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AIRTHINGS ASA (AIRX.OL) Stock Fundamental Analysis

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

1.395  +0.01 (+0.72%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to AIRX. AIRX was compared to 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. While showing a medium growth rate, AIRX is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

AIRX had negative earnings in the past year.
AIRX had a negative operating cash flow in the past year.
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 -41.25% 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 Return On Equity of -62.19%. This is amonst the worse of the industry: AIRX underperforms 82.00% of its industry peers.
Industry RankSector Rank
ROA -41.25%
ROE -62.19%
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

AIRX has a better Gross Margin (56.25%) than 74.00% of its industry peers.
In the last couple of years the Gross Margin of AIRX has declined.
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 56.25%
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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5

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.
Compared to 5 years ago, AIRX has more shares outstanding
AIRX has a worse debt/assets ratio than last year.
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 1.99. This is not the best score and indicates that AIRX is in the grey zone with still only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 1.99, AIRX is in line with its industry, outperforming 42.00% 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 Debt to Equity ratio of 0.08. This is amongst the best in the industry. AIRX outperforms 84.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF N/A
Altman-Z 1.99
ROIC/WACCN/A
WACC8.49%
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 2.85 indicates that AIRX has no problem at all paying its short term obligations.
AIRX has a Current ratio of 2.85. This is amongst the best in the industry. AIRX outperforms 88.00% of its industry peers.
A Quick Ratio of 1.99 indicates that AIRX should not have too much problems paying its short term obligations.
AIRX has a better Quick ratio (1.99) than 86.00% of its industry peers.
Industry RankSector Rank
Current Ratio 2.85
Quick Ratio 1.99
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 -222.74% in the last year.
The Revenue has been growing slightly by 5.20% in the past year.
AIRX shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 24.75% yearly.
EPS 1Y (TTM)-222.74%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-600%
Revenue 1Y (TTM)5.2%
Revenue growth 3Y20.55%
Revenue growth 5Y24.75%
Sales Q2Q%-0.13%

3.2 Future

The Earnings Per Share is expected to grow by 22.16% on average over the next years. This is a very strong growth
AIRX is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.04% yearly.
EPS Next Y-2%
EPS Next 2Y32.1%
EPS Next 3Y24.18%
EPS Next 5Y22.16%
Revenue Next Year4.89%
Revenue Next 2Y10.45%
Revenue Next 3Y12.05%
Revenue Next 5Y11.04%

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.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for AIRX. No positive earnings are expected for the next year.
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 10 -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 0.5 1 1.5

4.3 Compensation for Growth

A more expensive valuation may be justified as AIRX's earnings are expected to grow with 24.18% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y32.1%
EPS Next 3Y24.18%

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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 (6/18/2025, 7:00:00 PM)

1.395

+0.01 (+0.72%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryElectronic Equipment, Instruments & Components
Earnings (Last)05-28 2025-05-28
Earnings (Next)08-19 2025-08-19
Inst Owners11.34%
Inst Owner ChangeN/A
Ins Owners8.08%
Ins Owner ChangeN/A
Market Cap278.02M
Analysts82.22
Price Target2.72 (94.98%)
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)-6.89%
Min Revenue beat(2)-8.3%
Max Revenue beat(2)-5.47%
Revenue beat(4)0
Avg Revenue beat(4)-9.72%
Min Revenue beat(4)-15.23%
Max Revenue beat(4)-5.47%
Revenue beat(8)2
Avg Revenue beat(8)-4.91%
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)-6.43%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-3.1%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.03%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.73
P/FCF N/A
P/OCF N/A
P/B 0.98
P/tB 1.12
EV/EBITDA N/A
EPS(TTM)-0.3
EYN/A
EPS(NY)-0.08
Fwd EYN/A
FCF(TTM)-0.1
FCFYN/A
OCF(TTM)-0.1
OCFYN/A
SpS1.92
BVpS1.42
TBVpS1.25
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -41.25%
ROE -62.19%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 56.25%
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-Score3
Asset Turnover0.9
Health
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 1.57%
Cap/Sales 0.19%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 2.85
Quick Ratio 1.99
Altman-Z 1.99
F-Score3
WACC8.49%
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)-222.74%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-600%
EPS Next Y-2%
EPS Next 2Y32.1%
EPS Next 3Y24.18%
EPS Next 5Y22.16%
Revenue 1Y (TTM)5.2%
Revenue growth 3Y20.55%
Revenue growth 5Y24.75%
Sales Q2Q%-0.13%
Revenue Next Year4.89%
Revenue Next 2Y10.45%
Revenue Next 3Y12.05%
Revenue Next 5Y11.04%
EBIT growth 1Y-21.98%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year122.5%
EBIT Next 3Y39.71%
EBIT Next 5YN/A
FCF growth 1Y41.8%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y42.37%
OCF growth 3YN/A
OCF growth 5YN/A