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Astronics' Commercial Exposure Might Not Be So Bad Anymore

Mar. 12, 2023 5:46 AM ETAstronics Corporation (ATRO)2 Comments


  • COVID-19 is still somewhat with us, but it's quite clear people are less scared now and the recovery is happening in commercial aviation.
  • Leisure generally is coming back despite some inflation pressure, and we think that fleets that have shrunk around 20% over the last few years will start to replenish.
  • Backlogs are growing, and general aviation also proves stable, a thesis we've long been following, where Astronics is the first mover in electronics for small airframes.
  • The commercial recovery is what is driving results with lighting, power and other cabin products like in-flight entertainment systems.
  • While the recovery is a good thing, Astronics is involved in mostly pretty commodified markets, and we're just not interested at the current valuation.
  • Looking for a helping hand in the market? Members of The Value Lab get exclusive ideas and guidance to navigate any climate. Learn More »

Airplane seats

gerenme/iStock via Getty Images

Astronics Corporation (NASDAQ:ATRO) makes various implements for cabin lighting and power, as well as electronics systems, for the commercial, military and B&GA markets, but mostly commercial. We think that the commercial recovery has only just started now that people

ATRO aerospace

Aerospace Segment - Products (10-K)

atro military

Aerospace Segment - Markets (10-K)


Test Segment (10-K)

lufthansa fleet age

Current Stats - Lufthansa (Airfleet.net)

Lufthansa fleet age 2019

2019 Stats (Airfleet.net)

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