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AAR (AIR) Financials

AAR logo
$72.35 -1.19 (-1.62%)
Closing price 03:59 PM Eastern
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$72.35 0.00 (0.00%)
As of 04:29 PM Eastern
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Annual Income Statements for AAR

Annual Income Statements for AAR

This table shows AAR's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 5/31/2014 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 73 10 48 57 16 7.50 4.40 36 79 90 46
Consolidated Net Income / (Loss)		 73 10 48 57 16 7.50 4.40 36 79 90 46
Net Income / (Loss) Continuing Operations		 67 -74 46 52 74 84 25 46 79 90 46
Total Pre-Tax Income 		99 -113 69 77 77 89 30 65 105 121 58
Total Operating Income		 126 -42 75 82 86 99 43 85 110 137 103
Total Gross Profit		 289 131 233 261 294 314 264 267 313 368 442
Total Revenue		 1,709 1,621 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319
Operating Revenue		 1,709 1,621 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319
Total Cost of Revenue		 1,420 1,491 1,292 1,330 1,455 1,738 1,808 1,385 1,508 1,623 1,877
Operating Cost of Revenue		 1,420 1,491 1,292 1,327 1,454 1,722 1,803 1,376 1,507 1,620 1,877
Other Cost of Revenue		 - - - 2.10 0.50 16 5.40 8.50 1.20 2.60 0.70
Total Operating Expenses		 163 172 158 179 208 215 221 182 204 230 339
Selling, General & Admin Expense		 166 172 158 179 208 215 221 182 202 230 312
Other Operating Expenses / (Income)		 -3.00 - - - - - - - 1.40 0.00 27
Total Other Income / (Expense), net		 -27 -72 -6.20 -5.20 -8.30 -9.60 -13 -21 -4.70 -16 -44
Interest Expense		 28 72 6.40 5.30 8.00 9.50 9.30 5.00 2.40 12 43
Interest & Investment Income		 1.50 0.50 0.20 0.10 0.60 0.70 -1.40 0.40 -2.80 -2.20 2.00
Other Income / (Expense), net		 - - - - -0.90 -0.80 -2.10 -16 0.50 -1.50 -3.20
Income Tax Expense		 32 -39 23 25 3.50 4.90 5.60 18 27 31 12
Net Income / (Loss) Discontinued Operations		 5.70 - 2.20 4.50 -58 -77 -20 -11 0.20 0.40 0.00
Basic Earnings per Share		 $1.85 $0.26 $1.37 $1.66 $0.44 $0.20 $0.12 $1.01 $2.20 $2.56 $1.30
Weighted Average Basic Shares Outstanding		 38.60M 39.10M 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M
Diluted Earnings per Share		 $1.83 $0.24 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29
Weighted Average Diluted Shares Outstanding		 38.60M 39.10M 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M
Weighted Average Basic & Diluted Shares Outstanding		 38.60M 39.10M 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M

Quarterly Income Statements for AAR

This table shows AAR's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Net Income / (Loss) Attributable to Common Shareholders		 23 23 22 23 -0.60 24 14 9.10 18 -31 -8.90
Consolidated Net Income / (Loss)		 23 23 22 23 -0.60 24 14 9.10 18 -31 -8.90
Net Income / (Loss) Continuing Operations		 22 23 22 23 -0.60 24 14 9.10 18 -31 -8.90
Total Pre-Tax Income 		30 31 30 30 -7.50 32 21 14 25 -23 -11
Total Operating Income		 32 33 36 37 -0.50 38 33 32 41 -4.20 71
Total Gross Profit		 82 86 94 106 101 103 110 127 117 129 132
Total Revenue		 446 470 521 553 550 545 567 657 662 686 678
Operating Revenue		 446 470 521 553 550 545 567 657 662 686 678
Total Cost of Revenue		 364 384 429 446 449 442 457 529 545 557 546
Operating Cost of Revenue		 364 384 427 445 448 442 457 529 545 558 547
Other Cost of Revenue		 0.00 -0.10 1.90 0.80 0.40 0.00 0.10 0.20 0.20 -0.30 -0.20
Total Operating Expenses		 50 53 57 71 101 66 77 95 76 133 61
Selling, General & Admin Expense		 50 53 57 71 75 66 77 95 76 133 61
Other Operating Expenses / (Income)		 0.00 0.00 0.00 - 27 0.00 0.00 - 0.00 0.00 0.00
Total Other Income / (Expense), net		 -1.40 -2.30 -5.90 -6.30 -7.00 -6.00 -13 -19 -16 -18 -82
Interest Expense		 1.10 2.10 3.80 5.20 5.80 6.20 12 19 19 19 19
Interest & Investment Income		 -0.50 -0.60 -1.40 0.30 -0.50 1.20 0.40 0.90 2.80 2.40 0.90
Other Income / (Expense), net		 0.20 0.40 -0.70 -1.40 -0.70 -1.00 -1.20 -0.30 -0.20 -1.40 -64
Income Tax Expense		 8.10 8.30 8.00 7.00 -6.90 7.90 6.50 4.50 6.90 8.10 -2.20
Basic Earnings per Share		 $0.64 $0.65 $0.63 $0.64 ($0.02) $0.67 $0.40 $0.25 $0.50 ($0.87) ($0.25)
Weighted Average Basic Shares Outstanding		 35.08M 34.46M 34.71M 34.93M 35.29M 35.50M 34.80M 35.71M 35.91M 35.91M 35.40M
Diluted Earnings per Share		 $0.63 $0.64 $0.62 $0.64 ($0.02) $0.67 $0.39 $0.25 $0.50 ($0.87) ($0.25)
Weighted Average Diluted Shares Outstanding		 35.08M 34.46M 34.71M 34.93M 35.29M 35.50M 35.20M 35.71M 35.91M 35.91M 35.40M
Weighted Average Basic & Diluted Shares Outstanding		 35.08M 34.46M 34.71M 34.93M 35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 36.10M

Annual Cash Flow Statements for AAR

This table details how cash moves in and out of AAR's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 5/31/2014 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024
Net Change in Cash & Equivalents		 14 -35 -24 -21 31 -41 384 -365 -1.30 23 14
Net Cash From Operating Activities		 140 -43 32 22 64 67 -36 105 75 23 44
Net Cash From Continuing Operating Activities		 166 86 46 -14 56 61 -19 109 90 24 44
Net Income / (Loss) Continuing Operations		 67 -74 46 52 74 84 25 46 79 90 46
Consolidated Net Income / (Loss)		 73 10 48 57 16 7.50 4.40 36 79 90 46
Net Income / (Loss) Discontinued Operations		 6.00 84 2.20 4.50 -58 -77 -20 -11 0.20 0.40 0.00
Depreciation Expense		 65 58 33 36 41 43 44 36 33 28 41
Non-Cash Adjustments To Reconcile Net Income		 -44 118 -0.90 -75 -40 9.00 43 33 15 6.60 26
Changes in Operating Assets and Liabilities, net		 45 -39 -32 -26 -19 -75 -131 -6.70 -37 -101 -70
Net Cash From Discontinued Operating Activities		 -27 -129 -14 35 8.50 6.90 -17 -3.30 -15 -0.50 -0.20
Net Cash From Investing Activities		 -41 689 -17 -30 -43 -38 -25 -0.50 -17 -138 -759
Net Cash From Continuing Investing Activities		 -20 7.20 -44 -34 -39 -38 -25 -0.50 -17 -138 -759
Purchase of Property, Plant & Equipment		 -21 -42 -40 -25 -22 - -24 -11 -17 -30 -30
Acquisitions		 - -1.00 -4.80 -13 -23 - - 0.00 0.00 -103 -723
Sale of Property, Plant & Equipment		 2.00 47 0.10 6.50 8.60 17 0.00 0.00 7.30 0.00 0.00
Other Investing Activities, net		 -1.10 3.50 1.00 -2.70 -2.30 -18 -1.20 11 -6.50 -5.20 -5.90
Net Cash From Financing Activities		 -86 -678 -38 -12 10 -71 445 -470 -60 138 729
Net Cash From Continuing Financing Activities		 -86 -678 -38 -10 12 -71 445 -470 -60 138 729
Repayment of Debt		 - -520 -71 -10 -1.30 -10 -1.30 -0.10 -34 172 175
Repurchase of Common Equity		 -1.00 -152 -19 -20 -13 - -4.10 0.00 -42 -52 -15
Issuance of Debt		 16 6.30 60 21 25 - 460 -470 0.00 0.00 550
Other Financing Activities, net		 -89 - 1.80 8.50 12 -40 1.10 0.60 17 18 20
Effect of Exchange Rate Changes		 0.90 -2.60 -0.30 -0.50 -0.10 - 0.00 0.30 -0.20 -0.10 0.00

Quarterly Cash Flow Statements for AAR

This table details how cash moves in and out of AAR's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Net Change in Cash & Equivalents		 -11 2.80 2.90 28 8.40 -15 8.10 13 -33 19 18
Net Cash From Operating Activities		 6.80 -46 17 45 -19 17 20 25 -19 22 -19
Net Cash From Continuing Operating Activities		 7.00 -46 17 45 -19 17 20 25 -19 22 -19
Net Income / (Loss) Continuing Operations		 22 23 22 23 -0.60 24 14 9.10 18 -31 -8.90
Consolidated Net Income / (Loss)		 23 23 22 23 -0.60 24 14 9.10 18 -31 -8.90
Depreciation Expense		 6.80 6.50 6.90 7.70 8.40 8.70 8.40 15 14 15 13
Non-Cash Adjustments To Reconcile Net Income		 -9.50 8.30 -0.20 8.00 20 2.90 17 9.90 -22 0.10 57
Changes in Operating Assets and Liabilities, net		 -13 -83 -11 6.40 -46 -18 -19 -9.80 -29 38 -82
Net Cash From Investing Activities		 -11 -7.60 -9.00 -111 -12 -8.70 -6.50 -732 -5.30 -7.90 -3.70
Net Cash From Continuing Investing Activities		 -11 -7.60 -9.00 -111 -12 -8.70 -6.50 -732 -5.30 -7.90 -3.70
Purchase of Property, Plant & Equipment		 -6.70 -6.10 -9.70 -7.00 -9.10 -7.30 -5.80 -7.50 -7.90 -8.30 -8.50
Other Investing Activities, net		 -4.00 -1.50 0.70 -0.40 -2.50 -1.40 -0.70 -1.30 -0.30 0.40 4.80
Net Cash From Financing Activities		 -6.50 57 -5.50 93 39 -23 -5.80 720 -9.10 5.30 41
Net Cash From Continuing Financing Activities		 -6.50 57 -5.50 93 39 -23 -5.80 720 -9.10 5.30 41
Issuance of Debt		 - - - -88 - - - 545 - - 35
Other Financing Activities, net		 0.40 1.70 6.40 9.20 3.70 6.60 0.10 9.20 -4.10 0.30 5.90

Annual Balance Sheets for AAR

This table presents AAR's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 5/31/2014 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024
Total Assets		 2,194 1,454 1,456 1,504 1,525 1,517 2,079 1,540 1,574 1,833 2,770
Total Current Assets		 1,111 896 882 888 943 953 1,439 937 1,007 1,098 1,390
Cash & Equivalents		 89 55 31 10 31 21 405 52 54 68 86
Restricted Cash		 - - - - 11 20 20 8.40 5.40 13 10
Accounts Receivable		 283 229 248 235 202 198 172 167 214 241 287
Inventories, net		 495 456 452 433 461 524 623 541 551 574 733
Prepaid Expenses		 - - - - - - 77 28 40 50 46
Other Current Assets		 219 139 150 90 113 161 119 122 127 138 205
Other Current Nonoperating Assets		 - 17 - 120 125 29 23 20 16 14 23
Plant, Property, & Equipment, net		 315 215 238 117 133 133 136 120 110 126 172
Total Noncurrent Assets		 768 344 336 499 449 432 505 483 457 609 1,209
Noncurrent Note & Lease Receivables		 98 80 81 160 183 - 212 184 167 178 166
Goodwill		 262 124 117 106 119 116 122 124 116 176 555
Intangible Assets		 165 37 36 31 28 22 - - 3.30 64 235
Other Noncurrent Operating Assets		 212 83 102 105 119 294 171 175 171 192 252
Total Liabilities & Shareholders' Equity		 2,194 1,454 1,456 1,504 1,525 1,517 2,079 1,540 1,574 1,833 2,770
Total Liabilities		 1,193 609 590 590 588 611 1,176 565 539 734 1,580
Total Current Liabilities		 402 412 341 335 333 358 383 337 348 352 467
Accounts Payable		 171 142 166 164 170 188 192 127 156 159 238
Accrued Expenses		 161 201 163 140 138 141 162 174 175 180 219
Other Current Nonoperating Liabilities		 - - - 31 25 29 30 35 17 13 9.60
Total Noncurrent Liabilities		 791 197 249 255 255 254 793 229 191 383 1,113
Long-Term Debt		 564 82 136 154 177 142 600 134 99 270 985
Noncurrent Deferred & Payable Income Tax Liabilities		 227 115 113 101 16 - - 9.50 20 34 24
Other Noncurrent Operating Liabilities		 - - - - 26 28 105 85 72 79 104
Total Equity & Noncontrolling Interests		 1,001 845 866 914 936 906 903 974 1,035 1,099 1,190
Total Preferred & Common Equity		 1,000 845 866 914 936 906 903 974 1,035 1,099 1,190
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,000 845 866 914 936 906 903 974 1,035 1,099 1,190
Common Stock		 481 488 496 506 516 525 524 525 523 530 539
Retained Earnings		 646 644 682 728 733 710 706 742 820 911 957
Treasury Stock		 -98 -246 -268 -280 -281 -288 -283 -274 -289 -318 -298
Accumulated Other Comprehensive Income / (Loss)		 -29 -40 -44 -40 -32 -41 -45 -18 -20 -24 -8.80

Quarterly Balance Sheets for AAR

This table presents AAR's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 2/28/2022 8/31/2022 11/30/2022 2/28/2023 8/31/2023 11/30/2023 2/29/2024 8/31/2024 11/30/2024 2/28/2025
Total Assets		 1,552 1,599 1,647 1,673 1,954 1,966 2,022 2,783 2,849 2,859
Total Current Assets		 977 1,035 1,060 1,068 1,207 1,194 1,241 1,427 1,498 1,535
Cash & Equivalents		 41 44 49 53 70 65 69 49 62 84
Restricted Cash		 2.40 4.10 2.20 1.40 20 10 14 14 21 17
Accounts Receivable		 209 221 225 238 281 246 257 311 320 313
Inventories, net		 535 576 595 571 614 646 672 748 790 776
Prepaid Expenses		 - 34 - - 59 61 57 77 81 75
Other Current Assets		 173 140 174 191 151 154 161 218 216 183
Other Current Nonoperating Assets		 17 16 15 14 13 12 11 9.00 8.00 88
Plant, Property, & Equipment, net		 107 111 114 120 131 133 134 162 167 153
Total Noncurrent Assets		 468 452 473 486 616 639 647 1,195 1,184 1,171
Noncurrent Note & Lease Receivables		 244 168 171 174 177 177 267 171 174 263
Goodwill		 121 118 118 118 177 176 179 553 543 528
Intangible Assets		 - - - - 63 62 60 231 227 224
Other Noncurrent Operating Assets		 103 167 184 194 199 224 140 240 240 156
Total Liabilities & Shareholders' Equity		 1,552 1,599 1,647 1,673 1,954 1,966 2,022 2,783 2,849 2,859
Total Liabilities		 534 562 612 606 833 810 854 1,573 1,668 1,677
Total Current Liabilities		 343 358 324 332 394 380 428 467 558 545
Accounts Payable		 141 195 157 159 222 210 230 258 292 279
Accrued Expenses		 157 147 152 159 159 159 187 201 259 237
Other Current Nonoperating Liabilities		 18 16 15 14 12 11 11 8.60 7.70 30
Total Noncurrent Liabilities		 191 205 288 274 439 430 426 1,106 1,109 1,131
Long-Term Debt		 103 114 197 186 305 275 275 981 987 1,022
Noncurrent Deferred & Payable Income Tax Liabilities		 - 20 20 14 40 40 37 24 24 25
Other Noncurrent Operating Liabilities		 88 70 71 74 95 115 114 101 99 84
Total Equity & Noncontrolling Interests		 1,018 1,037 1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183
Total Preferred & Common Equity		 1,018 1,037 1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,018 1,037 1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183
Common Stock		 527 522 524 527 527 531 535 536 541 546
Retained Earnings		 797 843 866 887 910 934 948 975 944 935
Treasury Stock		 -285 -306 -332 -324 -307 -301 -306 -293 -293 -287
Accumulated Other Comprehensive Income / (Loss)		 -20 -23 -23 1,068 -8.10 -8.50 -8.70 -7.30 -11 -12

Annual Metrics And Ratios for AAR

This table displays calculated financial ratios and metrics derived from AAR's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 5/31/2014 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.46% -5.13% -5.92% 4.29% 9.90% 17.36% 0.98% -20.26% 10.15% 9.37% 16.50%
EBITDA Growth		 1.32% -82.27% 173.48% 8.96% 6.02% 12.39% -39.69% 24.29% 35.86% 14.18% -13.95%
EBIT Growth		 22.90% -133.12% 280.53% 9.59% 2.79% 15.60% -57.98% 68.13% 59.33% 23.16% -26.62%
NOPAT Growth		 27.10% -134.09% 270.31% 11.92% 47.05% 14.15% -62.18% 73.13% 34.16% 24.09% -19.71%
Net Income Growth		 32.55% -86.01% 367.65% 18.45% -72.39% -51.92% -41.33% 713.64% 119.83% 14.61% -48.67%
EPS Growth		 32.61% -86.89% 470.83% 19.71% -75.00% -48.78% -38.10% 669.23% 117.00% 16.59% -49.01%
Operating Cash Flow Growth		 -14.18% -130.76% 174.65% -32.09% 194.95% 4.82% -153.56% 391.41% -28.52% -69.02% 87.12%
Free Cash Flow Firm Growth		 4.62% 540.97% -104.95% 681.51% -111.69% 399.20% -173.68% 290.27% -14.56% -256.52% -546.83%
Invested Capital Growth		 -0.36% -40.33% 8.67% -11.40% 11.62% 3.56% 7.79% -1.94% 1.10% 19.66% 61.54%
Revenue Q/Q Growth		 1.77% 13.18% -8.83% 3.91% 7.27% 4.55% -6.59% -41.94% 221.10% 4.03% 4.66%
EBITDA Q/Q Growth		 -0.45% -72.03% 438.81% 6.31% -0.95% 7.33% -34.31% -46.88% 1,975.36% 2.00% 3.15%
EBIT Q/Q Growth		 25.35% -151.49% 231.52% -7.94% -0.94% 7.95% -51.53% -56.92% 496.04% 2.34% -3.21%
NOPAT Q/Q Growth		 24.41% -154.65% 224.08% -4.85% 4.45% 11.10% -52.86% -39.51% 1,363.14% 2.62% -5.56%
Net Income Q/Q Growth		 29.72% -15.70% -6.10% 19.45% -36.84% 334.38% -89.93% 575.47% 14.39% -0.77% -23.34%
EPS Q/Q Growth		 27.97% -14.29% -2.84% 18.84% -41.43% 261.54% -89.60% 0.00% 0.00% 0.00% -23.21%
Operating Cash Flow Q/Q Growth		 -7.91% -159.64% 148.71% -37.36% -2.43% 20.57% -206.18% 89.89% 30.33% 28.02% -32.19%
Free Cash Flow Firm Q/Q Growth		 20.19% -1.61% -1,117.87% 22,646.89% -114.73% 51.48% -404.67% -42.85% 260.26% -420.26% -869.96%
Invested Capital Q/Q Growth		 -2.67% -11.24% 0.69% -15.76% -0.70% -1.71% 0.03% 2.11% -0.33% 7.31% 52.99%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 16.90% 8.07% 15.28% 16.43% 16.79% 15.30% 12.73% 16.18% 17.21% 18.46% 19.04%
EBITDA Margin		 13.07% 2.44% 7.10% 7.42% 7.16% 6.85% 4.09% 6.38% 7.87% 8.21% 6.07%
Operating Margin		 7.35% -2.57% 4.92% 5.17% 4.89% 4.81% 2.08% 5.14% 6.02% 6.89% 4.43%
EBIT Margin		 7.35% -2.57% 4.92% 5.17% 4.84% 4.77% 1.98% 4.18% 6.05% 6.81% 4.29%
Profit (Net Income) Margin		 4.27% 0.63% 3.13% 3.55% 0.89% 0.37% 0.21% 2.17% 4.32% 4.53% 2.00%
Tax Burden Percent		 73.79% -9.01% 69.23% 73.28% 20.21% 8.43% 14.47% 55.50% 74.88% 74.42% 79.42%
Interest Burden Percent		 78.66% 272.12% 91.74% 93.68% 91.25% 91.00% 73.97% 93.34% 95.46% 89.38% 58.59%
Effective Tax Rate		 31.98% 0.00% 33.96% 32.56% 4.53% 5.51% 18.42% 28.22% 25.31% 25.91% 20.58%
Return on Invested Capital (ROIC)		 5.63% -2.41% 5.26% 5.99% 8.86% 9.42% 3.37% 5.68% 7.65% 8.60% 4.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.38% 11.29% 3.11% 8.70% 1,680.35% -116.38% -18.43% -12.88% 2.80% -1.35% -1.70%
Return on Net Nonoperating Assets (RNNOA)		 1.97% 3.51% 0.32% 0.36% -7.17% -8.60% -2.88% -1.86% 0.18% -0.14% -0.80%
Return on Equity (ROE)		 7.59% 1.11% 5.58% 6.35% 1.69% 0.81% 0.49% 3.81% 7.84% 8.46% 4.05%
Cash Return on Invested Capital (CROIC)		 5.98% 48.12% -3.05% 18.08% -2.12% 5.92% -4.13% 7.64% 6.56% -9.30% -42.21%
Operating Return on Assets (OROA)		 5.80% -2.28% 5.16% 5.56% 5.59% 6.43% 2.29% 3.82% 7.07% 7.96% 4.32%
Return on Assets (ROA)		 3.37% 0.56% 3.28% 3.82% 1.03% 0.49% 0.24% 1.98% 5.06% 5.30% 2.01%
Return on Common Equity (ROCE)		 7.58% 1.10% 5.58% 6.35% 1.69% 0.81% 0.49% 3.81% 7.84% 8.46% 4.05%
Return on Equity Simple (ROE_SIMPLE)		 7.29% 1.21% 5.51% 6.18% 1.67% 0.83% 0.49% 3.67% 7.61% 8.21% 3.89%
Net Operating Profit after Tax (NOPAT)		 85 -29 50 56 82 93 35 61 82 102 82
NOPAT Margin		 5.00% -1.80% 3.25% 3.49% 4.67% 4.54% 1.70% 3.69% 4.50% 5.10% 3.52%
Net Nonoperating Expense Percent (NNEP)		 2.24% -13.70% 2.15% -2.71% -1,671.49% 125.80% 21.80% 18.56% 4.85% 9.95% 6.55%
Cost of Revenue to Revenue		 83.10% 91.93% 84.72% 83.57% 83.21% 84.70% 87.27% 83.82% 82.86% 81.54% 80.96%
SG&A Expenses to Revenue		 9.73% 10.63% 10.36% 11.25% 11.90% 10.50% 10.65% 11.04% 11.11% 11.58% 13.46%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 9.55% 10.63% 10.36% 11.25% 11.90% 10.50% 10.65% 11.04% 11.19% 11.58% 14.61%
Earnings before Interest and Taxes (EBIT)		 126 -42 75 82 85 98 41 69 110 136 100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 223 40 108 118 125 141 85 105 143 164 141
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.91 1.33 0.95 1.28 1.63 1.15 0.78 1.51 1.64 1.58 2.11
Price to Tangible Book Value (P/TBV)		 1.59 1.64 1.15 1.50 1.93 1.36 0.91 1.73 1.86 2.02 6.29
Price to Revenue (P/Rev)		 0.53 0.69 0.54 0.74 0.87 0.51 0.34 0.89 0.93 0.87 1.08
Price to Earnings (P/E)		 12.50 110.06 17.19 20.72 97.59 139.41 160.90 41.19 21.57 19.28 54.32
Dividend Yield		 1.31% 1.06% 1.27% 0.88% 0.68% 1.01% 1.86% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 8.00% 0.91% 5.82% 4.83% 1.02% 0.72% 0.62% 2.43% 4.64% 5.19% 1.84%
Enterprise Value to Invested Capital (EV/IC)		 0.94 1.33 0.95 1.51 1.71 1.14 0.81 1.46 1.62 1.50 1.64
Enterprise Value to Revenue (EV/Rev)		 0.83 0.74 0.61 0.83 0.95 0.56 0.43 0.94 0.95 0.97 1.47
Enterprise Value to EBITDA (EV/EBITDA)		 6.38 30.27 8.65 11.14 13.25 8.15 10.42 14.69 12.13 11.79 24.20
Enterprise Value to EBIT (EV/EBIT)		 11.34 0.00 12.47 15.97 19.60 11.72 21.49 22.40 15.78 14.21 34.21
Enterprise Value to NOPAT (EV/NOPAT)		 16.67 0.00 18.89 23.68 20.31 12.30 25.06 25.37 21.22 18.97 41.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.18 0.00 29.18 60.30 25.79 17.01 0.00 14.72 23.10 82.71 78.08
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.68 2.06 0.00 7.85 0.00 19.57 0.00 18.85 24.76 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.63 0.18 0.17 0.17 0.19 0.16 0.66 0.14 0.10 0.25 0.83
Long-Term Debt to Equity		 0.56 0.10 0.16 0.17 0.19 0.16 0.66 0.14 0.10 0.25 0.83
Financial Leverage		 0.58 0.31 0.10 0.04 0.00 0.07 0.16 0.14 0.06 0.11 0.47
Leverage Ratio		 2.26 1.98 1.70 1.66 1.64 1.65 1.99 1.93 1.55 1.60 2.01
Compound Leverage Factor		 1.77 5.38 1.56 1.56 1.49 1.50 1.47 1.80 1.48 1.43 1.18
Debt to Total Capital		 38.78% 15.19% 14.61% 14.43% 15.91% 13.53% 39.93% 12.07% 8.73% 19.70% 45.30%
Short-Term Debt to Total Capital		 4.26% 6.92% 1.18% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 34.52% 8.27% 13.42% 14.42% 15.91% 13.53% 39.93% 12.07% 8.73% 19.70% 45.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 61.14% 84.81% 85.39% 85.57% 84.09% 86.47% 60.07% 87.93% 91.27% 80.30% 54.70%
Debt to EBITDA		 2.84 3.82 1.37 1.31 1.42 1.01 7.08 1.27 0.69 1.65 7.00
Net Debt to EBITDA		 2.31 1.92 1.08 1.22 1.08 0.72 2.07 0.70 0.28 1.15 6.32
Long-Term Debt to EBITDA		 2.53 2.08 1.26 1.31 1.42 1.01 7.08 1.27 0.69 1.65 7.00
Debt to NOPAT		 7.42 -5.20 2.99 2.78 2.17 1.52 17.03 2.19 1.21 2.66 12.08
Net Debt to NOPAT		 6.03 -2.62 2.36 2.59 1.66 1.08 4.97 1.20 0.49 1.85 10.90
Long-Term Debt to NOPAT		 6.61 -2.83 2.74 2.78 2.17 1.52 17.03 2.19 1.21 2.66 12.08
Altman Z-Score		 2.22 3.15 3.15 3.55 4.04 3.72 2.51 3.93 4.51 3.94 2.79
Noncontrolling Interest Sharing Ratio		 0.11% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.76 2.17 2.58 2.65 2.83 2.66 3.76 2.78 2.89 3.12 2.98
Quick Ratio		 0.93 0.69 0.82 0.73 0.70 0.61 1.51 0.65 0.77 0.88 0.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 91 582 -29 168 -20 59 -43 82 70 -110 -710
Operating Cash Flow to CapEx		 743.62% 0.00% 80.25% 116.58% 479.85% 0.00% -152.97% 930.97% 752.00% 78.98% 146.80%
Free Cash Flow to Firm to Interest Expense		 3.21 8.07 -4.50 31.61 -2.45 6.17 -4.64 16.42 29.23 -9.00 -16.44
Operating Cash Flow to Interest Expense		 4.94 -0.60 5.02 4.11 8.04 7.09 -3.88 21.04 31.33 1.91 1.01
Operating Cash Flow Less CapEx to Interest Expense		 4.28 -0.53 -1.23 0.58 6.36 8.93 -6.42 18.78 27.17 -0.51 0.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.79 0.89 1.05 1.07 1.15 1.35 1.15 0.91 1.17 1.17 1.01
Accounts Receivable Turnover		 5.89 6.33 6.39 6.59 8.01 10.26 11.21 9.76 9.56 8.74 8.78
Inventory Turnover		 2.99 3.13 2.85 3.00 3.25 3.53 3.15 2.38 2.76 2.89 2.87
Fixed Asset Turnover		 5.05 6.12 6.74 8.95 13.96 15.43 15.43 12.92 15.85 16.89 15.57
Accounts Payable Turnover		 8.87 9.51 8.38 8.05 8.71 9.71 9.53 8.69 10.63 10.31 9.47
Days Sales Outstanding (DSO)		 61.99 57.64 57.10 55.39 45.57 35.56 32.56 37.40 38.17 41.74 41.59
Days Inventory Outstanding (DIO)		 121.95 116.47 128.23 121.54 112.17 103.38 115.75 153.35 132.05 126.46 127.08
Days Payable Outstanding (DPO)		 41.17 38.37 43.58 45.37 41.93 37.58 38.29 42.01 34.32 35.41 38.55
Cash Conversion Cycle (CCC)		 142.76 135.74 141.75 131.56 115.81 101.36 110.02 148.74 135.90 132.79 130.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,516 904 983 871 972 1,007 1,085 1,064 1,076 1,287 2,079
Invested Capital Turnover		 1.13 1.34 1.62 1.72 1.90 2.07 1.98 1.54 1.70 1.69 1.38
Increase / (Decrease) in Invested Capital		 -5.40 -611 78 -112 101 35 78 -21 12 211 792
Enterprise Value (EV)		 1,424 1,199 937 1,315 1,658 1,146 883 1,548 1,737 1,927 3,404
Market Capitalization		 908 1,123 820 1,171 1,522 1,046 708 1,475 1,697 1,739 2,515
Book Value per Share		 $25.26 $21.23 $24.92 $26.63 $27.03 $25.83 $25.71 $27.59 $29.39 $31.67 $33.58
Tangible Book Value per Share		 $14.47 $17.20 $20.51 $22.67 $22.80 $21.89 $22.25 $24.08 $25.99 $24.77 $11.28
Total Capital		 1,635 997 1,014 1,068 1,114 1,048 1,503 1,108 1,133 1,369 2,175
Total Debt		 634 151 148 154 177 142 600 134 99 270 985
Total Long-Term Debt		 564 82 136 154 177 142 600 134 99 270 985
Net Debt		 515 76 117 144 136 101 175 74 40 188 889
Capital Expenditures (CapEx)		 19 -4.70 40 19 13 -17 24 11 10 30 30
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 690 498 521 543 568 554 631 540 600 665 827
Debt-free Net Working Capital (DFNWC)		 779 553 552 554 609 595 1,056 600 659 746 923
Net Working Capital (NWC)		 709 484 540 553 609 595 1,056 600 659 746 923
Net Nonoperating Expense (NNE)		 13 -39 1.89 -0.99 66 86 31 25 3.16 11 35
Net Nonoperating Obligations (NNO)		 515 59 117 -44 36 101 182 89 41 188 889
Total Depreciation and Amortization (D&A)		 98 81 33 36 41 43 44 36 33 28 41
Debt-free, Cash-free Net Working Capital to Revenue		 40.36% 30.72% 34.16% 34.15% 32.48% 27.00% 30.45% 32.68% 32.97% 33.39% 35.65%
Debt-free Net Working Capital to Revenue		 45.58% 34.09% 36.21% 34.79% 34.86% 29.00% 50.95% 36.33% 36.21% 37.50% 39.79%
Net Working Capital to Revenue		 41.50% 29.84% 35.42% 34.79% 34.86% 29.00% 50.95% 36.33% 36.21% 37.50% 39.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.85 $0.26 $1.37 $1.66 $0.44 $0.20 $0.12 $1.01 $2.20 $2.56 $1.30
Adjusted Weighted Average Basic Shares Outstanding		 39.59M 35.37M 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M
Adjusted Diluted Earnings per Share		 $1.83 $0.24 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29
Adjusted Weighted Average Diluted Shares Outstanding		 39.59M 35.37M 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.20 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 39.59M 35.37M 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M
Normalized Net Operating Profit after Tax (NOPAT)		 85 -29 50 56 82 93 35 61 82 102 82
Normalized NOPAT Margin		 5.00% -1.80% 3.25% 3.49% 4.67% 4.54% 1.70% 3.69% 4.50% 5.10% 3.52%
Pre Tax Income Margin		 5.78% -6.98% 4.52% 4.85% 4.42% 4.34% 1.47% 3.90% 5.77% 6.09% 2.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.44 -0.58 11.73 15.53 10.58 10.29 4.42 13.82 45.88 11.11 2.30
NOPAT to Interest Expense		 3.02 -0.40 7.75 10.47 10.20 9.81 3.79 12.20 34.11 8.33 1.89
EBIT Less CapEx to Interest Expense		 3.77 -0.51 5.48 12.00 8.90 12.13 1.88 11.56 41.71 8.70 1.62
NOPAT Less CapEx to Interest Expense		 2.35 -0.34 1.50 6.94 8.53 11.64 1.25 9.94 29.94 5.91 1.20
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 16.19% 116.67% 21.80% 18.05% 66.03% -140.00% 243.18% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 17.56% 1,601.96% 61.22% 53.10% 150.00% -140.00% 336.36% 0.00% 53.88% 57.65% 33.26%

Quarterly Metrics And Ratios for AAR

This table displays calculated financial ratios and metrics derived from AAR's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.93% 7.60% 15.24% 16.22% 23.17% 16.09% 8.87% 18.65% 20.37% 25.80% 19.55%
EBITDA Growth		 55.82% 3.91% 4.23% 8.06% -81.44% 13.78% -3.34% 10.02% 668.06% -80.18% -52.59%
EBIT Growth		 100.00% 13.22% 7.69% 9.66% -103.75% 9.88% -8.29% -9.38% 3,525.00% -115.26% -79.75%
NOPAT Growth		 105.55% 9.06% 13.35% 10.74% -101.50% 17.41% -12.92% -23.37% 8,630.12% -110.39% 117.31%
Net Income Growth		 97.39% 8.17% -3.11% -2.93% -102.64% 5.78% -35.78% -60.78% 3,100.00% -228.57% -163.57%
EPS Growth		 96.88% 10.34% -1.59% 0.00% -103.17% 4.69% -37.10% -60.94% 2,600.00% -229.85% -164.10%
Operating Cash Flow Growth		 134.48% -382.82% 9.43% 12.72% -375.00% 137.74% 17.24% -45.80% 0.53% 26.44% -191.67%
Free Cash Flow Firm Growth		 -1.52% -3.35% -559.09% -1,438.92% -1,486.34% -148.06% -45.62% -320.31% -224.96% -405.70% -366.01%
Invested Capital Growth		 3.58% 7.52% 11.13% 19.66% 21.23% 14.68% 13.31% 61.54% 59.22% 53.95% 50.57%
Revenue Q/Q Growth		 -6.26% 5.27% 10.92% 6.18% -0.65% -0.78% 4.02% 15.72% 0.79% 3.69% -1.15%
EBITDA Q/Q Growth		 -2.27% 2.84% 5.01% 2.39% -83.22% 530.56% -10.79% 15.40% 17.16% -83.73% 113.33%
EBIT Q/Q Growth		 -0.31% 4.38% 4.79% 0.57% -103.41% 3,158.33% -12.53% -0.62% 28.84% -113.63% 216.07%
NOPAT Q/Q Growth		 -8.12% 3.34% 8.33% 7.66% -101.24% 8,187.07% -19.65% -5.26% 38.57% -109.85% 1,780.95%
Net Income Q/Q Growth		 -5.02% -0.88% -3.11% 6.42% -102.59% 4,066.67% -41.18% -35.00% 97.80% -270.00% 70.92%
EPS Q/Q Growth		 -1.56% 1.59% -3.13% 3.23% -103.13% 3,450.00% -41.79% -35.90% 100.00% -274.00% 71.26%
Operating Cash Flow Q/Q Growth		 -83.04% -777.94% 137.74% 159.77% -141.37% 193.05% 17.24% 20.10% -175.92% 218.28% -185.00%
Free Cash Flow Firm Q/Q Growth		 -207.92% -295.94% -60.68% -95.02% -27.86% 38.09% 5.68% -462.88% 1.14% 3.65% 13.08%
Invested Capital Q/Q Growth		 2.49% 7.17% 1.52% 7.31% 3.84% 1.38% 0.30% 52.99% 2.35% -1.98% -1.89%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 18.35% 18.26% 18.10% 19.07% 18.36% 18.96% 19.44% 19.35% 17.71% 18.79% 19.45%
EBITDA Margin		 8.69% 8.49% 8.04% 7.75% 1.31% 8.32% 7.14% 7.19% 8.36% 1.31% 2.83%
Operating Margin		 7.13% 7.02% 6.85% 6.61% -0.09% 6.91% 5.87% 4.90% 6.24% -0.61% 10.41%
EBIT Margin		 7.17% 7.11% 6.72% 6.36% -0.22% 6.73% 5.66% 4.86% 6.21% -0.82% 0.96%
Profit (Net Income) Margin		 5.09% 4.79% 4.18% 4.19% -0.11% 4.36% 2.47% 1.39% 2.72% -4.46% -1.31%
Tax Burden Percent		 74.67% 73.05% 73.15% 76.82% 8.00% 75.08% 68.29% 66.91% 72.29% 136.00% 80.18%
Interest Burden Percent		 95.00% 92.22% 85.14% 85.80% 625.00% 86.38% 63.86% 42.63% 60.58% 401.79% -170.77%
Effective Tax Rate		 26.64% 26.95% 26.85% 23.18% 0.00% 24.92% 31.71% 33.09% 27.71% 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.74% 8.30% 8.42% 8.56% -0.11% 8.88% 6.94% 4.52% 6.33% -0.64% 11.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.85% 6.95% 9.38% 4.27% -0.29% 6.27% 9.22% 2.21% 4.24% -5.66% 0.42%
Return on Net Nonoperating Assets (RNNOA)		 0.55% 0.81% -2.65% 0.46% -0.04% 0.99% -2.13% 1.04% 2.06% -2.67% 0.19%
Return on Equity (ROE)		 9.29% 9.11% 5.77% 9.02% -0.15% 9.87% 4.82% 5.56% 8.39% -3.31% 11.67%
Cash Return on Invested Capital (CROIC)		 5.15% 1.16% -1.85% -9.30% -12.29% -6.68% -5.73% -42.21% -39.72% -40.77% -61.16%
Operating Return on Assets (OROA)		 8.29% 8.26% 7.97% 7.43% -0.26% 8.08% 6.79% 4.90% 6.37% -0.87% 1.05%
Return on Assets (ROA)		 5.88% 5.56% 4.96% 4.90% -0.13% 5.24% 2.96% 1.40% 2.79% -4.76% -1.44%
Return on Common Equity (ROCE)		 9.29% 9.11% 5.77% 9.02% -0.15% 9.87% 4.82% 5.56% 8.39% -3.31% 11.67%
Return on Equity Simple (ROE_SIMPLE)		 8.67% 8.85% 4.21% 0.00% 5.96% 5.90% 5.17% 0.00% 5.36% 0.89% -1.05%
Net Operating Profit after Tax (NOPAT)		 23 24 26 28 -0.35 28 23 22 30 -2.94 49
NOPAT Margin		 5.23% 5.13% 5.01% 5.08% -0.06% 5.19% 4.01% 3.28% 4.51% -0.43% 7.29%
Net Nonoperating Expense Percent (NNEP)		 0.88% 1.35% -0.96% 4.30% 0.18% 2.61% -2.28% 2.31% 2.09% 5.02% 11.06%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 1.98% 1.58% - - -0.14% 2.24%
Cost of Revenue to Revenue		 81.65% 81.72% 82.27% 80.61% 81.64% 81.04% 80.57% 80.64% 82.32% 81.21% 80.55%
SG&A Expenses to Revenue		 11.23% 11.24% 10.88% 12.80% 13.59% 12.05% 13.57% 14.44% 11.47% 19.40% 9.04%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 11.23% 11.24% 10.88% 12.80% 18.45% 12.05% 13.57% 14.44% 11.47% 19.40% 9.04%
Earnings before Interest and Taxes (EBIT)		 32 33 35 35 -1.20 37 32 32 41 -5.60 6.50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 39 40 42 43 7.20 45 41 47 55 9.00 19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.47 1.58 0.87 1.58 1.92 2.12 2.03 2.11 1.94 2.11 1.97
Price to Tangible Book Value (P/TBV)		 1.65 1.78 0.92 2.02 2.44 2.66 2.55 6.29 5.51 6.07 5.42
Price to Revenue (P/Rev)		 0.84 0.89 0.98 0.87 1.03 1.13 1.07 1.08 0.97 0.97 0.87
Price to Earnings (P/E)		 16.89 17.83 20.62 19.28 32.17 35.86 39.25 54.32 36.20 237.74 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 5.92% 5.61% 4.85% 5.19% 3.11% 2.79% 2.55% 1.84% 2.76% 0.42% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.44 1.51 1.67 1.50 1.77 1.95 1.89 1.64 1.54 1.63 1.59
Enterprise Value to Revenue (EV/Rev)		 0.87 0.96 1.05 0.97 1.13 1.22 1.16 1.47 1.34 1.32 1.21
Enterprise Value to EBITDA (EV/EBITDA)		 10.09 11.22 12.51 11.79 17.94 19.25 18.84 24.20 17.30 22.31 24.84
Enterprise Value to EBIT (EV/EBIT)		 12.56 13.69 15.14 14.21 23.11 25.03 24.92 34.21 23.04 34.18 44.07
Enterprise Value to NOPAT (EV/NOPAT)		 16.88 18.57 20.26 18.97 28.12 29.83 29.66 41.74 31.60 115.21 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.03 106.56 110.19 82.71 0.00 43.16 39.84 78.08 74.76 70.40 353.98
Enterprise Value to Free Cash Flow (EV/FCFF)		 28.42 134.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.11 0.19 0.09 0.25 0.27 0.24 0.24 0.83 0.81 0.84 0.86
Long-Term Debt to Equity		 0.11 0.19 0.09 0.25 0.27 0.24 0.24 0.83 0.81 0.84 0.86
Financial Leverage		 0.07 0.12 -0.28 0.11 0.13 0.16 -0.23 0.47 0.49 0.47 0.45
Leverage Ratio		 1.55 1.56 1.02 1.60 1.65 1.65 1.11 2.01 2.03 2.06 2.08
Compound Leverage Factor		 1.47 1.43 0.86 1.37 10.29 1.42 0.71 0.86 1.23 8.28 -3.55
Debt to Total Capital		 9.92% 16.00% 7.92% 19.70% 21.36% 19.22% 19.04% 45.30% 44.77% 45.51% 46.36%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 9.92% 16.00% 7.92% 19.70% 21.36% 19.22% 19.04% 45.30% 44.77% 45.51% 46.36%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 90.08% 84.00% 92.08% 80.30% 78.64% 80.78% 80.96% 54.70% 55.23% 54.49% 53.64%
Debt to EBITDA		 0.73 1.24 1.16 1.65 2.31 2.00 2.02 7.00 5.20 6.47 7.80
Net Debt to EBITDA		 0.42 0.92 0.82 1.15 1.63 1.45 1.41 6.32 4.86 5.93 7.03
Long-Term Debt to EBITDA		 0.73 1.24 1.16 1.65 2.31 2.00 2.02 7.00 5.20 6.47 7.80
Debt to NOPAT		 1.22 2.06 1.87 2.66 3.62 3.10 3.18 12.08 9.49 33.43 -2.89
Net Debt to NOPAT		 0.70 1.52 1.33 1.85 2.55 2.25 2.21 10.90 8.88 30.64 -2.60
Long-Term Debt to NOPAT		 1.22 2.06 1.87 2.66 3.62 3.10 3.18 12.08 9.49 33.43 -2.89
Altman Z-Score		 4.07 4.06 4.34 3.76 3.77 4.14 3.95 2.71 2.72 2.65 2.65
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.89 3.28 3.22 3.12 3.07 3.14 2.90 2.98 3.06 2.68 2.82
Quick Ratio		 0.74 0.85 0.88 0.88 0.89 0.82 0.76 0.80 0.77 0.68 0.73
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -15 -58 -94 -183 -234 -145 -137 -770 -762 -734 -638
Operating Cash Flow to CapEx		 101.49% -755.74% 179.38% 645.71% -205.49% 238.36% 351.72% 326.67% -235.44% 265.06% -220.00%
Free Cash Flow to Firm to Interest Expense		 -13.43 -27.85 -24.73 -35.25 -40.41 -23.40 -11.50 -39.91 -40.51 -38.02 -34.47
Operating Cash Flow to Interest Expense		 6.18 -21.95 4.58 8.69 -3.22 2.81 1.71 1.27 -0.99 1.14 -1.01
Operating Cash Flow Less CapEx to Interest Expense		 0.09 -24.86 2.03 7.35 -4.79 1.63 1.23 0.88 -1.41 0.71 -1.47
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.16 1.16 1.19 1.17 1.18 1.20 1.20 1.01 1.03 1.07 1.10
Accounts Receivable Turnover		 9.02 8.84 8.56 8.74 8.35 9.20 8.96 8.78 8.22 9.07 9.42
Inventory Turnover		 2.69 2.67 2.83 2.89 2.87 2.85 2.89 2.87 2.90 2.91 3.01
Fixed Asset Turnover		 16.43 16.76 16.88 16.89 17.28 17.60 17.45 15.57 16.62 17.17 18.66
Accounts Payable Turnover		 8.75 10.73 10.44 10.31 8.19 9.64 9.22 9.47 8.23 8.33 8.55
Days Sales Outstanding (DSO)		 40.47 41.30 42.64 41.74 43.70 39.68 40.76 41.59 44.41 40.22 38.75
Days Inventory Outstanding (DIO)		 135.67 136.46 129.08 126.46 127.20 128.27 126.37 127.08 126.01 125.48 121.29
Days Payable Outstanding (DPO)		 41.71 34.01 34.96 35.41 44.54 37.85 39.57 38.55 44.37 43.82 42.68
Cash Conversion Cycle (CCC)		 134.42 143.75 136.76 132.79 126.36 130.10 127.55 130.13 126.05 121.88 117.36
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,102 1,181 1,199 1,287 1,336 1,355 1,359 2,079 2,128 2,086 2,046
Invested Capital Turnover		 1.67 1.62 1.68 1.69 1.72 1.71 1.73 1.38 1.40 1.50 1.58
Increase / (Decrease) in Invested Capital		 38 83 120 211 234 173 160 792 791 731 687
Enterprise Value (EV)		 1,584 1,779 2,006 1,927 2,367 2,645 2,562 3,404 3,267 3,401 3,257
Market Capitalization		 1,519 1,633 1,874 1,739 2,152 2,446 2,371 2,515 2,349 2,496 2,335
Book Value per Share		 $29.27 $29.51 $62.61 $31.67 $32.11 $32.74 $32.90 $33.58 $33.89 $32.91 $32.93
Tangible Book Value per Share		 $25.95 $26.16 $59.20 $24.77 $25.24 $26.01 $26.14 $11.28 $11.94 $11.45 $11.99
Total Capital		 1,151 1,233 2,343 1,369 1,427 1,431 1,443 2,175 2,191 2,168 2,205
Total Debt		 114 197 186 270 305 275 275 985 981 987 1,022
Total Long-Term Debt		 114 197 186 270 305 275 275 985 981 987 1,022
Net Debt		 66 146 132 188 215 200 191 889 918 904 921
Capital Expenditures (CapEx)		 6.70 6.10 9.70 7.00 9.10 7.30 5.80 7.50 7.90 8.30 8.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 629 685 682 665 724 739 729 827 897 857 889
Debt-free Net Working Capital (DFNWC)		 677 737 736 746 814 814 813 923 960 940 990
Net Working Capital (NWC)		 677 737 736 746 814 814 813 923 960 940 990
Net Nonoperating Expense (NNE)		 0.63 1.61 4.32 4.92 0.25 4.50 8.74 12 12 28 58
Net Nonoperating Obligations (NNO)		 66 146 -958 188 214 199 191 889 918 904 863
Total Depreciation and Amortization (D&A)		 6.80 6.50 6.90 7.70 8.40 8.70 8.40 15 14 15 13
Debt-free, Cash-free Net Working Capital to Revenue		 34.72% 37.16% 35.65% 33.39% 34.55% 34.05% 32.90% 35.65% 36.90% 33.33% 33.13%
Debt-free Net Working Capital to Revenue		 37.40% 39.94% 38.48% 37.50% 38.86% 37.53% 36.67% 39.79% 39.49% 36.54% 36.89%
Net Working Capital to Revenue		 37.40% 39.94% 38.48% 37.50% 38.86% 37.53% 36.67% 39.79% 39.49% 36.54% 36.89%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.64 $0.65 $0.63 $0.64 ($0.02) $0.67 $0.40 $0.25 $0.50 ($0.87) ($0.25)
Adjusted Weighted Average Basic Shares Outstanding		 35.08M 34.46M 34.71M 34.93M 35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 35.40M
Adjusted Diluted Earnings per Share		 $0.63 $0.64 $0.62 $0.64 ($0.02) $0.67 $0.39 $0.25 $0.50 ($0.87) ($0.25)
Adjusted Weighted Average Diluted Shares Outstanding		 35.08M 34.46M 34.71M 34.93M 35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 35.40M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.08M 34.46M 34.71M 34.93M 35.29M 35.50M 35.43M 35.71M 35.91M 35.91M 36.10M
Normalized Net Operating Profit after Tax (NOPAT)		 23 24 26 28 -0.35 28 23 22 30 -2.94 49
Normalized NOPAT Margin		 5.23% 5.13% 5.01% 5.08% -0.06% 5.19% 4.01% 3.28% 4.51% -0.43% 7.29%
Pre Tax Income Margin		 6.81% 6.56% 5.72% 5.46% -1.36% 5.81% 3.61% 2.07% 3.76% -3.28% -1.64%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 29.09 15.90 9.21 6.77 -0.21 5.92 2.70 1.65 2.19 -0.29 0.35
NOPAT to Interest Expense		 21.21 11.48 6.87 5.41 -0.06 4.57 1.91 1.12 1.59 -0.15 2.67
EBIT Less CapEx to Interest Expense		 23.00 13.00 6.66 5.42 -1.78 4.74 2.21 1.26 1.77 -0.72 -0.11
NOPAT Less CapEx to Interest Expense		 15.12 8.57 4.32 4.06 -1.63 3.39 1.42 0.73 1.17 -0.58 2.21
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 71.52% 100.98% 81.63% 57.65% 0.00% 0.00% 9.77% 33.26% 0.00% 0.00% -77.42%

Key Financial Trends

Long-term Performance Overview: Over the past two years, AAR's operating revenue has exhibited steady growth, rising from $446.3 million in Q1 2023 to $678.2 million in Q3 2025. This represents about a 52% increase in quarterly revenue, reflecting expanding business operations or stronger market demand.

However, profitability has fluctuated. Net income was positive and mostly healthy in 2023 and early 2024 quarters, with net income in the $20-23 million range. In 2024, there was an apparent dip, including a slight loss in Q1 2024 (-$0.6 million) but followed by some recovery. In 2025, net income fell sharply into losses, with Q2 and Q3 2025 showing losses of $30.6 million and $8.9 million, respectively.

Profitability Margins and Costs: Gross profit has increased proportionally with revenue, but selling, general and administrative (SG&A) expenses rose sharply in 2025. For instance, SG&A in Q2 2025 was $133.1 million, nearly double the levels seen in 2023 quarters (~$50-70 million), which put pressure on operating income. The increased SG&A and other operating expenses have squeezed operating income from positive $41.3 million in Q1 2025 to losses in Q2 2025 (-$4.2 million), and a moderate positive $70.6 million operating income in Q3 2025 was offset by large other expenses.

Other Income/Expenses and Interest: Interest expense remains a significant drag, increasing from about $1-5 million in 2023 to $18.5 million in Q3 2025, signaling increased leverage or borrowing costs. Moreover, net other income/expense turned sharply negative in 2025 quarters, with Q3 2025 showing a net other expense of $64.1 million, contributing heavily to a pre-tax loss.

Cash Flow Trends: Operating cash flow has been volatile. While the company generated positive operating cash flow in most 2023 and 2024 quarters (e.g., $70 million in Q1 2023, $45 million in Q4 2023), in 2025 this turned negative in Q1 and Q3 (approximately -$18.7 million in Q3 2025). Capital expenditures (CAPEX) remain consistently in the $7-9 million range per quarter, indicating ongoing investments in property, plant, and equipment.

Debt and Liquidity Position: The total long-term debt has increased substantially, from about $110 million in early 2023 to over $1 billion by Q3 2025, signifying a major rise in leverage. Cash and equivalents have increased to $84.4 million by Q3 2025, up from around $44 million in early 2023, supported by significant debt issuance ($35 million in Q3 2025 financing activities) which partially offsets operational cash flow deficits.

Balance Sheet Strength: Total assets have expanded from about $1.6 billion in Q3 2023 to $2.9 billion in Q3 2025, primarily due to increases in current assets like inventories (which reach $775.7 million in Q3 2025, a sharp rise from $575.8 million in Q1 2023) and lease receivables. Total liabilities have also increased substantially, mostly driven by long-term debt. Shareholders’ equity has remained relatively stable around $1.0 to $1.2 billion, despite fluctuations in retained earnings corresponding to net income swings.

  • Revenue growth of 52% over two years shows good market traction and business expansion.
  • Consistent CAPEX investment supports long-term asset base and operations.
  • Cash and equivalents increased to support liquidity needs.
  • Increase in total assets by ~78% reflects business growth and asset accumulation.
  • Improved gross profit dollars aligned with revenue growth.
  • Increased inventories and receivables may indicate higher working capital requirements.
  • Stable shareholders’ equity despite volatility indicates capital base remains intact.
  • Rise in SG&A expenses in 2025 substantially outpaces revenue growth, reducing operating profitability.
  • Sharp increase in long-term debt by nearly 10x suggests rising leverage and potentially higher financial risk.
  • Negative net income and operating cash flow in 2025 quarters highlight earnings and liquidity challenges.

In summary, AAR has been expanding its revenue and asset base steadily over the last several years, which is a positive sign. However, recent quarters, particularly in 2025, reveal challenges with increased expenses, elevated debt, and resulting losses. Investors should watch the company’s ability to control costs, manage debt repayments, and return to consistent profitability and positive cash flow to assess its financial health going forward.

08/05/25 04:28 PMAI Generated. May Contain Errors.

Frequently Asked Questions About AAR's Financials

When does AAR's fiscal year end?

According to the most recent income statement we have on file, AAR's financial year ends in May. Their financial year 2024 ended on May 31, 2024.

How has AAR's net income changed over the last 10 years?

AAR's net income appears to be on an upward trend, with a most recent value of $46.30 million in 2024, falling from $72.90 million in 2014. The previous period was $90.20 million in 2023. View AAR's forecast to see where analysts expect AAR to go next.

What is AAR's operating income?
AAR's total operating income in 2024 was $102.70 million, based on the following breakdown:
  • Total Gross Profit: $441.60 million
  • Total Operating Expenses: $338.90 million
How has AAR's revenue changed over the last 10 years?

Over the last 10 years, AAR's total revenue changed from $1.71 billion in 2014 to $2.32 billion in 2024, a change of 35.7%.

How much debt does AAR have?

AAR's total liabilities were at $1.58 billion at the end of 2024, a 115.3% increase from 2023, and a 32.4% increase since 2014.

How much cash does AAR have?

In the past 10 years, AAR's cash and equivalents has ranged from $10.30 million in 2017 to $404.70 million in 2020, and is currently $85.80 million as of their latest financial filing in 2024.

How has AAR's book value per share changed over the last 10 years?

Over the last 10 years, AAR's book value per share changed from 25.26 in 2014 to 33.58 in 2024, a change of 33.0%.


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This page (NYSE:AIR) was last updated on 8/5/2025 by MarketBeat.com Staff
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