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AIRTHINGS ASA (AIRX.OL) Stock Fundamental Analysis

OSL:AIRX - NO0010895568 - Common Stock

0.248 NOK
+0.03 (+12.73%)
Last: 9/8/2025, 7:00:00 PM
Fundamental Rating

3

AIRX gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 50 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 not valued too expensively and it also shows 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.
AIRX had negative earnings in each of the past 5 years.
In the past 5 years AIRX always reported negative operating cash flow.
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's Return On Assets of -50.96% is on the low side compared to the rest of the industry. AIRX is outperformed by 88.00% of its industry peers.
AIRX has a worse Return On Equity (-74.64%) than 86.00% of its industry peers.
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 70.00% 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.
AIRX has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, AIRX has more shares outstanding
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 1.04. This is a bad value and indicates that AIRX is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.04, AIRX is doing worse than 78.00% of the companies in the same industry.
AIRX has a Debt/Equity ratio of 0.08. This is a healthy value indicating a solid balance between debt and equity.
AIRX has a better Debt to Equity ratio (0.08) than 82.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF N/A
Altman-Z 1.04
ROIC/WACCN/A
WACC8.27%
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

A Current Ratio of 3.00 indicates that AIRX has no problem at all paying its short term obligations.
The Current ratio of AIRX (3.00) is better than 88.00% 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 86.00% 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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4

3. Growth

3.1 Past

The earnings per share for AIRX have decreased strongly by -372.35% in the last year.
AIRX shows a small growth in Revenue. In the last year, the Revenue has grown by 2.26%.
The Revenue has been growing by 18.61% on average over the past years. This is quite good.
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

AIRX is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.06% yearly.
AIRX is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.82% yearly.
EPS Next Y100%
EPS Next 2Y52.75%
EPS Next 3Y10.06%
EPS Next 5YN/A
Revenue Next Year19.49%
Revenue Next 2Y19.32%
Revenue Next 3Y11.82%
Revenue Next 5YN/A

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in 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 2026 2027 0 -0.02 -0.04

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4

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for AIRX. In the last year negative earnings were reported.
Based on the Price/Forward Earnings ratio of 2.43, the valuation of AIRX can be described as very cheap.
Based on the Price/Forward Earnings ratio, AIRX is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 22.66. AIRX is valued rather cheaply when compared to this.
Industry RankSector Rank
PE N/A
Fwd PE 2.43
AIRX.OL Price Earnings VS Forward Price EarningsAIRX.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20 30

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

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y52.75%
EPS Next 3Y10.06%

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0

5. Dividend

5.1 Amount

No dividends for AIRX!.
Industry RankSector Rank
Dividend Yield N/A

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AIRTHINGS ASA

OSL:AIRX (9/8/2025, 7:00:00 PM)

0.248

+0.03 (+12.73%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryElectronic Equipment, Instruments & Components
Earnings (Last)08-27 2025-08-27
Earnings (Next)10-29 2025-10-29
Inst Owners11.34%
Inst Owner ChangeN/A
Ins Owners8.08%
Ins Owner ChangeN/A
Market Cap49.43M
Analysts82.86
Price Target3.21 (1194.35%)
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)18.12%
PT rev (3m)18.12%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)100%
EPS NY rev (3m)100%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)1.44%
Revenue NY rev (3m)2.73%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 2.43
P/S 0.13
P/FCF N/A
P/OCF N/A
P/B 0.18
P/tB 0.21
EV/EBITDA N/A
EPS(TTM)-1.1
EYN/A
EPS(NY)0.1
Fwd EY41.07%
FCF(TTM)-0.3
FCFYN/A
OCF(TTM)-0.3
OCFYN/A
SpS1.91
BVpS1.36
TBVpS1.18
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 1.04
F-Score2
WACC8.27%
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 Y100%
EPS Next 2Y52.75%
EPS Next 3Y10.06%
EPS Next 5YN/A
Revenue 1Y (TTM)2.26%
Revenue growth 3Y4.57%
Revenue growth 5Y18.61%
Sales Q2Q%-3.16%
Revenue Next Year19.49%
Revenue Next 2Y19.32%
Revenue Next 3Y11.82%
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