Latest Ratios: P/E Ratio -40.4x · EV/EBITDA N/A · ROE -0.6%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $216M | $194M | — | — | — | — |
| Enterprise Value | $148M | $126M | — | — | — | — |
| P/E Ratio → | -40.35 | — | — | — | — | — |
| P/S Ratio | 2.37 | 2.13 | — | — | — | — |
| P/B Ratio | 0.22 | 0.26 | — | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.38 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | 9.86 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 59.9% | 59.9% | 67.1% | 57.6% | 24.2% | 29.5% |
| Operating Margin | -31.6% | -31.6% | -20.1% | -23.0% | -158.1% | -21.8% |
| Net Profit Margin | -4.5% | -4.5% | -44.5% | -75.0% | -149.6% | -174.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -0.6% | -0.6% | -6.8% | -5.3% | -9.9% | — |
| ROA | -0.6% | -0.6% | -5.4% | -4.4% | -6.9% | -210.0% |
| ROIC | -3.5% | -3.5% | -2.2% | -1.2% | -7.0% | — |
| ROCE | -4.3% | -4.3% | -2.8% | -1.5% | -7.6% | -57.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.09 | 0.05 | 0.05 | — |
| Debt / EBITDA | — | — | — | 9.34 | — | — |
| Net Debt / Equity | — | -0.09 | 0.05 | 0.05 | 0.05 | — |
| Net Debt / EBITDA | — | — | — | 8.10 | — | — |
| Debt / FCF | — | — | 1.36 | 1.26 | — | — |
| Interest Coverage | 1.30 | 1.30 | -1.07 | -13.11 | -9.17 | -5.05 |
Net cash position: cash ($74M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 3.45 | 3.45 | 0.44 | 0.22 | 0.21 | 1.19 |
| Quick Ratio | 3.07 | 3.07 | 0.35 | 0.19 | 0.14 | 0.42 |
| Cash Ratio | 2.41 | 2.41 | 0.21 | 0.05 | 0.02 | 0.00 |
| Asset Turnover | — | 0.12 | 0.12 | 0.06 | 0.02 | 1.21 |
| Inventory Turnover | 3.14 | 3.14 | 3.24 | 6.40 | 6.01 | 2.05 |
| Days Sales Outstanding | — | 49.73 | 43.68 | 18.89 | 45.89 | 41.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 9.0% | 10.0% | — | — | — | — |
| Total Shareholder Yield | 9.0% | 10.0% | — | — | — | — |
| Shares Outstanding | — | $24M | $25M | $25M | $25M | $25M |
Certification and liquidity constraints
Based on reported figures, AIRO trades at a P/S multiple of 2.40, which appears to reflect a significant conglomerate discount when compared to the high-growth, venture-stage valuations typically assigned to pure-play eVTOL peers like Joby Aviation or Archer Aviation in the current aerospace market environment.
The negative P/E of -40.76 confirms that the market is currently pricing the firm based on its asset base and revenue potential rather than earnings, which is typical for firms in the pre-revenue certification phase. Investors should monitor whether the market continues to apply this discount or if a re-rating occurs as the avionics and training segments demonstrate more consistent, non-speculative cash generation.
According to recent financial statements, AIRO's ROIC has remained consistently negative, reaching -1.9% in 2026Q1, which suggests that the company is currently destroying rather than compounding invested capital as it prioritizes long-term eVTOL development over immediate returns on its existing aerospace manufacturing and training assets.
The persistent negative ROIC indicates that the heavy R&D burden is currently outpacing the returns generated by the legacy avionics business. This trend warrants further investigation into whether the company can achieve a positive return profile once the Jaunt Journey aircraft reaches commercialization, or if the current capital allocation strategy will continue to dilute shareholder value.
As reported in quarterly filings, AIRO's cash conversion cycle has shown extreme volatility, swinging from -592 days in 2023Q4 to 220 days in 2026Q1, which suggests significant inefficiencies in managing inventory and receivables across its disparate drone, avionics, and training business units.
The erratic nature of the CCC indicates that the company struggles to align its cash inflows with the long lead times required for aerospace manufacturing. This lack of operational rhythm may force the company to maintain higher cash buffers than would otherwise be necessary, further straining its liquidity position during the development phase.
Based on the company's latest quarterly data, the current ratio has declined to 2.94 from higher levels, while the quick ratio of 2.24 suggests that a significant portion of current assets is tied up in inventory, potentially limiting the firm's flexibility under severe financial stress.
While the current ratio appears superficially healthy, the rapid consumption of cash to fund R&D suggests that the company's liquidity position is more vulnerable than the headline numbers imply. Investors should monitor the burn rate closely, as the current cash reserves may not provide a sufficient runway if the FAA certification process for the eVTOL segment faces further delays.
The most commonly misapplied metric for AIRO is the P/E ratio, which obscures the firm's true business model by treating it as a mature industrial entity rather than a venture-stage aerospace developer with significant, non-recurring R&D expenses that distort traditional earnings-based valuation benchmarks.
Using P/E to value AIRO is fundamentally flawed because it ignores the heavy capitalization of development costs and the lack of steady-state profitability in the eVTOL segment. Analysts should instead focus on EV/Sales or milestone-based valuation frameworks that better account for the company's unique position as a hybrid of legacy avionics and future-state air mobility.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AIRO stock.
AIRO Group Holdings, Inc. Common Stock's current P/E ratio is -40.4x. This places it at the 50th percentile of its historical range.
AIRO Group Holdings, Inc. Common Stock's return on equity (ROE) is -0.6%. The historical average is -5.7%.
Based on historical data, AIRO Group Holdings, Inc. Common Stock is trading at a P/E of -40.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AIRO Group Holdings, Inc. Common Stock has 59.9% gross margin and -31.6% operating margin.