Astronics Corporation (ATRO) Stock

Astronics Corporation (ATRO) is a Industrials stock trading at $76.06 (as of 2026-08-20), with a market capitalization of $3.54B and a trailing P/E of 39.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Astronics Corporation designs and manufactures products for aerospace and defense and also for electronics applications. It operates in an Aerospace segment covering areas such as lighting and safety, power generation and distribution, avionics, aircraft structures, and certification, and a Test Systems segment providing automated testing, wireless communications testing, and training and simulation for aerospace, defense, and communications markets, serving aircraft OEMs, suppliers, operators, and government contractors and agencies.

Understand Astronics Corporation: how it makes money

Astronics designs and manufactures aerospace and defense electronics, including lighting and safety systems, electrical power and distribution products, seat motion systems, avionics products, and system certification, and it makes money by delivering these products through its Aerospace and Test Systems segments.

The profit engine is the conversion of Remaining Performance Obligations into future segment revenue, with order momentum and program execution reflected in the book-to-bill ratios and segment shipment activity.

Revenue by segment (latest quarter)
Aero	$0.2B
Test	$0.0B

Business quality (Mixed): Clear segment structure (Aerospace, Test Systems) and multiple operating leading indicators are provided (Remaining Performance Obligations and book-to-bill), but segment-level results include operating profit (loss) labels, so investors should watch how profitability evolves by segment.

Valuation: At 66× earnings, ATRO trades 22% above the Aircraft average (54×). Note: one-time items can distort reported P/E.

Bull case

Backlog visibility: Remaining Performance Obligations (Aerospace Segment) are listed at 0.65 USD_B, which can support future Aerospace revenue conversion.
Order momentum in Aerospace: Aerospace Book-to-Bill Ratio is 1.08, indicating incoming orders are higher than revenue timing for the reported period.

Bear case

Test Systems operating losses: Test Systems Segment Operating Loss is listed at 0.01 USD_B (and Adjusted Test Systems Segment Operating Loss is also listed at 0.01 USD_B), indicating ongoing profitability pressure in that segment.
Weaker Test Systems order momentum: Test Systems Book-to-Bill Ratio is 0.97, below 1, which can indicate slower order intake relative to revenue timing for the reported period.

Valuation — source: SEC EDGAR (first-party)
Price	$76.06
Market Cap	$3.54B
P/E Ratio	39.2
EV / EBITDA	25.7
Price / Book	17.86
Price / Sales	2.22
FCF Yield	1.7%
DCF Value (model)	$5.38
DCF Upside vs Price	-92.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$862.13M
Net Margin	3.4%
Revenue Growth (YoY)	27.0%
EPS Growth (YoY)	1950.0%
FCF Growth (YoY)	-299.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.45 (safe)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	39.2
Sector P/E (Industrials)	25.9
Industry P/E (Aircraft)	40.2
vs Sector	51.5%
vs Industry	-2.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($188.54M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Aircraft
CEO	Peter J. Gundermann
Employees	2,500
Country	US
IPO Date	1980-03-17

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.