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AIRTHINGS ASA (AIRX.OL) Stock Fundamental Analysis

OSL:AIRX - Euronext Oslo - NO0010895568 - Common Stock - Currency: NOK

0.714  +0.02 (+3.48%)

Fundamental Rating

3

Taking everything into account, AIRX scores 3 out of 10 in our fundamental rating. AIRX was compared to 54 industry peers in the Electronic Equipment, Instruments & Components industry. The financial health of AIRX is average, but there are quite some concerns on its profitability. AIRX is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year AIRX has reported negative net income.
In the past year AIRX has reported a negative cash flow from operations.
In the past 5 years AIRX always reported negative net income.
AIRX had a negative operating cash flow in each of the past 5 years.
AIRX.OL Yearly Net Income VS EBIT VS OCF VS FCFAIRX.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 -5M -10M -15M -20M

1.2 Ratios

AIRX has a worse Return On Assets (-50.96%) than 90.57% of its industry peers.
Looking at the Return On Equity, with a value of -74.64%, AIRX is doing worse than 88.68% of the companies in the same industry.
Industry RankSector Rank
ROA -50.96%
ROE -74.64%
ROIC N/A
ROA(3y)-22.5%
ROA(5y)-16.14%
ROE(3y)-31.8%
ROE(5y)-22.3%
ROIC(3y)N/A
ROIC(5y)N/A
AIRX.OL Yearly ROA, ROE, ROICAIRX.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 0 -20 -40 -60

1.3 Margins

Looking at the Gross Margin, with a value of 56.30%, AIRX is in the better half of the industry, outperforming 71.70% of the companies in the same industry.
AIRX's Gross Margin has declined in the last couple of years.
AIRX does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 56.3%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.14%
GM growth 5Y-8.15%
AIRX.OL Yearly Profit, Operating, Gross MarginsAIRX.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 -40 60

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4

2. Health

2.1 Basic Checks

AIRX does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for AIRX remains at a similar level compared to 1 year ago.
The number of shares outstanding for AIRX has been increased compared to 5 years ago.
Compared to 1 year ago, AIRX has a worse debt to assets ratio.
AIRX.OL Yearly Shares OutstandingAIRX.OL Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M
AIRX.OL Yearly Total Debt VS Total AssetsAIRX.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M

2.2 Solvency

AIRX has an Altman-Z score of 1.44. This is a bad value and indicates that AIRX is not financially healthy and even has some risk of bankruptcy.
AIRX has a Altman-Z score of 1.44. This is in the lower half of the industry: AIRX underperforms 69.81% of its industry peers.
AIRX has a Debt/Equity ratio of 0.08. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.08, AIRX belongs to the top of the industry, outperforming 81.13% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF N/A
Altman-Z 1.44
ROIC/WACCN/A
WACC8.55%
AIRX.OL Yearly LT Debt VS Equity VS FCFAIRX.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 20M -20M 40M 60M

2.3 Liquidity

AIRX has a Current Ratio of 3.00. This indicates that AIRX is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of AIRX (3.00) is better than 88.68% of its industry peers.
AIRX has a Quick Ratio of 1.92. This is a normal value and indicates that AIRX is financially healthy and should not expect problems in meeting its short term obligations.
AIRX has a better Quick ratio (1.92) than 86.79% of its industry peers.
Industry RankSector Rank
Current Ratio 3
Quick Ratio 1.92
AIRX.OL Yearly Current Assets VS Current LiabilitesAIRX.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

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5

3. Growth

3.1 Past

The earnings per share for AIRX have decreased strongly by -372.35% in the last year.
Looking at the last year, AIRX shows a small growth in Revenue. The Revenue has grown by 2.26% in the last year.
AIRX shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 18.61% yearly.
EPS 1Y (TTM)-372.35%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-327.5%
Revenue 1Y (TTM)2.26%
Revenue growth 3Y4.57%
Revenue growth 5Y18.61%
Sales Q2Q%-3.16%

3.2 Future

The Earnings Per Share is expected to grow by 30.50% on average over the next years. This is a very strong growth
Based on estimates for the next years, AIRX will show a quite strong growth in Revenue. The Revenue will grow by 13.16% on average per year.
EPS Next Y75%
EPS Next 2Y38.44%
EPS Next 3Y30.5%
EPS Next 5YN/A
Revenue Next Year16.31%
Revenue Next 2Y15.81%
Revenue Next 3Y13.16%
Revenue Next 5YN/A

3.3 Evolution

Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
AIRX.OL Yearly Revenue VS EstimatesAIRX.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10M 20M 30M 40M 50M
AIRX.OL Yearly EPS VS EstimatesAIRX.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 0 -0.01 -0.02 -0.03 -0.04 -0.05

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1

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for AIRX. In the last year negative earnings were reported.
Also next year AIRX is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
AIRX.OL Price Earnings VS Forward Price EarningsAIRX.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
AIRX.OL Per share dataAIRX.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 -1

4.3 Compensation for Growth

A more expensive valuation may be justified as AIRX's earnings are expected to grow with 30.50% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y38.44%
EPS Next 3Y30.5%

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0

5. Dividend

5.1 Amount

AIRX does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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AIRTHINGS ASA

OSL:AIRX (7/18/2025, 7:00:00 PM)

0.714

+0.02 (+3.48%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryElectronic Equipment, Instruments & Components
Earnings (Last)05-28 2025-05-28/bmo
Earnings (Next)08-19 2025-08-19
Inst Owners11.34%
Inst Owner ChangeN/A
Ins Owners8.08%
Ins Owner ChangeN/A
Market Cap142.30M
Analysts82.22
Price Target2.72 (280.95%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-10.88%
Min Revenue beat(2)-13.46%
Max Revenue beat(2)-8.3%
Revenue beat(4)0
Avg Revenue beat(4)-9.28%
Min Revenue beat(4)-13.46%
Max Revenue beat(4)-5.47%
Revenue beat(8)2
Avg Revenue beat(8)-6.01%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)3.56%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.03%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.36
P/FCF N/A
P/OCF N/A
P/B 0.51
P/tB 0.58
EV/EBITDA N/A
EPS(TTM)-1.14
EYN/A
EPS(NY)-0.03
Fwd EYN/A
FCF(TTM)-0.32
FCFYN/A
OCF(TTM)-0.31
OCFYN/A
SpS1.98
BVpS1.41
TBVpS1.22
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -50.96%
ROE -74.64%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 56.3%
FCFM N/A
ROA(3y)-22.5%
ROA(5y)-16.14%
ROE(3y)-31.8%
ROE(5y)-22.3%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.14%
GM growth 5Y-8.15%
F-Score2
Asset Turnover0.96
Health
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 1.37%
Cap/Sales 0.17%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 3
Quick Ratio 1.92
Altman-Z 1.44
F-Score2
WACC8.55%
ROIC/WACCN/A
Cap/Depr(3y)6.5%
Cap/Depr(5y)22.17%
Cap/Sales(3y)0.47%
Cap/Sales(5y)0.96%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-372.35%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-327.5%
EPS Next Y75%
EPS Next 2Y38.44%
EPS Next 3Y30.5%
EPS Next 5YN/A
Revenue 1Y (TTM)2.26%
Revenue growth 3Y4.57%
Revenue growth 5Y18.61%
Sales Q2Q%-3.16%
Revenue Next Year16.31%
Revenue Next 2Y15.81%
Revenue Next 3Y13.16%
Revenue Next 5YN/A
EBIT growth 1Y-50.6%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year122.5%
EBIT Next 3Y39.71%
EBIT Next 5YN/A
FCF growth 1Y68.3%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y68.26%
OCF growth 3YN/A
OCF growth 5YN/A