Airsculpt Technologies, Inc.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 7✗ 21▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio0.6x

  ✓Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-8.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-8.4%, ROC=-76.4%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)17.4x

  ✗Dreman< 8x

  Price / Book Value per Share0.6x

  ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-2.4%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=1.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=0.6x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share78.0x

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($0.84)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-15.19%; #4390/6340 (top 69.2%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+1.7121; #788/6449 (top 12.2%)

  ✓AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-9.4%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+2.3866; #957/5247 (top 18.2%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-4.10%; #2907/4519 (top 64.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-68.30%; #5622/6202 (top 90.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 2✗ 11▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.01 (2021) -> $-0.19 (2025)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency2/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-7.9%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency1/4 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 62.3% -> 59.4%, operating margin 5.0% -> -7.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR19.3%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency0% pass✗ 11▾

  All 8 investors flag AIRS's efficiency

  Current Ratio0.85

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)0.8%

  ✗Buffett> 10%

  ROIC - WACC-9.2%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-76.4%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.59 -> 0.55

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.85x -> 0.81x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities0.85

  ✗Dreman> 1.5

  Return on Invested Capital-3.9%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=5.0%; FY2024: ROIC=-0.8%; FY2025: ROIC=-6.4%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -6.4%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 2▾

  AIRS overvalued: all 2 models price fair value below $0.84 (median $0.15)

  Munger fair value$0.20

  ✗Munger-318.5% margin vs $0.84

  Ackman fair value$0.09

  ✗Ackman-830.0% margin vs $0.84
• Profitability6% pass✓ 3✗ 32▾

  15 of 16 flag AIRS's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)0/8 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)2/8 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-7.4%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-7.6% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-1.3M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-8.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value-8.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-8.4%, ROC=-76.4%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-6.23%

  ✗PiotroskiROA > 0

  ROA Change YoY-3.77% -> -6.23% (delta: -2.46%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=1.65%, ROA=-6.23%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY60.5% -> 59.4%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-8.1%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-8.9%

  ✗Dreman> 12%

  Margin of SafetyP/B=0.6x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-9.6% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency2/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-4.7%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-8.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend5.0% (2023) -> -7.6% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 62.3% -> 59.4%, operating margin 5.0% -> -7.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-15.19%; #4390/6340 (top 69.2%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+48.12%; #708/3702 (top 19.1%)

  ✓AsnessTop 30% of eligible cross-section

  Net income / positive book equity-8.87%; #3360/5226 (top 64.3%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0444; #2422/5884 (top 41.2%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/5 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts12% pass✓ 2✗ 15▾

  Split decision: 14 FAIL · 2 PASS

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2401✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1474/2370 (Top 62.2%))✗NeffFAIL (1/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #955/963 (Top 99.2%))
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag AIRS's cash flow — Buffett, Lynch, Dreman +4 more

  Free Cash Flow Proxy$-1.3M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-2.5M

  ✗LynchPositive and growing

  Operating Cash Flow$3.1M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=1.65%, ROA=-6.23%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)17.4x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=1.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive6/7 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-4.7%

  ✗Ackman>= 4%

  Price / FCF per Share78.0x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency7/7 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-2.5M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-4.10%; #2907/4519 (top 64.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Debt & Leverage33% pass✓ 6✗ 9▾

  8 of 12 flag AIRS's debt & leverage — Graham, Buffett, Lynch +5 more

  Debt Levels0.35

  ✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  LT Debt vs Net Current AssetsLT Debt $31.2M vs NCA $-4.2M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.35, IC: -1.4x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.35

  ✗Lynch< 0.33

  Cash - Long-term Debt$-16.0M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change30.76% -> 27.01%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.85

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.35

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Interest Coverage & Debt/EBITDAIC=-1.4x, D/EBITDA=7.4x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.35

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.3460; #2123/4210 (top 50.4%)

  ✗AsnessTop 30% of eligible cross-section