Positioning no disclosures inside 60 days, left as found
Options put/call open interest 6.84, read 2026-11-03
Ethical does not pass the values gate
Price1.85 USD
Fair value0.93Our model only; only one analyst covers it, too few to cross-check it.
Ethical score70.0/100
Value readOvervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-11-01Read Accumulation2.08-11.1% to today Markup gives way to Accumulation first Accumulation read since October
2026-10-18Read Markup2.11-12.3% to today Accumulation gives way to Markup after an 8% rise in 7 days
2026-10-11Read Accumulation1.95-5.1% to today Markdown gives way to Accumulation
2026-09-21Read Markdown2.00-7.5% to today ✓Accumulation gives way to Markdown after a 34% slide in 12 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Airship AI Holdings Inc holds its Markdown at $1.85. The statistical read favours the sellers, held for 21 days.
As held on the ledger · 2026-11-04
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 21 days
Price at the screen
$1.85
Valuation
15.00 trailing · 48.75 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.55
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.44%
Below 33%
Interest-bearing debt is just 4.4% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
93.52%
Below 49%
Money owed to the company is 93.5% of assets, above the 49% limit.
Fail
Revenue purity
1.85%
Below 5%
Only 1.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Airship AI's business is fine, but its receivables are about 94% of its assets, well over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; only one analyst covers it, too few to cross-check it.
Our analysis reads Overvalued vs our fair value, as of 4 Nov 2026: it trades above our $0.93 fair value estimate, none competitive moat, 15.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. The price runs 98.9% above the base estimate.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $0.93, with a range of $0.93 to $0.94, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 48.8x forward earnings, the price already runs ahead of the business. It trades 100% above our $0.93 fair value, so you would be buying at a premium, not a discount. The none moat is real, but quality alone does not make an expensive price cheap.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AISP trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-10-25Markup$2.11+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-10-18Markup · changed$2.11+8.2%Entry 10
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-10-11Accumulation · changed$1.95+0.0%Entry 9
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-10-02Markdown$1.95-2.5%Entry 8
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-09-21Markdown · changed$2.00+0.0%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-08-21Accumulation$2.00+0.0%Entry 6
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-07-21Accumulation$2.00-33.6%Entry 5
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 33.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-07-18Accumulation$3.01+0.0%Entry 4
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
2026-07-17Accumulation$3.01+0.0%Entry 3
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 41%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it none, with a mean price target of $6.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.