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Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. It operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, systems certification, and other products. This segment serves airframe manufacturers (OEM) that build aircraft for the commercial transport, military, and general aviation markets; suppliers to OEMs; and aircraft operators, such as airlines; suppliers to the aircraft operators; and branches of the U.S. Department of Defense. The Test Systems segment designs, develops, manufactures, and maintains automated test systems that support the aerospace and defense, communications, and mass transit industries, as well as training and simulation devices for commercial and military applications. This segment serves OEMs and prime government contractors for electronics and military products. The company was incorporated in 1968 and is headquartered in East Aurora, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $862M | $98M | $29M | $43M | 21.0% | 8.4% | -281.1% |
| 2024 | $795M | $51M | $-16M | $22M | -6.3% | 15.4% | -38.6% |
| 2023 | $689M | $19M | $-26M | $-32M | -10.6% | 28.8% | -26.1% |
| 2022 | $535M | $-2M | $-36M | $-36M | -14.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 534.89 | 689.21 | 795.43 | 862.13 |
| Operating Revenue | - | 534.89 | 689.21 | 795.43 | 862.13 |
| Cost Of Revenue | - | 463.35 | 514.67 | 575 | 603.97 |
| Gross Profit | - | 71.54 | 174.53 | 220.43 | 258.16 |
| Operating Expense | - | 101.58 | 181.20 | 193.96 | 181.75 |
| Research And Development | - | - | 53.74 | 52.09 | 43.48 |
| Selling General And Administration | - | 101.58 | 127.47 | 141.88 | 138.27 |
| Total Expenses | - | 564.94 | 695.88 | 768.96 | 785.72 |
| Operating Income | - | -30.04 | -6.67 | 26.47 | 76.41 |
| Total Operating Income As Reported | - | -30.04 | -6.67 | 26.47 | 76.41 |
| EBITDA | - | -2.27 | 19.43 | 50.93 | 98.25 |
| Normalized EBITDA | - | -13.55 | 16.01 | 61.08 | 130.89 |
| EBIT | - | -30.04 | -6.67 | 26.47 | 76.41 |
| Net Interest Income | - | -9.42 | -23.33 | -22 | -12.56 |
| Other Non Operating Income Expenses | - | -1.61 | 0.26 | -2.19 | 0.74 |
| Other Income Expense | - | 9.67 | 3.69 | -12.34 | -31.91 |
| Net Non Operating Interest Income Expense | - | -9.42 | -23.33 | -22 | -12.56 |
| Pretax Income | - | -29.79 | -26.31 | -7.87 | 31.94 |
| Tax Provision | - | 5.95 | 0.11 | 8.35 | 2.59 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.37 | 0.72 | -2.13 | -2.64 |
| Net Income Continuous Operations | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Net Income From Continuing And Discontinued Operation | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Net Income From Continuing Operation Net Minority Interest | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Net Income | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Net Income Common Stockholders | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Net Income Including Noncontrolling Interests | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Normalized Income | - | -44.66 | -29.13 | -8.20 | 59.36 |
| Diluted NI Availto Com Stockholders | - | -35.75 | -26.42 | -16.22 | 29.36 |
| Basic Average Shares | - | 32.20 | 33.03 | 35.25 | 35.37 |
| Diluted Average Shares | - | 32.20 | 33.10 | 35.25 | 36.46 |
| Reconciled Depreciation | - | 27.78 | 26.10 | 24.47 | 21.84 |
| Reconciled Cost Of Revenue | - | 463.35 | 514.67 | 575 | 603.97 |
| Total Unusual Items | - | 11.28 | 3.43 | -10.15 | -32.64 |
| Total Unusual Items Excluding Goodwill | - | 11.28 | 3.43 | -10.15 | -32.64 |
| Special Income Charges | - | 11.28 | 3.43 | -10.15 | -32.64 |
| Gain On Sale Of Business | - | 11.28 | 3.43 | 0 | 0 |
| Other Special Charges | - | - | - | 10.15 | 32.64 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Gain On Sale Of Ppe | 5.01 | 0 | 0 | - | - |
| Total Other Finance Cost | - | 9.42 | 23.33 | 22 | 12.56 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Astronics Corporationthis co. | ATRO | $3.1B | 106.61↑ premium | 22.34 | 21.0% | 35.52 |
| T1 Energy Inc. | TE | $3.3B | -8.85 | 13.01 | -146.9% | -17.22 |
| Amprius Technologies, Inc. | AMPX | $3.2B | -72.51 | 30.75 | -42.4% | -168.40 |
| Maximus, Inc. | MMS | $3.2B | 9.97 | 1.90 | 19.1% | 6.64 |
| CECO Environmental Corp. | CECO | $2.9B |
| - |
| - |
| - |
| - |
| - |
| 58.13 |
| 9.16 |
| 15.8% |
| 24.22 |
| Exponent, Inc. | EXPO | $2.9B | 27.22 | 7.39 | 27.2% | 21.15 |
| Atkore Inc. | ATKR | $2.9B | -188.99 | 2.05 | -1.1% | 18.87 |
| Helios Technologies, Inc. | HLIO | $2.8B | 58.68 | 3.05 | 5.2% | 21.28 |
| Voyager Technologies, Inc. | VOYG | $2.8B | -26.97 | 7.37 | -27.3% | -31.29 |
| Peer Median | - | 0.56 | 7.38 | 2.1% | 12.76 | |