Pricing Log in Create free account
Wednesday 4 November 2026 Export AIR’s income statement to Excel — free account

AAR Corp.

AIR Industrials Aerospace & Defense

AAR Corp.’s revenue for fiscal 2026 (year ended May 2026) was $3.3 billion, up 19.0% from fiscal 2025.

Revenue
+24.1%
EPS
+5.21%
Free cash flow
+182.1%
Total debt
−13.9%

Quarter to August 2026, against a year earlier

108.51 0.11 −0.10%
Market cap
$4.4B
P/E
22.2×
Fwd P/E
19.7×
Dividend yield
—
F-score
6/9
Altman Z
3.71
Beneish M
−2.18
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 27.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 6 2 3 — — — — — — 3 —
Insider Ownership 1.01%

Capital & Financial Ratios $m

Size
Market Cap 4,370.00
Revenue ttm 3,486.40
Net income ttm 193.40
Free cash flow ttm 184.80
Net debt Q 766.50
Valuation
P/E 22.15
Forward P/E 19.70
Price / sales 1.24
Forward P/S Powerpack
Price / FCF 23.36
Price / book 2.48
Financial health
Current ratio Q 2.83 (at or above 1.5: strong)
Debt / equity Q 0.50
Interest coverage Q 4.34
Growth
Revenue growth Q +24.12% (above 0%: growing)
Operating income growth Q +11.09% (above 0%: growing)
EPS, this year +16.04% (at or above 15%: strong)
EPS, next year A +15.87% (at or above 15%: strong)
Revenue, next year A +11.58% (at or above 10%: strong)
EPS, past 5 yrs +37.19% (at or above 15%: strong)
EPS, next 5 yrs A +17.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 0.9×; over the ten years it ranged from 0.3× in 2020 to 1.9× in 2026.
P/E against its own 10 years 28.01%
10-year low 10-year high
P/S against its own 10 years 93.43%
10-year low 10-year high
P/B against its own 10 years 93.65%
10-year low 10-year high
EV/Sales against its own 10 years 92.70%
10-year low 10-year high
EV/FCF against its own 10 years 27.42%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–23
−100.0%/yr
  1. 0.30 ’16
  2. 0.30 ’17 +0
  3. 0.30 ’18 +0
  4. 0.30 ’19 +0
  5. 0.15 ’20 −50
  6. 0.00 ’21 −100
  7. 0.00 ’22
  8. 0.00 ’23
paid change on the year, %

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 96 109 108 113
Receivables 287 355 387 436
Inventory 733 809 979 1,009
Other 263 237 269 147
1,390 1,511 1,742 1,840
2024 2025 2026 Q'26
Payables 238 303 296 338
ST’ Debt — — — —
Other — — — —
467 555 613 651

Compound Annual Growth %

10y 5y 3y
Sales 8.05% 14.89% 18.45%
Cash Flow 11.89% (1.27%) 61.80%
Earnings 14.68% 39.60% 27.67%
Book Value 7.00% 11.82% 15.73%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 1.41 Actual 1.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.98 1.08 Beat by 0.10
Q2 FY26 1.02 1.18 Beat by 0.16
Q3 FY26 1.21 1.25 Beat by 0.04
Q4 FY26 1.41 1.53 Beat by 0.12
Q2 FY27 1.39 — Reports 5 January 2027

EPS $

Aug Nov Feb May Year
’26 1.00 — — — —
’26 0.95 0.90 1.71 1.27 4.86
’25 0.50 (0.87) (0.25) 0.95 0.35
’24 (0.02) 0.67 0.39 0.26 1.29
’23 0.63 0.64 0.62 0.66 2.53
’22 0.32 0.58 0.63 0.66 2.17
’21 (0.42) 0.23 0.79 0.39 1.00
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 918 — — — —
’26 740 795 845 928 3,308
’25 662 686 678 755 2,781
’24 550 545 567 656 2,319
’23 446 470 521 553 1,991
’22 455 437 452 476 1,820
’21 401 404 410 438 1,652
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 56 — — — —
’26 (45) 14 75 55 99
’25 (19) 22 (19) 51 36
’24 (19) 17 20 25 44
’23 7 (46) 17 45 23
’22 3 16 16 40 75
’21 39 27 17 23 105
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 44 — — — —
’26 (54) 6 91 44 87
’25 (26) 14 (22) 41 6
’24 (28) 10 15 17 14
’23 0 (52) 8 38 (6)
’22 1 20 12 33 65
’21 36 24 15 20 94
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319 2,781 3,308 3,486 +8.5% 3,691 3,942 4,211 +8.4%
Gross margin, % 16.56 16.82 16.07 12.99 16.70 17.21 18.59 19.07 18.98 18.80 19.06 +2.2 pt
EBT 77 77 89 30 65 105 121 58 39 246 254 +13.8%
EBT margin, % 4.85 4.42 4.34 1.47 3.90 5.77 6.09 2.51 1.40 7.43 7.29 +2.6 pt
Net income 57 16 8 4 36 79 90 46 13 188 193 +14.3%
Per share, $
Per share, $ Revenue 46.93 51.12 59.47 59.54 47.21 51.12 57.36 66.07 78.10 86.37 88.04 +7.0%
Earnings 1.66 0.44 0.20 0.12 1.02 2.20 2.56 1.30 0.35 4.88 4.92 +12.7%
Cash flow 0.64 1.88 1.95 (1.04) 3.01 2.11 0.67 1.24 1.01 2.58 5.04 +16.7%
Capex (0.74) (0.64) (0.50) (0.68) (0.32) (0.28) (0.85) (0.85) (0.84) (0.30) (0.37) (9.6%)
Free cash flow (0.10) 1.24 1.45 (1.72) 2.68 1.83 (0.18) 0.40 0.17 2.28 4.67 n/m
Book value 26.97 27.38 26.26 25.94 27.84 29.06 31.67 33.90 34.03 44.49 44.00 +5.7%
Shares, m 34 34 35 35 35 36 35 35 36 38 39 +1.4%
Valuation, ×
Valuation, × P/E 20.92 99.31 143.29 154.46 42.56 21.62 19.35 54.19 188.67 22.59 22.15 76.7
P/S 0.74 0.87 0.51 0.34 0.90 0.94 0.87 1.07 0.80 1.27 1.24 0.8
P/B 1.30 1.63 1.15 0.77 1.53 1.66 1.58 2.09 1.83 2.47 2.48 1.6
EV/Sales 0.84 0.95 0.56 0.42 0.95 0.97 0.97 1.46 1.11 1.51 1.46 1.0
EV/FCF (390.70) 39.34 22.78 (14.64) 16.65 26.94 (310.78) 243.25 504.16 57.33 27.50 19.4
Cash, $m
Cash, $m Operating cash flow 22 64 67 (36) 105 75 23 44 36 99 199 +18.3%
Capex (25) (22) (17) (24) (11) (10) (29) (30) (30) (11) (15) (8.3%)
Free cash flow (3) 42 50 (60) 94 65 (6) 14 6 87 185 n/m
Balance, $m
Balance, $m Working capital 553 609 595 1,056 600 659 746 923 956 1,129 1,189 +8.2%
Net debt 144 136 101 175 74 40 188 889 859 786 767 +20.8%
Shareholders’ equity 914 936 906 903 974 1,035 1,099 1,190 1,212 1,704 1,742 +7.2%
Returns, %
Returns, % ROA 3.82 1.03 0.49 0.24 1.96 5.02 5.29 2.01 0.45 6.05 6.09 +2.2 pt
ROIC 4.86 5.01 6.10 2.39 5.08 6.22 6.50 3.88 5.59 6.97 7.10 +2.1 pt
ROE 6.35 1.69 0.81 0.49 3.77 7.78 8.46 4.05 1.04 12.88 12.93 +6.5 pt
People
People Employees 4,600 5,000 5,650 5,400 4,700 4,500 5,000 5,700 5,600 7,100 — +4.9%
Revenue/emp, $m 0.35 0.35 0.36 0.38 0.35 0.40 0.40 0.41 0.50 0.47 — +3.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

AAR Corp. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BETA BETA Technologies, Inc. $5.5B — (loss-making) — (loss-making) +98.16% (above 0%: growing) n/m −71.45% (below 0%: shrinking) 72.09% (723.20%) Compare
KRMN Karman Holdings Inc. $5.2B 136× 80.9× +58.18% (above 0%: growing) +120.00% (above 0%: growing) +17.67% (above 0%: growing) 42.97% 19.13% Compare
PL Planet Labs PBC $4.9B — (loss-making) — (loss-making) +58.14% (above 0%: growing) n/m −48.55% (below 0%: shrinking) 56.55% (11.64%) Compare
MRCY Mercury Systems Inc $4.9B — (loss-making) 152× +6.11% (above 0%: growing) −94.79% (below 0%: shrinking) −15.93% (below 0%: shrinking) 30.57% 4.99% Compare
DPC DPC Holdings PLC $4.7B — — — n/m — 25.83% (44.73%) Compare
VSEC VSE Corporation $4.6B 58.8× 36.8× +65.04% (above 0%: growing) +513.33% (above 0%: growing) +217.04% (above 0%: growing) 17.02% 10.90% Compare
MDA MDA Space Ltd. $4.4B 46.5× 49.5× +33.44% (above 0%: growing) −12.34% (below 0%: shrinking) −1,555.78% (below 0%: shrinking) 25.25% 6.14% Compare
AIR AAR Corp. $4.4B 22.2× 19.7× +24.12% (above 0%: growing) +5.21% (above 0%: growing) +182.09% (above 0%: growing) 19.20% 7.85%
MOG.B Moog Inc. $3.7B 29.4× — +15.16% (above 0%: growing) +153.97% (above 0%: growing) +67.52% (above 0%: growing) 31.10% 14.41% Compare
Median of peers $4.8B 52.6× 65.2× +58.14% +120.00% −15.93% 30.84% 5.57%

All 94 Aerospace & Defense stocks →

Pay and ownership Proxy statement filed 4 August 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 9.87m 27.56m 311.83
2025 8.15m 7.45m 147.09
2024 7.87m 16.87m 170.04
2023 6.71m 10.70m 120.02
2022 12.33m 13.42m 115.50

Ownership

Directors and executive officers, together 3.10%
BlackRock, Inc.1 14.40%
State Street Corporation2 State Street Financial Center 6.40%
Vanguard Portfolio Management3 5.40%
Vanguard Capital Management4 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

AAR Corp. (AIR) Latest News

2 Nov

Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

28 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · PR Newswire

2 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

1 Oct

Impact 4 · · MarketBeat

30 Sep

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · StockStory
Impact 4 · · StockStory
Impact 4 · · Simply Wall St.

29 Sep

Impact 4 · · GuruFocus.com
Impact 4 · · Investing.com
Impact 4 · · The Motley Fool
Impact 4 · · StockStory
Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.
Impact 3 ·

28 Sep

Impact 5 · · PR Newswire
Impact 4 · · MT Newswires
Impact 4 · · PR Newswire
Impact 4 · · Investing.com

27 Sep

Impact 3 · · StockStory

21 Sep

Impact 3 ·

2 Sep

Impact 3 ·

20 Aug

Impact 4 ·
Impact 3 ·

14 Aug

Impact 3 ·

29 Jul

Impact 3 ·

AIR metrics, ten years each

stockrow.com/AIR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com