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Air Transport Services Group NasdaqGS:ATSG Stock Report

Last Price


Market Cap







02 Oct, 2022


Company Financials +
ATSG fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance4/6
Financial Health4/6

ATSG Stock Overview

Air Transport Services Group, Inc., together with its subsidiaries, provides aircraft leasing and air cargo transportation and related services in the United States and internationally.

Air Transport Services Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Air Transport Services Group
Historical stock prices
Current Share PriceUS$24.09
52 Week HighUS$34.54
52 Week LowUS$23.32
1 Month Change-18.45%
3 Month Change-15.00%
1 Year Change-8.05%
3 Year Change19.49%
5 Year Change-1.67%
Change since IPO1,684.44%

Recent News & Updates

Sep 20
With EPS Growth And More, Air Transport Services Group (NASDAQ:ATSG) Makes An Interesting Case

With EPS Growth And More, Air Transport Services Group (NASDAQ:ATSG) Makes An Interesting Case

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...

Aug 20

Air Transport Services: Frantic Travel Disruption Spurs Stock Profit Prospects

As if air travel wasn’t problem free, healthcare concerns have added to Air Transport Services Group’s “opportunities”. 101% of its stock is held by 267 institutions. What may they know that you may not? They know that owning the stock previously when its Reward/Risk ratio was like today’s gained capital at a 129% annual rate, 25 times in the last 5 years. And they know where and when to move on to better investing prospects. But you should learn this one first. Investment Thesis Knowing when and which stocks to own, actively and selectively, provides a continuing series of net capital gain opportunities delivering wealth accumulation or spendable income at rates which are multiples of what market-index ETFs offer. You can know what winning institutions know about capital-building stock situations by listening to what the markets tell as capital is being invested. Because today’s markets pay active investors for being in the right places at the right times. They feed off the indolence of passive-strategy investing buy&holders who frequently pass-up timely points of profitable position liquidation. Increased information technology, communication capabilities, and rapidly evolving competitive practices make this century’s investing markets far more opportune with pricing activity than the 20th century offered. But an active investment strategy requires reasonably-accurate forecasts of what to expect. Fortunately the conditions creating the “hazards” feared by the buy&holders are what provide the needed forecasts. The markets themselves, in their interactions, define what the best-informed professional practitioners see as coming-price limits. In both directions. Instead of forecasts by analysts of what may be hoped for as price/earnings targets to be sought, the markets define ranges within which prices are reasonably being expected. Ranges which warn of currently unmaintainable excesses, and of price depressions unlikely to present buying bargains for long. But if this is not a suitable practice for your situation, continue to ignore it. We are pleased to have your persistent support, rather than competition which might erode our wealth-building competitive productivity. Risk and Reward Balances Among Air Transport Competitors Let’s look at an “Opportunity Set” of comparable companies ranging from most to least attractive to consider in one particular area of activity today – Entertainment. Our best-buy bet is Air Transport Services Group, Inc. (ATSG). Here in Figure 1 is how the markets currently appraise their Reward ~ Risk trade-offs. Figure 1 (used with permission) (used with permission) Upside price rewards are from the behavioral analysis (of what systems require to be done, not of emotional investor errors) by Market-Makers [MMs] as they protect their at-risk capital from possible damaging future price moves. Their potential reward forecasts are measured by the green horizontal scale. The risk dimension is of actual price drawdowns at their most extreme point while being held in previous pursuit of upside rewards similar to the ones currently being seen. They are measured on the red vertical scale. Both scales are of percent change from zero to 25%. Any stock or ETF whose present risk exposure exceeds its reward prospect will be above the dotted diagonal line. Capital-gain attractive to-buy issues are in the directions down and to the right. Our principal interest is in ATSG at location [2]. A "market index" norm of reward~risk tradeoffs is offered by SPY at [8]. Most appealing by this Figure 1 view is ATSG. Description of Subject Company Air Transport Services Group, Inc., together with its subsidiaries, provides aircraft leasing and air cargo transportation and related services in the United States and internationally. The company offers aircraft, flight crews, aircraft maintenance, aircraft hull and liability insurance, and aviation fuel services; and aircraft maintenance and modification services. It provides its services to delivery companies, freight forwarders, airlines, air transportation, e-commerce, package delivery, and logistics industries, as well as government customers. As of December 31, 2021, the company's in-service aircraft fleet consisted of 107 owned aircraft and ten leased aircraft. The company was formerly known as ABX Holdings, Inc. Air Transport Services Group, Inc. was founded in 1980 and is based in Wilmington, Ohio. Source: Yahoo Finance Yahoo Finance These growth estimates have been made by, and are collected from, Wall Street analysts to suggest what conventional methodology currently produces. The typical variations across forecast horizons of different time periods illustrate the difficulty of making value comparisons when the forecast horizon is not clearly defined. The Figure 1 map provides a good visual comparison of the two most important aspects of every equity investment in the short term. There are other aspects of comparison which this map sometimes does not communicate well, particularly when general market perspectives like those of SPY are involved. Where questions of “how likely’ are present other comparative tables, like Figure 2, may be useful. Figure 2 (used with permission) Why do all this math? Figure 2’s purpose is to attempt universally comparable answers, stock by stock, of a) How BIG the prospective price gain payoff may be, b) how LIKELY the payoff will be a profitable experience, c) how SOON it may happen, and d) what price drawdown RISK may be encountered during its holding period. Readers familiar with our analysis methods after quick examination of Figure 2 may wish to skip to the next section viewing price range forecast trends for ATSG. Column headers for Figure 2 define investment-choice preference elements for each row stock whose symbol appears at the left in column [A]. The elements are derived or calculated separately for each stock, based on the specifics of its situation and current-day MM price-range forecasts. Data in red numerals are negative, usually undesirable to “long” holding positions. Table cells with yellow fills are of data for the stocks of principal interest and of all issues at the ranking column, [R]. Cells with pink highlights contain values inadequate or undesirable for capital gain prospects. The price-range forecast limits of columns [B] and [C] get defined by MM hedging actions to protect firm capital required to be put at risk of price changes from volume trade orders placed by big-$ "institutional" clients. The "insurance" costs most economical are in contracts with shorter lives, which is all the MMs need, as their risk exposures usually are curable by ordinary near-term market activities. But that makes for price-range forecasts only of next weeks or months expectations. [E] measures potential upside risks for MM short positions created to fill such orders, and reward potentials for the buy-side positions so created. Prior forecasts like the present provide a history of relevant price draw-down risks for buyers. The most severe ones actually encountered are in [F], during holding periods in effort to reach [E] gains. Those are where buyers are emotionally most likely to accept losses. The Range Index [G] tells where today’s price lies relative to the MM community’s forecast of upper and lower limits of coming prices. Its numeric is the percentage proportion of the full low to high forecast seen below the current market price. [H] tells what proportion of the [L] sample of prior like-balance forecasts have earned gains by either having price reach its [B] target or be above its [D] entry cost at the end of a 3-month max-patience holding period limit. [ I ] gives the net gains-losses of those [L] experiences. What makes ATSG most attractive in the group at this point in time is its ability to produce earnings most consistently at its present operating balance between share price risk and reward, the Range Index [G]. Credibility of the [E] upside prospect as evidenced in the [I] payoff is shown in [N]. Further Reward~Risk tradeoffs involve using the [H] odds for gains with the 100 - H loss odds as weights for N-conditioned [E] and for [F], for a combined-return score [Q]. The typical position holding period [J] on [Q] provides a figure of merit [fom] ranking measure [R] useful in portfolio position preferencing. Figure 2 is row-ranked on [R] among alternative candidate securities, with ATSG in top rank.

Jul 20
Here's Why Air Transport Services Group (NASDAQ:ATSG) Has A Meaningful Debt Burden

Here's Why Air Transport Services Group (NASDAQ:ATSG) Has A Meaningful Debt Burden

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

ATSGUS LogisticsUS Market

Return vs Industry: ATSG exceeded the US Logistics industry which returned -17.5% over the past year.

Return vs Market: ATSG exceeded the US Market which returned -23.2% over the past year.

Price Volatility

Is ATSG's price volatile compared to industry and market?
ATSG volatility
ATSG Average Weekly Movement4.7%
Logistics Industry Average Movement5.6%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: ATSG is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: ATSG's weekly volatility (5%) has been stable over the past year.

About the Company

19805,280Rich Corrado

Air Transport Services Group, Inc., together with its subsidiaries, provides aircraft leasing and air cargo transportation and related services in the United States and internationally. The company offers aircraft, flight crews, aircraft maintenance, aircraft hull and liability insurance, and aviation fuel services; and aircraft maintenance and modification services, including airframe modification and heavy maintenance, component repairs, engineering services, and aircraft line maintenance. It also provides equipment maintenance services; cargo load transfer and package sorting services; crew training services; and airline express operation, line and heavy maintenance, and ground handling services.

Air Transport Services Group Fundamentals Summary

How do Air Transport Services Group's earnings and revenue compare to its market cap?
ATSG fundamental statistics
Market CapUS$1.78b
Earnings (TTM)US$210.83m
Revenue (TTM)US$1.94b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ATSG income statement (TTM)
Cost of RevenueUS$1.14b
Gross ProfitUS$807.44m
Other ExpensesUS$596.61m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)2.85
Gross Margin41.54%
Net Profit Margin10.85%
Debt/Equity Ratio96.4%

How did ATSG perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


Is ATSG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ATSG?

Other financial metrics that can be useful for relative valuation.

ATSG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.6x
Enterprise Value/EBITDA5.1x
PEG Ratio2x

Price to Earnings Ratio vs Peers

How does ATSG's PE Ratio compare to its peers?

ATSG PE Ratio vs Peers
The above table shows the PE ratio for ATSG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11.8x
FWRD Forward Air
HUBG Hub Group
AAWW Atlas Air Worldwide Holdings
GXO GXO Logistics
ATSG Air Transport Services Group

Price-To-Earnings vs Peers: ATSG is good value based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (11.8x).

Price to Earnings Ratio vs Industry

How does ATSG's PE Ratio compare vs other companies in the Global Logistics Industry?

Price-To-Earnings vs Industry: ATSG is good value based on its Price-To-Earnings Ratio (8.4x) compared to the Global Logistics industry average (12.9x)

Price to Earnings Ratio vs Fair Ratio

What is ATSG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ATSG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.4x
Fair PE Ratio11.2x

Price-To-Earnings vs Fair Ratio: ATSG is good value based on its Price-To-Earnings Ratio (8.4x) compared to the estimated Fair Price-To-Earnings Ratio (11.2x).

Share Price vs Fair Value

What is the Fair Price of ATSG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ATSG ($24.09) is trading below our estimate of fair value ($184.71)

Significantly Below Fair Value: ATSG is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Air Transport Services Group forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ATSG's forecast earnings growth (4.2% per year) is above the savings rate (1.9%).

Earnings vs Market: ATSG's earnings (4.2% per year) are forecast to grow slower than the US market (14.8% per year).

High Growth Earnings: ATSG's earnings are forecast to grow, but not significantly.

Revenue vs Market: ATSG's revenue (6.3% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: ATSG's revenue (6.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if ATSG's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Air Transport Services Group performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ATSG has high quality earnings.

Growing Profit Margin: ATSG's current net profit margins (10.8%) are higher than last year (7.5%).

Past Earnings Growth Analysis

Earnings Trend: ATSG has become profitable over the past 5 years, growing earnings by 34.9% per year.

Accelerating Growth: ATSG's earnings growth over the past year (77.7%) exceeds its 5-year average (34.9% per year).

Earnings vs Industry: ATSG earnings growth over the past year (77.7%) underperformed the Logistics industry 77.7%.

Return on Equity

High ROE: ATSG's Return on Equity (14.9%) is considered low.

Discover strong past performing companies

Financial Health

How is Air Transport Services Group's financial position?

Financial Health Score


Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: ATSG's short term assets ($389.6M) exceed its short term liabilities ($328.3M).

Long Term Liabilities: ATSG's short term assets ($389.6M) do not cover its long term liabilities ($1.7B).

Debt to Equity History and Analysis

Debt Level: ATSG's net debt to equity ratio (93%) is considered high.

Reducing Debt: ATSG's debt to equity ratio has reduced from 188.8% to 96.4% over the past 5 years.

Debt Coverage: ATSG's debt is well covered by operating cash flow (38.7%).

Interest Coverage: ATSG's interest payments on its debt are well covered by EBIT (7.2x coverage).

Balance Sheet

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What is Air Transport Services Group current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Air Transport Services Group Dividend Yield vs Market
How does Air Transport Services Group dividend yield compare to the market?
SegmentDividend Yield
Company (Air Transport Services Group)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Logistics)3.2%
Analyst forecast in 3 Years (Air Transport Services Group)n/a

Notable Dividend: Unable to evaluate ATSG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ATSG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ATSG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ATSG's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ATSG has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Rich Corrado (62 yo)





Mr. Richard F. Corrado, also known as Rich, is the President of Air Transport Services Group, Inc., since September 16, 2019 and serves as its Chief Executive Officer and Director since May 7, 2020. Mr. Co...

CEO Compensation Analysis

Rich Corrado's Compensation vs Air Transport Services Group Earnings
How has Rich Corrado's remuneration changed compared to Air Transport Services Group's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021US$3mUS$689k


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020US$2mUS$650k


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019US$2mUS$537k


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019n/an/a


Dec 31 2018US$1mUS$485k


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018n/an/a


Dec 31 2017US$1mUS$373k


Sep 30 2017n/an/a


Jun 30 2017n/an/a


Mar 31 2017n/an/a


Dec 31 2016US$1mUS$313k


Sep 30 2016n/an/a


Jun 30 2016n/an/a


Mar 31 2016n/an/a


Dec 31 2015US$874kUS$294k


Compensation vs Market: Rich's total compensation ($USD2.60M) is below average for companies of similar size in the US market ($USD5.58M).

Compensation vs Earnings: Rich's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: ATSG's management team is seasoned and experienced (5.1 years average tenure).

Board Members

Experienced Board: ATSG's board of directors are considered experienced (4.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: ATSG insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NasdaqGS:ATSG Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
20 Sep 22BuyUS$3,899Jeffrey VorholtIndividual150US$25.99
22 Jun 22BuyUS$10,457Jeffrey VorholtIndividual357US$29.29
03 Jun 22SellUS$120,491Deborah LovelessIndividual3,852US$31.28
20 May 22BuyUS$8,799Jeffrey VorholtIndividual300US$29.33
10 May 22BuyUS$9,973Raymond JohnsIndividual335US$29.77
10 May 22BuyUS$30,570Joseph HeteIndividual1,000US$30.57
25 Mar 22BuyUS$65,877Jeffrey VorholtIndividual2,000US$32.94
16 Mar 22SellUS$230,232Michael BergerIndividual7,240US$31.80
11 Mar 22SellUS$102,026James PradettoIndividual3,242US$31.47
16 Dec 21SellUS$97,616Deborah LovelessIndividual3,453US$28.27
30 Nov 21BuyUS$24,899Quint TurnerIndividual992US$25.10
30 Nov 21BuyUS$998,482David SoaperIndividual40,000US$24.97

Ownership Breakdown

What is the ownership structure of ATSG?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,766,8212.3%
Public Companies14,428,44519.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 83.11% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
19.52%, Inc.
14,428,445$347.6m0%no data
River Road Asset Management, LLC
The Vanguard Group, Inc.
6,179,345$148.9m-3.14%no data
BlackRock, Inc.
3,819,620$92.0m-1.82%no data
Dimensional Fund Advisors LP
Barrow, Hanley, Mewhinney & Strauss, LLC
U.S. Global Investors, Inc.
Driehaus Capital Management LLC
State Street Global Advisors, Inc.
1,507,372$36.3m0.18%no data
J.P. Morgan Asset Management, Inc.
Bernzott Capital Advisors
Macquarie Investment Management Business Trust
American Beacon Advisors, Inc.
Sycale Advisors (NY) LLC
Geode Capital Management, LLC
1,065,450$25.7m-0.88%no data
Private Capital Management, LLC
Raymond James Financial Inc., Asset Management Arm
Redwood Investments, LLC
Invesco Ltd.
Charles Schwab Investment Management, Inc.
656,596$15.8m0.87%no data
Bank of America Corporation, Asset Management Arm
Thompson, Siegel & Walmsley LLC
Nuveen Investments, Inc.
American Century Investment Management Inc

Company Information

Air Transport Services Group, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Air Transport Services Group, Inc.
  • Ticker: ATSG
  • Exchange: NasdaqGS
  • Founded: 1980
  • Industry: Air Freight and Logistics
  • Sector: Transportation
  • Implied Market Cap: US$1.781b
  • Shares outstanding: 73.93m
  • Website:

Number of Employees


  • Air Transport Services Group, Inc.
  • 145 Hunter Drive
  • Wilmington
  • Ohio
  • 45177
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATSGNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJul 2003
AW8DB (Deutsche Boerse AG)YesCommon StockDEEURJul 2003
ATSG *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNJul 2003

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.