olivLaw · US equity research
Astronics Corporation ATRO
Aircraft Parts & Auxiliary Equipment, NEC · SIC 3728 · Vertical: Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728)
Astronics Corporation (ATRO) supplies advanced technologies for the aerospace, defense and electronics industries, from lighting and safety systems to inflight connectivity and automated test systems. It matters now because second-quarter fiscal 2026 sales rose strongly and the company raised its revenue guidance to 1.02-1.04 billion USD, while bookings and backlog reached record levels.
At the close of 02 Nov 2026, Astronics Corporation (ATRO) stock was 59.95 USD (+0.94% on the day), with market capitalisation 1.9 bn USD, P/E 31.7 on diluted EPS of 1.89 USD over the last 12 months, beta 1.36, 52-week range 37.49–93.45 USD. Latest reported quarter (Q2 2026): revenue of 260.0 m USD (+27.0% YoY), net income of 35.1 m USD (+2,568.2% YoY), diluted EPS 0.75 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.6
- weak (30–45)
- Bollinger (20, 2)
- 56.99 – 66.86
- in the lower half of the band · %B 0.30 · band width 15.9%
- SMA 50 / 200
- 67.62 / 66.12
- mixed trend
- MACD (12, 26, 9)
- -2.20 / -2.47
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.1% | −2.3% | −9.7 pp | — |
| 3 months | −15.7% | −0.8% | −14.9 pp | — |
| 6 months | +4.2% | +4.7% | −0.5 pp | — |
| Year to date | +38.5% | +10.2% | +28.3 pp | — |
| 1 year | +52.7% | +10.3% | +42.5 pp | −5.8% |
| 3 years | +368.0% | +73.0% | +295.0 pp | +49.2% |
| 5 years | +456.0% | +61.8% | +394.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 04 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 203.7 m | 208.5 m | 205.9 m | 204.7 m | 211.4 m | 240.1 m | 230.6 m | 260.0 m |
| Cost of revenue | 148.5 m | 146.4 m | 145.1 m | 151.9 m | 146.9 m | 160.1 m | 155.5 m | 173.1 m |
| Gross profit | 55.2 m | 62.1 m | 60.8 m | 52.8 m | 64.5 m | 80.0 m | 75.1 m | 86.9 m |
| Research & development | 12.5 m | 12.1 m | 11.1 m | 11.6 m | 10.2 m | 10.6 m | 12.1 m | 10.9 m |
| SG&A | 34.4 m | 41.2 m | 36.6 m | 36.5 m | 31.2 m | 33.9 m | 35.8 m | 35.6 m |
| Operating income | 8.4 m | 8.9 m | 13.1 m | 4.8 m | 23.1 m | 35.5 m | 27.2 m | 40.5 m |
| Depreciation & amortisation | 6.0 m | 5.9 m | 5.6 m | 5.4 m | 5.2 m | 5.7 m | 5.9 m | 6.3 m |
| Interest expense | -6.2 m | — | 3.2 m | — | — | — | 2.3 m | — |
| Pre-tax income | -5.2 m | 576.0 k | 10.2 m | 1.9 m | -12.3 m | 32.2 m | 24.8 m | 37.9 m |
| Income tax | 6.6 m | 3.4 m | 646.0 k | 537.0 k | -1.2 m | 2.6 m | -755.0 k | 2.8 m |
| Net income | -11.7 m | -2.8 m | 9.5 m | 1.3 m | -11.1 m | 29.6 m | 25.5 m | 35.1 m |
| Diluted EPS | -0.34 | -0.08 | 0.26 | 0.03 | -0.31 | 0.78 | 0.67 | 0.75 |
| Operating cash flow | 8.4 m ≈ | 26.4 m | 20.6 m | -7.6 m ≈ | 34.2 m ≈ | 27.6 m | 10.6 m | 30.1 m ≈ |
| Capex | 1.9 m ≈ | 3.2 m | 2.1 m | 4.6 m ≈ | 13.2 m ≈ | 11.8 m | 11.2 m | 5.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 56 percentile of its own 16-quarter history (min 7.1, median 18.1, max 78.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 803.3 m | 772.7 m | 502.6 m | 444.9 m | 534.9 m | 689.2 m | 795.4 m | 862.1 m |
| Revenue YoY | +28.6% | −3.8% | −35.0% | −11.5% | +20.2% | +28.8% | +15.4% | +8.4% |
| Net income | 46.8 m | 52.0 m | -115.8 m | -25.6 m | -35.7 m | -26.4 m | -16.2 m | 29.4 m |
| Net income YoY | +137.8% | +11.1% | −322.6% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 1.41 | 1.60 | -3.76 | -0.82 | -1.11 | -0.80 | -0.46 | 0.81 |
| Diluted EPS YoY | +143.1% | +13.5% | −335.0% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 5.8% | 6.7% | -23.0% | -5.7% | -6.7% | -3.8% | -2.0% | 3.4% |
| Free cash flow | 38.6 m | 30.6 m | 29.9 m | -11.6 m | -36.0 m | -31.6 m | 22.1 m | 43.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.2 m USD
- Financial debt
- 334.5 m USD
- Net debt
- 316.3 m USD
- Equity
- 140.1 m USD
- Total assets
- 706.7 m USD
- Debt / equity
- 2.39x
- Current ratio
- 3.10x
- ROE
- 14.8%
- ROA
- 4.3%
- FCF margin
- 5.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 502.6 m | 444.9 m | 534.9 m | 689.2 m | 795.4 m | 862.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 405.7 m | 379.5 m | 463.4 m | 514.7 m | 575.0 m | 604.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 96.8 m | 65.4 m | 71.5 m | 174.5 m | 220.4 m | 258.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 40.2 m | 43.3 m | 48.3 m | 53.7 m | 52.1 m | 43.5 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 110.5 m | 99.1 m | 101.6 m | 127.5 m | 141.9 m | 138.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -100.7 m | -28.7 m | -30.0 m | -6.7 m | 26.5 m | 76.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 31.9 m | 29.0 m | 27.8 m | 26.1 m | 24.5 m | 21.8 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -68.8 m ≈ | 331.0 k ≈ | -2.3 m ≈ | 19.4 m ≈ | 50.9 m ≈ | 98.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -112.4 m | -27.0 m | -29.8 m | -26.3 m | -7.9 m | 31.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 3.4 m | -1.4 m | 6.0 m | 110.0 k | 8.3 m | 2.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -115.8 m | -25.6 m | -35.7 m | -26.4 m | -16.2 m | 29.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -3.76 | -0.82 | -1.11 | -0.80 | -0.46 | 0.81 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 30.8 m | 31.1 m | 32.2 m | 33.1 m | 35.0 m | 36.5 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 40.4 m | 29.8 m | 13.8 m | 4.8 m | 9.3 m | 18.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 93.1 m | 107.4 m | 147.8 m | 172.1 m | 191.4 m | 204.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 157.1 m | 157.6 m | 188.0 m | 191.8 m | 199.7 m | 196.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 316.9 m | 339.9 m | 365.3 m | 389.8 m | 426.2 m | 437.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 106.7 m | 95.2 m | 90.7 m | 85.4 m | 80.7 m | 107.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 58.3 m | 58.3 m | 58.2 m | 58.2 m | 58.1 m | 62.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 109.9 m | 94.3 m | 79.3 m | 65.4 m | 52.5 m | 55.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 619.7 m | 609.1 m | 615.0 m | 633.8 m | 648.8 m | 706.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 26.4 m | 34.9 m | 64.2 m | 61.1 m | 43.0 m | 41.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 0 | 0 | 4.5 m | 9.0 m | 0 | — | SEC (XBRL)· 05 Mar 2025verified |
| Long-term debt | 173.0 m | 163.0 m | 159.5 m | 159.2 m | 168.7 m | 334.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 93.7 m | 118.6 m | 151.6 m | 143.3 m | 156.2 m | 141.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 349.4 m | 352.5 m | 375.1 m | 384.3 m | 392.7 m | 566.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 270.4 m † | 256.6 m † | 239.9 m † | 249.5 m † | 256.1 m † | 140.1 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 37.3 m | -5.5 m | -28.3 m | -24.0 m | 30.6 m | 74.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 7.5 m | 6.0 m | 7.7 m | 7.6 m | 8.4 m | 31.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 29.9 m ≈ | -11.6 m ≈ | -36.0 m ≈ | -31.6 m ≈ | 22.1 m ≈ | 43.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -5.8 m | 3.2 m | 14.4 m | -4.1 m | -8.4 m | -53.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -24.6 m | -7.5 m | -1.4 m | 25.4 m | -14.5 m | -22.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 7.7 m | 0 | 0 | — | — | — | SEC (XBRL)· 10 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth100
- Quality83
- Valuation32
- Balance sheet69
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.38 – 67.38 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E10.38 – 67.38 (Mid 48.50)6 companies used · median multiple 25.7x · quartiles 5.5x – 35.7xCVU, ESLT, LOAR, PKE, PRZO, TDG
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.4% | 100 (vs peers) | 14% |
| Net margin · Quality | 8.4% | 70 (vs peers) | 8% |
| FCF conversion · Quality | 76.7% | 67 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 17.2% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.0x | 57 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 31.7x | 57 (vs peers) | 14% |
| EV/EBITDA · Valuation | 15.0x | 0 (on a fixed band) | 14% |
| FCF yield · Valuation | 3.1% | 39 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation32/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASTRONICS CORPORATION (ATRO). Latest full fiscal year: 2025; data up to 2026-07-04.
Figures computed from the financial statements: revenue 862.1 m USD in 2025; YoY growth 8.4%; net margin 8.4%; ROE 33.7%; net debt/EBITDA 2.0x.
The estimated value range is 10.38–67.38 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 48.50 USD, the price of 59.95 USD leaves a potential of -19.1% (value / price − 1) and a margin of safety of -23.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 26.4%
- Net margin: 8.4%
- Revenue CAGR 3Y: 17.2%
- Current ratio: 3.0x
What contradicts it
- EV/EBITDA: 15.0x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TDGTransDigm Group Incorporated | 67.1 bn | 34.0 | — | 21.3% | +11.2% | −11% / +26% |
| ESLTElbit Systems Ltd | 34.5 bn | 65.2 | 14.4% | 6.7% | +16.3% | +58% / +267% |
| LOARLoar Holdings Inc. | 6.4 bn | 0.5 | 5.8% | 11.6% | +23.2% | −1% / unavailable |
| KRMNKarman Holdings Inc. | 5.2 bn | 135.7 | 9.5% | 6.3% | +36.6% | −42% / unavailable |
| DCODucommun Incorporated | 2.5 bn | — | -3.0% | -2.4% | +4.9% | +78% / +225% |
| ATROAstronics Corporation | 1.9 bn | 31.7 | 33.7% | 8.4% | +8.4% | +53% / +368% |
| PKEPark Aerospace Corp. | 572.6 m | 36.2 | 11.1% | 18.4% | +18.2% | +34% / +72% |
| CVUCpi Aerostructures, Inc. | 65.1 m | 17.3 | 14.4% | 5.1% | −14.6% | +75% / +107% |
| AIRIAir Industries Group | 12.6 m | — | -10.6% | -3.8% | −13.0% | −13% / −10% |
| PRZOParaZero Technologies Ltd. | 9.4 m | 1.5 | -380.5% | -517.1% | +12.3% | −67% / −37% |
| EHEHang Holdings Limited | — | — | -27.8% | -66.0% | −4.4% | −74% / −79% |
1- and 3-year price returns: for ATRO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 50.80 Total return -15% · Per year -15% | 89.40 Total return 49% · Per year 49% | 134.10 Total return 124% · Per year 124% |
| 3 years | 60.25 Total return 1% · Per year 0% | 118.23 Total return 97% · Per year 25% | 193.10 Total return 222% · Per year 48% |
| 5 years | 71.47 Total return 19% · Per year 4% | 156.36 Total return 161% · Per year 21% | 278.06 Total return 364% · Per year 36% |
- Exit P/E± 29.56
- Net margin± 20.69
- Annual revenue growth± 15.43
- Annual dilution± 1.74
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Astronics Corporation (ATRO) supplies advanced technologies for the aerospace, defense and electronics industries, from lighting and safety systems to inflight connectivity and automated test systems. It matters now because second-quarter fiscal 2026 sales rose strongly and the company raised its revenue guidance to 1.02-1.04 billion USD 3, while bookings and backlog reached record levels.
SWOT
Strengths
- A broad technology portfolio for aerospace and defense, with record backlog and rising bookings.
- Improved operating margin in the Aerospace segment, supported by volume and productivity.
- Positions in connectivity and power products where demand for new equipment is high.
Weaknesses
- Significant dependence on one major customer, Boeing, which keeps a steady share of sales.
- Test Systems margins remain affected by low volume and revised contract costs.
- Debt and covenants under the new credit facility impose financial discipline.
Opportunities
- Rising aircraft production rates and airline fleet modernization could lift demand.
- Multi-year military and test programs could bring repeat orders.
- Integration of recent acquisitions could broaden the Aerospace portfolio.
Threats
- Lower defense spending or delayed government funding could reduce program volumes.
- Larger competitors with greater resources could take market share.
- Tariffs and geopolitical tensions could raise costs and disrupt supply chains.
Risks
- Dependence on Boeinghigh
A reduction in business with Boeing could reduce sales and earnings, and the company may not quickly offset such a decline.
- Cyclicality of commercial aviationhigh
Lower aircraft orders or reduced airline spending on upgrades could reduce sales.
- Government fundingmedium
Budget delays or program cancellations could affect military and test contracts.
- Compliance with credit covenantsmedium
An unexpected decline in revenue could lead to a breach of the credit facility covenants.
- Tariff and supply chain riskmedium
Added costs and delays could weigh on margins if they cannot be passed on to customers.
Investment thesis
What would need to be true (bull case)
- Higher sales, record backlog and raised guidance suggest demand for the company's products remains solid 3.
- Margin improvement in Aerospace suggests that productivity investments and recent acquisitions could deliver operating benefits.
- Multi-year contracts in Test Systems could provide greater visibility into future revenue.
What would break the thesis
- Significant dependence on one customer and on commercial aviation cycles makes results volatile.
- Government spending and tariff risks could reduce profitability if they materialize.
- Test Systems margins remain under pressure from low volume and revised contract costs.
What to watch
- Trend in Aerospace backlog and book-to-bill ratioQ3 2026
- Deliveries under the U.S. Army Radio Test Set program2026
- Production rates at Boeing and Airbus2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Astronics designs and manufactures electrical power generation and distribution systems, seat motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems 1. The company has two reportable segments, Aerospace and Test Systems, with principal operations in the United States, Canada, France and Germany and engineering offices in Ukraine and India 1. Its stated strategy is to grow value by developing technologies internally or through acquisition, as with Envoy Aerospace in June 2025 and Bühler Motor Aviation in October 2025 1.
Aerospace customers include airframe manufacturers, their suppliers, airlines and branches of the U.S. Department of Defense 1. The commercial transport market accounted for 69.5% of consolidated sales in fiscal 2025 1. Test Systems sells test equipment for aerospace, defense, communications and mass transit, often in large multi-year projects 1.
The company reports significant concentration with Boeing, which represented 10.4% of sales in fiscal 2025 1. Revenue also relies partly on military spending, as roughly 15% of fiscal 2025 consolidated sales went to U.S. government-related markets 1.
Market context
The commercial aviation market remains Astronics' largest end market, and recovering production rates at Boeing and Airbus, together with airline spending on cabin upgrades, support demand 13. The military market depends on government funding that can change year to year, and the general aviation market depends on build rates and global wealth creation 1.
Rising quarterly bookings and record backlog point to a favorable cycle, with book-to-bill above 1 in both segments in the latest quarter 3. Demand nevertheless remains cyclical and sensitive to economic conditions, conflicts and trade policy 1.
Trends
- Cabin modernization and connectivitytailwind
New aircraft carry more connectivity and in-seat power, which increases demand for the company's avionics and power products 1.
- Shift of satellite communications to LEOmixed
Customers are weighing lower-cost low Earth orbit solutions, which poses a risk to some existing products but also an opportunity to adapt the offering 1.
- Cost and tariff pressuresheadwind
Tariffs, supply chain and labor pressures could add costs and delays that hurt profitability if they cannot be passed on to customers 12.
Competitive position
Astronics competes intensely on product quality, price, engineering capability and delivery timeliness, and many competitors are substantially larger with greater resources 1. Competitors that develop superior or cheaper products, or adapt faster to new technologies such as generative AI, could weaken the company's position 1.
Vertically integrated customers may reduce demand for outside solutions, and government test contracts are awarded through competitive bidding, which adds pressure on pricing and win rates 1.
- Larger diversified aerospace corporations
The filing describes larger, more diversified competitors with greater resources, without naming them.
- Vertically integrated aerospace companies
These competitors may reduce demand for outside suppliers through in-house production.
- Defense test systems suppliers
Government test contracts are contested through competitive bidding.
- Low Earth orbit communications providers
New LEO solutions create competitive pressure on existing satellite-based products.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report12 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 May 2026Shareholder vote
- Quarterly report13 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Apr 2026
- Annual report26 Feb 2026
- Current report24 Feb 2026Results of operations · Financial statements and exhibits
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Astronics Corporation · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-04 · SEC / Astronics Corporation · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Astronics Corporation · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.