On this page of StockholderLetter.com we present the latest annual shareholder letter from ASTRONICS CORP — ticker symbol ATRO. Reading current and past ATRO letters to shareholders can bring important insights into the investment thesis.














2324  566789
34567894  46 4  5    76   4    674         84   8     
75 6   944978 6959    98  45694   95   67 8     
9887 59   5   87 7    47  59784       
     76   49      49     95   457  64   985 6 598   7 6   66    7     
 7  6   788 5995     9  59  8    456 5 64   98569764   8     
545  5 87 7 94  57  47    7          8  4   






76  7 6  !"    64              9 6   6 59      
 457  6  7 4   47  59784   95     5978    64 7849 8 44   
#7        7      96   6       8   5 664    96 98 4    9 95 6    6 8 4     
7   5978   8564   8   765 8   !""  7   894  6    78    
7 6  7    76 59   4 9695   8   9887 5978   
$ 6  456 5    94  57  986 4               7 98   5 87 7 94   8       9 9594    
5 5   679    9887 59   47  59784  57  7 6  5 6  5     6 54
0102  456  57  8987    85        6  7  6   4     57     6  98   87 6   5  
 878 8          6 7866           8    57 8    76 687         98   56   8   85   
     8668        75 7    7  5  6  7           5 8   4      865  6 8   6     
   87        010      
    7   0102       6       5 7   8 5 8     8    8   5 8               9    
     98    57   8    88   7 98    5 8    47     7 5  7     8 58   5 8   
6  8   85 6     5  88 5 7     6    866 8         8  65 8    8    5 !8  
  7    76   8 5 78   6  7   57    6  8    8 57    8 5 78            
"8   5   6586     #$%  2      7   5  & '   7  8568   98    8          85        8 5 7    7   8  456  #0(        7         
     98    98    8    8 5 7    66   7  010)     * 4898    48   5   5  78   66       8   85      #&( 0      7       #+1 2(,   8   
6 5 8     8     5   57 8     78 5 98  -  .  5 /6 876  57    8    6     4    8 757  7 6     0  ! 7    56   868  
 6686   5 /68   78   7   8&  456  #)1 &      7       #& 1%   8   6 5 8           #0 (      7       #1 11   8   6 5 8    7  
010)       
"8   8   8   5 /68   234  &     #%(        7   7  0102   5  $2'       98 87   98    8  #   (      7   8   8    7  
010)       /68   234     5   7&  85 57 8   211   56 6     76     &0 &'       8   85   57   456  &  &'   7   8        
  5 8      "8  56    878 58   #)1 (      7   7   56    7  0102      4      #0( 2      7  456   878 58    7   8        
  5 8          
4 8       98    5   76  57    56    4  5 8    6  98   7   5  76   5   8    6 7866   6   85     57    8  7 7           
5 8    8    6    7      8  56  84   85 6     
"8   8 757 8         8     6   7  6       0102   5! 7   5 9575 8     57       98   87  7   879   7 87  57        
     98     8 5 7    8    57 8     "8       6   5 5 7   7  7 98  8        66 7   5  #&(       7    798   8    7    
7 8     85     5    87 5   78 5 98  8 5     7    7  5   7    77 7    587   7  7 8 87   568     4 8  8987 5  
/  8 87   4       5 8       7  85    010    456  98           7       59      7  5    8     7    5  87      7     
#&0      7            48 7   8  8 5  76    7 7 8   
4 8  78   86    6   5  48  5 8     8        5     5  5 98     5    57  5  57     8     8   7   8  56   98   85 6   4    
5   557 8  6 88   5  6    6          6       8   57         7  86   7    7     6       
"8   57   5  5  85 87    86   7   8   57 8     #)       7     #21      7   7  010      :5  5   7986 87   56   887  
  76 5 78        8  56  6898 5   85 6  57   48   598  6  8   5   7                      75    48  5 8  4  ! 7    7  
 8 5 7   5 5          98 876   5  5 8  78 8665       5       58   8     4   48  85 8    98    8  785  6898 5  
 85 6       
     5           7   586  5 8   7  856 7   57   5    5     95  7   6            987      898       8     6  8    8 57      
4  6   56  56   8      6  7   5 8  5 !8  5  9     56  5   786   8 86    8    886  4       8 7    586              6   6  
           6  7  6       
    /68   78   7   8   5 /68   234    57   5 /68   234     5   7  5 8  7 78-  .   757  5   8   6     .8568  688   8  
 8  7   5  7     -  .     7 78-  .   757  5   856 86    4 7     6  8 8
012  45674  89  87  9 7256  825 4 928  52 78   727  1                     5674   92  87   6852   5225 8  52 78   727  
1         752  9 72   752     67   14 744   78  45674   727  9    52! 566    
"52 78   9275484  566   92  8747  827  4  89  9 8 17     87   752   18127      29   !  4829 !  856   4   92  912   14 744   
TUV TUW TUU TUX TUY

TUV
TUW
TUU
TUX
TUY
#7  969!     9 589   4  58  87  7528  9   566   7  9  58  $4829  4   5     7  527  5  5   !  9   47 7256   29!25 4  858  
527  87  274168  9   912  274 9 4 7 744   2758 8   5    7 ! 772 !  7% 72847     &7    7487  8291!  87   5  7   9   
5   1  72  9    7    29!25 4  858   66  9 82 187  75  ! 166   89  912  41 744     87   752   18127       
012  #748   14 744   9   5  '  (   669   9 8258           89   29  7  87  8748  496189    92  )*+  -./.  012345  7%87 4 7  
25 !7  9   25 9  9 1  589   7  74     #7   29!25   9 82 187   5  29% 5876   '6   669      27 7 17            92  
7 ! 772 !  7 769  7 8   7156 589    5    69   2587   856   29 189      &7  7% 78  89   7!    961 7   29 189   
65872        (       
&7  5 7  5649  5 7  !99    29!2744  9   912  9 8258   92  87  8     $2    918127  :9 !  ;5 !7  $445168  $225 8  <=>?@00AB   
9872 47    9    54  87  C766  DE F      # 4   29 474  89   7  5  4!  5 8   29!25    92  $4829  4     & 67  87  
7 769  7 8  485!7  4  7% 787   89  !7 72587  5  29% 5876   'G    669   89  'G(   669   9 72  87   7%8  91 67  9   
 7524    7  7% 78   7   66  5 7  9 72  '    669      4  478  9 87 8  9 7      29 189    5 9 !  87  !748     912  
4892      H29898  74  527  7% 787   89   6         G  5    69   2587   856   29 189   4  7% 787  89   7!         F   8  
 29 189   25874   2754 !  9 72  8 7     #7  DE F   4  7% 787   89  27 657  87  8IEG   C65 5    769 872     #7  
8     $2    54  9 72            84   6778  5    9 72  (      5 7   77    168  4 7  84   829 189       6J6   
&7  5  91 7    5            858   918 748  5   476787  912   7 6   74! 7   K"H0&K;L  86825:87  M   H9 72  
  487      # 4  4 487    29  74  G &  8 C  #  7EN  5       (&  #  7  $  8 C   52! !   9284  58  7 72    5447 !72  4758     
: 7   918 748    5229 E 9    9 7258924  5291    87   926  5 7  7 814548566   7  257   87  4 487      O 61  !  
/PQ)*R+5)45   65 4   8727  527   9   9 72    (     5229 E 9    5225 8  9 887   89   48566589 4  5    1  27 4  
56275       9 72589    8  87  86825:87  M      012  4 487    95484  5       89       27 189       7!8  9  527    8  
 27 914  !7 72589   4 487 4   41  928 !  526 74S  7  9284  89  27 17  52 9   7 449 4   
#747   29!25 4   5    98724  6 7  87     9 8  89  5   29 4 !   18127   92  $4829  4   5     7   66  9 8 17  89    9 587  
5    5 8127  927  9 87 8  9       !  5225 8   658 92 4  89  2 7  92!5    !29 8
01  134156  7879     1      1           1           6   5      01  1 61 1   6 1   1     6       15     1        5         
 9   7                            1  !  5    1    6   6 1        4  6 1    5  "15    5  6       1    1  
1341 1 5  !    1          6      5    1 51      1   6  6    6  6 1   1         
#     6    1 1  1  134156 6        $78        6    $%8         5 !   6  6 1     4  6!       1     %&   5 1  1  
  1   787'    1      01     1   11     1   1    1       6       77&    1   6 1    6  6  11   1   !       1  11 1  6  6  6 1  
   1   1      1      6     61  1341561        7879             6    46 (1                   5   41       51     
     1  5       6           151 6      01       134156  6  6  4 5     6 6 1   1     1   41 1 61      1     4  6 1  
  56        6 1   1    4    1  1      01  134156  6  6       4   6  6             6        61     61  6       1    
01  11 1  1    1   16           1     1        7879   
                        44  6         1 6 1 6       6   5        
) 51 1 !  


*161   +   ,   1       
-      !  * 1  1 6       -.#  
 4    !  7879  
/      6    6    14  6        5    1  6       55     51   6    1 1      551461    55   6    4  541 !      ,  *!  
  6   5   4    1     0 61   1  ",  *        6           6           6         6    41  6     1  6      
21 1 1 51   6     0 61   1  ",  *        6      1  6      ",  *      5    1   1        1 1   1   1     1    6  
 13  1    !      55     51   6 !           61   6 1     !  ,  *            1     1 1 6           ",  *      5   
 1   1    1       6 1   5  4  1        6   5        1 1 6   1   6 1 1   1   1         1 1     6 1      5   
 1  6         6   5           16  4       4  4  1                     41  6              5    15         
4    1 1 6  11 1   6  6  4        6 1 1     ",  *      5    1   1   6     1 6   !          441 1 6  6   ,  *  
    5    1   1 !   14    1 6     1    61    6   5   5  1   41  6             5   41       51          1    
6 1     5    61 6   6             1 1 6  1    61    5   41       51       6 1
 • shareholder letter icon 4/9/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 ATRO Stockholder Letter
 • stockholder letter icon 3/26/2024 ATRO Stockholder Letter
 • stockholder letter icon More "Aerospace & Defense" Category Stockholder Letters
 • Benford's Law Stocks icon ATRO Benford's Law Stock Score = 87


ATRO Shareholder/Stockholder Letter Transcript:















2324  566789       

34567894  46 4  5    76   4    674         84   8     
75 6   944978 6959    98  45694   95   67 8     
9887 59   5   87 7    47  59784       
     76   49      49     95   457  64   985 6 598   7 6   66    7     
 7  6   788 5995     9  59  8    456 5 64   98569764   8     
545  5 87 7 94  57  47    7          8  4   






76  7 6  !"    64              9 6   6 59      
 457  6  7 4   47  59784   95     5978    64 7849 8 44   
#7        7      96   6       8   5 664    96 98 4    9 95 6    6 8 4     
7   5978   8564   8   765 8   !""  7   894  6    78    
7 6  7    76 59   4 9695   8   9887 5978   
$ 6  456 5    94  57  986 4               7 98   5 87 7 94   8       9 9594    
5 5   679    9887 59   47  59784  57  7 6  5 6  5     6 54   

0102  456  57  8987    85        6  7  6   4     57     6  98   87 6   5  
 878 8          6 7866           8    57 8    76 687         98   56   8   85   
     8668        75 7    7  5  6  7           5 8   4      865  6 8   6     
   87        010      
    7   0102       6       5 7   8 5 8     8    8   5 8               9    
     98    57   8    88   7 98    5 8    47     7 5  7     8 58   5 8   
6  8   85 6     5  88 5 7     6    866 8         8  65 8    8    5 !8  
  7    76   8 5 78   6  7   57    6  8    8 57    8 5 78            
"8   5   6586     #$%  2      7   5  & '   7  8568   98    8          85        8 5 7    7   8  456  #0(        7         
     98    98    8    8 5 7    66   7  010)     * 4898    48   5   5  78   66       8   85      #&( 0      7       #+1 2(,   8   
6 5 8     8     5   57 8     78 5 98  -  .  5 /6 876  57    8    6     4    8 757  7 6     0  ! 7    56   868  
 6686   5 /68   78   7   8&  456  #)1 &      7       #& 1%   8   6 5 8           #0 (      7       #1 11   8   6 5 8    7  
010)       
"8   8   8   5 /68   234  &     #%(        7   7  0102   5  $2'       98 87   98    8  #   (      7   8   8    7  
010)       /68   234     5   7&  85 57 8   211   56 6     76     &0 &'       8   85   57   456  &  &'   7   8        
  5 8      "8  56    878 58   #)1 (      7   7   56    7  0102      4      #0( 2      7  456   878 58    7   8        
  5 8          
4 8       98    5   76  57    56    4  5 8    6  98   7   5  76   5   8    6 7866   6   85     57    8  7 7           
5 8    8    6    7      8  56  84   85 6     
"8   8 757 8         8     6   7  6       0102   5! 7   5 9575 8     57       98   87  7   879   7 87  57        
     98     8 5 7    8    57 8     "8       6   5 5 7   7  7 98  8        66 7   5  #&(       7    798   8    7    
7 8     85     5    87 5   78 5 98  8 5     7    7  5   7    77 7    587   7  7 8 87   568     4 8  8987 5  
/  8 87   4       5 8       7  85    010    456  98           7       59      7  5    8     7    5  87      7     
#&0      7            48 7   8  8 5  76    7 7 8   
4 8  78   86    6   5  48  5 8     8        5     5  5 98     5    57  5  57     8     8   7   8  56   98   85 6   4    
5   557 8  6 88   5  6    6          6       8   57         7  86   7    7     6       
"8   57   5  5  85 87    86   7   8   57 8     #)       7     #21      7   7  010      :5  5   7986 87   56   887  
  76 5 78        8  56  6898 5   85 6  57   48   598  6  8   5   7                      75    48  5 8  4  ! 7    7  
 8 5 7   5 5          98 876   5  5 8  78 8665       5       58   8     4   48  85 8    98    8  785  6898 5  
 85 6       
     5           7   586  5 8   7  856 7   57   5    5     95  7   6            987      898       8     6  8    8 57      
4  6   56  56   8      6  7   5 8  5 !8  5  9     56  5   786   8 86    8    886  4       8 7    586              6   6  
           6  7  6       
    /68   78   7   8   5 /68   234    57   5 /68   234     5   7  5 8  7 78-  .   757  5   8   6     .8568  688   8  
 8  7   5  7     -  .     7 78-  .   757  5   856 86    4 7     6  8 8        


012  45674  89  87  9 7256  825 4 928  52 78   727  1                     5674   92  87   6852   5225 8  52 78   727  
1         752  9 72   752     67   14 744   78  45674   727  9    52! 566    
"52 78   9275484  566   92  8747  827  4  89  9 8 17     87   752   18127      29   !  4829 !  856   4   92  912   14 744   
TUV TUW TUU TUX TUY

TUV
TUW
TUU
TUX
TUY
#7  969!     9 589   4  58  87  7528  9   566   7  9  58  $4829  4   5     7  527  5  5   !  9   47 7256   29!25 4  858  
527  87  274168  9   912  274 9 4 7 744   2758 8   5    7 ! 772 !  7% 72847     &7    7487  8291!  87   5  7   9   
5   1  72  9    7    29!25 4  858   66  9 82 187  75  ! 166   89  912  41 744     87   752   18127       
012  #748   14 744   9   5  '  (   669   9 8258           89   29  7  87  8748  496189    92  )*+  -./.  012345  7%87 4 7  
25 !7  9   25 9  9 1  589   7  74     #7   29!25   9 82 187   5  29% 5876   '6   669      27 7 17            92  
7 ! 772 !  7 769  7 8   7156 589    5    69   2587   856   29 189      &7  7% 78  89   7!    961 7   29 189   
65872        (       
&7  5 7  5649  5 7  !99    29!2744  9   912  9 8258   92  87  8     $2    918127  :9 !  ;5 !7  $445168  $225 8  <=>?@00AB   
9872 47    9    54  87  C766  DE F      # 4   29 474  89   7  5  4!  5 8   29!25    92  $4829  4     & 67  87  
7 769  7 8  485!7  4  7% 787   89  !7 72587  5  29% 5876   'G    669   89  'G(   669   9 72  87   7%8  91 67  9   
 7524    7  7% 78   7   66  5 7  9 72  '    669      4  478  9 87 8  9 7      29 189    5 9 !  87  !748     912  
4892      H29898  74  527  7% 787   89   6         G  5    69   2587   856   29 189   4  7% 787  89   7!         F   8  
 29 189   25874   2754 !  9 72  8 7     #7  DE F   4  7% 787   89  27 657  87  8IEG   C65 5    769 872     #7  
8     $2    54  9 72            84   6778  5    9 72  (      5 7   77    168  4 7  84   829 189       6J6   
&7  5  91 7    5            858   918 748  5   476787  912   7 6   74! 7   K"H0&K;L  86825:87  M   H9 72  
  487      # 4  4 487    29  74  G &  8 C  #  7EN  5       (&  #  7  $  8 C   52! !   9284  58  7 72    5447 !72  4758     
: 7   918 748    5229 E 9    9 7258924  5291    87   926  5 7  7 814548566   7  257   87  4 487      O 61  !  
/PQ)*R+5)45   65 4   8727  527   9   9 72    (     5229 E 9    5225 8  9 887   89   48566589 4  5    1  27 4  
56275       9 72589    8  87  86825:87  M      012  4 487    95484  5       89       27 189       7!8  9  527    8  
 27 914  !7 72589   4 487 4   41  928 !  526 74S  7  9284  89  27 17  52 9   7 449 4   
#747   29!25 4   5    98724  6 7  87     9 8  89  5   29 4 !   18127   92  $4829  4   5     7   66  9 8 17  89    9 587  
5    5 8127  927  9 87 8  9       !  5225 8   658 92 4  89  2 7  92!5    !29 8     

01  134156  7879     1      1           1           6   5      01  1 61 1   6 1   1     6       15     1        5         
 9   7                            1  !  5    1    6   6 1        4  6 1    5  "15    5  6       1    1  
1341 1 5  !    1          6      5    1 51      1   6  6    6  6 1   1         
#     6    1 1  1  134156 6        $78        6    $%8         5 !   6  6 1     4  6!       1     %&   5 1  1  
  1   787'    1      01     1   11     1   1    1       6       77&    1   6 1    6  6  11   1   !       1  11 1  6  6  6 1  
   1   1      1      6     61  1341561        7879             6    46 (1                   5   41       51     
     1  5       6           151 6      01       134156  6  6  4 5     6 6 1   1     1   41 1 61      1     4  6 1  
  56        6 1   1    4    1  1      01  134156  6  6       4   6  6             6        61     61  6       1    
01  11 1  1    1   16           1     1        7879   
                        44  6         1 6 1 6       6   5        
) 51 1 !  


*161   +   ,   1       
-      !  * 1  1 6       -.#  
 4    !  7879  
/      6    6    14  6        5    1  6       55     51   6    1 1      551461    55   6    4  541 !      ,  *!  
  6   5   4    1     0 61   1  ",  *        6           6           6         6    41  6     1  6      
21 1 1 51   6     0 61   1  ",  *        6      1  6      ",  *      5    1   1        1 1   1   1     1    6  
 13  1    !      55     51   6 !           61   6 1     !  ,  *            1     1 1 6           ",  *      5   
 1   1    1       6 1   5  4  1        6   5        1 1 6   1   6 1 1   1   1         1 1     6 1      5   
 1  6         6   5           16  4       4  4  1                     41  6              5    15         
4    1 1 6  11 1   6  6  4        6 1 1     ",  *      5    1   1   6     1 6   !          441 1 6  6   ,  *  
    5    1   1 !   14    1 6     1    61    6   5   5  1   41  6             5   41       51          1    
6 1     5    61 6   6             1 1 6  1    61    5   41       51       6 1      





shareholder letter icon 4/9/2025 Letter Continued (Full PDF)
 

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