Aeries Technology, Inc.
AERT Nasdaq Services-Management Consulting Services Financials FY2023–FY2026
Last close · Oct 23, 2026
$6.11
8.7%
Revenue
Total sales reported in the income statement.
$70.0M
0.3%
vs prior year
Operating margin
Operating income as a share of revenue.
6.5%
47.4 pts
Net income
Profit after all expenses, interest and tax.
$2.8M
Free cash flow
Cash from operations minus capital spending.
$5.7M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$40.2M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
101.8x
On $0.06 EPS (TTM)
What Aeries Technology, Inc. does
No business description yet.
- Legal name
- Aeries Technology, Inc.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · Jun 8, 2026
- Accession · CIK
- 0001829126-26-006123
0001853044
Revenue and margins
Aeries Technology, Inc. had $70.0M of revenue in fiscal 2026, down 0.3% on the year before.
FY23
Revenue $53.1M
FY24
Revenue $72.5M
FY25
Revenue $70.2M
FY26
Revenue $70.0M
Q2 '24
Revenue $17.6M
Q3 '24
Revenue $18.9M
Q4 '24
Revenue $19.7M
Q1 '25
Revenue $16.7M
Q2 '25
Revenue $16.9M
Q3 '25
Revenue $17.6M
Q4 '25
Revenue $19.1M
Q1 '26
Revenue $15.3M
Q2 '26
Revenue $17.4M
Q3 '26
Revenue $17.5M
Q4 '26
Revenue $19.9M
Q1 '27
Revenue $21.9M
FY23
Gross 25.7%
Operating 4.4%
Net 3.2%
FCF 1.0%
FY24
Gross 29.8%
Operating 4.1%
Net 23.8%
FCF −8.0%
FY25
Gross 23.8%
Operating −41.0%
Net −30.8%
FCF −3.6%
FY26
Gross 24.7%
Operating 6.5%
Net 4.0%
FCF 8.1%
Gross
Operating
Net
FCF
Q2 '24
Gross 27.4%
Operating 8.5%
Net 5.3%
FCF 4.6%
Q3 '24
Gross 32.0%
Operating 3.9%
Net −88.1%
FCF −8.9%
Q4 '24
Gross 32.1%
Operating −0.0%
Net 163.1%
FCF −24.3%
Q1 '25
Gross 24.1%
Operating −98.5%
Net −87.9%
FCF −12.5%
Q2 '25
Gross 21.2%
Operating −24.3%
Net −13.5%
FCF 7.8%
Q3 '25
Gross 23.0%
Operating −29.3%
Net 15.2%
FCF −14.0%
Q4 '25
Gross 26.7%
Operating −16.3%
Net −31.6%
FCF 3.9%
Q1 '26
Gross 24.6%
Operating 5.3%
Net 10.3%
FCF 7.2%
Q2 '26
Gross 28.9%
Operating 11.4%
Net 2.1%
FCF 3.8%
Q3 '26
Gross 19.1%
Operating 4.4%
Net 6.6%
FCF 12.2%
Q4 '26
Gross 26.0%
Operating 4.7%
Net −3.7%
FCF 8.9%
Q1 '27
Gross 29.1%
Operating 15.3%
Net 8.8%
FCF 20.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income $1.7M
FY24
Net income $17.3M
FY25
Net income −$21.6M
FY26
Net income $2.8M
Q2 '24
Net income $0.9M
Q3 '24
Net income −$16.6M
Q4 '24
Net income $32.1M
Q1 '25
Net income −$14.7M
Q2 '25
Net income −$2.3M
Q3 '25
Net income $2.7M
Q4 '25
Net income −$6.0M
Q1 '26
Net income $1.6M
Q2 '26
Net income $0.4M
Q3 '26
Net income $1.2M
Q4 '26
Net income −$0.7M
Q1 '27
Net income $1.9M
FY23
Diluted EPS —
FY24
Diluted EPS $0.91
FY25
Diluted EPS −$0.46
FY26
Diluted EPS $0.05
Q2 '24
Diluted EPS —
Q3 '24
Diluted EPS −$1.08
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$0.39
Q2 '25
Diluted EPS −$0.05
Q3 '25
Diluted EPS $0.08
Q4 '25
Diluted EPS −$0.10
Q1 '26
Diluted EPS $0.26
Q2 '26
Diluted EPS $0.01
Q3 '26
Diluted EPS $0.02
Q4 '26
Diluted EPS −$0.24
Q1 '27
Diluted EPS $0.27
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital 11.3%
Return on equity 14.0%
Return on assets 5.0%
FY24
Return on capital —
Return on equity —
Return on assets 41.2%
FY25
Return on capital —
Return on equity —
Return on assets −48.4%
FY26
Return on capital —
Return on equity —
Return on assets 6.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $5.7M in fiscal 2026, 8.1% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $0.5M
FY24
Free cash flow −$5.8M
FY25
Free cash flow −$2.5M
FY26
Free cash flow $5.7M
Q2 '24
Free cash flow $0.8M
Q3 '24
Free cash flow −$1.7M
Q4 '24
Free cash flow −$4.8M
Q1 '25
Free cash flow −$2.1M
Q2 '25
Free cash flow $1.3M
Q3 '25
Free cash flow −$2.5M
Q4 '25
Free cash flow $0.8M
Q1 '26
Free cash flow $1.1M
Q2 '26
Free cash flow $0.7M
Q3 '26
Free cash flow $2.1M
Q4 '26
Free cash flow $1.8M
Q1 '27
Free cash flow $4.5M
FY23
Cash from operations $2.1M
Capital spending $1.6M
FY24
Cash from operations −$4.3M
Capital spending $1.5M
FY25
Cash from operations −$1.0M
Capital spending $1.5M
FY26
Cash from operations $6.8M
Capital spending $1.1M
Cash from operations
Capital spending
Q2 '24
Cash from operations $1.3M
Capital spending $0.5M
Q3 '24
Cash from operations −$1.4M
Capital spending $0.3M
Q4 '24
Cash from operations −$4.3M
Capital spending $0.5M
Q1 '25
Cash from operations −$1.7M
Capital spending $0.4M
Q2 '25
Cash from operations $1.9M
Capital spending $0.6M
Q3 '25
Cash from operations −$2.1M
Capital spending $0.4M
Q4 '25
Cash from operations $0.9M
Capital spending $0.1M
Q1 '26
Cash from operations $1.4M
Capital spending $0.3M
Q2 '26
Cash from operations $1.0M
Capital spending $0.4M
Q3 '26
Cash from operations $2.4M
Capital spending $0.2M
Q4 '26
Cash from operations $2.0M
Capital spending $0.2M
Q1 '27
Cash from operations $4.8M
Capital spending $0.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Aeries Technology, Inc. returned — to shareholders in fiscal 2026. The diluted share count rose 12.2%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares —
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.04B
FY26
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Aeries Technology, Inc. can carry it.
FY23
Cash $1.1M
Debt $2.3M
FY24
Cash $2.1M
Debt $8.7M
FY25
Cash $2.8M
Debt $7.9M
FY26
Cash $4.9M
Debt $5.5M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash and short-term investments | $1.1M | $2.1M | $2.8M | $4.9M |
| Debt incl. finance leases | $2.3M | $8.7M | $7.9M | $5.5M |
| Net debt / EBITDA | 0.3x | 1.5x | — | 0.1x |
| Debt / equity | 0.2x | — | — | — |
| Interest coverage | 12.6x | 6.5x | −38.3x | 9.8x |
| Current ratio | 1.6x | 0.9x | 0.7x | 0.8x |
| Quick ratio | 1.6x | 0.9x | 0.7x | 0.8x |
| Total assets | $34.4M | $49.4M | $39.8M | $41.9M |
| Total liabilities | $20.9M | $50.6M | $45.9M | $44.5M |
| Shareholders' equity | $12.2M | −$12.2M | −$5.8M | −$3.0M |
| Net debt (− = net cash) | $1.2M | $6.6M | $5.1M | $0.6M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✕ | ✕ | ✓ |
| Share count didn't rise | — | — | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ |
| F-score | — / 3 | 3 / 8 | 2 / 9 | 7 / 9 |
| Accruals ratio | −1.2% | 51.4% | −46.1% | −9.6% |
| Altman Z'' | 3.20 | −1.32 | −9.38 | −2.66 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $53.1M | $72.5M | $70.2M | $70.0M |
| Net interest income | $0.2M | $0.3M | $0.3M | $0.3M |
| Gross profit | $13.7M | $21.6M | $16.7M | $17.3M |
| Operating income | $2.3M | $3.0M | −$28.8M | $4.5M |
| Interest expense | $0.2M | $0.5M | $0.8M | $0.5M |
| Pretax income | $2.8M | $19.1M | −$22.7M | $5.5M |
| Income tax | $1.1M | $1.9M | −$1.1M | $2.0M |
| Net income | $1.7M | $17.3M | −$21.6M | $2.8M |
| Net income to common | $1.4M | $15.7M | −$19.7M | $2.6M |
| Diluted EPS | — | $0.91 | −$0.46 | $0.05 |
| Diluted shares | — | 0.02B | 0.04B | 0.05B |
| Cash flow | ||||
| Cash from operations | $2.1M | −$4.3M | −$1.0M | $6.8M |
| Capital expenditure | $1.6M | $1.5M | $1.5M | $1.1M |
| Free cash flow | $0.5M | −$5.8M | −$2.5M | $5.7M |
| Depreciation and amortization | $1.2M | $1.4M | $1.4M | $0.8M |
| Stock-based compensation | $3.8M | $1.6M | $12.7M | $0.3M |
| Balance sheet | ||||
| Cash and short-term investments | $1.1M | $2.1M | $2.8M | $4.9M |
| Total debt | $2.3M | $8.2M | $7.6M | $5.3M |
| Finance lease liabilities | — | $0.5M | $0.2M | $0.2M |
| Current assets | $20.6M | $32.8M | $21.3M | $23.9M |
| Current liabilities | $12.5M | $38.1M | $32.4M | $30.7M |
| Property and equipment, net | $3.1M | $3.6M | $1.6M | $1.8M |
| Total assets | $34.4M | $49.4M | $39.8M | $41.9M |
| Total liabilities | $20.9M | $50.6M | $45.9M | $44.5M |
| Preferred stock | $0.0M | — | — | — |
| Shareholders' equity | $12.2M | −$12.2M | −$5.8M | −$3.0M |
| Margins | ||||
| Gross margin | 25.7% | 29.8% | 23.8% | 24.7% |
| Operating margin | 4.4% | 4.1% | −41.0% | 6.5% |
| EBITDA margin | 6.6% | 6.0% | −39.0% | 7.6% |
| Net margin | 3.2% | 23.8% | −30.8% | 4.0% |
| FCF margin | 1.0% | −8.0% | −3.6% | 8.1% |
| Net interest share of revenue | 0.4% | 0.4% | 0.5% | 0.5% |
| Returns | ||||
| Return on capital | 11.3% | — | — | — |
| Return on capital employed | 10.7% | 26.5% | −388.1% | 40.3% |
| Return on equity | 14.0% | — | — | — |
| Return on assets | 5.0% | 41.2% | −48.4% | 6.9% |
| Return on tangible equity | 11.9% | — | — | — |
| Growth | ||||
| Revenue growth | — | 36.6% | −3.2% | −0.3% |
| Net income growth | — | 911.5% | −225.1% | — |
| EPS growth | — | — | −150.5% | — |
| FCF growth | — | −1,238.7% | — | — |
| Share count change | — | — | 177.4% | 12.2% |
| Financial health | ||||
| Net debt / EBITDA | 0.3x | 1.5x | — | 0.1x |
| Debt / equity | 0.2x | — | — | — |
| Interest coverage | 12.6x | 6.5x | −38.3x | 9.8x |
| Current ratio | 1.6x | 0.9x | 0.7x | 0.8x |
| Quick ratio | 1.6x | 0.9x | 0.7x | 0.8x |
| Capital allocation | ||||
| Capex / revenue | 3.0% | 2.1% | 2.1% | 1.6% |
| Stock comp / revenue | 7.2% | 2.2% | 18.2% | 0.4% |
| Quality scores | ||||
| Piotroski F-score | — | 3.0 | 2.0 | 7.0 |
| Altman Z'' | 3.2 | −1.3 | −9.4 | −2.7 |
| Accruals ratio | −1.2% | 51.4% | −46.1% | −9.6% |
Source: SEC EDGAR XBRL filings (CIK 0001853044). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.