AAR (AIR) Financials

$53.46 -0.75 (-1.38%)

As of 01:48 PM Eastern

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
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

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
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

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
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

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
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

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
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

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
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

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
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%

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
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%

Frequently Asked Questions About AAR's Financials

When does AAR's financial year end?

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

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 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 4/15/2025 by MarketBeat.com Staff

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AAR (AIR) Financials

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