Air Transport Services Group (ATSG) Financials

$22.48 0.00 (0.00%)

As of 04/11/2025

Annual Income Statements for Air Transport Services Group

This table shows Air Transport Services Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	30	41	37	18	69	-1,283	32	231	199	60	27
Consolidated Net Income / (Loss)	30	41	23	18	69	61	32	231	199	60	27
Net Income / (Loss) Continuing Operations	32	39	21	22	68	60	25	229	196	60	27
Total Pre-Tax Income	52	63	34	-6.54	87	72	41	301	260	84	42
Total Operating Income	65	73	71	99	111	177	206	321	285	200	128
Total Gross Profit	271	281	338	501	406	693	724	796	941	893	853
Total Revenue	590	619	769	1,068	892	1,452	1,571	1,734	2,045	2,071	1,962
Operating Revenue	590	619	769	1,068	892	1,452	1,571	1,734	2,045	2,071	1,962
Total Cost of Revenue	318	338	431	567	486	759	847	938	1,105	1,177	1,109
Operating Cost of Revenue	318	338	431	567	486	759	847	938	1,105	1,177	1,109
Total Operating Expenses	207	208	267	402	295	1,792	518	475	655	694	726
Selling, General & Admin Expense	31	24	29	37	40	76	75	78	165	173	161
Depreciation Expense	108	125	135	155	179	258	278	308	331	343	385
Other Operating Expenses / (Income)	68	58	103	210	71	1,457	125	89	159	178	171
Restructuring Charge	-	-	0.00	0.00	5.26	0.37	-	-	0.00	0.00	8.28
Total Other Income / (Expense), net	-13	-10	-22	-106	-24	-175	-165	-20	-25	-116	-85
Interest Expense	14	11	11	-	-	67	63	65	47	74	83
Interest & Investment Income	0.09	0.09	0.13	-	-	0.37	0.22	0.04	-7.19	-3.97	-1.21
Other Income / (Expense), net	1.10	0.92	-25	-106	-24	-108	-102	45	29	-38	-1.55
Income Tax Expense	20	23	13	-28	20	12	16	72	64	24	15
Net Income / (Loss) Discontinued Operations	-2.21	2.07	2.43	-3.25	1.40	1.22	7.04	2.44	2.14	0.58	0.00
Basic Earnings per Share	$0.46	$0.64	$0.38	$0.31	$1.18	$1.04	$0.54	$3.36	$2.70	$0.88	$0.42
Weighted Average Basic Shares Outstanding	64.25M	64.24M	61.33M	58.91M	58.77M	58.90M	59.13M	68.85M	73.61M	68.64M	65.03M
Diluted Earnings per Share	$0.46	$0.63	$0.37	$0.31	$0.91	-	$0.54	$2.83	$2.28	$0.82	$0.40
Weighted Average Diluted Shares Outstanding	65.21M	65.13M	62.99M	59.69M	68.36M	58.90M	59.93M	76.22M	88.32M	75.56M	67.31M
Weighted Average Basic & Diluted Shares Outstanding	64.90M	64.40M	61.80M	59.07M	59.14M	58.90M	59.56M	74.22M	71.98M	65.68M	65.89M

This table shows Air Transport Services Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	51	43	20	38	17	-15	8.62	7.43	-3.33	15
Consolidated Net Income / (Loss)	51	43	20	38	17	-15	8.62	7.43	-3.33	15
Net Income / (Loss) Continuing Operations	50	42	20	38	17	-16	8.62	7.43	-3.33	15
Total Pre-Tax Income	65	61	27	50	24	-16	12	11	-5.19	24
Total Operating Income	73	73	47	70	46	37	33	31	22	42
Total Gross Profit	237	242	214	241	224	214	201	212	202	239
Total Revenue	517	533	501	529	523	517	486	488	471	517
Operating Revenue	517	533	501	529	523	517	486	488	471	517
Total Cost of Revenue	280	291	287	288	299	303	285	276	269	278
Operating Cost of Revenue	280	291	287	288	299	303	285	276	269	278
Total Operating Expenses	164	169	166	171	178	177	168	181	181	197
Selling, General & Admin Expense	20	100	40	45	44	45	35	44	39	43
Depreciation Expense	83	84	85	83	86	89	90	92	99	103
Other Operating Expenses / (Income)	61	-15	42	44	48	43	42	44	42	43
Total Other Income / (Expense), net	-7.74	-11	-21	-20	-23	-52	-21	-21	-27	-17
Interest Expense	12	14	16	17	19	22	22	21	20	19
Interest & Investment Income	0.06	-7.27	-0.19	-1.93	-1.70	-0.16	0.16	-1.04	-0.52	0.18
Other Income / (Expense), net	4.38	9.83	-4.96	-1.40	-1.44	-30	1.27	1.86	-6.25	1.58
Income Tax Expense	15	19	6.43	12	6.35	-0.00	3.83	3.31	-1.86	9.63
Basic Earnings per Share	$0.69	$0.60	$0.28	$0.54	$0.26	($0.20)	$0.13	$0.11	($0.05)	$0.23
Weighted Average Basic Shares Outstanding	74.00M	73.61M	71.80M	70.72M	67.25M	68.64M	64.97M	65.03M	65.04M	65.03M
Diluted Earnings per Share	$0.58	$0.51	$0.25	$0.49	$0.24	($0.16)	$0.13	$0.11	($0.05)	$0.21
Weighted Average Diluted Shares Outstanding	88.75M	88.32M	83.06M	79.52M	72.67M	75.56M	67.24M	67.30M	65.04M	67.31M
Weighted Average Basic & Diluted Shares Outstanding	72.73M	71.98M	71.58M	70.76M	65.27M	65.68M	65.72M	65.76M	65.76M	65.89M

This table details how cash moves in and out of Air Transport Services Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1.14	-13	-1.34	16	27	-13	-6.48	30	-42	26	7.02
Net Cash From Operating Activities	150	175	193	235	298	397	512	584	472	654	533
Net Cash From Continuing Operating Activities	136	156	164	198	288	356	498	579	468	653	533
Net Income / (Loss) Continuing Operations	34	37	19	25	66	59	18	227	194	59	27
Consolidated Net Income / (Loss)	32	39	21	22	68	60	25	229	196	60	27
Net Income / (Loss) Discontinued Operations	-2.21	2.07	2.43	-3.25	1.40	1.22	7.04	2.44	2.14	0.58	0.00
Depreciation Expense	108	125	140	171	205	285	310	342	356	364	416
Non-Cash Adjustments To Reconcile Net Income	-5.57	-4.47	-8.37	-14	4.45	3.60	165	24	9.60	46	-14
Changes in Operating Assets and Liabilities, net	5.30	-0.40	14	17	12	7.93	5.07	-13	-92	184	103
Net Cash From Investing Activities	-124	-152	-269	-298	-1,142	-467	-499	-487	-600	-766	-305
Net Cash From Continuing Investing Activities	-94	-152	-235	-298	-1,142	-467	-499	-487	-600	-766	-305
Purchase of Property, Plant & Equipment	-112	-159	-264	-297	-293	-454	-510	-505	-599	-793	-331
Purchase of Investments	-15	0.00	-17	-12	-867	-24	-13	-2.16	-17	-1.60	-20
Sale of Property, Plant & Equipment	3.60	6.84	12	0.38	18	11	25	19	16	29	47
Net Cash From Financing Activities	-27	-36	75	80	871	57	-20	-66	86	138	-221
Net Cash From Continuing Financing Activities	-27	-36	75	192	871	74	-20	-66	86	138	-221
Repayment of Debt	-79	-69	-44	-262	-69	-41	-697	-1,903	-483	-438	-796
Repurchase of Common Equity	0.00	-10	-64	-11	-3.58	0.00	0.00	0.00	-54	-155	0.00
Issuance of Debt	45	45	185	374	945	100	680	1,708	625	735	580
Other Financing Activities, net	6.94	-1.31	-2.30	-59	-2.33	-2.44	-2.73	-2.86	-2.92	-2.99	-5.22
Cash Interest Paid	14	11	11	14	17	58	41	44	47	52	82
Cash Income Taxes Paid	0.60	0.87	0.92	1.94	1.21	1.29	1.14	3.43	6.21	6.84	6.92

This table details how cash moves in and out of Air Transport Services Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-35	15	62	-46	7.44	2.97	-30	5.53	16	16
Net Cash From Operating Activities	148	74	216	192	118	128	126	137	136	134
Net Cash From Continuing Operating Activities	-8.04	227	216	192	118	127	126	137	136	134
Net Income / (Loss) Continuing Operations	51	40	20	38	17	-16	8.62	7.43	-3.33	15
Consolidated Net Income / (Loss)	-	-	20	38	17	-16	8.62	7.43	-3.33	15
Depreciation Expense	89	91	91	88	91	94	95	100	108	112
Non-Cash Adjustments To Reconcile Net Income	-5.14	5.62	6.94	10	6.30	23	3.82	-9.97	7.15	-15
Changes in Operating Assets and Liabilities, net	12	-65	98	56	3.07	26	19	40	23	21
Net Cash From Investing Activities	-150	-139	-210	-194	-169	-194	-111	-45	-49	-99
Net Cash From Continuing Investing Activities	-150	-139	-210	-194	-169	-194	-111	-45	-49	-99
Purchase of Property, Plant & Equipment	-154	-151	-219	-194	-168	-212	-102	-70	-48	-110
Purchase of Investments	0.31	-0.31	-0.80	-	-0.80	-	-9.80	-	-10	-0.60
Sale of Property, Plant & Equipment	3.61	12	9.86	0.59	0.07	19	0.90	25	9.07	12
Net Cash From Financing Activities	9.71	38	56	-45	59	68	-46	-86	-70	-19
Net Cash From Continuing Financing Activities	125	-77	56	-45	59	68	-46	-86	-70	-19
Repayment of Debt	65	-137	-26	-65	-302	-45	-140	-331	-155	-169
Issuance of Debt	60	115	105	35	480	115	95	245	85	155
Other Financing Activities, net	-0.08	-1.40	-1.55	-0.03	-	-1.41	-0.46	-0.07	-0.02	-4.67
Cash Interest Paid	18	7.48	12	8.59	22	9.33	32	11	31	9.05
Cash Income Taxes Paid	1.23	4.47	0.06	6.45	0.03	0.29	0.03	5.53	0.74	0.63

This table presents Air Transport Services Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,012	1,042	1,259	1,549	2,471	2,820	3,002	3,267	3,590	3,882	3,894
Total Current Assets	97	101	133	185	259	267	273	353	418	346	352
Cash & Equivalents	31	18	16	33	59	46	40	69	27	54	61
Accounts Receivable	44	58	77	109	148	163	154	205	302	216	208
Inventories, net	11	13	20	22	34	37	40	49	58	50	50
Prepaid Expenses	13	13	19	21	19	20	39	29	32	27	33
Plant, Property, & Equipment, net	847	875	1,001	1,160	1,555	1,766	1,940	2,130	2,402	2,821	2,752
Total Noncurrent Assets	67	65	126	204	656	787	711	785	769	716	790
Goodwill	-	34	37	37	391	396	396	505	493	482	467
Other Noncurrent Operating Assets	28	26	25	79	57	113	69	279	276	233	323
Total Liabilities & Shareholders' Equity	1,012	1,042	1,259	1,549	2,471	2,820	3,002	3,267	3,590	3,882	3,894
Total Liabilities	664	678	927	1,154	2,034	2,360	2,146	1,945	2,177	2,513	2,410
Total Current Liabilities	112	127	156	185	229	263	302	313	307	400	359
Short-Term Debt	24	34	29	19	30	15	14	0.63	0.64	55	0.66
Accounts Payable	41	44	61	100	110	141	141	174	193	228	237
Accrued Expenses	8.20	8.11	10	10	20	18	19	15	12	11	9.98
Current Deferred Revenue	13	13	18	16	19	18	54	47	22	30	30
Current Employee Benefit Liabilities	26	27	37	40	51	59	57	57	56	57	63
Other Current Liabilities	-	-	-	-	0.00	13	18	19	23	20	19
Total Noncurrent Liabilities	553	551	772	969	1,805	2,097	1,844	1,632	1,870	2,113	2,050
Long-Term Debt	320	284	429	552	1,372	1,470	1,465	1,299	1,464	1,708	1,548
Capital Lease Obligations	-	-	-	-	0.00	30	51	44	52	35	35
Noncurrent Deferred & Payable Income Tax Liabilities	83	97	123	99	113	127	141	217	255	285	297
Noncurrent Employee Benefit Liabilities	92	108	78	61	64	37	35	21	35	19	17
Other Noncurrent Operating Liabilities	58	62	142	256	256	432	151	51	64	66	153
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	347	364	332	395	436	460	855	1,322	1,413	1,369	1,484
Total Preferred & Common Equity	347	364	332	395	436	460	855	1,322	1,413	1,369	1,484
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	347	364	332	395	436	460	855	1,322	1,413	1,369	1,484
Common Stock	527	519	444	472	472	476	856	1,075	987	837	917
Retained Earnings	-97	-56	-32	-14	56	46	78	309	529	589	617
Accumulated Other Comprehensive Income / (Loss)	-83	-99	-80	-63	-91	-62	-79	-62	-103	-57	-49

This table presents Air Transport Services Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	3,525	3,702	3,753	3,846	3,892	3,939	3,884
Total Current Assets	389	408	351	364	315	315	311
Cash & Equivalents	54	90	43	51	23	29	45
Accounts Receivable	251	227	218	226	220	206	185
Inventories, net	55	58	58	51	50	51	50
Prepaid Expenses	28	34	32	36	22	30	31
Plant, Property, & Equipment, net	2,339	2,554	2,679	2,750	2,866	2,819	2,772
Total Noncurrent Assets	797	741	722	733	710	805	802
Goodwill	495	490	488	485	480	477	473
Other Noncurrent Operating Assets	217	251	235	248	230	328	328
Total Liabilities & Shareholders' Equity	3,525	3,702	3,753	3,846	3,892	3,939	3,884
Total Liabilities	2,060	2,288	2,309	2,498	2,510	2,474	2,416
Total Current Liabilities	319	347	393	394	420	429	382
Short-Term Debt	0.64	0.64	0.65	0.65	55	55	0.66
Accounts Payable	186	218	270	272	250	255	249
Accrued Expenses	13	11	11	12	9.79	11	12
Current Deferred Revenue	37	34	39	28	31	38	38
Current Employee Benefit Liabilities	60	60	52	59	55	48	62
Other Current Liabilities	22	23	22	22	19	21	20
Total Noncurrent Liabilities	1,740	1,941	1,916	2,104	2,091	2,045	2,034
Long-Term Debt	1,369	1,544	1,515	1,691	1,663	1,577	1,562
Capital Lease Obligations	41	45	40	39	-	46	42
Noncurrent Deferred & Payable Income Tax Liabilities	253	261	272	280	288	292	287
Noncurrent Employee Benefit Liabilities	20	34	33	31	18	16	15
Other Noncurrent Operating Liabilities	58	58	56	63	122	114	129
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,466	1,414	1,443	1,348	1,381	1,465	1,468
Total Preferred & Common Equity	1,466	1,414	1,443	1,348	1,381	1,465	1,468
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,466	1,414	1,443	1,348	1,381	1,465	1,468
Common Stock	1,040	965	952	836	839	914	918
Retained Earnings	486	549	587	604	598	605	602
Accumulated Other Comprehensive Income / (Loss)	-61	-100	-96	-92	-55	-53	-52

This table displays calculated financial ratios and metrics derived from Air Transport Services Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.65%	5.03%	24.16%	38.93%	-16.46%	62.74%	8.15%	10.42%	17.94%	1.23%	-5.25%
EBITDA Growth	68.75%	17.85%	-6.05%	-11.54%	77.84%	21.23%	17.05%	70.93%	-5.35%	-21.63%	3.14%
EBIT Growth	374.96%	12.33%	-38.08%	-114.32%	1,438.40%	-21.50%	51.53%	252.15%	-14.17%	-48.54%	-21.99%
NOPAT Growth	333.09%	13.97%	-5.32%	61.32%	23.81%	72.19%	-15.70%	95.29%	-11.85%	-34.16%	-41.58%
Net Income Growth	252.13%	38.05%	-43.02%	-21.26%	274.61%	-11.67%	-47.53%	620.60%	-14.19%	-69.62%	-54.52%
EPS Growth	248.39%	36.96%	-41.27%	-16.22%	193.55%	0.00%	0.00%	424.07%	-19.43%	-64.04%	-51.22%
Operating Cash Flow Growth	58.59%	16.89%	10.33%	21.70%	26.82%	33.19%	29.06%	13.91%	-19.10%	38.54%	-18.54%
Free Cash Flow Firm Growth	264.70%	-54.27%	-257.83%	-32.58%	-754.82%	99.72%	-9,835.67%	60.48%	-6.39%	23.51%	372.81%
Invested Capital Growth	-7.41%	0.47%	16.59%	20.46%	90.67%	8.46%	17.58%	14.50%	11.76%	7.26%	-3.37%
Revenue Q/Q Growth	0.17%	3.97%	5.50%	10.48%	-4.51%	9.22%	-0.25%	46.31%	-16.88%	-0.77%	-0.01%
EBITDA Q/Q Growth	45.41%	8.06%	-7.89%	44.16%	-10.06%	-15.37%	47.77%	11.35%	-4.02%	-11.01%	12.52%
EBIT Q/Q Growth	276.96%	13.40%	-30.09%	85.70%	-33.76%	-53.15%	541.66%	19.95%	-7.74%	-29.67%	49.24%
NOPAT Q/Q Growth	144.23%	15.62%	-1.84%	9.88%	-37.57%	11.27%	-10.31%	16.03%	-19.61%	-17.63%	156.66%
Net Income Q/Q Growth	278.89%	36.66%	-36.04%	124.63%	-58.94%	-36.95%	343.26%	188.84%	-69.59%	-48.87%	1,299.04%
EPS Q/Q Growth	270.37%	36.96%	-28.85%	124.60%	-61.60%	0.00%	0.00%	-36.69%	-9.88%	-44.97%	1,233.33%
Operating Cash Flow Q/Q Growth	6.66%	-1.06%	4.96%	-2.40%	21.88%	-1.83%	-0.15%	12.60%	-14.53%	8.99%	1.09%
Free Cash Flow Firm Q/Q Growth	176.88%	-61.65%	-180.64%	-245.66%	-661.29%	99.74%	-96.63%	48.36%	-1,221.49%	-97.85%	228.82%
Invested Capital Q/Q Growth	-9.79%	0.41%	6.18%	27.50%	83.47%	0.24%	4.39%	1.96%	2.86%	2.78%	-0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.02%	45.36%	43.93%	46.90%	45.48%	47.75%	46.09%	45.90%	46.00%	43.15%	43.50%
EBITDA Margin	28.44%	31.91%	24.14%	15.37%	32.73%	24.38%	26.38%	40.84%	32.77%	25.37%	27.62%
Operating Margin	10.94%	11.75%	9.18%	9.31%	12.44%	12.19%	13.14%	18.52%	13.96%	9.65%	6.51%
EBIT Margin	11.13%	11.90%	5.94%	-0.61%	9.80%	4.73%	6.63%	21.13%	15.38%	7.82%	6.44%
Profit (Net Income) Margin	5.06%	6.66%	3.05%	1.73%	7.76%	4.21%	2.04%	13.34%	9.71%	2.91%	1.40%
Tax Burden Percent	57.67%	65.89%	68.17%	-282.97%	79.20%	85.51%	77.59%	76.83%	76.23%	71.61%	64.79%
Interest Burden Percent	78.90%	84.88%	75.49%	100.00%	100.00%	104.22%	39.78%	82.19%	82.82%	52.05%	33.54%
Effective Tax Rate	38.05%	37.42%	38.88%	0.00%	22.40%	16.19%	39.41%	23.98%	24.59%	29.07%	35.21%
Return on Invested Capital (ROIC)	5.81%	6.88%	6.00%	8.15%	6.36%	8.00%	5.96%	10.04%	7.83%	4.71%	2.71%
ROIC Less NNEP Spread (ROIC-NNEP)	2.74%	5.46%	0.70%	-2.28%	4.56%	1.80%	-0.49%	9.09%	6.62%	-0.32%	-0.68%
Return on Net Nonoperating Assets (RNNOA)	2.52%	4.71%	0.75%	-3.07%	10.31%	5.65%	-1.08%	11.21%	6.69%	-0.38%	-0.78%
Return on Equity (ROE)	8.34%	11.59%	6.75%	5.09%	16.66%	13.65%	4.88%	21.25%	14.52%	4.34%	1.92%
Cash Return on Invested Capital (CROIC)	13.51%	6.41%	-9.32%	-10.41%	-56.03%	-0.12%	-10.20%	-3.48%	-3.27%	-2.29%	6.14%
Operating Return on Assets (OROA)	6.42%	7.18%	3.97%	-0.47%	4.35%	2.60%	3.57%	11.69%	9.17%	4.33%	3.25%
Return on Assets (ROA)	2.92%	4.01%	2.04%	1.32%	3.45%	2.31%	1.10%	7.38%	5.79%	1.61%	0.71%
Return on Common Equity (ROCE)	8.34%	11.59%	6.75%	5.09%	16.66%	13.65%	4.88%	21.25%	14.52%	4.34%	1.92%
Return on Equity Simple (ROE_SIMPLE)	8.59%	11.32%	7.08%	4.68%	15.88%	13.29%	3.75%	17.50%	14.06%	4.41%	1.85%
Net Operating Profit after Tax (NOPAT)	40	46	43	70	86	148	125	244	215	142	83
NOPAT Margin	6.78%	7.36%	5.61%	6.51%	9.65%	10.21%	7.96%	14.08%	10.52%	6.85%	4.22%
Net Nonoperating Expense Percent (NNEP)	3.07%	1.41%	5.29%	10.43%	1.79%	6.20%	6.45%	0.95%	1.21%	5.04%	3.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.35%	4.48%	2.70%
Cost of Revenue to Revenue	53.98%	54.64%	56.07%	53.10%	54.52%	52.25%	53.91%	54.10%	54.00%	56.85%	56.50%
SG&A Expenses to Revenue	5.20%	3.92%	3.78%	3.43%	4.45%	5.26%	4.77%	4.48%	8.08%	8.34%	8.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.07%	33.61%	34.75%	37.59%	33.04%	123.38%	32.95%	27.38%	32.04%	33.49%	36.99%
Earnings before Interest and Taxes (EBIT)	66	74	46	-6.54	87	69	104	366	315	162	126
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	168	198	186	164	292	354	414	708	670	525	542
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.60	1.78	2.86	3.46	3.09	3.03	2.18	1.65	1.34	0.84	0.97
Price to Tangible Book Value (P/TBV)	1.80	1.99	3.32	3.90	0.00	0.00	5.51	2.67	2.05	1.30	1.42
Price to Revenue (P/Rev)	0.94	1.05	1.24	1.28	1.51	0.96	1.19	1.26	0.92	0.56	0.74
Price to Earnings (P/E)	18.62	15.74	25.61	73.97	19.45	0.00	58.15	9.42	9.51	19.05	52.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.37%	6.35%	3.90%	1.35%	5.14%	0.00%	1.72%	10.62%	10.51%	5.25%	1.90%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.43	1.80	2.04	1.51	1.48	1.48	1.33	1.16	0.93	0.99
Enterprise Value to Revenue (EV/Rev)	1.47	1.53	1.81	1.78	3.01	1.97	2.14	1.99	1.65	1.40	1.51
Enterprise Value to EBITDA (EV/EBITDA)	5.19	4.80	7.50	11.60	9.21	8.08	8.10	4.88	5.04	5.51	5.48
Enterprise Value to EBIT (EV/EBIT)	13.25	12.87	30.52	0.00	30.75	41.67	32.27	9.43	10.74	17.88	23.51
Enterprise Value to NOPAT (EV/NOPAT)	21.75	20.83	32.30	27.39	31.22	19.29	26.85	14.14	15.70	20.41	35.85
Enterprise Value to Operating Cash Flow (EV/OCF)	5.81	5.42	7.21	8.11	9.02	7.21	6.55	5.92	7.16	4.42	5.57
Enterprise Value to Free Cash Flow (EV/FCFF)	9.36	22.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	0.87	1.38	1.44	3.21	3.29	1.79	1.02	1.07	1.31	1.07
Long-Term Debt to Equity	0.92	0.78	1.29	1.40	3.14	3.26	1.77	1.02	1.07	1.27	1.07
Financial Leverage	0.92	0.86	1.07	1.35	2.26	3.13	2.19	1.23	1.01	1.16	1.15
Leverage Ratio	2.85	2.89	3.31	3.86	4.83	5.90	4.42	2.88	2.51	2.69	2.73
Compound Leverage Factor	2.25	2.45	2.50	3.86	4.83	6.15	1.76	2.37	2.08	1.40	0.91
Debt to Total Capital	49.75%	46.59%	58.02%	59.06%	76.25%	76.69%	64.14%	50.40%	51.78%	56.77%	51.63%
Short-Term Debt to Total Capital	3.52%	4.95%	3.71%	1.92%	1.61%	0.74%	0.58%	0.02%	0.02%	1.73%	0.02%
Long-Term Debt to Total Capital	46.23%	41.64%	54.31%	57.14%	74.64%	75.95%	63.56%	50.38%	51.75%	55.04%	51.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.25%	53.41%	41.98%	40.94%	23.75%	23.31%	35.86%	49.60%	48.22%	43.23%	48.37%
Debt to EBITDA	2.05	1.61	2.47	3.47	4.80	4.28	3.69	1.90	2.26	3.42	2.92
Net Debt to EBITDA	1.87	1.52	2.38	3.27	4.60	4.15	3.60	1.80	2.22	3.32	2.81
Long-Term Debt to EBITDA	1.91	1.44	2.31	3.36	4.70	4.24	3.66	1.90	2.26	3.32	2.92
Debt to NOPAT	8.61	6.97	10.64	8.19	16.27	10.21	12.24	5.50	7.04	12.68	19.13
Net Debt to NOPAT	7.84	6.58	10.26	7.72	15.58	9.90	11.92	5.22	6.92	12.30	18.40
Long-Term Debt to NOPAT	8.00	6.23	9.96	7.93	15.92	10.11	12.13	5.50	7.04	12.29	19.12
Altman Z-Score	1.15	1.30	1.29	1.37	0.92	0.97	1.18	1.72	1.62	1.14	1.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.87	0.80	0.85	1.00	1.13	1.01	0.90	1.13	1.36	0.86	0.98
Quick Ratio	0.66	0.60	0.60	0.77	0.90	0.79	0.64	0.88	1.07	0.67	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	93	42	-67	-89	-760	-2.15	-214	-85	-90	-69	188
Operating Cash Flow to CapEx	137.89%	115.23%	76.59%	79.24%	108.24%	89.66%	105.45%	120.24%	80.91%	85.58%	187.44%
Free Cash Flow to Firm to Interest Expense	6.66	3.78	-5.92	0.00	0.00	-0.03	-3.40	-1.30	-1.92	-0.93	2.27
Operating Cash Flow to Interest Expense	10.74	15.58	17.06	0.00	0.00	5.96	8.15	8.94	10.07	8.88	6.44
Operating Cash Flow Less CapEx to Interest Expense	2.95	2.06	-5.21	0.00	0.00	-0.69	0.42	1.50	-2.38	-1.50	3.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.60	0.67	0.76	0.44	0.55	0.54	0.55	0.60	0.55	0.50
Accounts Receivable Turnover	12.31	12.20	11.37	11.46	6.95	9.35	9.93	9.66	8.07	8.01	9.26
Inventory Turnover	32.29	28.64	26.22	26.95	17.47	21.39	21.76	20.94	20.65	21.86	22.21
Fixed Asset Turnover	0.70	0.72	0.82	0.99	0.66	0.87	0.85	0.85	0.90	0.79	0.70
Accounts Payable Turnover	8.44	7.96	8.20	7.07	4.64	6.05	5.99	5.94	6.02	5.60	4.77
Days Sales Outstanding (DSO)	29.64	29.91	32.10	31.84	52.53	39.04	36.76	37.77	45.24	45.59	39.43
Days Inventory Outstanding (DIO)	11.30	12.74	13.92	13.54	20.90	17.06	16.77	17.43	17.67	16.70	16.43
Days Payable Outstanding (DPO)	43.25	45.86	44.50	51.61	78.62	60.36	60.90	61.40	60.67	65.21	76.49
Cash Conversion Cycle (CCC)	-2.30	-3.20	1.52	-6.23	-5.19	-4.26	-7.36	-6.20	2.24	-2.93	-20.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	661	664	774	933	1,778	1,929	2,268	2,597	2,902	3,112	3,007
Invested Capital Turnover	0.86	0.93	1.07	1.25	0.66	0.78	0.75	0.71	0.74	0.69	0.64
Increase / (Decrease) in Invested Capital	-53	3.10	110	158	846	150	339	329	305	211	-105
Enterprise Value (EV)	869	949	1,393	1,905	2,690	2,861	3,358	3,454	3,379	2,893	2,969
Market Capitalization	556	649	951	1,368	1,348	1,393	1,868	2,180	1,889	1,149	1,445
Book Value per Share	$5.35	$5.66	$5.57	$6.69	$7.39	$7.75	$14.36	$17.82	$19.42	$20.97	$22.57
Tangible Book Value per Share	$4.75	$5.06	$4.81	$5.93	($1.67)	($1.13)	$5.69	$11.01	$12.65	$13.58	$15.46
Total Capital	692	682	791	965	1,838	1,975	2,386	2,666	2,929	3,166	3,068
Total Debt	344	318	459	570	1,401	1,515	1,530	1,344	1,516	1,797	1,584
Total Long-Term Debt	320	284	429	552	1,372	1,500	1,516	1,343	1,516	1,743	1,583
Net Debt	314	300	442	537	1,342	1,469	1,490	1,274	1,489	1,744	1,523
Capital Expenditures (CapEx)	109	152	252	297	275	443	486	485	584	764	284
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	-9.33	-10	-14	0.42	-28	-55	-29	85	-53	-68
Debt-free Net Working Capital (DFNWC)	10.00	8.37	6.17	18	60	18	-16	41	112	0.22	-6.98
Net Working Capital (NWC)	-14	-25	-23	-0.17	30	3.55	-29	40	111	-54	-7.64
Net Nonoperating Expense (NNE)	10	4.33	20	51	17	87	93	13	17	81	55
Net Nonoperating Obligations (NNO)	314	300	442	537	1,342	1,469	1,412	1,274	1,489	1,744	1,523
Total Depreciation and Amortization (D&A)	102	124	140	171	205	285	310	342	356	364	416
Debt-free, Cash-free Net Working Capital to Revenue	-3.49%	-1.51%	-1.32%	-1.34%	0.05%	-1.92%	-3.52%	-1.65%	4.13%	-2.58%	-3.44%
Debt-free Net Working Capital to Revenue	1.70%	1.35%	0.80%	1.72%	6.69%	1.26%	-0.99%	2.35%	5.46%	0.01%	-0.36%
Net Working Capital to Revenue	-2.43%	-4.10%	-3.01%	-0.02%	3.37%	0.24%	-1.86%	2.32%	5.43%	-2.63%	-0.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.46	$0.64	$0.38	$0.31	$1.18	$1.04	$0.54	$3.36	$2.70	$0.88	$0.42
Adjusted Weighted Average Basic Shares Outstanding	64.25M	64.24M	61.33M	58.91M	58.77M	58.90M	59.13M	68.85M	73.61M	68.64M	65.03M
Adjusted Diluted Earnings per Share	$0.46	$0.63	$0.37	$0.31	$0.91	$0.79	$0.54	$2.83	$2.28	$0.82	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	65.21M	65.13M	62.99M	59.69M	68.36M	69.35M	59.93M	76.22M	88.32M	75.56M	67.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.93M	63.89M	59.49M	59.07M	59.14M	59.33M	59.56M	74.22M	71.98M	65.68M	65.89M
Normalized Net Operating Profit after Tax (NOPAT)	40	46	43	70	90	149	149	244	215	142	88
Normalized NOPAT Margin	6.78%	7.36%	5.61%	6.51%	10.11%	10.24%	9.47%	14.08%	10.52%	6.85%	4.49%
Pre Tax Income Margin	8.78%	10.10%	4.48%	-0.61%	9.80%	4.93%	2.64%	17.37%	12.74%	4.07%	2.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.71	6.56	4.03	0.00	0.00	1.03	1.65	5.61	6.71	2.20	1.53
NOPAT to Interest Expense	2.87	4.06	3.81	0.00	0.00	2.23	1.99	3.74	4.59	1.92	1.00
EBIT Less CapEx to Interest Expense	-3.08	-6.96	-18.24	0.00	0.00	-5.61	-6.07	-1.82	-5.74	-8.18	-1.91
NOPAT Less CapEx to Interest Expense	-4.92	-9.47	-18.46	0.00	0.00	-4.42	-5.74	-3.69	-7.86	-8.45	-2.44
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	25.10%	270.65%	60.47%	5.17%	0.00%	0.00%	0.00%	27.13%	257.51%	0.00%

This table displays calculated financial ratios and metrics derived from Air Transport Services Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-43.79%	3.14%	3.86%	1.20%	-3.00%	-3.11%	-7.73%	-9.92%	-0.05%
EBITDA Growth	2.54%	-13.98%	-19.01%	-6.09%	-18.59%	-42.00%	-3.12%	-14.88%	-8.61%	55.41%
EBIT Growth	0.81%	-24.26%	-44.47%	-13.16%	-42.12%	-92.16%	-19.29%	-51.45%	-65.40%	571.74%
NOPAT Growth	-19.57%	-35.43%	-32.68%	-3.43%	-40.16%	-48.73%	-36.42%	-59.37%	-54.84%	-1.50%
Net Income Growth	113.16%	-91.42%	-59.55%	-30.98%	-66.36%	-135.19%	-57.21%	-80.46%	-119.37%	198.04%
EPS Growth	-30.95%	-32.89%	-56.14%	-20.97%	-58.62%	-131.37%	-48.00%	-77.55%	-120.83%	231.25%
Operating Cash Flow Growth	21.15%	-52.02%	72.18%	54.33%	-20.52%	72.84%	-41.57%	-28.67%	15.35%	4.49%
Free Cash Flow Firm Growth	28.24%	-1.56%	-29.75%	43.40%	20.69%	27.55%	43.04%	-2.43%	109.00%	170.41%
Invested Capital Growth	10.78%	11.76%	10.62%	6.77%	7.33%	7.26%	5.55%	5.38%	-0.01%	-3.37%
Revenue Q/Q Growth	1.42%	3.12%	-5.99%	5.64%	-1.17%	-1.17%	-6.10%	0.60%	-3.51%	9.66%
EBITDA Q/Q Growth	0.15%	3.82%	-19.29%	17.05%	-13.18%	-26.03%	32.65%	2.84%	-6.78%	25.79%
EBIT Q/Q Growth	-2.11%	6.89%	-43.18%	60.93%	-34.75%	-85.52%	851.53%	-3.19%	-53.50%	181.12%
NOPAT Q/Q Growth	1.75%	-10.94%	-28.13%	48.29%	-36.96%	-23.69%	-10.88%	-5.24%	-29.93%	66.46%
Net Income Q/Q Growth	-7.35%	-16.44%	-52.78%	88.78%	-54.84%	-187.40%	157.43%	-13.82%	-144.79%	542.26%
EPS Q/Q Growth	-6.45%	-12.07%	-50.98%	96.00%	-51.02%	-166.67%	181.25%	-15.38%	-145.45%	520.00%
Operating Cash Flow Q/Q Growth	18.72%	-49.92%	192.21%	-11.17%	-38.86%	8.91%	-1.23%	8.45%	-1.13%	-1.34%
Free Cash Flow Firm Q/Q Growth	7.77%	-16.85%	4.47%	45.02%	-29.25%	-6.73%	24.89%	1.14%	111.35%	735.22%
Invested Capital Q/Q Growth	1.92%	2.86%	0.43%	1.41%	2.46%	2.78%	-1.17%	1.25%	-2.78%	-0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.81%	45.35%	42.67%	45.56%	42.90%	41.38%	41.32%	43.41%	42.92%	46.16%
EBITDA Margin	32.21%	32.44%	26.62%	29.50%	25.91%	19.40%	26.62%	27.21%	26.29%	30.16%
Operating Margin	14.06%	13.60%	9.46%	13.18%	8.80%	7.09%	6.80%	6.41%	4.60%	8.09%
EBIT Margin	14.90%	15.45%	8.47%	12.91%	8.52%	1.25%	7.06%	6.79%	3.27%	8.39%
Profit (Net Income) Margin	9.87%	8.00%	4.02%	7.18%	3.28%	-2.90%	1.78%	1.52%	-0.71%	2.85%
Tax Burden Percent	78.62%	69.65%	75.81%	76.44%	73.01%	96.26%	69.25%	69.15%	64.09%	60.44%
Interest Burden Percent	84.28%	74.37%	62.57%	72.79%	52.75%	-241.46%	36.31%	32.37%	-33.64%	56.13%
Effective Tax Rate	22.70%	31.02%	24.19%	23.56%	26.99%	0.00%	30.75%	30.85%	0.00%	39.56%
Return on Invested Capital (ROIC)	9.96%	6.98%	5.33%	7.32%	4.58%	3.42%	3.23%	2.94%	2.09%	3.13%
ROIC Less NNEP Spread (ROIC-NNEP)	9.59%	6.45%	4.19%	6.26%	3.50%	0.90%	2.34%	2.04%	0.94%	2.49%
Return on Net Nonoperating Assets (RNNOA)	9.84%	6.52%	4.21%	6.29%	3.78%	1.05%	2.67%	2.22%	1.09%	2.85%
Return on Equity (ROE)	19.81%	13.50%	9.54%	13.61%	8.36%	4.46%	5.90%	5.16%	3.17%	5.98%
Cash Return on Invested Capital (CROIC)	-0.25%	-3.27%	-2.96%	0.27%	-1.19%	-2.29%	-1.14%	-2.49%	-4.81%	6.14%
Operating Return on Assets (OROA)	10.87%	9.22%	5.00%	7.45%	4.83%	0.69%	3.82%	3.56%	1.66%	4.24%
Return on Assets (ROA)	7.20%	4.77%	2.37%	4.14%	1.86%	-1.61%	0.96%	0.80%	-0.36%	1.44%
Return on Common Equity (ROCE)	19.81%	13.50%	9.54%	13.61%	8.36%	4.46%	5.90%	5.16%	3.17%	5.98%
Return on Equity Simple (ROE_SIMPLE)	44.56%	0.00%	11.95%	10.52%	8.75%	0.00%	3.53%	1.24%	-0.16%	0.00%
Net Operating Profit after Tax (NOPAT)	56	50	36	53	34	26	23	22	15	25
NOPAT Margin	10.87%	9.38%	7.17%	10.07%	6.42%	4.96%	4.71%	4.43%	3.22%	4.89%
Net Nonoperating Expense Percent (NNEP)	0.38%	0.53%	1.14%	1.07%	1.08%	2.51%	0.89%	0.90%	1.14%	0.65%
Return On Investment Capital (ROIC_SIMPLE)	-	1.71%	-	-	-	0.81%	-	-	-	0.82%
Cost of Revenue to Revenue	54.19%	54.65%	57.34%	54.44%	57.10%	58.62%	58.68%	56.59%	57.08%	53.84%
SG&A Expenses to Revenue	3.89%	18.79%	7.95%	8.41%	8.38%	8.62%	7.25%	9.10%	8.32%	8.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.75%	31.74%	33.20%	32.39%	34.10%	34.30%	34.52%	37.00%	38.32%	38.07%
Earnings before Interest and Taxes (EBIT)	77	82	42	68	45	6.46	34	33	15	43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	167	173	133	156	136	100	129	133	124	156
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.22	1.34	1.06	0.94	1.10	0.84	0.65	0.62	0.73	0.97
Price to Tangible Book Value (P/TBV)	1.85	2.05	1.62	1.41	1.71	1.30	1.00	0.92	1.07	1.42
Price to Revenue (P/Rev)	0.73	0.92	0.73	0.65	0.71	0.56	0.44	0.45	0.54	0.74
Price to Earnings (P/E)	2.36	9.51	8.88	8.89	12.52	19.05	18.52	50.06	0.00	52.69
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	42.39%	10.51%	11.27%	11.24%	7.99%	5.25%	5.40%	2.00%	0.00%	1.90%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.16	1.03	0.97	1.04	0.93	0.84	0.82	0.87	0.99
Enterprise Value to Revenue (EV/Rev)	1.28	1.65	1.46	1.38	1.51	1.40	1.26	1.27	1.34	1.51
Enterprise Value to EBITDA (EV/EBITDA)	4.51	5.04	4.75	4.61	5.35	5.51	5.03	5.19	5.45	5.48
Enterprise Value to EBIT (EV/EBIT)	9.23	10.74	10.99	10.90	13.72	17.88	17.45	22.51	31.02	23.51
Enterprise Value to NOPAT (EV/NOPAT)	11.75	15.70	15.17	14.67	18.35	20.41	20.38	30.74	0.00	35.85
Enterprise Value to Operating Cash Flow (EV/OCF)	5.70	7.16	5.33	4.54	5.26	4.42	4.61	5.03	4.98	5.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	368.27	0.00	0.00	0.00	0.00	0.00	15.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	1.07	1.12	1.08	1.28	1.31	1.24	1.14	1.09	1.07
Long-Term Debt to Equity	0.96	1.07	1.12	1.08	1.28	1.27	1.20	1.11	1.09	1.07
Financial Leverage	1.03	1.01	1.00	1.01	1.08	1.16	1.14	1.09	1.15	1.15
Leverage Ratio	2.55	2.51	2.52	2.53	2.62	2.69	2.72	2.64	2.74	2.73
Compound Leverage Factor	2.15	1.86	1.58	1.84	1.38	-6.49	0.99	0.86	-0.92	1.53
Debt to Total Capital	49.04%	51.78%	52.93%	51.87%	56.21%	56.77%	55.43%	53.38%	52.21%	51.63%
Short-Term Debt to Total Capital	0.02%	0.02%	0.02%	0.02%	0.02%	1.73%	1.77%	1.74%	0.02%	0.02%
Long-Term Debt to Total Capital	49.02%	51.75%	52.90%	51.85%	56.19%	55.04%	53.66%	51.63%	52.19%	51.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.96%	48.22%	47.07%	48.13%	43.79%	43.23%	44.57%	46.62%	47.79%	48.37%
Debt to EBITDA	2.02	2.26	2.52	2.50	2.93	3.42	3.33	3.40	3.33	2.92
Net Debt to EBITDA	1.94	2.22	2.38	2.43	2.85	3.32	3.28	3.34	3.24	2.81
Long-Term Debt to EBITDA	2.02	2.26	2.52	2.50	2.93	3.32	3.22	3.29	3.33	2.92
Debt to NOPAT	5.27	7.04	8.04	7.97	10.06	12.68	13.47	20.14	-10.98	19.13
Net Debt to NOPAT	5.06	6.92	7.59	7.75	9.76	12.30	13.29	19.80	-10.67	18.40
Long-Term Debt to NOPAT	5.26	7.04	8.04	7.97	10.05	12.29	13.04	19.48	-10.97	19.12
Altman Z-Score	1.51	1.41	1.22	1.17	1.15	1.01	0.96	0.94	0.98	1.12
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.36	1.18	0.89	0.92	0.86	0.75	0.74	0.81	0.98
Quick Ratio	0.96	1.07	0.91	0.66	0.70	0.67	0.58	0.55	0.60	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-218	-255	-244	-134	-173	-185	-139	-137	16	130
Operating Cash Flow to CapEx	98.22%	53.30%	103.56%	99.31%	69.81%	66.14%	124.64%	302.80%	346.55%	135.86%
Free Cash Flow to Firm to Interest Expense	-17.95	-18.45	-15.52	-8.04	-8.94	-8.45	-6.32	-6.41	0.78	6.78
Operating Cash Flow to Interest Expense	12.15	5.35	13.78	11.53	6.07	5.85	5.75	6.41	6.74	6.96
Operating Cash Flow Less CapEx to Interest Expense	-0.22	-4.69	0.47	-0.08	-2.62	-2.99	1.14	4.29	4.80	1.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.60	0.59	0.58	0.57	0.55	0.54	0.52	0.51	0.50
Accounts Receivable Turnover	11.13	8.07	9.29	8.69	8.75	8.01	9.19	9.50	9.54	9.26
Inventory Turnover	22.81	20.65	21.11	20.54	21.99	21.86	21.84	21.50	22.58	22.21
Fixed Asset Turnover	1.10	0.90	0.87	0.84	0.82	0.79	0.76	0.73	0.71	0.70
Accounts Payable Turnover	7.17	6.02	5.59	4.94	5.08	5.60	5.02	4.43	4.35	4.77
Days Sales Outstanding (DSO)	32.80	45.24	39.30	41.98	41.69	45.59	39.70	38.42	38.26	39.43
Days Inventory Outstanding (DIO)	16.00	17.67	17.29	17.77	16.60	16.70	16.71	16.98	16.16	16.43
Days Payable Outstanding (DPO)	50.88	60.67	65.24	73.95	71.84	65.21	72.71	82.41	83.89	76.49
Cash Conversion Cycle (CCC)	-2.08	2.24	-8.65	-14.20	-13.55	-2.93	-16.29	-27.01	-29.46	-20.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,821	2,902	2,914	2,955	3,028	3,112	3,076	3,114	3,028	3,007
Invested Capital Turnover	0.92	0.74	0.74	0.73	0.71	0.69	0.69	0.66	0.65	0.64
Increase / (Decrease) in Invested Capital	275	305	280	187	207	211	162	159	-0.41	-105
Enterprise Value (EV)	3,147	3,379	3,000	2,863	3,157	2,893	2,598	2,561	2,624	2,969
Market Capitalization	1,791	1,889	1,499	1,351	1,477	1,149	904	912	1,065	1,445
Book Value per Share	$19.71	$19.42	$19.64	$20.16	$19.05	$20.97	$21.03	$22.30	$22.33	$22.57
Tangible Book Value per Share	$13.05	$12.65	$12.84	$13.35	$12.20	$13.58	$13.73	$15.03	$15.13	$15.46
Total Capital	2,876	2,929	3,004	2,999	3,079	3,166	3,099	3,143	3,073	3,068
Total Debt	1,410	1,516	1,590	1,555	1,731	1,797	1,718	1,678	1,604	1,584
Total Long-Term Debt	1,410	1,516	1,589	1,555	1,730	1,743	1,663	1,623	1,604	1,583
Net Debt	1,356	1,489	1,500	1,512	1,680	1,744	1,695	1,649	1,559	1,523
Capital Expenditures (CapEx)	151	139	209	194	168	194	101	45	39	98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	15	85	-28	-84	-80	-53	-73	-87	-115	-68
Debt-free Net Working Capital (DFNWC)	70	112	62	-41	-29	0.22	-50	-58	-70	-6.98
Net Working Capital (NWC)	69	111	61	-42	-30	-54	-104	-113	-71	-7.64
Net Nonoperating Expense (NNE)	5.13	7.37	16	15	16	41	14	14	19	11
Net Nonoperating Obligations (NNO)	1,356	1,489	1,500	1,512	1,680	1,744	1,695	1,649	1,559	1,523
Total Depreciation and Amortization (D&A)	89	91	91	88	91	94	95	100	108	112
Debt-free, Cash-free Net Working Capital to Revenue	0.63%	4.13%	-1.35%	-4.06%	-3.82%	-2.58%	-3.54%	-4.33%	-5.86%	-3.44%
Debt-free Net Working Capital to Revenue	2.84%	5.46%	3.00%	-1.99%	-1.40%	0.01%	-2.41%	-2.90%	-3.58%	-0.36%
Net Working Capital to Revenue	2.82%	5.43%	2.97%	-2.02%	-1.43%	-2.63%	-5.08%	-5.63%	-3.61%	-0.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.69	$0.60	$0.28	$0.54	$0.26	($0.20)	$0.13	$0.11	($0.05)	$0.23
Adjusted Weighted Average Basic Shares Outstanding	74.00M	73.61M	71.80M	70.72M	67.25M	68.64M	64.97M	65.03M	65.04M	65.03M
Adjusted Diluted Earnings per Share	$0.58	$0.51	$0.25	$0.49	$0.24	($0.16)	$0.13	$0.11	($0.05)	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	88.75M	88.32M	83.06M	79.52M	72.67M	75.56M	67.24M	67.30M	65.04M	67.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.73M	71.98M	71.58M	70.76M	65.27M	65.68M	65.72M	65.76M	65.76M	65.89M
Normalized Net Operating Profit after Tax (NOPAT)	56	50	36	53	34	26	23	22	15	25
Normalized NOPAT Margin	10.87%	9.38%	7.17%	10.07%	6.42%	4.96%	4.71%	4.43%	3.22%	4.89%
Pre Tax Income Margin	12.56%	11.49%	5.30%	9.40%	4.50%	-3.02%	2.56%	2.20%	-1.10%	4.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.33	5.95	2.70	4.10	2.30	0.30	1.56	1.55	0.77	2.26
NOPAT to Interest Expense	4.62	3.62	2.29	3.20	1.73	1.17	1.04	1.01	0.75	1.32
EBIT Less CapEx to Interest Expense	-6.04	-4.09	-10.60	-7.51	-6.39	-8.55	-3.05	-0.57	-1.18	-2.87
NOPAT Less CapEx to Interest Expense	-7.76	-6.43	-11.02	-8.41	-6.95	-7.67	-3.57	-1.10	-1.19	-3.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	27.13%	44.86%	59.76%	177.32%	257.51%	273.40%	650.57%	0.00%	0.00%

Frequently Asked Questions About Air Transport Services Group's Financials

When does Air Transport Services Group's fiscal year end?

According to the most recent income statement we have on file, Air Transport Services Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Air Transport Services Group's net income changed over the last 10 years?

Air Transport Services Group's net income appears to be on an upward trend, with a most recent value of $27.43 million in 2024, falling from $29.86 million in 2014. The previous period was $60.33 million in 2023. View Air Transport Services Group's forecast to see where analysts expect Air Transport Services Group to go next.

What is Air Transport Services Group's operating income?

Air Transport Services Group's total operating income in 2024 was $127.80 million, based on the following breakdown:

Total Gross Profit: $853.45 million
Total Operating Expenses: $725.65 million

How has Air Transport Services Group revenue changed over the last 10 years?

Over the last 10 years, Air Transport Services Group's total revenue changed from $589.59 million in 2014 to $1.96 billion in 2024, a change of 232.8%.

How much debt does Air Transport Services Group have?

Air Transport Services Group's total liabilities were at $2.41 billion at the end of 2024, a 4.1% decrease from 2023, and a 262.7% increase since 2014.

How much cash does Air Transport Services Group have?

In the past 10 years, Air Transport Services Group's cash and equivalents has ranged from $16.36 million in 2016 to $69.50 million in 2021, and is currently $60.58 million as of their latest financial filing in 2024.

How has Air Transport Services Group's book value per share changed over the last 10 years?

Over the last 10 years, Air Transport Services Group's book value per share changed from 5.35 in 2014 to 22.57 in 2024, a change of 321.7%.

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This page (NASDAQ:ATSG) was last updated on 5/5/2025 by MarketBeat.com Staff

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Air Transport Services Group (ATSG) Financials

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Air Transport Services Group (ATSG) Financials

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