Also trades as: ATROB (OTC) · $vol 0M

$80.86

+0.97 (+1.21%)

Weekly Expected Move ±7.7%

$67 $73 $79 $85 $91

NASDAQ · Industrials · Aerospace & Defense · Alpha Radar Strong Buy · Power 73 · $2.9B mcap · 34M float · 1.79% daily turnover · Short 59% of daily vol

Overview News Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

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Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WIDE EDGE

76.8 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 18.1% · 5Y Avg: -1.0%

Cost Advantage

Intangibles

100

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. ATRO possesses a Wide competitive edge (76.8/100) — durable structural advantages that are difficult for competitors to erode. The primary source of advantage is Intangible Assets. ROIC of 18.1% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$107

Avg Target

$107

High

Based on 3 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 11Hold: 1Sell: 1Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$107.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-02-25	Truist Financial	Michael Ciarmoli	$75	$107	+32	+42.5%	$75.11
2026-01-09	Truist Financial	—	$23	$75	+52	+15.7%	$64.81
2025-10-10	Craig-Hallum	—	Initiated	$60	—	+30.3%	$46.03
2025-03-05	Truist Financial	—	$20	$23	+3	-7.7%	$24.91
2024-10-18	Truist Financial	Michael Ciarmoli	Initiated	$20	—	-4.9%	$21.04

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. ATRO receives an overall rating of B. Strongest factors: ROE (5/5), ROA (5/5). Areas of concern: D/E (1/5), P/E (1/5), P/B (1/5).

Rating Change History

Date	From	To
2026-04-29	B-	B
2026-04-14	B	B-
2026-04-01	B-	B
2026-02-26	D+	B-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 56 Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. ATRO scores highest in Safety (100/100) and lowest in Value (28/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

4.87

Safe Zone

Piotroski F-Score

9/9

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Beneish M-Score

-2.55

Unlikely Manipulator

Ohlson O-Score

-6.24

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

Score: 72.6/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.44x

Accruals: -3.0%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. ATRO scores 4.87, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. ATRO scores 9/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. ATRO's score of -2.55 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. ATRO's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ATRO receives an estimated rating of A (score: 72.6/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). ATRO's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

68.12x

PEG

0.03x

P/S

3.27x

P/B

19.11x

P/FCF

107.77x

P/OCF

40.76x

EV/EBITDA

39.47x

EV/Revenue

3.42x

EV/EBIT

50.07x

EV/FCF

122.31x

Earnings Yield

1.70%

FCF Yield

0.93%

Shareholder Yield

0.00%

Graham Number

$9.89

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 68.1x earnings, ATRO is priced for high growth expectations. Graham's intrinsic value formula yields $9.89 per share, 717% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.975

NI / EBT

Interest Burden

0.769

EBT / EBIT

EBIT Margin

0.068

EBIT / Rev

Asset Turnover

1.309

Rev / Assets

Equity Multiplier

3.421

Assets / Equity

ROE

22.9%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. ATRO's ROE of 22.9% is driven by financial leverage (equity multiplier: 3.42x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.97 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$10.09

Price/Value

6.92x

Margin of Safety

-592.20%

Premium

592.20%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with ATRO's realized 0.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. ATRO trades at a 592% premium to its adjusted intrinsic value of $10.09, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 68.1x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$80.86

Median 1Y

$76.52

5th Pctile

$27.34

95th Pctile

$217.99

Ann. Volatility

62.5%

Analyst Target

$107.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Peter J. Gundermann President & CEO	$658,570	$500,455	$3,090,552
Mark A. Peabody President of Aerospace Segment	$554,917	$300,273	$1,487,116
Nancy L. Hedges VP, CFO & Treasurer	$369,231	$350,814	$1,173,516
James F. Mulato President of Astronics Test Systems, Inc.	$402,329	$350,814	$1,152,637
Julie M. Davis General Counsel	$300,000	$89,190	$584,456
David C. Burney Former Executive VP Finance, CFO and Treasurer	$48,874	$—	$66,741

CEO Pay Ratio

60:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $3,090,552

Avg Employee Cost (SGA/emp): $51,211

Employees: 2,700

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

2,700

+8.0% YoY

Revenue / Employee

$319,307

Rev: $862,128,000

Profit / Employee

$10,874

NI: $29,359,000

SGA / Employee

$51,211

Avg labor cost proxy

R&D / Employee

$16,102

Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	-13.7%	-14.3%	-9.7%	-6.4%	-7.5%	-10.4%	-14.4%	-14.9%	-15.3%	-22.8%	-17.5%	-17.0%	-11.5%	-2.6%	-6.4%	-1.4%	-1.5%	-1.2%	14.8%	22.9%	22.90%
ROA	-6.5%	-6.7%	-4.2%	-2.7%	-3.2%	-4.5%	-5.8%	-6.1%	-6.2%	-9.2%	-6.8%	-6.6%	-4.4%	-1.0%	-2.5%	-0.5%	-0.6%	-0.5%	4.3%	6.7%	6.69%
ROIC	-5.5%	-4.7%	-5.5%	-4.5%	-5.0%	-6.9%	-5.9%	-5.5%	-3.4%	-3.4%	-1.2%	-0.5%	0.5%	4.6%	4.7%	-4.4%	-4.0%	-1.3%	14.5%	18.1%	18.11%
ROCE	-5.8%	-4.9%	-7.0%	-3.6%	-4.1%	-6.1%	-4.1%	-5.1%	-2.7%	-2.8%	-0.4%	-0.6%	0.4%	4.9%	5.3%	7.7%	7.2%	3.6%	8.2%	10.7%	10.70%
Gross Margin	13.8%	15.4%	15.9%	17.2%	12.2%	10.9%	13.6%	17.6%	18.7%	16.4%	20.5%	25.7%	28.0%	21.0%	24.0%	29.5%	25.8%	30.5%	33.3%	32.6%	32.58%
Operating Margin	-5.3%	-4.0%	-7.5%	-3.6%	-6.5%	-10.9%	-2.0%	-1.5%	1.4%	-2.9%	4.0%	0.9%	3.8%	4.1%	4.3%	6.4%	2.3%	10.9%	15.8%	11.8%	11.81%
Net Margin	-7.3%	-6.4%	1.4%	-2.7%	-8.5%	-11.3%	-4.3%	-2.8%	-6.9%	-6.8%	3.6%	-1.7%	0.8%	-5.8%	-1.4%	4.6%	0.6%	-5.2%	12.3%	11.1%	11.07%
EBITDA Margin	1.4%	2.3%	-5.8%	11.8%	-1.1%	-5.7%	2.3%	5.8%	5.2%	-1.6%	7.2%	4.1%	6.9%	7.1%	7.1%	9.2%	5.0%	-2.0%	18.2%	11.8%	11.81%
FCF Margin	-3.1%	-4.3%	-2.6%	-0.8%	-3.9%	-6.5%	-6.7%	-9.7%	-7.8%	-2.1%	-3.1%	-1.0%	-1.3%	-0.6%	2.8%	4.9%	4.4%	6.2%	5.1%	2.8%	2.79%
OCF Margin	-1.5%	-2.9%	-1.2%	0.4%	-2.9%	-5.3%	-5.3%	-8.3%	-6.3%	-1.2%	-2.3%	-0.3%	-0.7%	0.3%	3.8%	6.0%	5.8%	8.9%	8.8%	7.4%	7.39%
ROE 3Y Avg	snapshot only																				4.78%
ROE 5Y Avg	snapshot only																				-1.53%
ROA 3Y Avg	snapshot only																				-0.18%
ROIC 3Y Avg	snapshot only																				2.62%
ROIC Economic	snapshot only																				18.09%
Cash ROA	snapshot only																				9.27%
Cash ROIC	snapshot only																				13.09%
CROIC	snapshot only																				4.95%
NOPAT Margin	snapshot only																				10.22%
Pretax Margin	snapshot only																				5.25%
R&D / Revenue	snapshot only																				5.02%
SGA / Revenue	snapshot only																				15.22%
SBC / Revenue	snapshot only																				0.63%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	-12.26	-9.74	-15.05	-24.79	-17.11	-9.26	-9.34	-11.72	-17.02	-9.80	-14.18	-15.96	-27.35	-109.56	-34.84	-302.01	-326.22	-512.88	71.09	58.84	68.121
P/S Ratio	1.27	1.04	0.87	0.91	0.71	0.51	0.62	0.75	1.04	0.56	0.60	0.63	0.72	0.90	0.71	1.30	1.48	1.91	2.42	3.01	3.268
P/B Ratio	2.05	1.70	1.50	1.62	1.31	0.99	1.39	1.81	2.70	2.31	2.44	2.66	3.08	2.81	2.21	4.14	4.75	6.18	14.90	19.06	19.114
P/FCF	-40.58	-23.92	-33.29	-114.22	-18.22	-7.96	-9.27	-7.77	-13.46	-26.56	-19.23	-63.83	-53.86	-160.45	25.52	26.34	33.73	30.88	47.59	107.77	107.767
P/OCF	—	—	—	252.13	—	—	—	—	—	—	—	—	—	283.62	18.48	21.55	25.44	21.31	27.63	40.76	40.756
EV/EBITDA	2858.71	163.24	-102.93	51.07	59.49	-218.81	58.25	156.82	56.72	52.30	32.85	37.42	34.86	17.82	14.84	20.12	24.05	44.68	35.76	39.47	39.471
EV/Revenue	1.62	1.39	1.21	1.25	1.03	0.82	0.93	1.04	1.31	0.73	0.78	0.81	0.89	1.14	0.94	1.52	1.70	2.13	2.84	3.42	3.416
EV/EBIT	-23.39	-23.77	-15.69	-32.41	-24.44	-13.60	-25.93	-25.45	-63.76	-55.84	-411.49	-279.26	452.45	35.63	28.80	32.64	39.64	100.74	52.52	50.07	50.071
EV/FCF	-52.06	-32.10	-46.44	-155.99	-26.45	-12.73	-13.85	-10.71	-16.88	-34.45	-25.14	-81.77	-66.95	-203.09	33.86	30.93	38.85	34.48	55.80	122.31	122.307
Earnings Yield	-8.2%	-10.3%	-6.6%	-4.0%	-5.8%	-10.8%	-10.7%	-8.5%	-5.9%	-10.2%	-7.0%	-6.3%	-3.7%	-0.9%	-2.9%	-0.3%	-0.3%	-0.2%	1.4%	1.7%	1.70%
FCF Yield	-2.5%	-4.2%	-3.0%	-0.9%	-5.5%	-12.6%	-10.8%	-12.9%	-7.4%	-3.8%	-5.2%	-1.6%	-1.9%	-0.6%	3.9%	3.8%	3.0%	3.2%	2.1%	0.9%	0.93%
PEG Ratio	snapshot only																				0.030
Price/Tangible Book	snapshot only																				122.465
EV/OCF	snapshot only																				46.255
EV/Gross Profit	snapshot only																				11.120
Acquirers Multiple	snapshot only																				32.589
Shareholder Yield	snapshot only																				0.00%
Graham Number	snapshot only																				$9.89

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	3.38	3.38	2.87	2.87	2.87	2.87	2.41	2.41	2.41	2.41	2.72	2.72	2.72	2.72	2.73	2.73	2.73	2.73	3.10	3.10	3.098
Quick Ratio	1.71	1.71	1.54	1.54	1.54	1.54	1.17	1.17	1.17	1.17	1.38	1.38	1.38	1.38	1.45	1.45	1.45	1.45	1.71	1.71	1.705
Debt/Equity	0.73	0.73	0.71	0.71	0.71	0.71	0.74	0.74	0.74	0.74	0.79	0.79	0.79	0.79	0.76	0.76	0.76	0.76	2.70	2.70	2.701
Net Debt/Equity	0.58	0.58	0.59	0.59	0.59	0.59	0.69	0.69	0.69	0.69	0.75	0.75	0.75	0.75	0.72	0.72	0.72	0.72	2.57	2.57	2.571
Debt/Assets	0.32	0.32	0.30	0.30	0.30	0.30	0.29	0.29	0.29	0.29	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.54	0.54	0.535
Debt/EBITDA	792.97	52.29	-34.85	16.35	22.12	-98.11	20.85	46.72	12.46	12.97	8.19	8.71	7.23	3.97	3.84	3.13	3.33	4.90	5.53	4.93	4.929
Net Debt/EBITDA	630.67	41.59	-29.14	13.67	18.50	-82.05	19.24	43.11	11.50	11.97	7.72	8.21	6.82	3.74	3.66	2.98	3.17	4.66	5.26	4.69	4.692
Interest Coverage	-4.42	-3.76	-5.03	-2.62	-3.01	-4.05	-2.04	-1.77	-0.73	-0.40	-0.06	-0.09	0.07	2.13	4.52	12.10	11.22	2.89	4.92	7.00	6.995
Equity Multiplier	2.29	2.29	2.37	2.37	2.37	2.37	2.56	2.56	2.56	2.56	2.60	2.60	2.60	2.60	2.53	2.53	2.53	2.53	5.05	5.05	5.045
Cash Ratio	snapshot only																				0.129
Debt Service Coverage	snapshot only																				8.874
Cash to Debt	snapshot only																				0.048
FCF to Debt	snapshot only																				0.065
Defensive Interval	snapshot only																				453.2 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.63	0.63	0.72	0.74	0.77	0.80	0.87	0.94	1.01	1.61	1.61	1.66	1.70	1.24	1.23	1.26	1.27	1.28	1.27	1.31	1.309
Inventory Turnover	2.47	2.49	2.41	2.44	2.55	2.70	2.68	2.87	3.04	4.75	4.42	4.46	4.47	3.14	3.06	3.10	3.15	3.08	3.05	3.10	3.098
Receivables Turnover	3.64	3.68	5.10	5.22	5.42	5.65	4.67	5.02	5.41	8.57	6.38	6.56	6.70	4.89	5.14	5.28	5.32	5.37	5.04	5.19	5.187
Payables Turnover	12.02	12.13	12.38	12.53	13.11	13.84	9.36	10.02	10.59	16.57	13.39	13.53	13.54	9.52	11.52	11.66	11.84	11.57	14.37	14.62	14.621
DSO	100	99	72	70	67	65	78	73	67	43	57	56	54	75	71	69	69	68	72	70	70.4 days
DIO	148	146	151	149	143	135	136	127	120	77	83	82	82	116	119	118	116	119	120	118	117.8 days
DPO	30	30	29	29	28	26	39	36	34	22	27	27	27	38	32	31	31	32	25	25	25.0 days
Cash Conversion Cycle	218	215	193	190	182	174	175	163	153	97	113	110	109	153	158	156	154	155	167	163	163.2 days
Fixed Asset Turnover	snapshot only																				6.364
Operating Cycle	snapshot only																				188.2 days
Cash Velocity	snapshot only																				48.779
Capital Intensity	snapshot only																				0.797

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	-33.3%	-24.3%	-11.5%	1.0%	8.0%	11.1%	20.2%	26.4%	31.1%	99.5%	90.7%	82.3%	72.8%	-20.4%	-22.0%	-22.2%	-23.3%	6.2%	8.4%	8.6%	8.64%
Net Income	63.3%	63.7%	77.9%	72.4%	56.5%	42.0%	-39.8%	-1.2%	-93.3%	-1.1%	-19.8%	-12.2%	26.2%	88.7%	62.1%	91.6%	86.7%	51.8%	2.8%	13.9%	13.93%
EPS	63.8%	63.9%	78.8%	73.3%	58.2%	44.3%	-38.4%	-1.2%	-92.0%	-90.7%	-11.3%	-4.7%	37.2%	88.7%	62.7%	93.2%	86.0%	52.4%	2.7%	15.5%	15.53%
FCF	-1.2%	-1.5%	-1.4%	-6.6%	-35.2%	-65.9%	-2.1%	-14.4%	-1.6%	34.5%	12.2%	81.4%	70.4%	79.0%	1.7%	4.9%	3.5%	12.7%	98.1%	-38.4%	-38.44%
EBITDA	1.1%	1.2%	-3.9%	1.7%	32.0%	-1.5%	2.6%	-65.7%	74.3%	8.4%	1.8%	5.0%	91.1%	2.6%	1.1%	1.7%	1.1%	-20.6%	35.5%	24.1%	24.10%
Op. Income	74.7%	80.8%	71.5%	45.3%	13.7%	-40.2%	-4.8%	-21.1%	32.4%	50.6%	77.9%	90.8%	1.1%	2.4%	5.0%	15.5%	12.8%	96.4%	2.0%	1.5%	1.45%
OCF Growth	snapshot only																				33.21%
Asset Growth	snapshot only																				8.93%
Equity Growth	snapshot only																				-45.30%
Debt Growth	snapshot only																				95.15%
Shares Change	snapshot only																				-11.02%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	-14.8%	-16.8%	-17.9%	-18.2%	-16.5%	-14.1%	-11.5%	-7.3%	-1.9%	18.8%	26.6%	32.5%	34.7%	20.8%	21.4%	21.5%	20.3%	19.0%	17.2%	15.5%	15.52%
Revenue 5Y	-8.4%	-7.0%	-6.8%	-6.2%	-5.0%	-4.1%	-3.0%	-2.4%	-2.6%	5.0%	4.9%	4.7%	5.7%	0.1%	0.6%	2.5%	4.6%	7.2%	11.4%	14.5%	14.49%
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	-85.2%	-64.9%	—	-53.9%	-56.9%	—	-42.9%	-49.5%	—	—	1.4%	—	3.8%	1.4%	—	77.2%	92.1%	—	100.0%	1.7%	1.72%
EBITDA 5Y	-70.9%	-48.0%	—	-35.3%	-37.6%	—	-34.8%	-43.5%	-28.5%	-30.9%	-24.5%	-27.5%	-23.3%	-11.1%	2.0%	15.8%	—	—	1.1%	—	—
Gross Profit 3Y	-25.0%	-26.3%	-28.7%	-28.7%	-27.4%	-27.1%	-22.9%	-17.3%	-8.7%	15.8%	23.2%	38.7%	51.8%	41.2%	44.2%	43.3%	42.5%	49.4%	53.4%	51.0%	51.01%
Gross Profit 5Y	-18.9%	-16.4%	-16.3%	-14.8%	-13.5%	-13.5%	-12.2%	-10.3%	-8.7%	-0.3%	0.0%	0.5%	3.7%	1.0%	4.6%	8.4%	10.3%	16.9%	21.7%	29.3%	29.30%
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	-48.5%	-15.0%	73.1%	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-6.3%	-1.4%	-11.4%	7.8%	8.0%	1.1%	1.07%
OCF 3Y	—	—	—	-71.0%	—	—	—	—	—	—	—	—	—	—	—	2.1%	—	—	—	—	—
OCF 5Y	—	—	—	-50.4%	—	—	—	—	—	—	—	—	—	-48.7%	-6.5%	-2.1%	-8.7%	11.1%	15.1%	55.4%	55.42%
Assets 3Y	-5.6%	-5.6%	-7.7%	-7.7%	-7.7%	-7.7%	-7.7%	-7.7%	-7.7%	-7.7%	1.5%	1.5%	1.5%	1.5%	2.1%	2.1%	2.1%	2.1%	4.7%	4.7%	4.74%
Assets 5Y	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	-3.5%	-3.5%	-3.5%	-3.5%	-3.5%	-3.5%	-3.5%	-3.5%	-3.7%	-3.7%	-3.7%	-3.7%	2.7%	2.7%	2.66%
Equity 3Y	-6.4%	-6.4%	-12.8%	-12.8%	-12.8%	-12.8%	-14.9%	-14.9%	-14.9%	-14.9%	-2.6%	-2.6%	-2.6%	-2.6%	-0.1%	-0.1%	-0.1%	-0.1%	-16.4%	-16.4%	-16.42%
Book Value 3Y	-4.5%	-4.4%	-11.6%	-11.6%	-12.1%	-12.5%	-16.1%	-16.4%	-16.5%	-18.4%	-6.6%	-6.5%	-9.1%	-6.6%	-3.3%	-9.5%	-3.9%	-3.2%	-21.1%	-20.8%	-20.82%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.28	0.28	0.31	0.33	0.33	0.35	0.32	0.29	0.29	0.02	0.03	0.04	0.08	0.07	0.10	0.20	0.33	0.38	0.52	0.58	0.585
Earnings Stability	0.36	0.36	0.39	0.27	0.23	0.27	0.31	0.20	0.17	0.24	0.28	0.19	0.09	0.04	0.02	0.66	0.65	0.69	0.71	0.66	0.656
Margin Stability	0.78	0.80	0.81	0.79	0.77	0.77	0.79	0.83	0.83	0.83	0.79	0.79	0.78	0.75	0.75	0.76	0.78	0.72	0.69	0.67	0.675
Rev. Growth Consistency	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	0.50	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	0
Earnings Persistence	0.50	0.50	0.50	0.50	0.50	0.83	0.84	0.50	0.50	0.50	0.92	0.95	0.90	0.50	0.50	0.50	0.50	0.50	0.20	0.20	0.200
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	-0.16	-0.13	0.05	0.17	0.17	0.15	0.11	-0.01	-0.04	-0.10	-0.05	-0.06	0.01	0.15	0.10	0.15	0.12	0.12	0.33	0.41	0.414
Gross Margin Trend	-0.06	-0.05	-0.05	-0.02	-0.02	-0.02	-0.04	-0.02	0.01	0.02	0.04	0.04	0.06	0.09	0.09	0.09	0.07	0.07	0.09	0.08	0.083
FCF Margin Trend	-0.11	-0.11	-0.08	-0.04	-0.07	-0.07	-0.08	-0.09	-0.04	0.03	0.02	0.04	0.05	0.04	0.08	0.10	0.09	0.08	0.05	0.01	0.008
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	14.8%	22.9%	22.90%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.5%	7.2%	7.17%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	0.14	0.27	0.22	-0.10	0.69	0.96	0.79	1.29	1.03	0.20	0.56	0.07	0.25	-0.39	-1.89	-14.01	-12.82	-24.07	2.57	1.44	1.444
FCF/OCF	2.09	1.51	2.09	-2.21	1.37	1.22	1.27	1.17	1.23	1.82	1.32	3.81	2.03	-1.77	0.72	0.82	0.75	0.69	0.58	0.38	0.378
FCF/Net Income	snapshot only																				0.546
OCF/EBITDA	snapshot only																				0.853
CapEx/Revenue	1.6%	1.5%	1.4%	1.2%	1.0%	1.2%	1.4%	1.4%	1.4%	1.0%	0.7%	0.7%	0.7%	0.9%	1.1%	1.1%	1.4%	2.8%	3.7%	4.6%	4.59%
CapEx/Depreciation	snapshot only																				2.506
Accruals Ratio	-0.06	-0.05	-0.03	-0.03	-0.01	-0.00	-0.01	0.02	0.00	-0.07	-0.03	-0.06	-0.03	-0.01	-0.07	-0.08	-0.08	-0.12	-0.07	-0.03	-0.030
Sloan Accruals	snapshot only																				0.015
Cash Flow Adequacy	snapshot only																				1.608
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	0.00%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	0.00%
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	0.3%	0.2%	0.1%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1.4%	-1.2%	-1.1%	-0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1.4%	-1.2%	-1.1%	-0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	1.17	1.37	0.95	1.66	1.60	1.20	1.20	0.98	1.21	1.34	1.28	1.20	0.95	0.93	2.06	-0.51	-0.50	-11.15	0.92	0.97	0.975
Interest Burden (EBT/EBIT)	1.27	1.32	0.79	0.58	0.62	0.76	1.55	1.61	2.47	3.27	17.27	11.41	-14.03	-0.28	-0.30	0.18	0.21	0.02	0.69	0.77	0.769
EBIT Margin	-0.07	-0.06	-0.08	-0.04	-0.04	-0.06	-0.04	-0.04	-0.02	-0.01	-0.00	-0.00	0.00	0.03	0.03	0.05	0.04	0.02	0.05	0.07	0.068
Asset Turnover	0.63	0.63	0.72	0.74	0.77	0.80	0.87	0.94	1.01	1.61	1.61	1.66	1.70	1.24	1.23	1.26	1.27	1.28	1.27	1.31	1.309
Equity Multiplier	2.13	2.13	2.33	2.33	2.33	2.33	2.47	2.47	2.47	2.47	2.58	2.58	2.58	2.58	2.57	2.57	2.57	2.57	3.42	3.42	3.421

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$-1.45	$-1.52	$-0.80	$-0.53	$-0.61	$-0.85	$-1.10	$-1.14	$-1.17	$-1.62	$-1.23	$-1.19	$-0.73	$-0.18	$-0.46	$-0.08	$-0.10	$-0.09	$0.76	$1.19	$1.19
Book Value/Share	$8.68	$8.73	$8.00	$8.04	$7.92	$7.96	$7.40	$7.38	$7.36	$6.86	$7.15	$7.16	$6.51	$7.13	$7.23	$5.96	$7.04	$7.23	$3.64	$3.66	$4.23
Tangible Book/Share	$3.28	$3.30	$3.24	$3.26	$3.21	$3.23	$3.16	$3.15	$3.14	$2.93	$3.61	$3.61	$3.28	$3.60	$4.11	$3.39	$4.00	$4.11	$0.57	$0.57	$0.57
Revenue/Share	$14.07	$14.33	$13.87	$14.26	$14.61	$15.28	$16.51	$17.70	$19.03	$28.12	$29.25	$30.08	$27.98	$22.34	$22.47	$19.00	$22.63	$23.45	$22.40	$23.20	$23.20
FCF/Share	$-0.44	$-0.62	$-0.36	$-0.11	$-0.57	$-0.99	$-1.11	$-1.72	$-1.48	$-0.60	$-0.91	$-0.30	$-0.37	$-0.12	$0.63	$0.94	$0.99	$1.45	$1.14	$0.65	$0.65
OCF/Share	$-0.21	$-0.41	$-0.17	$0.05	$-0.42	$-0.81	$-0.87	$-1.47	$-1.20	$-0.33	$-0.69	$-0.08	$-0.18	$0.07	$0.86	$1.14	$1.31	$2.10	$1.96	$1.71	$1.71
Cash/Share	$1.30	$1.31	$0.93	$0.93	$0.92	$0.92	$0.43	$0.42	$0.42	$0.39	$0.32	$0.32	$0.30	$0.32	$0.26	$0.22	$0.26	$0.26	$0.47	$0.48	$0.31
EBITDA/Share	$0.01	$0.12	$-0.16	$0.35	$0.25	$-0.06	$0.26	$0.12	$0.44	$0.39	$0.69	$0.65	$0.71	$1.42	$1.43	$1.44	$1.60	$1.12	$1.78	$2.01	$2.01
Debt/Share	$6.34	$6.38	$5.67	$5.69	$5.61	$5.64	$5.51	$5.49	$5.47	$5.10	$5.67	$5.68	$5.16	$5.65	$5.48	$4.51	$5.33	$5.47	$9.83	$9.90	$9.90
Net Debt/Share	$5.04	$5.07	$4.74	$4.76	$4.70	$4.72	$5.08	$5.06	$5.05	$4.71	$5.35	$5.35	$4.87	$5.33	$5.21	$4.30	$5.08	$5.21	$9.36	$9.42	$9.42

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.868
Altman Z-Prime	snapshot only																				8.274
Piotroski F-Score	3	4	2	5	3	3	3	3	3	4	5	5	6	6	5	5	5	6	8	9	9
Beneish M-Score	-2.99	-3.28	-2.56	-2.62	-2.35	-2.19	-2.07	-2.10	-2.35	-1.13	-2.65	-2.77	-2.66	-1.49	-2.91	-2.91	-2.79	-3.16	-2.78	-2.55	-2.546
Ohlson O-Score	snapshot only																				-6.238
ROIC (Greenblatt)	snapshot only																				13.88%
Net-Net WC	snapshot only																				$-3.37
EVA	snapshot only																				$40574916.17

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				A
Credit Score	37.95	37.49	41.26	33.89	33.58	44.46	33.30	32.31	36.35	40.85	42.10	45.58	49.09	56.91	65.33	78.92	80.99	67.36	66.36	72.63	72.633
Credit Grade	snapshot only																				6
Credit Trend	snapshot only																				-6.292
Implied Spread (bps)	snapshot only																				150.000
Industry Credit Rank	snapshot only																				75
Sector Credit Rank	snapshot only																				58

ATRO NASDAQ

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

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Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

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