Latest Ratios: P/E Ratio 86.7x · EV/EBITDA 31.1x · ROE 14.8%. (1996–2025 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $1.7B | $469M | $481M | $276M | $312M | $339M | $756M | $841M | $1.0B | $847M |
| Enterprise Value | $3.1B | $2.1B | $653M | $667M | $441M | $464M | $496M | $943M | $1.1B | $1.3B | $977M |
| P/E Ratio → | 86.65 | 55.80 | — | — | — | — | — | 14.56 | 18.00 | 51.81 | 17.51 |
| P/S Ratio | 3.13 | 2.02 | 0.59 | 0.70 | 0.52 | 0.70 | 0.68 | 0.98 | 1.05 | 1.62 | 1.34 |
| P/B Ratio | 19.28 | 12.42 | 1.83 | 1.93 | 1.15 | 1.22 | 1.26 | 1.94 | 2.18 | 3.07 | 2.51 |
| P/FCF | 62.58 | 40.34 | 21.18 | — | — | — | 11.36 | 24.70 | 21.81 | 41.69 | 23.64 |
| P/OCF | 36.08 | 23.25 | 15.34 | — | — | — | 9.09 | 17.71 | 15.32 | 26.82 | 17.33 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.44 | 0.82 | 0.97 | 0.82 | 1.04 | 0.99 | 1.22 | 1.32 | 2.03 | 1.54 |
| EV / EBITDA | 31.13 | 21.37 | 12.83 | 34.34 | — | 1401.71 | — | 27.12 | 10.72 | 22.32 | 9.88 |
| EV / EBIT | 40.03 | 47.17 | — | — | — | — | — | 73.73 | 16.62 | 41.74 | 13.05 |
| EV / FCF | — | 48.69 | 29.52 | — | — | — | 16.62 | 30.80 | 27.44 | 52.13 | 27.28 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.9% | 29.9% | 21.2% | 17.5% | 13.4% | 14.7% | 19.3% | 20.2% | 22.5% | 22.0% | 25.2% |
| Operating Margin | 8.9% | 8.9% | 3.3% | -1.0% | -5.6% | -6.4% | -20.0% | 0.2% | 7.9% | 4.9% | 11.6% |
| Net Profit Margin | 3.4% | 3.4% | -2.0% | -3.8% | -6.7% | -5.7% | -23.0% | 6.7% | 5.8% | 3.2% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.8% | 14.8% | -6.4% | -10.8% | -14.4% | -9.7% | -35.1% | 13.4% | 13.1% | 5.9% | 15.2% |
| ROA | 4.3% | 4.3% | -2.5% | -4.2% | -5.8% | -4.2% | -16.5% | 6.7% | 6.2% | 2.9% | 8.0% |
| ROIC | 12.2% | 12.2% | 4.5% | -1.2% | -5.5% | -5.1% | -15.1% | 0.2% | 8.0% | 4.3% | 11.9% |
| ROCE | 14.4% | 14.4% | 5.3% | -1.4% | -6.3% | -5.6% | -17.0% | 0.3% | 10.0% | 5.3% | 14.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.70 | 2.70 | 0.76 | 0.79 | 0.74 | 0.71 | 0.73 | 0.56 | 0.61 | 0.82 | 0.44 |
| Debt / EBITDA | 3.85 | 3.85 | 3.81 | 10.18 | — | 549.23 | — | 6.29 | 2.37 | 4.79 | 1.50 |
| Net Debt / Equity | — | 2.57 | 0.72 | 0.75 | 0.69 | 0.59 | 0.58 | 0.48 | 0.56 | 0.77 | 0.39 |
| Net Debt / EBITDA | 3.67 | 3.67 | 3.62 | 9.60 | — | 459.33 | — | 5.37 | 2.20 | 4.47 | 1.32 |
| Debt / FCF | — | 8.35 | 8.34 | — | — | — | 5.26 | 6.10 | 5.64 | 10.44 | 3.64 |
| Interest Coverage | 3.54 | 3.54 | -0.36 | — | — | — | -2.03 | 2.08 | 6.56 | 5.65 | 17.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.10 | 3.10 | 2.73 | 2.72 | 2.41 | 2.87 | 3.38 | 2.84 | 2.92 | 3.06 | 2.95 |
| Quick Ratio | 1.71 | 1.71 | 1.45 | 1.38 | 1.17 | 1.54 | 1.71 | 1.64 | 1.84 | 1.60 | 1.60 |
| Cash Ratio | 0.13 | 0.13 | 0.06 | 0.08 | 0.09 | 0.25 | 0.43 | 0.26 | 0.13 | 0.17 | 0.21 |
| Asset Turnover | — | 1.22 | 1.23 | 1.06 | 0.87 | 0.73 | 0.81 | 0.99 | 1.04 | 0.85 | 1.05 |
| Inventory Turnover | 3.07 | 3.07 | 3.14 | 2.96 | 2.46 | 2.41 | 2.58 | 4.23 | 4.49 | 3.24 | 4.06 |
| Days Sales Outstanding | — | 86.65 | 87.85 | 91.15 | 100.85 | 88.14 | 67.58 | 69.91 | 82.84 | 77.52 | 63.08 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.8% | — | — | — | — | — | 6.9% | 5.6% | 1.9% | 5.7% |
| FCF Yield | 1.6% | 2.5% | 4.7% | — | — | — | 8.8% | 4.0% | 4.6% | 2.4% | 4.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 6.7% | 0.0% | 3.2% | 2.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 6.7% | 0.0% | 3.2% | 2.1% |
| Shares Outstanding | — | $38M | $35M | $33M | $32M | $31M | $31M | $32M | $33M | $34M | $35M |
Elevated debt-to-equity ratio
According to current market data, Astronics trades at a forward P/E of 38.99 and an EV/EBITDA of 21.80, suggesting that investors are pricing in significant future growth that appears disconnected from the company's historical earnings volatility and recent net margin performance of 3.41 percent.
The current valuation multiples imply a high-growth trajectory that may be difficult to sustain given the cyclical nature of the aerospace cabin electronics market. Investors should monitor whether this premium reflects an expectation of margin expansion or if it represents a mispricing of the company's underlying earnings power relative to more stable aerospace peers.
Based on reported figures, the company's ROIC has struggled to exceed 5.8 percent over the last ten quarters, indicating that Astronics is currently failing to generate returns on invested capital that meaningfully exceed its cost of capital, a trend that warrants further investigation by long-term shareholders.
The persistent gap between ROIC and historical benchmarks suggests that the company's capital allocation, particularly regarding M&A in the Test Systems segment, has not yet yielded the expected synergies. This inefficiency appears to be a structural drag on shareholder value creation, as the company continues to deploy capital into projects with inconsistent return profiles.
As reported in recent financial statements, the cash conversion cycle remains elevated at 180 days in 2026Q1, driven by a high days-inventory-outstanding of 124 days, which suggests that Astronics is struggling to optimize its working capital efficiency compared to its historical performance and industry standards.
The extended inventory cycle indicates potential over-stocking or delays in converting specialized aerospace components into finished goods, which ties up significant cash. This inefficiency forces the company to rely more heavily on external financing, thereby increasing its sensitivity to interest rate fluctuations and credit market conditions.
Based on the latest balance sheet data, the debt-to-equity ratio has climbed to 2.34, a significant departure from the sub-1.0 levels observed in 2024, indicating that the company's reliance on debt financing has increased substantially to support its current operational and capital expenditure requirements.
While the interest coverage ratio of 11.61 appears adequate, the rapid accumulation of debt in a volatile earnings environment suggests a narrowing margin of safety for the balance sheet. Investors should monitor whether this leverage is being used to fund sustainable growth or if it is merely masking operational cash flow deficits.
The P/E ratio is frequently misapplied to Astronics, as it obscures the impact of project-based accounting and non-recurring charges that distort net income, making EV/EBITDA a more reliable metric for assessing the company's operational performance and valuation relative to its aerospace and defense peers.
Because Astronics utilizes percentage-of-completion accounting for its Test Systems segment, reported net income is often decoupled from actual cash generation. Relying on P/E multiples ignores these timing differences, potentially leading to an inaccurate assessment of the company's true earning power and its ability to fund future operations.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ATRO stock.
Astronics Corporation's current P/E ratio is 86.7x. The historical average is 17.1x. This places it at the 100th percentile of its historical range.
Astronics Corporation's current EV/EBITDA is 31.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
Astronics Corporation's return on equity (ROE) is 14.8%. The historical average is 10.5%.
Based on historical data, Astronics Corporation is trading at a P/E of 86.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Astronics Corporation has 29.9% gross margin and 8.9% operating margin.
Astronics Corporation's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.