Air T, Inc.

AIRT

IndustrialsIntegrated Freight & LogisticsNASDAQ

$21.38

Market Cap: $57.77M

Air T, Inc. (AIRT) Valuation Summary

Updated Apr 9, 2026 22:12

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$5.17 – $281.34	$5.17	-77.3%
Revenue DCF 10Y	$4.84 – $399.42	$37.48	+64.8%
▸ Trading Multiples
EV/Revenue	$2.05 – $374.60	$213.50	+838.9%

Valuation History

DCF Analysis

Air T, Inc. (AIRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$37.48

Market Price

$21.38

Upside / Downside

+75.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from 0.7% to a target of 10.3% over 5 years, discounted at a WACC of 7.8%, Air T, Inc. (AIRT) has an intrinsic value of $37.48 per share (range: $4.84 – $399.42).

Key Assumptions

Current Operating Margin

0.7%

Target Operating Margin

10.3%

WACC

7.8%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

2.1%

Target CapEx/Rev

6.0%

D&A/Revenue

1.4%

Tax Rate

8.7%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	329	12.7%	2.6%	8	8	5	(8)	69	-65	-63
2027	367	11.7%	4.5%	17	15	5	(11)	13	-4	-3
2028	407	10.7%	6.4%	26	24	6	(13)	14	2	2
2029	446	9.8%	8.4%	37	34	6	(16)	14	10	8
2030	486	8.8%	10.3%	50	46	7	(20)	14	19	14
2031	524	7.8%	10.3%	54	49	7	(23)	13	20	13
2032	559	6.9%	10.3%	58	53	8	(27)	13	21	13
2033	592	5.9%	10.3%	61	56	8	(31)	12	21	12
2034	622	4.9%	10.3%	64	58	9	(35)	10	22	12
2035	646	4.0%	10.3%	66	61	9	(39)	9	22	11

Enterprise Value Bridge

Sum of PV(FCFF)18

Terminal Value (Gordon Growth at 2.5%)428

PV of Terminal Value209

Enterprise Value226

(–) Net Debt123

Equity Value103

(÷) Shares Outstanding3

Fair Value per Share$37.48

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.8%	$-94	$-35	$110	$255	$399
6.8%	$-93	$-44	$65	$174	$284
7.8%	$-92	$-49	$37	$124	$211
8.8%	$-91	$-53	$19	$90	$162
9.8%	$-90	$-56	$5	$66	$126

Current price: $21.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Air T, Inc. (AIRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.17

Market Price

$21.38

Upside / Downside

-75.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from 0.7% to a target of 10.3% over 5 years, discounted at a WACC of 7.8%, Air T, Inc. (AIRT) has an intrinsic value of $5.17 per share (range: $5.17 – $281.34).

Key Assumptions

Current Operating Margin

0.7%

Target Operating Margin

10.3%

WACC

7.8%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

2.1%

Target CapEx/Rev

6.0%

D&A/Revenue

1.4%

Tax Rate

8.7%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	326	11.8%	2.6%	8	8	5	(9)	68	-66	-63
2027	359	10.1%	4.5%	16	15	5	(13)	11	-5	-4
2028	389	8.3%	6.4%	25	23	5	(17)	10	1	0
2029	415	6.5%	8.4%	35	32	6	(22)	9	7	5
2030	434	4.8%	10.3%	45	41	6	(26)	7	14	10

Enterprise Value Bridge

Sum of PV(FCFF)-52

Terminal Value (Gordon Growth at 2.5%)266

PV of Terminal Value189

Enterprise Value137

(–) Net Debt123

Equity Value14

(÷) Shares Outstanding3

Fair Value per Share$5.17

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.8%	$-84	$-56	$56	$169	$281
6.8%	$-83	$-61	$25	$110	$196
7.8%	$-83	$-63	$5	$74	$142
8.8%	$-82	$-65	$-8	$49	$106
9.8%	$-82	$-66	$-18	$31	$79

Current price: $21.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$213.50

Market Price

$21.38

Upside / Downside

+898.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Air T, Inc. (AIRT) has a fair value of $213.50 based on 5 comparable companies in the Integrated Freight & Logistics industry.

EV/Revenue Valuation — Integrated Freight & Logistics

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Air T, Inc.AIRT	59	0.6x	—
High-Trend International GroupHTCO	52	0.2x	—
Odyssey Marine Exploration, Inc.OMEX	33	97.1x	1.2x
Primech Holdings Ltd. Ordinary SharesPMEC	27	0.4x	—
Acco Group Holdings Limited Ordinary SharesACCL	20	4.0x	—
ESS Tech, Inc.GWH	14	2.4x	1.2x
Industry Median		2.4x	1.2x
(*) Revenue		292
= Enterprise Value		710
(-) Net Debt		123
Equity Value		587
(/) Outstanding shares		3
Fair Price		$213

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$5.17 – $281.34

$5.17

-77.3%

Revenue DCF 10Y

$4.84 – $399.42

$37.48

+64.8%

▸ Trading Multiples

EV/Revenue

$2.05 – $374.60

$213.50

+838.9%

DCF Analysis

Air T, Inc. (AIRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$37.48

Market Price

$21.38

Upside / Downside

+75.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

0.7%

Target Operating Margin

10.3%

WACC

7.8%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

2.1%

Target CapEx/Rev

6.0%

D&A/Revenue

1.4%

Tax Rate

8.7%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	329	12.7%	2.6%	8	8	5	(8)	69	-65	-63
2027	367	11.7%	4.5%	17	15	5	(11)	13	-4	-3
2028	407	10.7%	6.4%	26	24	6	(13)	14	2	2
2029	446	9.8%	8.4%	37	34	6	(16)	14	10	8
2030	486	8.8%	10.3%	50	46	7	(20)	14	19	14
2031	524	7.8%	10.3%	54	49	7	(23)	13	20	13
2032	559	6.9%	10.3%	58	53	8	(27)	13	21	13
2033	592	5.9%	10.3%	61	56	8	(31)	12	21	12
2034	622	4.9%	10.3%	64	58	9	(35)	10	22	12
2035	646	4.0%	10.3%	66	61	9	(39)	9	22	11

Enterprise Value Bridge

Sum of PV(FCFF)18

Terminal Value (Gordon Growth at 2.5%)428

PV of Terminal Value209

Enterprise Value226

(–) Net Debt123

Equity Value103

(÷) Shares Outstanding3

Fair Value per Share$37.48

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.8%	$-94	$-35	$110	$255	$399
6.8%	$-93	$-44	$65	$174	$284
7.8%	$-92	$-49	$37	$124	$211
8.8%	$-91	$-53	$19	$90	$162
9.8%	$-90	$-56	$5	$66	$126

Current price: $21.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$213.50

Market Price

$21.38

Upside / Downside

+898.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Air T, Inc. (AIRT) has a fair value of $213.50 based on 5 comparable companies in the Integrated Freight & Logistics industry.

EV/Revenue Valuation — Integrated Freight & Logistics

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Air T, Inc.AIRT	59	0.6x	—
High-Trend International GroupHTCO	52	0.2x	—
Odyssey Marine Exploration, Inc.OMEX	33	97.1x	1.2x
Primech Holdings Ltd. Ordinary SharesPMEC	27	0.4x	—
Acco Group Holdings Limited Ordinary SharesACCL	20	4.0x	—
ESS Tech, Inc.GWH	14	2.4x	1.2x
Industry Median		2.4x	1.2x
(*) Revenue		292
= Enterprise Value		710
(-) Net Debt		123
Equity Value		587
(/) Outstanding shares		3
Fair Price		$213