ASTRONICS CORP (ATRO) FY2025 10-K Annual Report
ASTRONICS CORP (ATRO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ASTRONICS CORP FY2025 10-K Analysis
Business Overview
- • Core business: advanced aerospace and defense electrical power, lighting, avionics, certification, aircraft structures, and automated test systems
- • New acquisitions: Envoy Aerospace ($8.3M, FAA ODA services) and Bühler Motor Aviation ($18M, aircraft seat actuation systems) added to Aerospace segment in 2025
- • Strategic shift: Replacement of $220M asset-based credit facility with $300M senior secured cash flow-based revolving credit facility in October 2025
- • Quantitative metric: consolidated backlog increased 12.5% to $674.5M at Dec 31, 2025 from $599.2M in prior year
- • Noteworthy fact: repurchased 80% ($132M) of 5.5% Convertible Senior Notes due 2030 during Q3 2025, retaining $33M outstanding
Management Discussion & Analysis
- • Revenue $862.1M in 2025, up 8.4% YoY from $795.4M; Aerospace segment sales $797.3M up 12.8%, Test Systems sales down $23.9M
- • Gross margin 29.9% in 2025 vs 27.7% in 2024; Aerospace segment operating margin 14.2% vs 8.8%
- • Best segment Aerospace: operating profit $113.2M on $797.3M sales; worst Test Systems segment: sales decline of $23.9M
- • Net income $29.4M vs net loss $16.2M in prior year; interest expense down 42.9% to $12.6M; $32.6M debt settlement loss recorded
- • Bookings increased 14.4% to $924.4M; backlog $674.5M end 2025; management cites production ramp, supply challenges, and geopolitical risks impacting outlook
Risk Factors
- • Legal risk: Patent infringement suit by Lufthansa Technik AG, with probable losses anticipated from rulings to date
- • Macroeconomic threat: Boeing sales concentration ~10.4% in 2025, key customer dependency risks revenue volatility
- • Supply chain vulnerability: AI-driven demand pressures on critical components risk manufacturing delays and increased costs
- • Competitive risk: Competitors' advances in generative AI technology may undermine Astronics’ product competitiveness
- • Financial risk: Fixed-price contracts dominate sales, exposing Astronics to cost overruns and potential net earnings losses
ASTRONICS CORP FY2025 Key Financial MetricsXBRL
Revenue
$862M
▲ +8.4% YoY
Net Income
$29M
▲ +281.1% YoY
Gross Margin
29.9%
▲ +878bp YoY
Operating Margin
8.9%
▲ +554bp YoY
Net Margin
3.4%
▲ +544bp YoY
ROE
21.0%
▲ +2729bp YoY
Total Assets
$707M
▲ +8.9% YoY
EPS (Diluted)
$0.81
▲ +276.1% YoY
Operating Cash Flow
$75M
▲ +144.7% YoY
Source: XBRL data from ASTRONICS CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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