AAR Corp. (AIR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.38	$1.53	+10.9%	—	—	—
Q4 26	$1.16	$1.25	+7.8%	—	—	—
Q3 26	$1.03	$1.18	+14.6%	—	—	—
Q2 26	$0.98	$1.08	+10.2%	—	—	—
Q1 26	$1	$1.16	+16.0%	—	—	—
Q4 25	$0.96	$0.99	+3.1%	—	—	—
Q3 25	$0.84	$0.9	+7.1%	—	—	—
Q2 25	$0.82	$0.85	+3.7%	—	—	—
Q1 25	$0.85	$0.88	+3.5%	—	—	—
Q4 24	$0.84	$0.85	+1.2%	—	—	—
Q3 24	$0.8	$0.81	+1.3%	—	—	—
Q2 24	$0.71	$0.78	+9.9%	—	—	—
Q1 24	$0.78	$0.83	+6.4%	—	—	—
Q4 23	$0.7	$0.75	+7.1%	—	—	—
Q3 23	$0.68	$0.69	+1.5%	—	—	—
Q2 23	$0.57	$0.61	+7.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$4.88	—	—	$3.3B	—
FY25	—	$0.35	—	—	$2.8B	—
FY24	—	$1.3	—	—	$2.3B	—
FY23	—	$2.56	—	—	$2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$1.6B	$1.7B	$2.1B	$2.1B	$1.7B	$1.8B	$2B	$2.3B	$2.8B	$3.3B
YoY change	+4.29%	+9.9%	+17.4%	+0.98%	-20.3%	+10.1%	+9.37%	+16.5%	+19.9%	+19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	1.6B	1.7B	2.1B	2.1B	1.7B	1.8B	2B	2.3B	2.8B	3.3B
Cost of revenue	1.3B	1.5B	1.7B	1.8B	1.4B	1.5B	1.6B	1.9B	2.3B	2.7B
Gross profit	263.4M	294.1M	329.8M	269.2M	275.9M	313.2M	370.1M	442.3M	527.7M	622M
Gross margin	16.6%	16.8%	16.1%	13%	16.7%	17.2%	18.6%	19.1%	19%	18.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	179M	208.1M	215.4M	220.6M	182.4M	202.2M	230.4M	312.2M	347.7M	349.3M
Operating expenses	179M	208.1M	215.4M	220.6M	182.4M	202.2M	230.4M	312.2M	347.7M	349.3M
Operating income	82.3M	85.5M	98.6M	43.2M	85M	109.8M	137.1M	129.4M	179.8M	270.6M
Operating margin	5.17%	4.89%	4.81%	2.08%	5.14%	6.03%	6.89%	5.58%	6.47%	8.18%
Non-operating income, net	200K	-400K	-1.1M	-4M	-15.7M	-2.4M	-4.7M	-30.1M	-67.3M	45.8M
Pretax income	77.1M	77.2M	89M	30.4M	64.5M	105.1M	121.2M	58.3M	38.9M	245.9M
Income tax	25.1M	3.5M	4.9M	5.6M	18.2M	26.6M	31.4M	12M	26.4M	58.2M
Net income	56.5M	15.6M	7.5M	4.4M	35.8M	78.7M	90.2M	46.3M	12.5M	187.7M
Net margin	3.55%	0.89%	0.37%	0.21%	2.17%	4.32%	4.53%	2%	0.45%	5.67%
EBITDA	118.1M	125.7M	141.3M	83.4M	126M	142.3M	162M	172.2M	241.9M	349.4M
EPS	1.66	0.44	0.2	0.12	1.01	2.2	2.56	1.3	0.35	4.88
Diluted EPS	1.64	0.41	0.2	0.12	1	2.17	2.53	1.29	0.35	4.86

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	549.7M	545.4M	567.3M	656.5M	661.7M	686.1M	678.2M	754.5M	739.6M	795.3M	845.1M	928M
Cost of revenue	448.4M	442M	457M	529.2M	544.5M	557.5M	546.5M	604.3M	605.9M	638.4M	690.4M	751.3M
Gross profit	101.3M	103.4M	110.3M	127.3M	117.2M	128.6M	131.7M	150.2M	133.7M	156.9M	154.7M	176.7M
Gross margin	18.4%	19%	19.4%	19.4%	17.7%	18.7%	19.4%	19.9%	18.1%	19.7%	18.3%	19%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	74.7M	65.7M	77M	94.8M	75.9M	133.1M	61.3M	77.4M	71.2M	88.7M	89.8M	99.6M
Operating expenses	74.7M	65.7M	77M	94.8M	75.9M	133.1M	61.3M	77.4M	71.2M	88.7M	89.8M	99.6M
Operating income	26.2M	37.7M	33.2M	32.3M	41.1M	-4.2M	70.6M	72.3M	61.9M	67.1M	64.4M	77.2M
Operating margin	4.77%	6.91%	5.85%	4.92%	6.21%	-0.61%	10.4%	9.58%	8.37%	8.44%	7.62%	8.32%
Non-operating income, net	-28.3M	-400K	-1.4M	0	2.1M	500K	-63.6M	-6.3M	3.6M	-400K	45.8M	-3.2M
Pretax income	-7.5M	31.7M	20.5M	13.6M	24.9M	-22.5M	-11.1M	47.6M	47M	48.1M	93.1M	57.7M
Income tax	-6.9M	7.9M	6.5M	4.5M	6.9M	8.1M	-2.2M	13.6M	12.6M	13.5M	25.1M	7M
Net income	-600K	23.8M	14M	9.1M	18M	-30.6M	-8.9M	34M	34.4M	34.6M	68M	50.7M
Net margin	-0.11%	4.36%	2.47%	1.39%	2.72%	-4.46%	-1.31%	4.51%	4.65%	4.35%	8.05%	5.46%
EBITDA	34.1M	47.5M	42.2M	48.4M	58M	13.3M	85.4M	87.2M	79.7M	84.4M	85.7M	100.4M
EPS	-0.02	0.67	0.4	0.26	0.5	-0.87	-0.25	0.95	0.96	0.91	1.72	1.28
Diluted EPS	-0.02	0.67	0.39	0.26	0.5	-0.87	-0.25	0.95	0.95	0.9	1.71	1.27

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	1.2B	1.5B	1B	701.9M	1.5B	1.7B	1.7B	2.5B	2.2B	4.3B	4.6B
Enterprise value	1.3B	1.7B	1.2B	968.1M	1.6B	1.8B	2B	3.5B	3.1B	5.2B	5.5B
Shares outstanding	33.9M	34.2M	34.5M	34.8M	35M	35.6M	34.7M	35.1M	35.6M	38.3M	38.3M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	21	98	138.4	159.5	40.8	21.8	19.3	53.8	174.9	23	24.4
P/S	0.74	0.87	0.51	0.34	0.88	0.94	0.87	1.07	0.79	1.3	1.44
P/B	1.3	1.63	1.15	0.78	1.5	1.66	1.58	2.09	1.8	2.53	2.74
EV/EBITDA	11.2	13.3	8.2	11.6	12.7	12.8	12.3	20.2	13	15	16
EV/Sales	0.84	0.96	0.56	0.47	0.97	1	1	1.5	1.13	1.58	1.66
Earnings yield	4.77%	1.02%	0.72%	0.63%	2.45%	4.58%	5.19%	1.86%	0.57%	4.35%	4.11%
FCF yield	-0.29%	2.77%	4.82%	-8.51%	6.43%	3.37%	-0.36%	0.56%	0.06%	0.77%	-1.09%
PEG	—	—	—	—	—	—	—	—	—	—	0.7

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	16.6%	16.8%	16.1%	13%	16.7%	17.2%	18.6%	19.1%	19%	18.8%	19%
Operating margin	5.17%	4.89%	4.81%	2.08%	5.14%	6.03%	6.89%	5.58%	6.47%	8.18%	8.38%
Net margin	3.55%	0.89%	0.37%	0.21%	2.17%	4.32%	4.53%	2%	0.45%	5.67%	5.67%
ROE	6.18%	1.67%	0.83%	0.49%	3.67%	7.61%	8.21%	3.89%	1.03%	11%	12.9%
ROA	3.76%	1.02%	0.49%	0.21%	2.33%	5%	4.92%	1.67%	0.44%	5.59%	5.47%
ROIC	5.25%	7.54%	9.08%	3.02%	5.47%	7.21%	7.53%	4.74%	2.67%	7.9%	7.9%
Return on tangible assets	4.59%	1.27%	0.6%	0.24%	2.77%	5.9%	6.66%	3.89%	0.93%	11.5%	11.5%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.65	2.83	2.66	3.76	2.78	2.89	3.12	2.98	2.72	2.84	2.84
Quick ratio	1.36	1.45	1.2	2.13	1.18	1.31	1.49	1.41	1.26	1.24	1.24
Debt / equity	0.17	0.19	0.16	0.74	0.2	0.15	0.29	0.9	0.86	0.58	0.59
Debt / assets	0.1	0.12	0.09	0.32	0.13	0.1	0.17	0.38	0.37	0.3	0.3
Net debt / EBITDA	1.22	1.16	0.85	3.19	1.13	0.72	1.54	5.69	3.93	2.61	2.6
Interest coverage	15.5	10.7	10.4	4.27	13.9	44.8	10.9	2.35	1.52	4.41	4.41
Effective tax rate	32.6%	4.53%	5.51%	18.4%	28.2%	25.3%	25.9%	20.6%	67.9%	23.7%	23.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	46.9	51.1	59.5	59.5	47.2	51.1	57.4	66.1	78.1	86.4	86.4
EPS (basic)	1.66	0.44	0.2	0.12	1.01	2.2	2.56	1.3	0.35	4.88	4.88
EPS (diluted)	1.64	0.41	0.2	0.12	1	2.17	2.53	1.29	0.35	4.86	4.87
Book value per share	27	27.4	26.3	25.9	27.8	29.1	31.7	33.9	34	44.5	43.3
FCF per share	-0.1	1.24	1.45	-1.72	2.68	1.63	-0.18	0.4	0.04	0.87	0.84
Cash per share	0.3	0.91	0.62	11.6	1.48	1.5	1.97	2.44	2.71	2.19	2.13
Capex per share	0.74	0.64	0.5	0.68	0.32	0.49	0.85	—	—	0.96	0.92

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	1.58%	1.26%	0.85%	1.14%	0.68%	0.95%	1.48%	—	—	1.11%	1.11%
Capex / operating cash flow	-129.2%	49.5%	22.7%	-248.4%	282.5%	16.9%	92.2%	—	—	37.1%	37.1%
Payout ratio	18.1%	66%	140%	243.2%	0.28%	0%	—	—	—	—	0%
Dividend yield	0.86%	0.67%	1.01%	1.52%	0.01%	0%	—	—	—	—	0.26%

Yield

0.26%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.075

ex-dividend Mar 27, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 27, 2020	$0.075
Jan 2, 2020	$0.075
Oct 4, 2019	$0.075

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$549.7M	$545.4M	$567.3M	$656.5M	$661.7M	$686.1M	$678.2M	$754.5M	$739.6M	$795.3M	$845.1M	$928M
YoY change	+23.2%	+16.1%	+8.87%	+18.7%	+20.4%	+25.8%	+19.5%	+14.9%	+11.8%	+15.9%	+24.6%	+23%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	10.3M	31.1M	21.3M	404.7M	51.8M	53.5M	68.4M	85.8M	96.5M	84M
Receivables	234.5M	202M	121.2M	115.6M	129M	168.4M	192.8M	250.5M	310M	351M
Inventory	433.4M	460.7M	523.7M	623.1M	540.6M	550.5M	574.1M	733.1M	809.2M	979M
Total current assets	888.4M	942.7M	952.5M	1.4B	937M	1B	1.1B	1.4B	1.5B	1.7B
Property, plant & equipment	242.6M	261.5M	269.1M	113M	81.1M	87.9M	93.9M	150.2M	133.5M	285M
Goodwill & intangibles	272.4M	293M	276.8M	243.4M	247.6M	239.4M	479M	1.6B	1.5B	1.7B
Total assets	1.5B	1.5B	1.5B	2.1B	1.5B	1.6B	1.8B	2.8B	2.8B	3.4B
Accounts payable	164.2M	170M	187.8M	191.6M	127.2M	156.4M	158.5M	238M	303.1M	295.6M
Short-term debt	100K	—	—	—	—	—	—	—	—	—
Total current liabilities	335M	333.3M	357.5M	383.1M	336.8M	348.2M	351.5M	466.9M	554.7M	613.2M
Long-term debt	154.1M	177.2M	141.7M	670.9M	193.6M	156.3M	317.9M	1.1B	1B	995M
Total liabilities	589.9M	588.4M	611.3M	1.2B	565.3M	539.4M	734M	1.6B	1.6B	1.7B
Shareholders' equity	914.2M	936.3M	905.9M	902.6M	974.4M	1B	1.1B	1.2B	1.2B	1.7B
Total debt	154.2M	177.2M	141.7M	670.9M	193.6M	156.3M	317.9M	1.1B	1B	995M
Net debt	143.9M	146.1M	120.4M	266.2M	141.8M	102.8M	249.5M	979.9M	951.1M	911M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	70.3M	65.1M	69.2M	85.8M	49.3M	61.7M	84.4M	96.5M	80M	75.6M	78.5M	84M
Receivables	223.4M	201.6M	220M	250.5M	278.1M	291M	276M	310M	332M	362.3M	389.2M	351M
Inventory	614.2M	645.9M	671.5M	733.1M	748.2M	790M	775.7M	809.2M	861.5M	910.8M	958.2M	979M
Total current assets	1.2B	1.2B	1.2B	1.4B	1.4B	1.5B	1.5B	1.5B	1.6B	1.7B	1.8B	1.7B
Property, plant & equipment	198.3M	223M	223.6M	150.2M	254.9M	257.5M	232.4M	133.5M	252.9M	321.9M	356M	285M
Goodwill & intangibles	480M	475M	479.6M	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	1.7B	1.7B	1.7B
Total assets	2B	2B	2B	2.8B	2.8B	2.8B	2.9B	2.8B	2.9B	3.2B	3.3B	3.4B
Accounts payable	222.2M	209.7M	230.3M	238M	257.5M	291.8M	278.9M	303.1M	313.5M	341.8M	324M	295.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	393.5M	380.1M	428.2M	466.9M	466.9M	558.3M	545.2M	554.7M	538.5M	594.2M	653M	613.2M
Long-term debt	356.3M	348.2M	347.7M	1.1B	1.1B	1.1B	1.1B	1B	1.1B	1B	979.7M	995M
Total liabilities	832.5M	810.1M	853.8M	1.6B	1.6B	1.7B	1.7B	1.6B	1.7B	1.7B	1.7B	1.7B
Shareholders' equity	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.6B	1.6B	1.7B
Total debt	356.3M	348.2M	347.7M	1.1B	1.1B	1.1B	1.1B	1B	1.1B	1B	979.7M	995M
Net debt	286M	283.1M	278.5M	979.9M	1B	1B	1B	951.1M	1B	968.7M	901.2M	911M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	52M	73.7M	84.1M	24.8M	46.3M	78.5M	89.8M	46.3M	12.5M	187.7M
Depreciation & amortization	35.7M	40.5M	42.8M	43.7M	36.3M	33.1M	27.9M	41.2M	55.2M	72.1M
Stock-based compensation	11M	15.3M	13.5M	7.3M	9.2M	8.2M	13.5M	15.3M	19.9M	17.8M
Change in working capital	-130.7M	-72.2M	-58.6M	-117.1M	-98.4M	-26.4M	-97M	-62.5M	-142.7M	-145.2M
Operating cash flow	-19.5M	44.4M	76.8M	-9.5M	4M	102.1M	32M	19.8M	-58M	98.7M
Capital expenditure	-25.2M	-22M	-17.4M	-23.6M	-11.3M	-17.3M	-29.5M	—	—	-36.6M
Investing cash flow	-33.9M	-38.6M	-20.8M	-24.8M	-500K	-16.5M	-138M	-728.8M	45.4M	-305M
Dividends paid	-10.2M	-10.3M	-10.5M	-10.7M	-100K	0	—	—	—	—
Share repurchases	-19.8M	-13.1M	-10.3M	-4.1M	0	-42.4M	-50.1M	-5.1M	-10.1M	0
Financing cash flow	-18.9M	100K	-47.3M	443.4M	-470.2M	-59.8M	120M	709.6M	-30.2M	-76.5M
Net change in cash	-72.3M	5.9M	8.7M	409.1M	-466.7M	25.8M	14M	600K	-42.8M	-282.8M
Free cash flow	-3.4M	42.3M	50M	-59.7M	93.9M	57.9M	-6.2M	13.9M	1.4M	33.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	-600K	23.8M	14M	9.1M	18M	-30.6M	-8.9M	34M	34.4M	34.6M	68M	50.7M
Depreciation & amortization	8.4M	8.7M	8.8M	15.3M	14.2M	15.3M	14M	13.7M	13.8M	17.1M	20.2M	21M
Stock-based compensation	4.3M	3.6M	3.6M	3.8M	5M	5M	5.6M	4.3M	5.3M	4.3M	3.7M	4.5M
Change in working capital	-35.2M	-21.1M	-30.4M	24.2M	-34.3M	-21.5M	-56.9M	-29.5M	-72.5M	-21.2M	-42.2M	-9.3M
Operating cash flow	-27.7M	15M	-4.2M	36.7M	2.9M	-32.3M	-45.6M	18.2M	-44.9M	13.6M	74.7M	55.3M
Capital expenditure	-9.1M	-7.3M	-5.8M	—	—	—	—	—	-8.7M	-7.4M	-8.5M	-12M
Investing cash flow	-11.6M	-8.7M	-6.5M	—	2.6M	400K	4.8M	42.5M	-23.8M	-213.3M	-15M	-58.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-5.1M	0	—	—	—	-10.1M	—	—	—	—
Financing cash flow	35M	-30M	-5.1M	160.5M	-5M	5M	38.8M	-65.1M	-43.5M	-70M	-65M	5M
Net change in cash	-4.3M	-23.7M	-15.8M	197.2M	500K	-26.9M	-2M	-4.4M	-112.2M	-269.7M	-5.3M	1.9M
Free cash flow	-27.8M	10.1M	14.6M	17M	-26.5M	13.7M	-27.2M	41.4M	-53.6M	6.2M	41.7M	39M

Date	Ratio
Feb 24, 1998	3:2
Oct 27, 1987	3:2
Feb 11, 1986	3:2

AAR Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history