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ZYBERNO

Stock Report

Updated Sep 2, 2026

Air T, Inc. (AIRTP)

NASDAQ

$18.79

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

14.0/100

POOR BUSINESS

Air T, Inc. (AIRTP) scores 14/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AIRTP quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+89.2%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

⚠ Significant divergence between Owner Earnings and Free Cash Flow (1.36×). Intrinsic Value and Brina Gap are likely overstated — acquisition-related D&A is inflating Owner Earnings. Verify earnings quality before acting.

🎯 Expected Annual Return →

87.1%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

33.0%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AIRTP valuation analysis · → View full AIRTP Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-102.1%)

Debt-to-Equity (Solvency Risk):CRITICAL (4.00x)

Operating Margin (Operational Efficiency):CRITICAL (-3.3%)

Return on Capital (Capital Efficiency):CRITICAL (-2.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Air T, Inc. (AIRTP) stock report — Zyberno Score 14/100 (POOR BUSINESS), Margin of Safety +89.2%, 87% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, Air T, Inc. (AIRTP) trades at $18.79 against an estimated intrinsic value per share of $173.48 — a +89.2% Margin of Safety based on Owner Earnings of $15.03M TTM, projected at 100.0% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 87.1% annually.

Over the trailing twelve months, AIRTP generated $15.03M in Owner Earnings. Capital was deployed as follows: $126.32K returned via share buybacks. Reinvestment rate: -135.9%. Owner Earnings have grown at 100.0% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:18.79

Market Cap:$50.66M

Valuation Multiples (3)

P/B Ratio:0.76x

P/S Ratio:0.16x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$306.71M

Ev Ebitda Ratio:181.60x

Price Action & Momentum (3)

12-1 Momentum:

+6.6% (68th pctile)

📈 Click to view full AIRTP Momentum analysis →

Momentum Percentile:68 / 100

% of 52-Week High:89.5%

B. Profitability Assessment

Return Metrics (5)

ROE:

-102.1%

📊 Click to view full AIRTP ROE analysis →

ROA:-5.1%

Roic:

-2.5%

📊 Click to view full AIRTP ROIC analysis →

Reinvestment Rate:-135.9%

Fundamental Growth Rate (g):3.4%

Margin Analysis (3)

Operating Margin Ttm:-3.3%

Net Margin Ttm:-4.8%

Ebitda Margin:0.5%

TTM Performance (2)

Operating Margin Ttm:-3.3%

Net Margin Ttm:-4.8%

Yield Metrics (3)

Earnings Yield:-$30.63

Owner Earnings Yield:$29.59

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-2.43

📊 Click to view full AIRTP Earnings Surprise analysis →

EPS Surprise vs Expected:-721.7%

Latest Earnings Filed:2026-08-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):10.4%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):100.0%

Operating Cash Flow Growth Rate (Linear):7.1%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):58.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.43x

Quick Ratio:0.61x

Cash Ratio:0.15x

Leverage Analysis (3)

Debt To Equity Ttm:4.00x

Debt-to-Equity Ratio:4.00x

Debt To Ebitda:161.47x

Coverage Ratios (2)

Interest Coverage Ratio:-0.89x

Times Interest Earned:-0.89

Capital Structure (4)

Working Capital:47,428,000.00

Cash And Cash Equivalents:16,667,000.00

Long Term Debt:$246.34M

Net Debt:$256.06M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $321.61M

Linear Growth: 10.4%

📊 Click to view full AIRTP Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$10.65M

Linear Growth: 58.4%

📊 Click to view full AIRTP Operating Income analysis & methodology →

Bottom Line Performance (3)

-$15.54M

Income Before Tax:-$10.49M

Ebitda Ttm:1,689,000.00

Operating Expenses (5)

Operating Expenses:339,297,000.00

R And D Expense:0.00

Sga Expense:79,428,000.00

Income Tax Expense:$2.85M

Interest Expense:12,619,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:68.8%

Ebitda Margin:0.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$469.06M

Current Assets:$158.12M

Ppe Net:175,185,000.00

Goodwill:19,592,000.00

Intangible Assets:$57.08M

Liability Structure (4)

Total Liabilities:385,905,000.00

Current Liabilities:110,694,000.00

Long Term Debt:$246.34M

Short Term Debt:$26.39M

Equity & Capital (3)

Equity:$66.87M

Retained Earnings:$64.30M

Common Stock:4,000,000.00

Working Capital Items (3)

Accounts Receivable:33,304,000.00

Inventory:90,056,000.00

Accounts Payable:41,017,000.00

Special Items (2)

Contract Liabilities:24,200,000.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$25.04M

Linear Growth: 7.1%

Free cash flow TTM: -$41.53M

Linear Growth: 100.0%

📊 Click to view full AIRTP Free Cash Flow analysis & methodology →

Investment Activities (1)

Investing Cash Flow:-$44.02M

Financing Activities (3)

Financing Cash Flow:$42.30M

Dividends Paid Ttm:0.00

Stock Repurchase:126,317.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$15.00M

Long Term Debt Repayments:$1.06M

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-5.77

-$5.77

Earnings Per Share Ttm:-$5.76

Revenue & Cash Per Share (2)

Sales Per Share Ttm:119.29

Operating Cash Flow Per Share:-$9.29

Book Value & Capital (2)

Book Value Per Share:$24.80

Cash Per Share:6.18

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.05x

Working Capital Turnover Ttm:6.78x

Receivables Management (2)

Receivables Turnover Ttm:9.66x

Days Sales Outstanding Ttm:37.80

Inventory Management (2)

Inventory Turnover Ttm:3.57x

Days Inventory Outstanding Ttm:102.21

Payables & Cash Cycle (2)

Days Payable Outstanding:46.55

Cash Conversion Cycle:93.45

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $15.03M

Linear Growth: 100.0%

📊 Click to view full AIRTP Owner Earnings analysis & methodology →

Owner Earnings Per Share:$5.57

Owner Earnings Yield:$29.59

Growth Assessment (1)

Owner Earnings Growth Rate:$100.00

Damodaran Growth Analysis (2)

Reinvestment Rate:-135.9%

Fundamental Growth Rate (g):3.4%

Intrinsic Value Models (1)

Intrinsic Value:

$467.70M

📊 Click to view full AIRTP DCF valuation →

Margin of Safety (1)

Margin Of Safety:

89.2%

📊 Click to view full AIRTP valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

87.1%

📊 Click to view full AIRTP expected return analysis →

Forward Expected Return (Yield + Growth):

33.0%

📊 Click to view full AIRTP expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):10.4%

Operating Income Growth Rate (Linear):58.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):100.0%

Operating Cash Flow Growth Rate (Linear):7.1%

Other Growth Rates (2)

Book Value Growth Rate (Linear):2.4%

Owner Earnings Growth Rate:$100.00

C. Company Profile & Context

Corporate Information (6)

Symbol:AIRTP

Company Name:Air T, Inc.

Sector:Unknown

Industry:Air Courier Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:2.70M

Shares Outstanding Basic:2.70M

Shares Outstanding Diluted:2.70M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-02 07:47:08 UTC

Data Timestamp:2026-08-24T23:23:40.950696