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

AAR Corp. (AIR) Beneish M-score

Alert me on Beneish M-score

AAR Corp.'s Beneish M-score for fiscal 2026 is −2.18; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

Embed this chart

Annual newest first

Period Beneish M-score Change (points)
FY2026 −2.18 0.18
FY2025 −2.36 0.05
FY2024 −2.41 (0.19)
FY2023 −2.22 0.03
FY2022 −2.25 0.27
FY2021 −2.53 0.02
FY2020 −2.54 (0.15)
FY2019 −2.39 0.24
FY2018 −2.63 (0.27)
FY2017 −2.37 0.08

How fiscal 2026’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 0.92 — 0.84
Gross margin index 1.01 — 0.53
Asset quality index 1.04 — 0.42
Sales growth index 1.19 — 1.06
Depreciation index 0.86 — 0.10
SG&A index 0.84 — −0.15
Total accruals to total assets 0.03 — 0.12
Leverage index 0.84 — −0.27
Beneish M-score Elevated −2.18

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
PL Planet Labs PBC compare −4.6×
MRCY Mercury Systems Inc compare −2.8×
MDA MDA Space Ltd. compare −2.7×
MOG.B Moog Inc. compare −2.4×
BETA BETA Technologies, Inc. compare −2.3×
AIR AAR Corp. −2.2×
VSEC VSE Corporation compare −2.0×
KRMN Karman Holdings Inc. compare −1.9×
DPC DPC Holdings PLC compare —

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

More on AIR