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AIRTHINGS ASA (AIRX.OL) Stock Fundamental Analysis

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

1.15  -0.15 (-11.54%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to AIRX. AIRX was compared to 51 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 quite expensive at the moment. It does show a decent growth rate.


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.
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

With a Return On Assets value of -41.25%, AIRX is not doing good in the industry: 86.27% of the companies in the same industry are doing better.
AIRX has a worse Return On Equity (-62.19%) than 80.39% 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

The Gross Margin of AIRX (56.25%) is better than 74.51% of its industry peers.
AIRX's Gross Margin has declined in the last couple of years.
The Profit Margin and Operating Margin are not available for AIRX so they could not be analyzed.
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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4

2. Health

2.1 Basic Checks

AIRX does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, AIRX has about the same amount of shares outstanding.
The number of shares outstanding for AIRX has been increased compared to 5 years ago.
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

Based on the Altman-Z score of 1.77, we must say that AIRX is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.77, AIRX is doing worse than 64.71% of the companies in the same industry.
A Debt/Equity ratio of 0.08 indicates that AIRX is not too dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.08, AIRX belongs to the best of the industry, outperforming 86.27% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF N/A
Altman-Z 1.77
ROIC/WACCN/A
WACC8.02%
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 2.85. This indicates that AIRX is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of AIRX (2.85) is better than 88.24% of its industry peers.
AIRX has a Quick Ratio of 1.99. 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 Quick ratio of 1.99. This is amongst the best in the industry. AIRX outperforms 84.31% 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

AIRX shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -222.74%.
AIRX shows a small growth in Revenue. In the last year, the Revenue has grown by 5.20%.
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

AIRX is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 22.16% yearly.
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

AIRX reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
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 10 -10 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 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

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

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AIRTHINGS ASA

OSL:AIRX (5/28/2025, 7:00:00 PM)

1.15

-0.15 (-11.54%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryElectronic Equipment, Instruments & Components
Earnings (Last)02-06 2025-02-06/bmo
Earnings (Next)05-28 2025-05-28
Inst Owners11.34%
Inst Owner ChangeN/A
Ins Owners8.08%
Ins Owner ChangeN/A
Market Cap229.19M
Analysts82.22
Price Target2.72 (136.52%)
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)3.56%
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)N/A
Revenue NY rev (1m)0.05%
Revenue NY rev (3m)-1.03%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.59
P/FCF N/A
P/OCF N/A
P/B 0.79
P/tB 0.9
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
SpS1.96
BVpS1.45
TBVpS1.28
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 1.77
F-Score3
WACC8.02%
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