A Business at a Glance
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Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to the “Company,” “AirSculpt,” “we,” “us” and “our” refer to AirSculpt Technologies, Inc. and its consolidated subsidiaries and the Professional Associations (as defined hereinafter). Our Company AirSculpt is a next-generation body contouring treatment designed to optimize both comfort and precision, available exclusively at AirSculpt offices. The minimally invasive procedure removes fat and tightens skin, while sculpting targeted areas of the body, allowing for quick healing with minimal bruising, tighter skin, and precise results. We believe our treatment results and elite patient experience have positioned AirSculpt as a preferred body contouring brand. We performed 14,036 body contouring procedures in 2024.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 158M | 180M | 196M | 169M | 133M | 63M |
| Net Income | -18M | -8.3M | -4.5M | -15M | 11M | 7.6M |
| EPS | $-0.30 | $-0.14 | $-0.08 | $-0.26 | $-0.01 | $0.14 |
| Free Cash Flow | 2.5M | -2.7M | 14M | 12M | 20M | 10M |
| ROIC | -8.7% | -1.3% | -9.7% | -3.1% | 10.9% | 6.9% |
| Gross Margin | - | 60.4% | 62.2% | 62.8% | 66.6% | 62.6% |
| Debt/Equity | 0.69 | 0.88 | 0.85 | 1.18 | 0.99 | 0.26 |
| Dividends/Share | $0.00 | $0.00 | $0.01 | $0.41 | - | - |
| Operating Income | -15M | -1.8M | 9.5M | -4.5M | 16M | 10M |
| Operating Margin | -9.3% | -1.0% | 4.8% | -2.7% | 11.8% | 16.0% |
| ROE | -21.9% | -10.1% | -5.3% | -20.7% | 12.6% | 6.1% |
| Shares Outstanding | 62M | 59M | 56M | 56M | 56M | 56M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 63M | 133M | 169M | 196M | 180M | 158M |
| Gross Margin | 62.6% | 66.6% | 62.8% | 62.2% | 60.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 10M | 16M | -4.5M | 9.5M | -1.8M | -15M |
| Op. Margin | 16.0% | 11.8% | -2.7% | 4.8% | -1.0% | -9.3% |
| Net Income | 7.6M | 11M | -15M | -4.5M | -8.3M | -18M |
| Net Margin | 12.1% | 7.9% | -8.7% | -2.3% | -4.6% | -11.4% |
| Non-Recurring | 0 | 0 | -147K | 212K | -16K | -16K |
| Returns on Capital | ||||||
| ROIC | 6.9% | 10.9% | -3.1% | -9.7% | -1.3% | -8.7% |
| ROE | 6.1% | 12.6% | -20.7% | -5.3% | -10.1% | -21.9% |
| ROA | 4.2% | 5.3% | -7.3% | -2.2% | -4.0% | -9.7% |
| Cash Flow | ||||||
| Op. Cash Flow | 14M | 27M | 24M | 24M | 11M | 8.3M |
| Free Cash Flow | 10M | 20M | 12M | 14M | -2.7M | 2.5M |
| Owner Earnings | 8.0M | 13M | -13M | -4.5M | -4.3M | -7.3M |
| CapEx | 3.7M | 7.1M | 13M | 9.9M | 14M | 5.9M |
| Maint. CapEx | 5.6M | 6.6M | 8.1M | 10M | 12M | 12M |
| Growth CapEx | 0 | 519K | 4.9M | 0 | 2.1M | 0 |
| D&A | 5.6M | 6.6M | 8.1M | 10M | 12M | 12M |
| CapEx/OCF | N/A | 26.7% | 52.9% | 41.4% | 123.4% | 70.4% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 23M | 385K | 252K | 0 |
| Dividend Yield | N/A | N/A | 4.7% | 0.1% | 0.1% | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 325K | 7.2M | 29M | 18M | 3.8M | 3.8M |
| Debt Repayment | 0 | 0 | 0 | 0 | 136K | 136K |
| Balance Sheet | ||||||
| Net Debt | 22M | 57M | 74M | 61M | 61M | 52M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 5.4M |
| Long-Term Debt | 32M | 82M | 81M | 70M | 65M | 65M |
| Debt/Equity | 0.26 | 0.99 | 1.18 | 0.85 | 0.88 | 0.69 |
| Interest Coverage | 4.1 | 3.2 | -0.7 | 1.5 | -0.3 | -0.3 |
| Equity | 124M | 84M | 71M | 84M | 79M | 82M |
| Total Assets | 180M | 201M | 201M | 204M | 210M | 186M |
| Total Liabilities | 56M | 117M | 130M | 120M | 131M | 104M |
| Intangibles | 82M | 82M | 82M | 82M | 82M | 82M |
| Retained Earnings | N/A | -393K | -15M | -20M | -28M | -28M |
| Working Capital | 2.1M | 13M | -5.6M | -4.4M | -11M | -11M |
| Current Assets | 12M | 29M | 17M | 16M | 17M | 17M |
| Current Liabilities | 9.5M | 16M | 22M | 20M | 29M | 29M |
| Per Share Data | ||||||
| EPS | 0.14 | -0.01 | -0.26 | -0.08 | -0.14 | -0.30 |
| Owner EPS | 0.14 | 0.23 | -0.23 | -0.08 | -0.07 | -0.12 |
| Book Value | 2.22 | 1.48 | 1.25 | 1.50 | 1.35 | 1.32 |
| Cash Flow/Share | 0.25 | 0.47 | 0.43 | 0.43 | 0.19 | -0.10 |
| Dividends/Share | N/A | N/A | 0.41 | 0.01 | 0.00 | 0.00 |
| Shares Out. | 55.6M | 56.4M | 56.5M | 56.0M | 58.9M | 62.4M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | -8.7 |
| P/FCF | N/A | 42.8 | 16.7 | 30.0 | N/A | 66.3 |
| EV/EBIT | N/A | 56.6 | N/A | 50.8 | N/A | N/A |
| Price/Book | N/A | 10.0 | 2.7 | 5.0 | 4.1 | 2.0 |
| Price/Sales | N/A | 5.6 | 2.9 | 1.9 | 1.8 | 1.0 |
| FCF Yield | N/A | 2.3% | 6.0% | 3.3% | -0.8% | 1.5% |
| Market Cap | N/A | 836M | 192M | 420M | 329M | 164M |
| Avg. Price | N/A | 13.15 | 8.82 | 6.57 | 5.51 | 2.62 |
| Year-End Price | N/A | 14.82 | 3.40 | 7.51 | 5.58 | 2.62 |
Airsculpt Technologies, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 66.3x vs a median of 30.0x. The company's 5-year average ROIC is 0.7% with a gross margin of 62.9%. Total shareholder yield (dividends) is 0.2%. At current prices, the estimated annualized return to fair value is -31.8%.
Airsculpt Technologies, Inc. (AIRS) has a 5-year average return on invested capital (ROIC) of 0.7%. This is below average and may indicate limited pricing power.
Airsculpt Technologies, Inc. (AIRS) has a market capitalization of $164M. It is classified as a small-cap stock.
Yes, Airsculpt Technologies, Inc. (AIRS) pays a dividend with a trailing twelve-month yield of 0.16%.
Airsculpt Technologies, Inc. (AIRS) operates in the Services-Offices & Clinics Of Doctors Of Medicine industry, within the Healthcare sector.
Airsculpt Technologies, Inc. (AIRS) reported annual revenue of $180 million in its most recent fiscal year, based on SEC EDGAR filings.
Airsculpt Technologies, Inc. (AIRS) has a net profit margin of -4.6%. The company is currently unprofitable.
Airsculpt Technologies, Inc. (AIRS) generated $-3 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Airsculpt Technologies, Inc. (AIRS) has a debt-to-equity ratio of 0.88. This indicates moderate leverage.
Airsculpt Technologies, Inc. (AIRS) reported earnings per share (EPS) of $-0.14 in its most recent fiscal year.
Airsculpt Technologies, Inc. (AIRS) has a return on equity (ROE) of -10.1%. A negative ROE may indicate losses or negative equity.
Airsculpt Technologies, Inc. (AIRS) has a 5-year average gross margin of 62.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Airsculpt Technologies, Inc. (AIRS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Airsculpt Technologies, Inc. (AIRS) has a book value per share of $1.35, based on its most recent annual SEC filing.