NMS • United States
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Annual Overview
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 444.91M | 534.89M▲ | 689.21M▲ | 795.43M▲ | 862.13M▲ |
| Net Income | -25.58M | -35.75M▼ | -26.42M▲ | -16.22M▲ | 29.36M▲ |
| EPS | -$0.82 | -$1.11▼ | -$0.80▲ | -$0.46▲ | $0.81▲ |
| Free Cash Flow | -11.56M | -35.99M▼ | -31.59M▲ | 22.14M▲ | 43.12M▲ |
| Capex | 6.03M | 7.68M▲ | 7.64M▼ | 8.43M▲ | 31.67M▲ |
| Diluted Shares | 31.06M | 32.16M▲ | 33.1M▲ | 35.04M▲ | 36.46M▲ |
| Net Debt Issuance | -10.9M | 907K▲ | 8.45M▲ | 2.37M▼ | 113.86M▲ |
| Net Equity Issuance | 0 | 0 | — | — | — |
| SBC | 6.46M | 6.5M▲ | 7.2M▲ | 8.57M▲ | 6.8M▼ |
Estimate Revisions
Estimates trending upward
Earnings Track Record
Beat estimates 7 of last 8 quarters
Avg surprise: +28.6%
Growth
Ownership
Data from SEC 13F filings · Reported September 30, 2023
Earnings Calendar
Next earnings
November 5, 2026
Last earnings
August 11, 2026
AI Summary
Astronics Corporation operates in the defense sector, focusing on the supply of directed energy weapons and other defense photonics applications. It plays a critical role in the photonics stack by providing advanced technological solutions that aid modern defense systems in achieving precision and efficiency.
Astronics has shown a strong recovery trajectory following a tough fiscal year in 2023. Revenue has climbed significantly from $689 million in 2023 to over $862 million in 2025, driven by the increasing demand for state-of-the-art defense technology. Improved free cash flow (FCF) from a negative $31.6 million in 2023 to a healthy $43.1 million in 2025 is a positive indicator of operational robustness and efficient capital management. As global defense budgets grow and technological advancements reshape military capabilities, Astronics stands to benefit largely from these megatrends.
Despite its improving revenue and cash flow, Astronics faces significant structural weaknesses. It teetered on losses with a negative net income of $26.4 million in 2023 and $16.2 million in 2024, although it swung back to profitability with a mere $29.3 million by 2025. Additionally, with a P/E ratio of 86.2, the stock is priced for perfection — a reflection of high future growth expectations which may not materialize. Its high debt-to-equity ratio (2.70) is concerning and suggests over-leverage that could become an Achilles' heel if market conditions sour or if interest rates rise dramatically.
Astronics has demonstrated a solid turnaround with a 25% annual revenue growth from 2023 to 2025. Gross margin recovery from 25.3% in 2023 to 29.9% in 2025 suggests improving operational efficiencies. However, the net margin remains thin at 3.4% in 2025, pointing out that the company still struggles to convert sales into substantial profits. The positive swing in FCF is promising, but with a P/FCF ratio of 83.4, investors are paying a hefty premium for recent cash flow improvements.
Astronics appears richly valued compared to peers, with valuation metrics indicating the market's high growth expectations. With a P/S ratio of 2.9 and EV/EBITDA of 25.5, Astronics is not particularly cheap, compared to traditional defense peers. The current price may already factor in optimistic future growth, leaving limited upside unless the company can outperform already lofty projections.
A primary risk remains its heavy focus on the defense segment, making it susceptible to changes in government defense spending. Additionally, customer concentration could pose a threat; losing a major client could severely impact financial performance. Geopolitical instability could either bolster demand for its products or disrupt its supply chain, introducing volatility. Moreover, rapid technological advancements from competitors could render Astronics' current offerings obsolete if they fail to innovate timely.
Keep an eye on the next defense spending appropriations from the U.S. government, which could indicate the scale of future demand for Astronics' offerings. Additionally, any technological breakthroughs or new contract announcements in directed energy could act as significant catalysts for price movement. Investors should also watch management's commentary on debt reduction strategies and FCF improvement efforts in upcoming earnings calls. Monitoring these aspects will offer insights into the company's future trajectory and market positioning.
Last updated: April 4, 2026
Astronics Corporation operates in the defense sector, focusing on the supply of directed energy weapons and other defense photonics applications. It plays a critical role in the photonics stack by providing advanced technological solutions that aid modern defense systems in achieving precision and efficiency.
Astronics has shown a strong recovery trajectory following a tough fiscal year in 2023. Revenue has climbed significantly from $689 million in 2023 to over $862 million in 2025, driven by the increasing demand for state-of-the-art defense technology. Improved free cash flow (FCF) from a negative $31.6 million in 2023 to a healthy $43.1 million in 2025 is a positive indicator of operational robustness and efficient capital management. As global defense budgets grow and technological advancements reshape military capabilities, Astronics stands to benefit largely from these megatrends.
Despite its improving revenue and cash flow, Astronics faces significant structural weaknesses. It teetered on losses with a negative net income of $26.4 million in 2023 and $16.2 million in 2024, although it swung back to profitability with a mere $29.3 million by 2025. Additionally, with a P/E ratio of 86.2, the stock is priced for perfection — a reflection of high future growth expectations which may not materialize. Its high debt-to-equity ratio (2.70) is concerning and suggests over-leverage that could become an Achilles' heel if market conditions sour or if interest rates rise dramatically.
Astronics has demonstrated a solid turnaround with a 25% annual revenue growth from 2023 to 2025. Gross margin recovery from 25.3% in 2023 to 29.9% in 2025 suggests improving operational efficiencies. However, the net margin remains thin at 3.4% in 2025, pointing out that the company still struggles to convert sales into substantial profits. The positive swing in FCF is promising, but with a P/FCF ratio of 83.4, investors are paying a hefty premium for recent cash flow improvements.
Astronics appears richly valued compared to peers, with valuation metrics indicating the market's high growth expectations. With a P/S ratio of 2.9 and EV/EBITDA of 25.5, Astronics is not particularly cheap, compared to traditional defense peers. The current price may already factor in optimistic future growth, leaving limited upside unless the company can outperform already lofty projections.
A primary risk remains its heavy focus on the defense segment, making it susceptible to changes in government defense spending. Additionally, customer concentration could pose a threat; losing a major client could severely impact financial performance. Geopolitical instability could either bolster demand for its products or disrupt its supply chain, introducing volatility. Moreover, rapid technological advancements from competitors could render Astronics' current offerings obsolete if they fail to innovate timely.
Keep an eye on the next defense spending appropriations from the U.S. government, which could indicate the scale of future demand for Astronics' offerings. Additionally, any technological breakthroughs or new contract announcements in directed energy could act as significant catalysts for price movement. Investors should also watch management's commentary on debt reduction strategies and FCF improvement efforts in upcoming earnings calls. Monitoring these aspects will offer insights into the company's future trajectory and market positioning.
Astronics Corporation operates in the defense sector, focusing on the supply of directed energy weapons and other defense photonics applications. It plays a critical role in the photonics stack by providing advanced technological solutions that aid modern defense systems in achieving precision and efficiency.
Astronics Corporation is in the Defense layer of the photonics supply chain. Directed energy weapons and defense photonics applications
In FY2025, Astronics Corporation reported net income of $29.36M.
Companies in the same supply chain layer as Astronics Corporation include AeroVironment, Inc., AgEagle Aerial Systems, Inc., BAE Systems plc, CACI International Inc, and Curtiss-Wright Corporation.
Astronics Corporation is expected to report around November 5, 2026.
Analysis updated April 2026
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