reduction in business with Boeing;" |

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Aerospace | $237.3M | 91.3% | +22.6% | $48.3M | 20.3% |
| Test Systems | $22.7M | 8.7% | +105.1% | $592,000 | 2.6% |
| Total revenue | $260.0M | 100% | — | $48.9M | 18.8% |

## Revenue by product line (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Line Inflight Entertainment & Connectivity | $126.0M | 48.5% | +19.0% |
| Product Line Lighting & Safety | $59.2M | 22.8% | +5.5% |
| Product Line Flight Critical Electrical Power | $23.7M | 9.1% | +49.4% |
| Product Line Seat Motion | $22.2M | 8.5% | +117.1% |
| Product Line Other | $6.3M | 2.4% | +12.4% |
| Total revenue | $260.0M | 100% | — |
The lines above cover 91.3% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $615.1M | 71.3% | +3.6% |
| Europe | $153.4M | 17.8% | +10.1% |
| Non Us | $90.1M | 10.5% | +9.7% |
| — Asia (part of Non Us) | $73.3M | 8.5% | +65.8% |
| — North America Excluding United States (part of Non Us) | $14.6M | 1.7% | +11.7% |
| — South America (part of Non Us) | $2.1M | 0.2% | +46.5% |
| Other Continent | $3.6M | 0.4% | +7.4% |
| Total revenue | $862.1M | 100% | — |

## Customer concentration

Period ended 2026-07-04: 12%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Company outlook (8-K filed 2026-08-11)

- "Astronics expects to set another annual sales record in 2026 with revenue estimated to be $1.02 billion to $1.04 billion for the year, with third quarter sales of $265 million to $275 million."
- "Record backlog at the end of the second quarter was $780.6 million, of which approximately 82% is expected to drive revenue over the next twelve months."
- "Given our record backlog and the continued strength in our order book, we believe we are well situated to deliver growth for the foreseeable future." Planned capital expenditures in 2026 are expected to be in the range of $40 million to $45 million driven largely by costs associated with the Seattle operation consolidation, which will conclude in the third quarter."

Analysts expect $268.1M for the current quarter, -74.0% vs the guidance midpoint $1.03B. Source: https://www.sec.gov/Archives/edgar/data/8063/000000806326000037/ex99120260704-pr.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.72 | $0.60 | +20.6% | $268.1M | 5 |
| Next quarter (ends 2026-12-31) | $0.76 | $0.61 | +23.0% | $273.7M | 4 |
| Current fiscal year (ends 2026-12-31) | $2.71 | $2.44 | +11.2% | $1.03B | 5 |
| Next fiscal year (ends 2027-12-31) | $3.06 | $2.64 | +16.3% | $1.13B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±12.6%; last 8 reports averaged ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 55.7% | ±12.6% |
| 2026-12-18 | 56 | 63.1% | ±19.9% |
| 2027-03-19 | 147 | 63.3% | ±31.8% |
| 2027-06-17 | 237 | 63.3% | ±40.0% |