ASTRONICS CORPORATION
ATRO · Consumer Discretionary · FY2025 filings · No moat ·
Doesn't clear the bar
The four filters
Median gross margin 22.2% over 10y, variable.
Median ROIC 2.3%, above the 9% hurdle in 30% of years.
Net debt/EBITDA 3.2x, no material interest expense disclosed.
Owner earnings -7.8%/yr, share count n/a.
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $67.26
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
18 years of fundamentals
The business, in plain English
ASTRONICS CORPORATION booked $862.1M of revenue in FY2025 in the Consumer Discretionary sector and kept 29.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 3.4% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $191.2M (FY2009) to $862.1M (FY2025) — about 9.9% a year compounded over 16 years.
It earned 15.4% on invested capital in FY2025, with a median of 9.5% across 16 filed years. The Returns on Capital filter above scores it 11/100.
The balance sheet carried $334.5M of total debt in FY2025 against $29.4M of owner earnings — roughly 11.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 56/100.
The share count rose 161.2% between FY2011 and FY2022 — existing owners have been diluted over the record. Capital Discipline scores it 20/100.
Put together: Balance-Sheet Safety is the strongest of the four filters (56/100) and Returns on Capital the weakest (11/100), which is how ATRO lands at 24/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in ATRO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — ATRO has read No moat for every logged capture since Jul 17, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Consumer Discretionary context
#285 of 340 scored Consumer Discretionary companies, ranked by Moat Score.
Nearest peers by Moat Score
- #283VEEE TWIN VEE POWERCATS CO.24.6 out of 100, No moatNo moat
- #284MG Mistras Group, Inc.24.3 out of 100, No moatNo moat
- #286GXXM GEX MANAGEMENT INC.23.5 out of 100, No moatNo moat
- #287BOXL BOXLIGHT CORPORATION23.4 out of 100, No moatNo moat
Compare ATRO with its nearest peers →All Consumer Discretionary companies on the Index →
Common questions about ATRO
- Does ASTRONICS CORPORATION have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores ASTRONICS CORPORATION (ATRO) 23.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 18, returns on capital 11, balance-sheet safety 56, capital discipline 20.
- How has ATRO's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 23.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.