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AAR (AIR) Financials

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$137.46 -3.35 (-2.38%)
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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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2025 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 48 57 16 7.50 4.40 36 79 90 46 13 188
Consolidated Net Income / (Loss)		 48 57 16 7.50 4.40 36 79 90 46 13 188
Net Income / (Loss) Continuing Operations		 46 52 74 84 25 46 79 90 46 13 188
Total Pre-Tax Income 		69 77 77 89 30 65 105 121 58 39 246
Total Operating Income		 75 82 86 99 43 85 110 137 103 180 283
Total Gross Profit		 233 261 294 314 264 267 313 368 442 528 622
Total Revenue		 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319 2,781 3,308
Operating Revenue		 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319 2,781 3,308
Total Cost of Revenue		 1,292 1,330 1,455 1,738 1,808 1,385 1,508 1,623 1,877 2,253 2,688
Operating Cost of Revenue		 1,292 1,327 1,454 1,722 1,803 1,376 1,507 1,620 1,877 2,253 2,686
Other Cost of Revenue		 - 2.10 0.50 16 5.40 8.50 1.20 2.60 0.70 0.20 2.10
Total Operating Expenses		 158 179 208 215 221 182 204 230 339 348 340
Selling, General & Admin Expense		 158 179 208 215 221 182 202 230 312 348 349
Other Special Charges / (Income)		 - - - - - - - 0.00 0.00 0.00 -9.80
Total Other Income / (Expense), net		 -6.20 -5.20 -8.30 -9.60 -13 -21 -4.70 -16 -44 -141 -35
Interest Expense		 6.40 5.30 8.00 9.50 9.30 5.00 2.40 12 43 75 72
Interest & Investment Income		 0.20 0.10 0.60 0.70 -1.40 0.40 -2.80 -2.20 2.00 7.20 10
Other Income / (Expense), net		 - - -0.90 -0.80 -2.10 -16 0.50 -1.50 -3.20 -73 27
Income Tax Expense		 23 25 3.50 4.90 5.60 18 27 31 12 26 58
Basic Earnings per Share		 $1.37 $1.66 $0.44 $0.20 $0.12 $1.01 $2.20 $2.56 $1.30 $0.35 $4.88
Weighted Average Basic Shares Outstanding		 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.10M 35.60M 38.30M
Diluted Earnings per Share		 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29 $0.35 $4.86
Weighted Average Diluted Shares Outstanding		 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.40M 35.80M 38.40M
Weighted Average Basic & Diluted Shares Outstanding		 34.40M 33.90M 35.50M 37.50M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M 39.89M

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 24 14 9.10 18 -31 -8.90 34 34 35 68 51
Consolidated Net Income / (Loss)		 24 14 9.10 18 -31 -8.90 34 34 35 68 51
Net Income / (Loss) Continuing Operations		 24 14 9.10 18 -31 -8.90 34 34 35 68 51
Total Pre-Tax Income 		32 21 14 25 -23 -11 48 47 48 93 58
Total Operating Income		 38 33 32 41 -4.20 71 72 62 67 75 79
Total Gross Profit		 103 110 127 117 129 132 150 133 156 155 178
Total Revenue		 545 567 657 662 686 678 755 740 795 845 928
Operating Revenue		 545 567 657 662 686 678 755 740 795 845 928
Total Cost of Revenue		 442 457 529 545 557 546 605 607 640 691 751
Operating Cost of Revenue		 442 457 529 545 558 547 604 606 638 690 751
Other Cost of Revenue		 0.00 0.10 0.20 0.20 -0.30 -0.20 0.50 0.60 1.10 0.50 -0.10
Total Operating Expenses		 66 77 95 76 133 61 77 71 89 80 100
Selling, General & Admin Expense		 66 77 95 76 133 61 77 71 89 90 100
Total Other Income / (Expense), net		 -6.00 -13 -19 -16 -18 -82 -25 -15 -19 19 -20
Interest Expense		 6.20 12 19 19 19 19 19 19 19 18 17
Interest & Investment Income		 1.20 0.40 0.90 2.80 2.40 -63 1.10 3.30 0.40 1.80 4.70
Other Income / (Expense), net		 -1.00 -1.20 -0.30 -0.20 -1.40 -0.10 -7.00 0.60 -0.30 35 -7.50
Income Tax Expense		 7.90 6.50 4.50 6.90 8.10 -2.20 14 13 14 25 7.00
Basic Earnings per Share		 $0.67 $0.40 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.96 $0.91 $1.72 $1.29
Weighted Average Basic Shares Outstanding		 35.50M 34.80M 35.71M 35.20M 35.20M 35.40M 35.85M 35.70M 37.80M 39.30M 38.30M
Diluted Earnings per Share		 $0.67 $0.39 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.95 $0.90 $1.71 $1.30
Weighted Average Diluted Shares Outstanding		 35.50M 35.20M 35.71M 35.60M 35.20M 35.40M 35.85M 35.90M 38.10M 39.50M 38.40M
Weighted Average Basic & Diluted Shares Outstanding		 35.50M 35.43M 35.71M 35.91M 35.91M 36.10M 35.85M 36.11M 39.57M 39.76M 39.89M

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2025 5/31/2026
Net Change in Cash & Equivalents		 -24 -21 31 -41 384 -365 -1.30 23 14 13 -1.40
Net Cash From Operating Activities		 32 22 64 67 -36 105 75 23 44 36 99
Net Cash From Continuing Operating Activities		 46 -14 56 61 -19 109 90 24 44 36 99
Net Income / (Loss) Continuing Operations		 46 52 74 84 25 46 79 90 46 13 188
Consolidated Net Income / (Loss)		 48 57 16 7.50 4.40 36 79 90 46 13 188
Depreciation Expense		 33 36 41 43 44 36 33 27 40 55 72
Amortization Expense		 - - - - - - - 0.70 1.00 2.60 3.20
Non-Cash Adjustments To Reconcile Net Income		 -0.90 -75 -40 9.00 43 33 15 6.60 26 57 -18
Changes in Operating Assets and Liabilities, net		 -32 -26 -19 -75 -131 -6.70 -37 -101 -70 -91 -147
Net Cash From Discontinued Operating Activities		 -14 35 8.50 6.90 -17 -3.30 -15 -0.50 -0.20 0.00 0.00
Net Cash From Investing Activities		 -17 -30 -43 -38 -25 -0.50 -17 -138 -759 11 -309
Net Cash From Continuing Investing Activities		 -44 -34 -39 -38 -25 -0.50 -17 -138 -759 11 -309
Purchase of Property, Plant & Equipment		 -40 -25 -22 - -24 -11 -17 -30 -30 -35 -37
Acquisitions		 -4.80 -13 -23 - - 0.00 0.00 -103 -723 -1.50 -259
Sale of Property, Plant & Equipment		 0.10 6.50 8.60 17 0.00 0.00 7.30 - 0.00 4.70 25
Divestitures		 - - - - - - - 0.00 0.00 48 0.60
Other Investing Activities, net		 1.00 -2.70 -2.30 -18 -1.20 11 -6.50 -5.20 -5.90 -5.80 -38
Net Cash From Financing Activities		 -38 -12 10 -71 445 -470 -60 138 729 -34 209
Net Cash From Continuing Financing Activities		 -38 -10 12 -71 445 -470 -60 138 729 -34 209
Repayment of Debt		 -71 -10 -1.30 -10 -1.30 -0.10 -34 172 175 -20 -227
Repurchase of Common Equity		 -19 -20 -13 - -4.10 0.00 -42 -52 -15 -10 -2.50
Issuance of Debt		 60 21 25 - 460 -470 0.00 0.00 550 0.00 153
Issuance of Common Equity		 - - - 10 - - - - 0.00 0.00 274
Other Financing Activities, net		 1.80 8.50 12 -40 1.10 0.60 17 18 20 -3.50 11

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 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026
Net Change in Cash & Equivalents		 -15 8.10 13 -33 19 18 8.30 -18 4.60 3.90 7.70
Net Cash From Operating Activities		 17 20 25 -19 22 -19 51 -45 14 75 55
Net Cash From Continuing Operating Activities		 17 20 25 -19 22 -19 51 -45 14 75 55
Net Income / (Loss) Continuing Operations		 24 14 9.10 18 -31 -8.90 34 34 35 68 51
Consolidated Net Income / (Loss)		 24 14 9.10 18 -31 -8.90 34 34 35 68 51
Depreciation Expense		 8.70 8.40 15 14 15 13 14 14 17 20 21
Amortization Expense		 - - - 0.70 - - 0.60 0.70 0.90 0.80 0.80
Non-Cash Adjustments To Reconcile Net Income		 2.90 17 9.90 -22 0.10 57 21 -4.50 16 -32 3.60
Changes in Operating Assets and Liabilities, net		 -18 -19 -9.80 -29 38 -82 -18 -89 -55 18 -21
Net Cash From Investing Activities		 -8.70 -6.50 -732 -5.30 -7.90 -3.70 28 -24 -213 -15 -57
Net Cash From Continuing Investing Activities		 -8.70 -6.50 -732 -5.30 -7.90 -3.70 28 -24 -213 -15 -57
Purchase of Property, Plant & Equipment		 -7.30 -5.80 -7.50 -7.90 -8.30 -8.50 -10 -8.70 -7.40 -8.50 -12
Acquisitions		 - - - 2.90 - - - -12 -210 -0.40 -37
Sale of Property, Plant & Equipment		 - - - - - - - - - - 0.30
Other Investing Activities, net		 -1.40 -0.70 -1.30 -0.30 0.40 4.80 -6.00 -3.20 3.80 -31 -8.40
Net Cash From Financing Activities		 -23 -5.80 720 -9.10 5.30 41 -71 51 204 -56 9.30
Net Cash From Continuing Financing Activities		 -23 -5.80 720 -9.10 5.30 41 -71 51 204 -56 9.30
Repayment of Debt		 - - - -5.00 - - - -97 -70 -65 5.00
Other Financing Activities, net		 6.60 0.10 9.20 -4.10 0.30 5.90 -5.60 -2.40 0.40 8.90 4.30

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2025 5/31/2026
Total Assets		 1,456 1,504 1,525 1,517 2,079 1,540 1,574 1,833 2,770 2,845 3,356
Total Current Assets		 882 888 943 953 1,439 937 1,007 1,098 1,390 1,511 1,742
Cash & Equivalents		 31 10 31 21 405 52 54 68 86 97 84
Restricted Cash		 - - 11 20 20 8.40 5.40 13 10 13 24
Accounts Receivable		 248 235 202 198 172 167 214 241 287 355 387
Inventories, net		 452 433 461 524 623 541 551 574 733 809 979
Prepaid Expenses		 - - - - 77 28 40 50 59 97 120
Other Current Assets		 150 90 113 161 119 122 127 138 205 140 148
Plant, Property, & Equipment, net		 238 117 133 133 136 120 110 126 172 159 167
Plant, Property & Equipment, gross		 676 325 348 729 382 380 368 395 452 437 409
Accumulated Depreciation		 438 208 214 232 247 260 258 269 280 279 242
Total Noncurrent Assets		 336 499 449 432 505 483 457 609 1,209 1,176 1,447
Noncurrent Note & Lease Receivables		 81 160 183 - 212 184 167 178 263 93 211
Goodwill		 117 106 119 116 122 124 116 176 555 531 580
Intangible Assets		 36 31 28 22 - - 3.30 64 235 220 282
Other Noncurrent Operating Assets		 102 105 119 294 171 175 171 192 156 332 374
Total Liabilities & Shareholders' Equity		 1,456 1,504 1,525 1,517 2,079 1,540 1,574 1,833 2,770 2,845 3,356
Total Liabilities		 590 590 588 611 1,176 565 539 734 1,580 1,633 1,652
Total Current Liabilities		 341 335 333 358 383 337 348 352 467 555 613
Accounts Payable		 166 164 170 188 192 127 156 159 238 303 296
Accrued Expenses		 163 140 138 141 162 174 175 180 219 211 267
Current Deferred Revenue		 - - - - - - - - - 40 50
Total Noncurrent Liabilities		 249 255 255 254 793 229 191 383 1,113 1,078 1,039
Long-Term Debt		 136 154 177 142 600 134 99 270 985 968 894
Noncurrent Deferred & Payable Income Tax Liabilities		 113 101 16 - - 9.50 20 34 24 18 23
Other Noncurrent Operating Liabilities		 - - 26 28 105 85 72 79 104 92 122
Total Equity & Noncontrolling Interests		 866 914 936 906 903 974 1,035 1,099 1,190 1,212 1,704
Total Preferred & Common Equity		 866 914 936 906 903 974 1,035 1,099 1,190 1,212 1,704
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		 866 914 936 906 903 974 1,035 1,099 1,190 1,212 1,704
Common Stock		 496 506 516 525 524 525 523 530 539 551 839
Retained Earnings		 682 728 733 710 706 742 820 911 957 969 1,157
Treasury Stock		 -268 -280 -281 -288 -283 -274 -289 -318 -298 -303 -288
Accumulated Other Comprehensive Income / (Loss)		 -44 -40 -32 -41 -45 -18 -20 -24 -8.80 -5.60 -3.90

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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 11/30/2022 2/28/2023 8/31/2023 11/30/2023 2/29/2024 8/31/2024 11/30/2024 2/28/2025 8/31/2025 11/30/2025 2/28/2026
Total Assets		 1,647 1,673 1,954 1,966 2,022 2,783 2,849 2,859 2,930 3,243 3,333
Total Current Assets		 1,060 1,068 1,207 1,194 1,241 1,427 1,498 1,535 1,567 1,690 1,764
Cash & Equivalents		 49 53 70 65 69 49 62 84 80 76 79
Restricted Cash		 2.20 1.40 20 10 14 14 21 17 12 21 22
Accounts Receivable		 225 238 281 246 257 311 320 313 364 402 426
Inventories, net		 595 571 614 646 672 748 790 776 862 911 958
Prepaid Expenses		 - - 59 61 57 77 81 75 104 129 137
Other Current Assets		 174 191 151 154 161 218 216 183 147 153 142
Plant, Property, & Equipment, net		 114 120 131 133 134 162 167 153 162 217 163
Total Noncurrent Assets		 473 486 616 639 647 1,195 1,184 1,171 1,201 1,335 1,406
Noncurrent Note & Lease Receivables		 171 174 177 177 267 171 174 263 264 316 381
Goodwill		 118 118 177 176 179 553 543 528 543 552 552
Intangible Assets		 - - 63 62 60 231 227 224 226 296 289
Other Noncurrent Operating Assets		 184 194 199 224 140 240 240 156 168 171 184
Total Liabilities & Shareholders' Equity		 1,647 1,673 1,954 1,966 2,022 2,783 2,849 2,859 2,930 3,243 3,333
Total Liabilities		 612 606 833 810 854 1,573 1,668 1,677 1,680 1,681 1,689
Total Current Liabilities		 324 332 394 380 428 467 558 545 539 594 653
Accounts Payable		 157 159 222 210 230 258 292 279 314 342 324
Accrued Expenses		 152 159 159 159 187 201 259 237 225 252 329
Total Noncurrent Liabilities		 288 274 439 430 426 1,106 1,109 1,131 1,142 1,087 1,036
Long-Term Debt		 197 186 305 275 275 981 987 1,022 1,022 953 888
Noncurrent Deferred & Payable Income Tax Liabilities		 20 14 40 40 37 24 24 25 22 21 18
Other Noncurrent Operating Liabilities		 71 74 95 115 114 101 99 84 98 113 130
Total Equity & Noncontrolling Interests		 1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183 1,249 1,561 1,643
Total Preferred & Common Equity		 1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183 1,249 1,561 1,643
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		 1,035 2,157 1,122 1,156 1,168 1,210 1,182 1,183 1,249 1,561 1,643
Common Stock		 524 527 527 531 535 536 541 546 549 827 833
Retained Earnings		 866 887 910 934 948 975 944 935 1,004 1,038 1,106
Treasury Stock		 -332 -324 -307 -301 -306 -293 -293 -287 -298 -298 -292
Accumulated Other Comprehensive Income / (Loss)		 -23 1,068 -8.10 -8.50 -8.70 -7.30 -11 -12 -5.20 -6.40 -4.70

Annual Metrics And Ratios for AAR

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2025 5/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 39,764,268.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 39,764,268.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.72
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.92% 4.29% 9.90% 17.36% 0.98% -20.26% 10.15% 9.37% 16.50% 19.91% 18.97%
EBITDA Growth		 173.48% 8.96% 6.02% 12.39% -39.69% 24.29% 35.86% 14.18% -13.95% 17.34% 133.31%
EBIT Growth		 280.53% 9.59% 2.79% 15.60% -57.98% 68.13% 59.33% 23.16% -26.62% 7.84% 188.82%
NOPAT Growth		 270.31% 11.92% 47.05% 14.15% -62.18% 73.13% 34.16% 24.09% -19.71% -29.08% 272.81%
Net Income Growth		 367.65% 18.45% -72.39% -51.92% -41.33% 713.64% 119.83% 14.61% -48.67% -73.00% 1,401.60%
EPS Growth		 470.83% 19.71% -75.00% -48.78% -38.10% 669.23% 117.00% 16.59% -49.01% -72.87% 1,288.57%
Operating Cash Flow Growth		 174.65% -32.09% 194.95% 4.82% -153.56% 391.41% -28.52% -69.02% 87.12% -17.20% 173.41%
Free Cash Flow Firm Growth		 -104.95% 681.51% -111.69% 399.20% -173.68% 290.27% -14.56% -256.52% -546.83% 109.38% -407.76%
Invested Capital Growth		 8.67% -11.40% 11.62% 3.56% 7.79% -1.94% 1.10% 19.66% 61.54% -0.42% 20.26%
Revenue Q/Q Growth		 -8.83% 3.91% 7.27% 4.55% -6.59% -41.94% 221.10% 4.03% 4.66% 3.65% 5.54%
EBITDA Q/Q Growth		 438.81% 6.31% -0.95% 7.33% -34.31% -46.88% 1,975.36% 2.00% 3.15% 25.93% 25.19%
EBIT Q/Q Growth		 231.52% -7.94% -0.94% 7.95% -51.53% -56.92% 496.04% 2.34% -3.21% 45.20% 29.18%
NOPAT Q/Q Growth		 224.08% -4.85% 4.45% 11.10% -52.86% -39.51% 1,363.14% 2.62% -5.56% 116.34% 7.74%
Net Income Q/Q Growth		 -6.10% 19.45% -36.84% 334.38% -89.93% 575.47% 14.39% -0.77% -23.34% 200.81% 9.77%
EPS Q/Q Growth		 -2.84% 18.84% -41.43% 261.54% -89.60% 0.00% 0.00% 0.00% -23.21% 194.59% 7.28%
Operating Cash Flow Q/Q Growth		 148.71% -37.36% -2.43% 20.57% -206.18% 89.89% 30.33% 28.02% -32.19% 292.39% 4.11%
Free Cash Flow Firm Q/Q Growth		 -1,117.87% 22,646.89% -114.73% 51.48% -404.67% -42.85% 260.26% -420.26% -869.96% 106.40% -9.93%
Invested Capital Q/Q Growth		 0.69% -15.76% -0.70% -1.71% 0.03% 2.11% -0.33% 7.31% 52.99% 1.17% 2.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 15.28% 16.43% 16.79% 15.30% 12.73% 16.18% 17.21% 18.46% 19.04% 18.98% 18.80%
EBITDA Margin		 7.10% 7.42% 7.16% 6.85% 4.09% 6.38% 7.87% 8.21% 6.07% 5.94% 11.64%
Operating Margin		 4.92% 5.17% 4.89% 4.81% 2.08% 5.14% 6.02% 6.89% 4.43% 6.47% 8.54%
EBIT Margin		 4.92% 5.17% 4.84% 4.77% 1.98% 4.18% 6.05% 6.81% 4.29% 3.86% 9.37%
Profit (Net Income) Margin		 3.13% 3.55% 0.89% 0.37% 0.21% 2.17% 4.32% 4.53% 2.00% 0.45% 5.67%
Tax Burden Percent		 69.23% 73.28% 20.21% 8.43% 14.47% 55.50% 74.88% 74.42% 79.42% 32.13% 76.33%
Interest Burden Percent		 91.74% 93.68% 91.25% 91.00% 73.97% 93.34% 95.46% 89.38% 58.59% 36.25% 79.35%
Effective Tax Rate		 33.96% 32.56% 4.53% 5.51% 18.42% 28.22% 25.31% 25.91% 20.58% 67.87% 23.67%
Return on Invested Capital (ROIC)		 5.26% 5.99% 8.86% 9.42% 3.37% 5.68% 7.65% 8.60% 4.85% 2.79% 9.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.11% 8.70% 1,680.35% -116.38% -18.43% -12.88% 2.80% -1.35% -1.70% -2.40% 6.06%
Return on Net Nonoperating Assets (RNNOA)		 0.32% 0.36% -7.17% -8.60% -2.88% -1.86% 0.18% -0.14% -0.80% -1.75% 3.42%
Return on Equity (ROE)		 5.58% 6.35% 1.69% 0.81% 0.49% 3.81% 7.84% 8.46% 4.05% 1.04% 12.88%
Cash Return on Invested Capital (CROIC)		 -3.05% 18.08% -2.12% 5.92% -4.13% 7.64% 6.56% -9.30% -42.21% 3.21% -8.94%
Operating Return on Assets (OROA)		 5.16% 5.56% 5.59% 6.43% 2.29% 3.82% 7.07% 7.96% 4.32% 3.82% 10.00%
Return on Assets (ROA)		 3.28% 3.82% 1.03% 0.49% 0.24% 1.98% 5.06% 5.30% 2.01% 0.45% 6.05%
Return on Common Equity (ROCE)		 5.58% 6.35% 1.69% 0.81% 0.49% 3.81% 7.84% 8.46% 4.05% 1.04% 12.88%
Return on Equity Simple (ROE_SIMPLE)		 5.51% 6.18% 1.67% 0.83% 0.49% 3.67% 7.61% 8.21% 3.89% 1.03% 0.00%
Net Operating Profit after Tax (NOPAT)		 50 56 82 93 35 61 82 102 82 58 216
NOPAT Margin		 3.25% 3.49% 4.67% 4.54% 1.70% 3.69% 4.50% 5.10% 3.52% 2.08% 6.52%
Net Nonoperating Expense Percent (NNEP)		 2.15% -2.71% -1,671.49% 125.80% 21.80% 18.56% 4.85% 9.95% 6.55% 5.19% 3.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 2.65% 8.30%
Cost of Revenue to Revenue		 84.72% 83.57% 83.21% 84.70% 87.27% 83.82% 82.86% 81.54% 80.96% 81.03% 81.26%
SG&A Expenses to Revenue		 10.36% 11.25% 11.90% 10.50% 10.65% 11.04% 11.11% 11.58% 13.46% 12.50% 10.56%
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		 10.36% 11.25% 11.90% 10.50% 10.65% 11.04% 11.19% 11.58% 14.61% 12.50% 10.26%
Earnings before Interest and Taxes (EBIT)		 75 82 85 98 41 69 110 136 100 107 310
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 108 118 125 141 85 105 143 164 141 165 385
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.95 1.28 1.63 1.15 0.78 1.51 1.64 1.58 2.11 1.83 2.63
Price to Tangible Book Value (P/TBV)		 1.15 1.50 1.93 1.36 0.91 1.73 1.86 2.02 6.29 4.81 5.32
Price to Revenue (P/Rev)		 0.54 0.74 0.87 0.51 0.34 0.89 0.93 0.87 1.08 0.80 1.35
Price to Earnings (P/E)		 17.19 20.72 97.59 139.41 160.90 41.19 21.57 19.28 54.32 177.37 23.86
Dividend Yield		 1.27% 0.88% 0.68% 1.01% 1.86% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 5.82% 4.83% 1.02% 0.72% 0.62% 2.43% 4.64% 5.19% 1.84% 0.56% 4.19%
Enterprise Value to Invested Capital (EV/IC)		 0.95 1.51 1.71 1.14 0.81 1.46 1.62 1.50 1.64 1.49 2.11
Enterprise Value to Revenue (EV/Rev)		 0.61 0.83 0.95 0.56 0.43 0.94 0.95 0.97 1.47 1.11 1.59
Enterprise Value to EBITDA (EV/EBITDA)		 8.65 11.14 13.25 8.15 10.42 14.69 12.13 11.79 24.20 18.63 13.67
Enterprise Value to EBIT (EV/EBIT)		 12.47 15.97 19.60 11.72 21.49 22.40 15.78 14.21 34.21 28.67 16.99
Enterprise Value to NOPAT (EV/NOPAT)		 18.89 23.68 20.31 12.30 25.06 25.37 21.22 18.97 41.74 53.18 24.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.18 60.30 25.79 17.01 0.00 14.72 23.10 82.71 78.08 85.21 53.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 7.85 0.00 19.57 0.00 18.85 24.76 0.00 0.00 46.16 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.17 0.17 0.19 0.16 0.66 0.14 0.10 0.25 0.83 0.80 0.52
Long-Term Debt to Equity		 0.16 0.17 0.19 0.16 0.66 0.14 0.10 0.25 0.83 0.80 0.52
Financial Leverage		 0.10 0.04 0.00 0.07 0.16 0.14 0.06 0.11 0.47 0.73 0.56
Leverage Ratio		 1.70 1.66 1.64 1.65 1.99 1.93 1.55 1.60 2.01 2.34 2.13
Compound Leverage Factor		 1.56 1.56 1.49 1.50 1.47 1.80 1.48 1.43 1.18 0.85 1.69
Debt to Total Capital		 14.61% 14.43% 15.91% 13.53% 39.93% 12.07% 8.73% 19.70% 45.30% 44.41% 34.41%
Short-Term Debt to Total Capital		 1.18% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 13.42% 14.42% 15.91% 13.53% 39.93% 12.07% 8.73% 19.70% 45.30% 44.41% 34.41%
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		 85.39% 85.57% 84.09% 86.47% 60.07% 87.93% 91.27% 80.30% 54.70% 55.59% 65.59%
Debt to EBITDA		 1.37 1.31 1.42 1.01 7.08 1.27 0.69 1.65 7.00 5.86 2.32
Net Debt to EBITDA		 1.08 1.22 1.08 0.72 2.07 0.70 0.28 1.15 6.32 5.20 2.04
Long-Term Debt to EBITDA		 1.26 1.31 1.42 1.01 7.08 1.27 0.69 1.65 7.00 5.86 2.32
Debt to NOPAT		 2.99 2.78 2.17 1.52 17.03 2.19 1.21 2.66 12.08 16.74 4.15
Net Debt to NOPAT		 2.36 2.59 1.66 1.08 4.97 1.20 0.49 1.85 10.90 14.85 3.65
Long-Term Debt to NOPAT		 2.74 2.78 2.17 1.52 17.03 2.19 1.21 2.66 12.08 16.74 4.15
Altman Z-Score		 3.15 3.55 4.04 3.72 2.51 3.93 4.51 3.94 2.79 2.80 3.80
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		 2.58 2.65 2.83 2.66 3.76 2.78 2.89 3.12 2.98 2.72 2.84
Quick Ratio		 0.82 0.73 0.70 0.61 1.51 0.65 0.77 0.88 0.80 0.81 0.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -29 168 -20 59 -43 82 70 -110 -710 67 -204
Operating Cash Flow to CapEx		 80.25% 116.58% 479.85% 0.00% -152.97% 930.97% 752.00% 78.98% 146.80% 104.03% 858.26%
Free Cash Flow to Firm to Interest Expense		 -4.50 31.61 -2.45 6.17 -4.64 16.42 29.23 -9.00 -16.44 0.88 -2.83
Operating Cash Flow to Interest Expense		 5.02 4.11 8.04 7.09 -3.88 21.04 31.33 1.91 1.01 0.48 1.37
Operating Cash Flow Less CapEx to Interest Expense		 -1.23 0.58 6.36 8.93 -6.42 18.78 27.17 -0.51 0.32 0.02 1.21
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.05 1.07 1.15 1.35 1.15 0.91 1.17 1.17 1.01 0.99 1.07
Accounts Receivable Turnover		 6.39 6.59 8.01 10.26 11.21 9.76 9.56 8.74 8.78 8.66 8.92
Inventory Turnover		 2.85 3.00 3.25 3.53 3.15 2.38 2.76 2.89 2.87 2.92 3.01
Fixed Asset Turnover		 6.74 8.95 13.96 15.43 15.43 12.92 15.85 16.89 15.57 16.84 20.33
Accounts Payable Turnover		 8.38 8.05 8.71 9.71 9.53 8.69 10.63 10.31 9.47 8.33 8.98
Days Sales Outstanding (DSO)		 57.10 55.39 45.57 35.56 32.56 37.40 38.17 41.74 41.59 42.14 40.91
Days Inventory Outstanding (DIO)		 128.23 121.54 112.17 103.38 115.75 153.35 132.05 126.46 127.08 124.93 121.40
Days Payable Outstanding (DPO)		 43.58 45.37 41.93 37.58 38.29 42.01 34.32 35.41 38.55 43.83 40.65
Cash Conversion Cycle (CCC)		 141.75 131.56 115.81 101.36 110.02 148.74 135.90 132.79 130.13 123.24 121.67
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 983 871 972 1,007 1,085 1,064 1,076 1,287 2,079 2,070 2,490
Invested Capital Turnover		 1.62 1.72 1.90 2.07 1.98 1.54 1.70 1.69 1.38 1.34 1.45
Increase / (Decrease) in Invested Capital		 78 -112 101 35 78 -21 12 211 792 -8.80 420
Enterprise Value (EV)		 937 1,315 1,658 1,146 883 1,548 1,737 1,927 3,404 3,076 5,264
Market Capitalization		 820 1,171 1,522 1,046 708 1,475 1,697 1,739 2,515 2,217 4,478
Book Value per Share		 $24.92 $26.63 $27.03 $25.83 $25.71 $27.59 $29.39 $31.67 $33.58 $33.56 $42.85
Tangible Book Value per Share		 $20.51 $22.67 $22.80 $21.89 $22.25 $24.08 $25.99 $24.77 $11.28 $12.77 $21.17
Total Capital		 1,014 1,068 1,114 1,048 1,503 1,108 1,133 1,369 2,175 2,180 2,598
Total Debt		 148 154 177 142 600 134 99 270 985 968 894
Total Long-Term Debt		 136 154 177 142 600 134 99 270 985 968 894
Net Debt		 117 144 136 101 175 74 40 188 889 859 786
Capital Expenditures (CapEx)		 40 19 13 -17 24 11 10 30 30 35 12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 521 543 568 554 631 540 600 665 827 847 1,021
Debt-free Net Working Capital (DFNWC)		 552 554 609 595 1,056 600 659 746 923 956 1,129
Net Working Capital (NWC)		 540 553 609 595 1,056 600 659 746 923 956 1,129
Net Nonoperating Expense (NNE)		 1.89 -0.99 66 86 31 25 3.16 11 35 45 28
Net Nonoperating Obligations (NNO)		 117 -44 36 101 182 89 41 188 889 858 786
Total Depreciation and Amortization (D&A)		 33 36 41 43 44 36 33 28 41 58 75
Debt-free, Cash-free Net Working Capital to Revenue		 34.16% 34.15% 32.48% 27.00% 30.45% 32.68% 32.97% 33.39% 35.65% 30.45% 30.87%
Debt-free Net Working Capital to Revenue		 36.21% 34.79% 34.86% 29.00% 50.95% 36.33% 36.21% 37.50% 39.79% 34.38% 34.13%
Net Working Capital to Revenue		 35.42% 34.79% 34.86% 29.00% 50.95% 36.33% 36.21% 37.50% 39.79% 34.38% 34.13%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.37 $1.66 $0.44 $0.20 $0.12 $1.01 $2.20 $2.56 $1.30 $0.35 $4.88
Adjusted Weighted Average Basic Shares Outstanding		 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M 38.30M
Adjusted Diluted Earnings per Share		 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29 $0.35 $4.86
Adjusted Weighted Average Diluted Shares Outstanding		 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M 38.40M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 34.70M 34.40M 34.74M 34.83M 35.16M 35.40M 35.42M 34.93M 35.71M 35.85M 39.89M
Normalized Net Operating Profit after Tax (NOPAT)		 50 56 82 93 35 61 82 102 82 126 208
Normalized NOPAT Margin		 3.25% 3.49% 4.67% 4.54% 1.70% 3.69% 4.50% 5.10% 3.52% 4.53% 6.29%
Pre Tax Income Margin		 4.52% 4.85% 4.42% 4.34% 1.47% 3.90% 5.77% 6.09% 2.51% 1.40% 7.43%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.73 15.53 10.58 10.29 4.42 13.82 45.88 11.11 2.30 1.42 4.30
NOPAT to Interest Expense		 7.75 10.47 10.20 9.81 3.79 12.20 34.11 8.33 1.89 0.77 2.99
EBIT Less CapEx to Interest Expense		 5.48 12.00 8.90 12.13 1.88 11.56 41.71 8.70 1.62 0.96 4.14
NOPAT Less CapEx to Interest Expense		 1.50 6.94 8.53 11.64 1.25 9.94 29.94 5.91 1.20 0.31 2.83
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 21.80% 18.05% 66.03% -140.00% 243.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 61.22% 53.10% 150.00% -140.00% 336.36% 0.00% 53.88% 57.65% 33.26% 81.60% 1.33%

Quarterly Metrics And Ratios for AAR

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

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026
DEI Shares Outstanding		 - - - - - - - - - 39,764,268.00 39,764,268.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 39,764,268.00 39,764,268.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.71 1.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 16.09% 8.87% 18.65% 20.37% 25.80% 19.55% 14.93% 11.77% 15.92% - 23.00%
EBITDA Growth		 13.78% -3.34% 10.02% 668.06% -80.18% -52.59% 68.64% 39.24% 842.22% - 496.79%
EBIT Growth		 9.88% -8.29% -9.38% 3,525.00% -115.26% -79.75% 104.70% 52.07% 1,292.86% - 5,384.62%
NOPAT Growth		 17.41% -12.92% -23.37% 8,630.12% -110.39% 117.31% 139.69% 51.75% 1,741.75% - 34.08%
Net Income Growth		 5.78% -35.78% -60.78% 3,100.00% -228.57% -163.57% 273.63% 91.11% 213.07% - 49.12%
EPS Growth		 4.69% -37.10% -60.94% 2,600.00% -229.85% -164.10% 288.00% 90.00% 203.45% - 34.02%
Operating Cash Flow Growth		 137.74% 17.24% -45.80% 0.53% 26.44% -191.67% 109.80% -141.40% -38.18% - 7.59%
Free Cash Flow Firm Growth		 -148.06% -45.62% -320.31% -224.96% -405.70% -366.01% 107.85% 99.11% 61.30% - -683.35%
Invested Capital Growth		 14.68% 13.31% 61.54% 59.22% 53.95% 50.57% -0.42% 2.45% 15.93% - 20.26%
Revenue Q/Q Growth		 -0.78% 4.02% 15.72% 0.79% 3.69% -1.15% 11.25% -1.97% 7.53% - 9.81%
EBITDA Q/Q Growth		 530.56% -10.79% 15.40% 17.16% -83.73% 113.33% 314.58% -3.27% 10.13% - -28.55%
EBIT Q/Q Growth		 3,158.33% -12.53% -0.62% 28.84% -113.63% 216.07% 904.62% -4.29% 6.88% - -34.77%
NOPAT Q/Q Growth		 8,187.07% -19.65% -5.26% 38.57% -109.85% 1,780.95% 4.50% -12.27% 6.54% - 26.90%
Net Income Q/Q Growth		 4,066.67% -41.18% -35.00% 97.80% -270.00% 70.92% 482.02% 1.18% 0.58% - -25.44%
EPS Q/Q Growth		 3,450.00% -41.79% -35.90% 100.00% -274.00% 71.26% 488.00% -2.06% -5.26% - -23.98%
Operating Cash Flow Q/Q Growth		 193.05% 17.24% 20.10% -175.92% 218.28% -185.00% 374.87% -187.35% 130.29% - -25.97%
Free Cash Flow Firm Q/Q Growth		 38.09% 5.68% -462.88% 1.14% 3.65% 13.08% 109.48% -111.24% -4,078.88% - -5.81%
Invested Capital Q/Q Growth		 1.38% 0.30% 52.99% 2.35% -1.98% -1.89% 1.17% 5.30% 10.91% - 2.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 18.96% 19.44% 19.35% 17.71% 18.79% 19.45% 19.84% 18.00% 19.59% - 19.22%
EBITDA Margin		 8.32% 7.14% 7.19% 8.36% 1.31% 2.83% 10.55% 10.41% 10.66% - 10.03%
Operating Margin		 6.91% 5.87% 4.90% 6.24% -0.61% 10.41% 9.58% 8.37% 8.44% - 8.49%
EBIT Margin		 6.73% 5.66% 4.86% 6.21% -0.82% 0.96% 8.65% 8.45% 8.40% - 7.68%
Profit (Net Income) Margin		 4.36% 2.47% 1.39% 2.72% -4.46% -1.31% 4.51% 4.65% 4.35% - 5.46%
Tax Burden Percent		 75.08% 68.29% 66.91% 72.29% 136.00% 80.18% 71.43% 73.19% 71.93% - 87.87%
Interest Burden Percent		 86.38% 63.86% 42.63% 60.58% 401.79% -170.77% 72.89% 75.20% 72.01% - 80.93%
Effective Tax Rate		 24.92% 31.71% 33.09% 27.71% 0.00% 0.00% 28.57% 26.81% 28.07% - 12.13%
Return on Invested Capital (ROIC)		 8.88% 6.94% 4.52% 6.33% -0.64% 11.48% 9.17% 8.13% 8.00% - 10.82%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.27% 9.22% 2.21% 4.24% -5.66% 0.42% 7.16% 6.95% 6.45% - 8.57%
Return on Net Nonoperating Assets (RNNOA)		 0.99% -2.13% 1.04% 2.06% -2.67% 0.19% 5.21% 5.22% 4.14% - 4.84%
Return on Equity (ROE)		 9.87% 4.82% 5.56% 8.39% -3.31% 11.67% 14.38% 13.35% 12.14% - 15.66%
Cash Return on Invested Capital (CROIC)		 -6.68% -5.73% -42.21% -39.72% -40.77% -61.16% 3.21% 1.99% -6.12% - -8.94%
Operating Return on Assets (OROA)		 8.08% 6.79% 4.90% 6.37% -0.87% 1.05% 8.57% 8.46% 8.18% - 8.20%
Return on Assets (ROA)		 5.24% 2.96% 1.40% 2.79% -4.76% -1.44% 4.46% 4.65% 4.24% - 5.83%
Return on Common Equity (ROCE)		 9.87% 4.82% 5.56% 8.39% -3.31% 11.67% 14.38% 13.35% 12.14% - 15.66%
Return on Equity Simple (ROE_SIMPLE)		 5.90% 5.17% 0.00% 5.36% 0.89% -1.05% 0.00% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 28 23 22 30 -2.94 49 52 45 48 55 69
NOPAT Margin		 5.19% 4.01% 3.28% 4.51% -0.43% 7.29% 6.84% 6.13% 6.07% - 7.46%
Net Nonoperating Expense Percent (NNEP)		 2.61% -2.28% 2.31% 2.09% 5.02% 11.06% 2.02% 1.18% 1.55% - 2.25%
Return On Investment Capital (ROIC_SIMPLE)		 1.98% 1.58% - - -0.14% 2.24% 2.37% 1.99% 1.92% 2.16% 2.67%
Cost of Revenue to Revenue		 81.04% 80.57% 80.64% 82.32% 81.21% 80.55% 80.16% 82.00% 80.41% - 80.95%
SG&A Expenses to Revenue		 12.05% 13.57% 14.44% 11.47% 19.40% 9.04% 10.26% 9.63% 11.15% - 10.73%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 12.05% 13.57% 14.44% 11.47% 19.40% 9.04% 10.26% 9.63% 11.15% - 10.73%
Earnings before Interest and Taxes (EBIT)		 37 32 32 41 -5.60 6.50 65 63 67 109 71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 45 41 47 55 9.00 19 80 77 85 130 93
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.12 2.03 2.11 1.94 2.11 1.97 1.83 2.17 1.92 - 2.63
Price to Tangible Book Value (P/TBV)		 2.66 2.55 6.29 5.51 6.07 5.42 4.81 5.65 4.21 - 5.32
Price to Revenue (P/Rev)		 1.13 1.07 1.08 0.97 0.97 0.87 0.80 0.95 1.01 - 1.35
Price to Earnings (P/E)		 35.86 39.25 54.32 36.20 237.74 0.00 177.37 93.85 31.93 - 23.86
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 2.79% 2.55% 1.84% 2.76% 0.42% 0.00% 0.56% 1.07% 3.13% - 4.19%
Enterprise Value to Invested Capital (EV/IC)		 1.95 1.89 1.64 1.54 1.63 1.59 1.49 1.67 1.60 - 2.11
Enterprise Value to Revenue (EV/Rev)		 1.22 1.16 1.47 1.34 1.32 1.21 1.11 1.27 1.30 - 1.59
Enterprise Value to EBITDA (EV/EBITDA)		 19.25 18.84 24.20 17.30 22.31 24.84 18.63 19.50 14.70 - 13.67
Enterprise Value to EBIT (EV/EBIT)		 25.03 24.92 34.21 23.04 34.18 44.07 28.67 28.30 19.20 - 16.99
Enterprise Value to NOPAT (EV/NOPAT)		 29.83 29.66 41.74 31.60 115.21 0.00 53.18 38.33 19.86 - 24.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 43.16 39.84 78.08 74.76 70.40 353.98 85.21 371.71 2,758.16 - 53.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 46.16 84.84 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.24 0.24 0.83 0.81 0.84 0.86 0.80 0.82 0.61 - 0.52
Long-Term Debt to Equity		 0.24 0.24 0.83 0.81 0.84 0.86 0.80 0.82 0.61 - 0.52
Financial Leverage		 0.16 -0.23 0.47 0.49 0.47 0.45 0.73 0.75 0.64 - 0.56
Leverage Ratio		 1.65 1.11 2.01 2.03 2.06 2.08 2.34 2.32 2.22 - 2.13
Compound Leverage Factor		 1.42 0.71 0.86 1.23 8.28 -3.55 1.70 1.75 1.60 - 1.72
Debt to Total Capital		 19.22% 19.04% 45.30% 44.77% 45.51% 46.36% 44.41% 45.00% 37.90% - 34.41%
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%
Long-Term Debt to Total Capital		 19.22% 19.04% 45.30% 44.77% 45.51% 46.36% 44.41% 45.00% 37.90% - 34.41%
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%
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%
Common Equity to Total Capital		 80.78% 80.96% 54.70% 55.23% 54.49% 53.64% 55.59% 55.00% 62.10% - 65.59%
Debt to EBITDA		 2.00 2.02 7.00 5.20 6.47 7.80 5.86 5.47 3.63 - 2.32
Net Debt to EBITDA		 1.45 1.41 6.32 4.86 5.93 7.03 5.20 4.98 3.26 - 2.04
Long-Term Debt to EBITDA		 2.00 2.02 7.00 5.20 6.47 7.80 5.86 5.47 3.63 - 2.32
Debt to NOPAT		 3.10 3.18 12.08 9.49 33.43 -2.89 16.74 10.75 4.90 - 4.15
Net Debt to NOPAT		 2.25 2.21 10.90 8.88 30.64 -2.60 14.85 9.79 4.41 - 3.65
Long-Term Debt to NOPAT		 3.10 3.18 12.08 9.49 33.43 -2.89 16.74 10.75 4.90 - 4.15
Altman Z-Score		 4.14 3.95 2.71 2.72 2.65 2.65 2.75 2.92 2.91 - 3.57
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.14 2.90 2.98 3.06 2.68 2.82 2.72 2.91 2.84 - 2.84
Quick Ratio		 0.82 0.76 0.80 0.77 0.68 0.73 0.81 0.82 0.80 - 0.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -145 -137 -770 -762 -734 -638 60 -6.79 -284 -331 -350
Operating Cash Flow to CapEx		 238.36% 351.72% 326.67% -235.44% 265.06% -220.00% 514.00% -516.09% 183.78% - 472.65%
Free Cash Flow to Firm to Interest Expense		 -23.40 -11.50 -39.91 -40.51 -38.02 -34.47 3.22 -0.36 -14.87 - -20.97
Operating Cash Flow to Interest Expense		 2.81 1.71 1.27 -0.99 1.14 -1.01 2.73 -2.39 0.71 - 3.31
Operating Cash Flow Less CapEx to Interest Expense		 1.63 1.23 0.88 -1.41 0.71 -1.47 2.20 -2.85 0.32 - 2.61
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.20 1.20 1.01 1.03 1.07 1.10 0.99 1.00 0.97 - 1.07
Accounts Receivable Turnover		 9.20 8.96 8.78 8.22 9.07 9.42 8.66 8.48 8.22 - 8.92
Inventory Turnover		 2.85 2.89 2.87 2.90 2.91 3.01 2.92 2.88 2.82 - 3.01
Fixed Asset Turnover		 17.60 17.45 15.57 16.62 17.17 18.66 16.84 17.68 15.46 - 20.33
Accounts Payable Turnover		 9.64 9.22 9.47 8.23 8.33 8.55 8.33 8.11 7.57 - 8.98
Days Sales Outstanding (DSO)		 39.68 40.76 41.59 44.41 40.22 38.75 42.14 43.06 44.42 - 40.91
Days Inventory Outstanding (DIO)		 128.27 126.37 127.08 126.01 125.48 121.29 124.93 126.91 129.49 - 121.40
Days Payable Outstanding (DPO)		 37.85 39.57 38.55 44.37 43.82 42.68 43.83 45.02 48.24 - 40.65
Cash Conversion Cycle (CCC)		 130.10 127.55 130.13 126.05 121.88 117.36 123.24 124.95 125.67 - 121.67
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,355 1,359 2,079 2,128 2,086 2,046 2,070 2,180 2,418 2,432 2,490
Invested Capital Turnover		 1.71 1.73 1.38 1.40 1.50 1.58 1.34 1.33 1.32 - 1.45
Increase / (Decrease) in Invested Capital		 173 160 792 791 731 687 -8.80 52 332 386 420
Enterprise Value (EV)		 2,645 2,562 3,404 3,267 3,401 3,257 3,076 3,643 3,861 - 5,264
Market Capitalization		 2,446 2,371 2,515 2,349 2,496 2,335 2,217 2,712 3,005 - 4,478
Book Value per Share		 $32.74 $32.90 $33.58 $33.89 $32.91 $32.93 $33.56 $34.85 $43.23 $41.53 $42.85
Tangible Book Value per Share		 $26.01 $26.14 $11.28 $11.94 $11.45 $11.99 $12.77 $13.40 $19.76 $20.28 $21.17
Total Capital		 1,431 1,443 2,175 2,191 2,168 2,205 2,180 2,271 2,514 2,532 2,598
Total Debt		 275 275 985 981 987 1,022 968 1,022 953 888 894
Total Long-Term Debt		 275 275 985 981 987 1,022 968 1,022 953 888 894
Net Debt		 200 191 889 918 904 921 859 931 857 788 786
Capital Expenditures (CapEx)		 7.30 5.80 7.50 7.90 8.30 8.50 10 8.70 7.40 8.50 12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 739 729 827 897 857 889 847 937 1,000 1,011 1,021
Debt-free Net Working Capital (DFNWC)		 814 813 923 960 940 990 956 1,028 1,096 1,111 1,129
Net Working Capital (NWC)		 814 813 923 960 940 990 956 1,028 1,096 1,111 1,129
Net Nonoperating Expense (NNE)		 4.50 8.74 12 12 28 58 18 11 14 -13 19
Net Nonoperating Obligations (NNO)		 199 191 889 918 904 863 858 931 857 788 786
Total Depreciation and Amortization (D&A)		 8.70 8.40 15 14 15 13 14 15 18 21 22
Debt-free, Cash-free Net Working Capital to Revenue		 34.05% 32.90% 35.65% 36.90% 33.33% 33.13% 30.45% 32.77% 33.69% - 30.87%
Debt-free Net Working Capital to Revenue		 37.53% 36.67% 39.79% 39.49% 36.54% 36.89% 34.38% 35.98% 36.94% - 34.13%
Net Working Capital to Revenue		 37.53% 36.67% 39.79% 39.49% 36.54% 36.89% 34.38% 35.98% 36.94% - 34.13%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.67 $0.40 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.96 $0.91 $1.72 $1.29
Adjusted Weighted Average Basic Shares Outstanding		 35.50M 35.43M 35.71M 35.91M 35.91M 35.40M 35.85M 35.70M 37.80M 39.30M 38.30M
Adjusted Diluted Earnings per Share		 $0.67 $0.39 $0.25 $0.50 ($0.87) ($0.25) $0.97 $0.95 $0.90 $1.71 $1.30
Adjusted Weighted Average Diluted Shares Outstanding		 35.50M 35.43M 35.71M 35.91M 35.91M 35.40M 35.85M 35.90M 38.10M 39.50M 38.40M
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		 35.50M 35.43M 35.71M 35.91M 35.91M 36.10M 35.85M 36.11M 39.57M 39.76M 39.89M
Normalized Net Operating Profit after Tax (NOPAT)		 28 23 22 30 -2.94 49 52 45 48 47 69
Normalized NOPAT Margin		 5.19% 4.01% 3.28% 4.51% -0.43% 7.29% 6.84% 6.13% 6.07% - 7.46%
Pre Tax Income Margin		 5.81% 3.61% 2.07% 3.76% -3.28% -1.64% 6.31% 6.35% 6.05% - 6.22%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.92 2.70 1.65 2.19 -0.29 0.35 3.47 3.32 3.50 - 4.27
NOPAT to Interest Expense		 4.57 1.91 1.12 1.59 -0.15 2.67 2.75 2.41 2.53 - 4.15
EBIT Less CapEx to Interest Expense		 4.74 2.21 1.26 1.77 -0.72 -0.11 2.94 2.86 3.11 - 3.57
NOPAT Less CapEx to Interest Expense		 3.39 1.42 0.73 1.17 -0.58 2.21 2.22 1.95 2.14 - 3.45
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%
Augmented Payout Ratio		 0.00% 9.77% 33.26% 0.00% 0.00% -77.42% 81.60% 43.94% 13.50% - 1.33%

Financials Breakdown Chart

Key Financial Trends

AAR Corp (NYSE: AIR) is showing strong revenue and profit growth in fiscal 2026, but the latest quarter also highlights some pressure on cash flow and a more leveraged balance sheet. Over the last several years, the company has generally expanded sales, improved operating income, and built retained earnings, while also carrying significant debt and absorbing large swings in working capital.

  • Revenue continued to grow in Q4 2026. Total revenue rose to $928.0 million from $845.1 million in Q3 2026 and $754.5 million in Q4 2025, showing solid top-line momentum.
  • Operating income improved year over year. Q4 2026 operating income was $78.8 million versus $74.7 million in Q3 2026 and $72.3 million in Q4 2025.
  • Net income remained healthy. AIR earned $50.7 million in Q4 2026, down from Q3’s $68.0 million but still well above the losses seen in some earlier periods.
  • Margins remain respectable. Q4 2026 gross profit was $178.4 million, implying a gross margin of roughly 19.2%, while operating margin was about 8.5%.
  • Quarterly earnings are much stronger than a year ago. EPS rose to $1.29 in Q4 2026 from $1.29 reported in Q4 2025, with Q3 2026 at $1.72 on higher profit volume, indicating the business remains earnings-generative.
  • Retained earnings have climbed over time. Retained earnings increased to $1.106 billion in Q3 2026 from $1.003 billion in Q1 2026 and $935.4 million in Q3 2025, reflecting cumulative profitability.
  • Operating cash flow was positive in the latest quarter. Q4 2026 operating cash flow came in at $55.3 million, compared with $74.7 million in Q3 2026 and $51.4 million in Q4 2025.
  • Balance sheet size has expanded. Total assets rose to $3.33 billion in Q3 2026 from $2.93 billion in Q1 2026 and $2.86 billion in Q3 2025, largely reflecting higher working capital and acquired assets.
  • Debt remains a key risk. Long-term debt was $888.3 million in Q3 2026, down from $1.023 billion in Q1 2026, but still substantial relative to equity.
  • Working capital swings are large and can pressure cash conversion. In Q4 2026, changes in operating assets and liabilities reduced cash flow by $20.8 million, and the company has shown similarly large swings in prior quarters.

Bottom line: AIR appears to be in a growth phase with improving profitability and steady operating cash generation, but investors should watch debt levels, acquisition-related spending, and working capital volatility. The latest numbers suggest an improving core business, yet the balance sheet and cash flow profile still require close attention.

07/29/26 11:49 AM ETAI Generated. May Contain Errors.

AAR Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AAR's fiscal year ends in May. Their fiscal year 2026 ended on May 31, 2026.

AAR's net income appears to be on an upward trend, with a most recent value of $187.70 million in 2026, rising from $47.70 million in 2016. The previous period was $12.50 million in 2025. Check out AAR's forecast to explore projected trends and price targets.

AAR's total operating income in 2026 was $282.50 million, based on the following breakdown:
  • Total Gross Profit: $622 million
  • Total Operating Expenses: $339.50 million

Over the last 10 years, AAR's total revenue changed from $1.53 billion in 2016 to $3.31 billion in 2026, a change of 116.9%.

AAR's total liabilities were at $1.65 billion at the end of 2026, a 1.2% increase from 2025, and a 179.9% increase since 2016.

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 $84 million as of their latest financial filing in 2026.

Over the last 10 years, AAR's book value per share changed from 24.92 in 2016 to 42.85 in 2026, a change of 72.0%.


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Financial statements for NYSE:AIR last updated on 7/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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