ATRO

Astronics

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Industrials

industry

Aerospace & Defense

Exchange

Nasdaq

County of HQ

United States

Next Earnings Date

05/05/26

Business Summary

APAM generates cash by managing client assets and collecting fees tied to assets under management, which scale efficiently as markets rise. The 60.60% operating margin shows a model with strong operating leverage, where incremental revenue largely drops to the bottom line. High ROIC of 36.90% indicates the firm requires limited incremental capital to grow, a hallmark of an asset-light asset manager. Its moat rests on investment performance credibility, client relationships, and institutional distribution channels that create sticky capital and recurring fee streams.

VALUATION

P/E

89.3

Market Cap ($M USD)

$2,586

Forward P/E

23.1

PEG

1.1

PRICE TO SALES

3.1

PRICE TO BOOK

18.5

EV / EBITDA

30

5-Year Average P/E

DIVIDEND

Yield

-

Annual Payout

-

Payout Ratio

0.00%

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

$0.83

Next Year EPS Growth Estimate

$3.14

Next Year Revenue Growth Estimate

8.80%

Return on Equity (ROE)

21.00%

Operating Margin

8.90%

Debt-to-Equity

2.7

Piotroski F-Score

7

Altman Z-Score

5.3

Return on Invested Capital (ROIC)

6.10%%

Current Ratio

3.1

Quick Ratio

Gainseekers Quantitative Analysis

Summary

At 9.1x earnings and 8.7x forward earnings, APAM is priced like a no-growth, capital-impaired manager despite posting a 60.60% operating margin and a 36.90% ROIC. The 3.8 Altman Z-Score signals low bankruptcy risk, so the balance sheet is not the issue, yet the market is clearly discounting forward deterioration given EPS of 5.2 versus next year’s estimated 4.05. A PEG of 1.1 suggests valuation roughly in line with growth, but with a market cap of just $2,596M and fortress-level profitability metrics, this looks more like a sentiment-discounted asset manager than a structurally broken one. The stock is cheap for a reason, but it is not financially distressed.

AI Exposure / Tech Reliance

As an Asset Management firm within Financial Services, APAM’s business is inherently data-driven and scalable, positioning it well to integrate AI into portfolio analytics and client servicing. Technology can enhance investment research efficiency and cost control, reinforcing its already high 60.60% operating margin. The real risk is not technological disruption but fee compression, where AI-enabled passive strategies intensify competition.

The Bull Case

A value or GARP investor buys this because 36.90% ROIC and 60.60% operating margins are elite metrics in any sector, especially Financial Services. Even with a modest Piotroski F-Score of 4, profitability and capital efficiency remain undeniable, and the 8.7 forward P/E prices in earnings contraction that may prove overly pessimistic. Debt/Equity at 33.40% is manageable, and a 3.8 Altman Z-Score confirms financial stability, while 0.80% short interest signals little aggressive bearish positioning. This is a high-margin cash generator trading at a single-digit earnings multiple with institutional ownership at 40.00%, suggesting credible sponsorship but still room for re-rating.

The Bear Case

The bear case centers on earnings compression: EPS of 5.2 dropping to an estimated 4.05 next year is not trivial, and the market is unlikely to reward shrinking profitability. A PEG of 1.1 does not scream bargain if growth is decelerating, and the Piotroski F-Score of 4 signals only middling fundamental momentum. Return on Equity at 4.60% is weak relative to the 5.9 Price/Book multiple, implying equity capital is not being leveraged efficiently. Add a Current Ratio of 1.2 and Debt/Equity of 33.40%, and while not alarming, there is limited balance sheet flexibility if asset flows reverse.

Market Sentiment & Smart Money

Short Interest %

10.40%

Analyst Consensus

1

Average Analyst Price Target

$94.50

Institutional Ownership %

100.20%

1-Year Beta

1.65

Insider Buying % (6 Mo)

2.30%%

Distance to 52-Week High

86.30%%

Distance to 52-Week Low

364.50%%