ATROASTRONICS CORP

Aircraft Parts & Auxiliary Equipment, NEC

Revenue: $862M; 8.4% YoY
Operating margin: 8.9%; 166% YoY
EBITDA: $98M; 93% YoY
Market cap: $1.9B
Employees: 2,700; $319K revenue each
Net debt / EBITDA: 1.7×; $164M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
255% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$319K · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 35th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$518K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$445M	$535M	$689M	$795M	$862M	8.4%
Operating income	−$29M	−$30M	−$7M	$26M	$76M	189%
Net income	−$26M	−$36M	−$26M	−$16M	$29M	281%
Operating cash flow	−$6M	−$28M	−$24M	$31M	$75M	145%
Capex	$6M	$8M	$8M	$8M	$32M	276%
Stock-based comp	$6M	$6M	$7M	$9M	$7M	21%
Buybacks	$0	$0	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 15, 2026	325 CAPITAL LLC	SCHEDULE 13D/A	0.0%	Passive
Oct 5, 2022	325 CAPITAL LLC	SC 13D/A	6.6%	Passive
Mar 21, 2022	325 CAPITAL LLC	SC 13D	5.3%	Passive
Aug 25, 2020	Boston & Saranac LLC	SC 13D	15.4%	Passive
Jun 10, 2020	5096 SARANAC LLC	SC 13D/A	19.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $518K · 1
Net: −$518K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$12M	410	272
FY2024	$3M	$3M	121	168
FY2023	$3M	$4M	132	114
FY2022	$2M	$1M	78	86
FY2021	$2M	$2M	91	93