Recent News
On June 16, 2026 Crestone Air Partners, an Air T business, completed the acquisition of Arena Aviation Capital, bringing Crestone’s assets under management above $3.6 billion. On June 29, 2026 Air T announced the closing of its acquisition of Regional Express Holdings Limited (Rex), adding Australia’s leading regional airline to the portfolio.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 28.9 signals a meaningful trend strength while DI+ at 42.94 has begun decreasing and DI- at 23.22 has been increasing; that directional shift favors downside pressure versus the current valuation level.
MACD sits at 1.07 and trends downward with the MACD line below its signal (1.22); that configuration indicates weakening bullish momentum and a bearish momentum bias for the near term.
MRO at 38.6 with a peak-and-reversal reads as price above target with elevated potential to decline; the magnitude implies notable downside pressure if momentum confirms.
RSI 56.75 shows a peak-and-reversal pattern rather than extreme overbought readings; momentum has likely lost upward conviction even though the level remains mid-range.
Price relationships to moving averages create mixed support: the close at $26.72 sits below the 12-day EMA ($26.87, peak-and-reversal) and below the 20-day average ($27.58), but above the 26-day EMA ($25.81), 50-day ($23.62) and 200-day ($21.97). That placement implies short-term resistance near the 12–20 day band while longer-term averages provide technical support well below current levels.
Ichimoku components add caution: price below the Kijun-sen ($27.87) and near the cloud boundaries (Senkou A $21.88 / Senkou B $21.84) so near-term momentum faces resistance while longer-term cloud levels lie lower.
Bollinger band placement places price between the 1x lower band ($25.88) and 1x upper band ($29.29), suggesting the immediate range remains contained; light recent volume (1,624 vs 10-day avg 2,948) reduces conviction behind recent moves.
Fundamental Analysis
Revenue totaled $120,938,000 with revenue growth year-over-year of -5.72% and quarter-over-quarter up 5.43%, indicating sequential pickup after a YoY decline.
EBIT measures $86,825,000, producing an EBIT margin of 71.79% (EBIT margin QoQ +101.12%, YoY -9.57%). That EBIT margin sits well above the industry peer mean and high of the industry peer range, marking a large outperformance on that metric relative to peers.
Operating income shows -$13,771,000 and an operating margin of -11.39% (operating margin QoQ +114.28%, YoY +35.88%), creating a material divergence between EBIT and operating income that requires further accounting reconciliation but currently raises questions about non-operating items or classification impacts on reported operating profitability.
EBITDA equals $95,469,000; cash flow metrics show operating cash flow near zero ($-44,000) and free cash flow negative $15,300,000, with a free cash flow yield of -25.85% versus an industry peer mean near +1.01% — the firm produces falling free cash versus peers while generating high accounting EBIT.
Balance sheet and leverage indicate elevated financing risk relative to peers: total debt $224,703,000, net debt $188,779,000, debt-to-equity 281.55% (debt-to-equity QoQ -101.56%, YoY -107.01%), and debt-to-assets 54.92%. Interest coverage stands at 16.22x but interest expense still represents a cash cost; equity base sits at $79,810,000 versus invested capital $288,921,000.
Market multiples show a low-price perspective from the market: price-to-book 0.74 and price-to-sales 0.49, both below the industry peer mean and median; enterprise multiple 2.75 and EVR 2.17 reflect discounted market capitalization versus enterprise value, consistent with market skepticism given negative free cash flow and leverage.
Returns: return on assets 19.65% and return on equity 97.38% (ROE QoQ -53.52%, YoY -55.44%), illustrating high accounting returns but large sensitivity to capital structure changes; return on invested capital 18.03% remains positive (ROIC QoQ +87.82%, YoY -4.79%).
Liquidity metrics: current ratio 1.67 (above peer mean), quick ratio 0.87 (below peer mean), and cash ratio 0.22; cash conversion cycle roughly 101 days versus an industry peer mean near 8.58 days, indicating significantly longer working capital tied up in operations.
Valuation summary: WMDST values the stock as over-valued given the combination of negative free cash flow, elevated leverage, and market multiples that appear to price in downside risk despite strong accounting EBIT and aggressive portfolio growth.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-06-26 |
| NEXT REPORT DATE: | 2026-09-25 |
| CASH FLOW | Begin Period Cash Flow | $ 42.2 M |
| Operating Cash Flow | $ -44.00 K | |
| Capital Expenditures | $ -15.26 M | |
| Change In Working Capital | $ 8.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -16.91 M | |
| End Period Cash Flow | $ 25.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 120.9 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 103.7 M | |
| Depreciation | $ 8.6 M | |
| Depreciation and Amortization | $ 8.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 134.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 17.3 M | |
| EBITDA | $ 95.5 M | |
| EBIT | $ 86.8 M | |
| Operating Income | $ -13.77 M | |
| Interest Income | $ 255.0 K | |
| Interest Expense | $ 5.4 M | |
| Net Interest Income | $ -5.10 M | |
| Income Before Tax | $ 81.5 M | |
| Tax Provision | $ -817.00 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ 77.7 M | |
| Net Income From Continuing Operations | $ 82.3 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 409.1 M | |
| Intangible Assets | $ 24.8 M | |
| Net Tangible Assets | $ 55.0 M | |
| Total Current Assets | $ 160.0 M | |
| Cash and Short-Term Investments | $ 21.4 M | |
| Cash | $ 20.3 M | |
| Net Receivables | $ 39.9 M | |
| Inventory | $ 77.1 M | |
| Long-Term Investments | $ 7.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 37.0 M | |
| Short-Term Debt | $ 4.5 M | |
| Total Current Liabilities | $ 95.5 M | |
| Net Debt | $ 188.8 M | |
| Total Debt | $ 224.7 M | |
| Total Liabilities | $ 317.9 M | |
| EQUITY | ||
| Total Equity | $ 79.8 M | |
| Retained Earnings | $ 80.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 29.54 | |
| Shares Outstanding | 2.701 M | |
| Revenue Per-Share | $ 44.77 | |
| VALUATION | Market Capitalization | $ 59.2 M |
| Enterprise Value | $ 262.5 M | |
| Enterprise Multiple | 2.75 | |
| Enterprise Multiple QoQ | -97.525 % | |
| Enterprise Multiple YoY | -106.693 % | |
| Enterprise Multiple IPRWA | high: 165.912 mean: 96.18 median: 66.13 AIRT: 2.75 low: -23.964 |
|
| EV/R | 2.171 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.126 | |
| Asset To Liability | 1.287 | |
| Debt To Capital | 0.738 | |
| Debt To Assets | 0.549 | |
| Debt To Assets QoQ | -0.941 % | |
| Debt To Assets YoY | -26.078 % | |
| Debt To Assets IPRWA | high: 0.798 AIRT: 0.549 mean: 0.225 median: 0.223 low: 0.001 |
|
| Debt To Equity | 2.815 | |
| Debt To Equity QoQ | -101.556 % | |
| Debt To Equity YoY | -107.013 % | |
| Debt To Equity IPRWA | high: 3.05 AIRT: 2.815 mean: 0.839 median: 0.362 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.742 | |
| Price To Book QoQ | -101.498 % | |
| Price To Book YoY | -104.641 % | |
| Price To Book IPRWA | high: 12.508 mean: 5.14 median: 4.642 AIRT: 0.742 low: 0.176 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 0.489 | |
| Price To Sales QoQ | -39.918 % | |
| Price To Sales YoY | -36.853 % | |
| Price To Sales IPRWA | high: 14.072 mean: 4.586 median: 4.151 low: 1.148 AIRT: 0.489 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 246.567 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.306 | |
| Asset Turnover Ratio QoQ | 21.786 % | |
| Asset Turnover Ratio YoY | -16.665 % | |
| Asset Turnover Ratio IPRWA | high: 0.78 AIRT: 0.306 median: 0.261 mean: 0.232 low: 0.019 |
|
| Receivables Turnover | 2.912 | |
| Receivables Turnover Ratio QoQ | 26.525 % | |
| Receivables Turnover Ratio YoY | 6.475 % | |
| Receivables Turnover Ratio IPRWA | high: 4.189 AIRT: 2.912 median: 2.003 mean: 1.932 low: 1.167 |
|
| Inventory Turnover | 1.454 | |
| Inventory Turnover Ratio QoQ | 39.839 % | |
| Inventory Turnover Ratio YoY | -1.006 % | |
| Inventory Turnover Ratio IPRWA | high: 252.156 mean: 71.6 median: 29.916 low: 15.049 AIRT: 1.454 |
|
| Days Sales Outstanding (DSO) | 31.339 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 101.483 | |
| Cash Conversion Cycle Days QoQ | -12.668 % | |
| Cash Conversion Cycle Days YoY | 44.737 % | |
| Cash Conversion Cycle Days IPRWA | AIRT: 101.483 high: 38.095 mean: 8.576 median: -0.59 low: -7.806 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.876 | |
| CapEx To Revenue | -0.126 | |
| CapEx To Depreciation | -1.765 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 284.4 M | |
| Net Invested Capital | $ 288.9 M | |
| Invested Capital | $ 288.9 M | |
| Net Tangible Assets | $ 55.0 M | |
| Net Working Capital | $ 64.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.224 | |
| Current Ratio | 1.675 | |
| Current Ratio QoQ | 74.354 % | |
| Current Ratio YoY | 1.671 % | |
| Current Ratio IPRWA | high: 1.877 AIRT: 1.675 mean: 1.349 median: 1.258 low: 0.678 |
|
| Quick Ratio | 0.867 | |
| Quick Ratio QoQ | 52.045 % | |
| Quick Ratio YoY | 3.366 % | |
| Quick Ratio IPRWA | high: 7.416 mean: 1.475 low: 1.437 median: 1.437 AIRT: 0.867 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.354 | |
| Cost Of Debt | 1.472 % | |
| Interest Coverage Ratio | 16.223 | |
| Interest Coverage Ratio QoQ | 7622.253 % | |
| Interest Coverage Ratio YoY | -665.189 % | |
| Interest Coverage Ratio IPRWA | high: 54.46 AIRT: 16.223 mean: 13.133 median: 11.567 low: -4.444 |
|
| Operating Cash Flow Ratio | 1.035 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.48 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.166 % | |
| Revenue Growth | 70.022 % | |
| Revenue Growth QoQ | 543.466 % | |
| Revenue Growth YoY | -571.529 % | |
| Revenue Growth IPRWA | AIRT: 70.022 % high: 4.227 % mean: -6.508 % median: -10.782 % low: -13.387 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 14.294 % | |
| Gross Margin QoQ | -20.997 % | |
| Gross Margin YoY | -2.41 % | |
| Gross Margin IPRWA | high: 24.357 % mean: 16.463 % median: 15.843 % AIRT: 14.294 % low: 1.715 % |
|
| EBIT Margin | 71.793 % | |
| EBIT Margin QoQ | 10112.376 % | |
| EBIT Margin YoY | -956.718 % | |
| EBIT Margin IPRWA | AIRT: 71.793 % high: 20.612 % mean: 7.469 % median: 6.729 % low: -2.807 % |
|
| Return On Sales (ROS) | -11.387 % | |
| Return On Sales QoQ | 114.283 % | |
| Return On Sales YoY | 35.883 % | |
| Return On Sales IPRWA | high: 18.776 % mean: 7.245 % median: 6.729 % low: -1.333 % AIRT: -11.387 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -15.30 M | |
| Free Cash Flow Yield | -25.845 % | |
| Free Cash Flow Yield QoQ | -22.31 % | |
| Free Cash Flow Yield YoY | -434.65 % | |
| Free Cash Flow Yield IPRWA | high: 11.654 % mean: 1.012 % median: 0.843 % low: -4.449 % AIRT: -25.845 % |
|
| Free Cash Growth | -20.639 % | |
| Free Cash Growth QoQ | -108.496 % | |
| Free Cash Growth YoY | -72.54 % | |
| Free Cash Growth IPRWA | high: 166.667 % AIRT: -20.639 % median: -40.0 % mean: -47.583 % low: -402.796 % |
|
| Free Cash To Net Income | -0.197 | |
| Cash Flow Margin | 81.786 % | |
| Cash Flow To Earnings | 1.273 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 19.653 % | |
| Return On Assets QoQ | -2372.023 % | |
| Return On Assets YoY | -605.348 % | |
| Return On Assets IPRWA | AIRT: 19.653 % high: 4.746 % median: 2.223 % mean: 1.827 % low: -1.268 % |
|
| Return On Capital Employed (ROCE) | 27.687 % | |
| Return On Equity (ROE) | 0.974 | |
| Return On Equity QoQ | -53.517 % | |
| Return On Equity YoY | -55.441 % | |
| Return On Equity IPRWA | AIRT: 0.974 high: 0.101 mean: 0.04 median: 0.035 low: -0.024 |
|
| DuPont ROE | 197.648 % | |
| Return On Invested Capital (ROIC) | 18.031 % | |
| Return On Invested Capital QoQ | 8782.266 % | |
| Return On Invested Capital YoY | -479.121 % | |
| Return On Invested Capital IPRWA | AIRT: 18.031 % high: 5.094 % median: 2.452 % mean: 2.448 % low: -1.502 % |
|