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AAR Corp (AIR) stock

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NYSE: AIR NYSE Aerospace & Defense Next results ~January 5, 2027

C+ Fundamentals grade

AAR Corp is a US-listed company in the aerospace & defense industry. Its financial year ends in May.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 123% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 123% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

AAR Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds225 adding, 171 cuttingOf 65 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter AAR files

Where AAR stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $3.49bn, up 22.0% on a year earlier, faster than the 19.0% growth a quarter earlier. Free-cash-flow margin rose to 4.6% from -0.9% a year earlier. The diluted share count is up 9.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks.

Our model value for AAR is under review, so past values are not shown until it is resolved.

Source: 10-Q filed September 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 5, 2027 (estimated)

AAR Corp's trailing-twelve-month revenue grew 22.0% year on year, with a free-cash-flow margin of 4.6%. Where it lags: gross margin of 19.1% ranks 37 of 46 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$80 per share in the base case (~$56–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 22.0% (+3.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 22.0% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 9.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 1.7 against the S&P 500.
  • Insiders selling. 7 insiders sold $31M of stock over the past 365 days and none bought (17% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 19.1% ranks 37 of 46 aerospace & defense companies we cover (median 28.3%).
  • Short interest rising. Shares sold short rose 31% in a month to 5.4% of tradable shares.

Latest results: FY2027 Q1

Filed September 29, 2026
Earnings per share
$1.49 against an average estimate of $1.29: beat by 15.5%
Revenue
$918m, up 24.1% on a year earlier
Share reaction
-8.1% in the first session after the results on September 28, 2026, against -0.9% for the S&P 500
Guidance given
sales growth (ex. LCP) growth 14% to 16% (Second quarter FY 2027); adjusted EBITDA margin (ex. LCP) 13% to 13.4% (Second quarter FY 2027)
Next report
January 5, 2027; average EPS estimate $1.38

AAR's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.6%
  • 1 week+9.4%
  • 1 month+6.8%
  • This year+27.6%
  • 1 year+27.7%
  • 5 years+196.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.5B
Net margin
5.5%
EPS (TTM, diluted)
$4.91

Growth

Revenue growth
+22.0%
Change in growth rate
+3.0 pts
Share count change
+9.8%

Cash

Free cash flow (TTM)
$160M
FCF margin
4.6%
Stock pay % of revenue
0.6%

Earnings

Last results
September 28, 2026
Next results (est.)
January 5, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Financing
  2. Financing
  3. Announcement
  4. Announcement
  5. Agreement
  6. Insider trade
  7. Agreement
  8. Results
  9. Guidance
  10. Leadership
  11. Leadership
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AAR Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 123% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value AAR Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$130–$230 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$32 ~$23–$44 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$22–$30 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AAR Corp with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$23.59$34.10$43.95$29.82$20.17$41.75$48.22$50.11$70.99$61.41$112.62$105.63
Market value$816m$1.2bn$1.5bn$1.0bn$706m$1.5bn$1.7bn$1.8bn$2.5bn$2.2bn$4.3bn$4.2bn
+ Net debt (− = net cash)$119m$146m$148m$122m$197m$83m$47m$204m$900m$872m$810m$775m
Enterprise value$935m$1.3bn$1.7bn$1.2bn$903m$1.6bn$1.8bn$2.0bn$3.4bn$3.1bn$5.1bn$4.9bn
Multiples
Price / sales 0.5x0.7x0.9x0.5x0.3x0.9x1.0x0.9x1.1x0.8x1.3x1.2x
Price / earnings 17.1x20.7x97.5x138.7x160.4x41.2x22.1x19.5x54.3x175.9x23.0x21.5x
Price / free cash flow ——36.0x20.8x—15.7x30.0x—180.8xn/m69.6x26.1x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard AAR's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 17.7%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Net margin has been a median 2.9%; its worst year was -0.8%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 1.4% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 12.6% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 5, 2027, after the close. Analysts expect revenue of $894m and EPS of $1.38 (range $1.33 to $1.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.80 +15% $3.7bn +12%
Next $6.71 +16% $3.9bn +7%

Next year's EPS estimate has moved +3.3% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 3 analysts raised AAR Corp's forecast and 2 cut it.

Consensus EPS forecast AAR Corp, last 90 days
$5.50 $6.00 $6.50 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.59 Current fiscal year, 60 days ago: $5.71 Current fiscal year, 30 days ago: $5.72 Current fiscal year, 7 days ago: $5.80 Current fiscal year, Now: $5.80 $5.80 Next fiscal year, 90 days ago: $6.50 Next fiscal year, 60 days ago: $6.54 Next fiscal year, 30 days ago: $6.54 Next fiscal year, 7 days ago: $6.71 Next fiscal year, Now: $6.71 $6.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.59$6.50
60 days ago $5.71$6.54
30 days ago $5.72$6.54
7 days ago $5.80$6.71
Now $5.80$6.71

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $1.29 $1.49 +15.5%
May 2026 $1.38 $1.53 +10.5%
Feb 2026 $1.16 $1.25 +8.1%
Nov 2025 $1.03 $1.18 +14.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 28, 2026
  • Sales growth (ex. LCP) · ex. Legacy Commercial Programs Second quarter FY 2027 14% growth to 16% growth
    “Sales growth (ex. LCP) 1 14% - 16%” source
  • Adjusted EBITDA margin (ex. LCP) · ex. Legacy Commercial Programs Second quarter FY 2027 13% to 13.4% Non-GAAP
    “Adjusted EBITDA margin (ex. LCP) 2 13.0% - 13.4%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

7 analysts, Nov 2026
Buy571%
Hold229%
Sell00%

Monthly trend

  1. Nov 20261427
  2. Oct 20261427
  3. Sep 20261427

Counts of recommendations published by analysts covering AAR Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.4%
of tradable shares
Days to cover
2.97
at average volume
Short interest, 1 month
+31%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.4%
of shares
Employees
7,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.4%

$84.21 on October 31, 2025 to $105.63

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.5bn +22.0%
Net margin 1.0% 5.5% +448.7%
P/E multiple 104.5x 21.5x −79.4%
Share count 36m 39m −8.9%

Biggest factor: net margin.

Last 3 years +67.8%

$62.95 on November 3, 2023 to $105.63

ThenNowEffect
Revenue (last 12 months) $2.1bn $3.5bn +66.5%
Net margin 3.2% 5.5% +73.6%
P/E multiple 33.0x 21.5x −34.7%
Share count 35m 39m −11.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AIR+8%+15%+39%−2%+35%+28%
Industry peers (median)−6%−11%+13%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AIR42%58%58%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AIR−29%−33%−14%−25%−33%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 82% from December 20, 2019 to March 18, 2020. Getting back needed a 449% gain, reached on June 7, 2022, 811 days after the low.

Price behaviour

52-week range
$77.35 – $153.71
From 52-week high
−31.3%
vs 50-day average
−5.8%
vs 200-day average
−10.9%
Volatility (1 year)
45%
Beta vs S&P 500
1.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.6%
After a week
6 up, 6 down
typical move ±10.7%
After a month
7 up, 5 down
typical move ±11.4%
Results releasedNext dayS&P 500 next day5 days21 days
September 28, 2026 −8.1% −0.9% −11.9% −13.8%
July 21, 2026 −6.0% +0.7% +3.8% +2.6%
March 24, 2026 +14.5% +0.2% +5.8% +8.3%
January 6, 2026 +3.8% +0.3% +11.0% +21.4%
September 23, 2025 +6.1% −0.9% +16.6% +5.8%
July 16, 2025 +16.0% +0.9% +8.3% +5.1%
March 27, 2025 −18.0% −2.3% −23.1% −23.3%
January 7, 2025 +8.0% −1.0% +11.9% +8.4%
September 23, 2024 −4.7% +0.5% −5.7% −11.0%
July 18, 2024 −13.2% −1.4% −10.7% −14.9%
March 21, 2024 −6.6% +0.1% −7.0% +2.9%
December 21, 2023 −10.4% +1.2% −12.1% −18.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

AAR Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) AAR Corp
$2B $2.5B $3B $3.5B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.3B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $2.8B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3.1B Revenue (TTM), FY26 Q4: $3.3B Revenue (TTM), FY27 Q1: $3.5B $3.5B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $2.2B
FY24 Q3 $2.2B
FY24 Q4 $2.3B
FY25 Q1 $2.4B
FY25 Q2 $2.6B
FY25 Q3 $2.7B
FY25 Q4 $2.8B
FY26 Q1 $2.9B
FY26 Q2 $3B
FY26 Q3 $3.1B
FY26 Q4 $3.3B
FY27 Q1 $3.5B
Revenue growth, TTM YoY AAR Corp
14% 16% 18% 20% 22% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 17.6% Revenue growth, TTM YoY, FY24 Q3: 15.8% Revenue growth, TTM YoY, FY24 Q4: 16.5% Revenue growth, TTM YoY, FY25 Q1: 16.1% Revenue growth, TTM YoY, FY25 Q2: 18.5% Revenue growth, TTM YoY, FY25 Q3: 21.1% Revenue growth, TTM YoY, FY25 Q4: 19.9% Revenue growth, TTM YoY, FY26 Q1: 17.6% Revenue growth, TTM YoY, FY26 Q2: 15.4% Revenue growth, TTM YoY, FY26 Q3: 16.9% Revenue growth, TTM YoY, FY26 Q4: 19.0% Revenue growth, TTM YoY, FY27 Q1: 22.0% 22.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 17.6%
FY24 Q3 15.8%
FY24 Q4 16.5%
FY25 Q1 16.1%
FY25 Q2 18.5%
FY25 Q3 21.1%
FY25 Q4 19.9%
FY26 Q1 17.6%
FY26 Q2 15.4%
FY26 Q3 16.9%
FY26 Q4 19.0%
FY27 Q1 22.0%
FCF margin (TTM) AAR Corp
-2% 0% 2% 4% 6% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 1.3% FCF margin (TTM), FY24 Q3: 1.6% FCF margin (TTM), FY24 Q4: 0.6% FCF margin (TTM), FY25 Q1: 0.6% FCF margin (TTM), FY25 Q2: 0.7% FCF margin (TTM), FY25 Q3: -0.9% FCF margin (TTM), FY25 Q4: 0.1% FCF margin (TTM), FY26 Q1: -0.9% FCF margin (TTM), FY26 Q2: -1.1% FCF margin (TTM), FY26 Q3: 1.9% FCF margin (TTM), FY26 Q4: 1.9% FCF margin (TTM), FY27 Q1: 4.6% 4.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 1.3%
FY24 Q3 1.6%
FY24 Q4 0.6%
FY25 Q1 0.6%
FY25 Q2 0.7%
FY25 Q3 -0.9%
FY25 Q4 0.1%
FY26 Q1 -0.9%
FY26 Q2 -1.1%
FY26 Q3 1.9%
FY26 Q4 1.9%
FY27 Q1 4.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 May 2010 2011 May 2011 2012 May 2012 2013 May 2013 2014 May 2014 2015 May 2015 2016 May 2016 2017 May 2017 2018 May 2018 2019 May 2019 2020 May 2020 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 1,352 1,805 2,065 1,808 1,709 1,621 1,525 1,591 1,748 2,052 2,072 1,652 1,820 1,991 2,319 2,781 3,308 3,486
Gross profit 244 307 319 260 289 131 233 263 294 330 269 276 313 370 442 528 622 665
Net income 45 70 68 55 73 10 48 57 16 8 4 36 79 90 46 13 188 193
Diluted EPS $1.16 $1.73 $1.65 $1.38 $1.83 $0.24 $1.37 $1.64 $0.41 $0.21 $0.13 $1.00 $2.17 $2.53 $1.29 $0.35 $4.86 $4.91
Growth (year on year)
Revenue −2.1% +33.5% +14.4% −12.5% −5.5% −5.1% −5.9% +4.3% +9.9% +17.4% +1.0% −20.3% +10.1% +9.4% +16.5% +19.9% +19.0% +22.0%
Net income −21.4% +56.4% −3.0% −18.8% +32.5% −86.0% — +18.4% −72.4% — — — +119.8% +14.6% −48.7% — — —
Diluted EPS −20.0% +49.1% −4.6% −16.4% +32.6% −86.9% — +19.7% −75.0% — — — +117.0% +16.6% −49.0% — — —
Margins
Gross margin 18.0% 17.0% 15.4% 14.4% 16.9% 8.1% 15.3% 16.6% 16.8% 16.1% 13.0% 16.7% 17.2% 18.6% 19.1% 19.0% 18.8% 19.1%
Net margin 3.3% 3.9% 3.3% 3.0% 4.3% 0.6% 3.1% 3.6% 0.9% 0.4% 0.2% 2.2% 4.3% 4.5% 2.0% 0.4% 5.7% 5.5%
Free-cash-flow margin 9.2% −0.9% 0.1% 6.9% 7.0% −5.2% −0.5% −0.2% 2.4% 2.4% −2.9% 5.7% 3.2% −0.3% 0.6% 0.1% 1.9% 4.6%
Cash flow
Cash from operations 153 109 94 163 140 −43 32 22 64 67 −36 105 75 23 44 36 99 199
Capital spending 29 125 91 38 21 42 40 25 22 17 24 11 17 30 30 35 37 40
Free cash flow 124 −16 3 125 119 −85 −8 −3 42 50 −60 94 58 −6 14 1 62 160
Stock-based pay 9 12 13 11 9 7 7 11 15 14 7 9 8 14 15 20 18 20
Free cash flow after stock pay 115 −29 −10 114 110 −93 −15 −14 27 37 −67 85 50 −20 −1 −19 44 139
Balance sheet
Cash 79 57 68 75 89 55 31 10 31 21 405 52 54 68 86 97 84 105
Total debt 416 525 793 710 634 154 150 156 179 143 602 135 100 272 985 968 894 880
Net debt (negative = net cash) 336 468 725 634 545 99 119 146 148 122 197 83 47 204 900 872 810 775
Diluted shares 43m 44m 43m 41m 39m 39m 35m 34m 35m 35m 35m 35m 36m 35m 35m 36m 38m 39m
Returned to shareholders
Dividends — 3 12 13 12 12 10 10 10 11 11 0 — — — — — —
Buybacks — 3 4 15 1 152 19 20 13 10 4 — 42 50 5 10 — —
Total returned — 6 16 27 13 163 29 30 23 21 15 0 42 50 5 10 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · August 31, 2026
What it owns · $3.4bn
Short-term assets $1.8bnLonger-term assets $1.6bn
What it owes, and who funded it · $2.4bn
Short-term liabilities $651mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $651m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $104m of cash against $880m of debt.
  • Debt below 40% of shareholders' equity Debt is 50% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 10% to 50% over five years.
  • A year's operating cash flow covers at least 20% of debt $199m of operating cash flow against $880m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From AAR Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+9.8%
year over year
Sales & admin spending
11.0%
of revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated AIR CAE BWXT CW AXON DRS Median
Revenue, last 12 months $3.5bn $3.6bn $3.6bn $3.7bn $3.2bn $3.9bn $769m
Revenue growth, last 12 months 22.0% 5.0% 17.7% 10.5% 34.6% 8.9% 15.5%
Revenue growth, 3-year average 18.5% — 14.6% 10.3% 33.2% 12.6% 12.6%
Revenue growth, latest quarter 24.1% — 10.0% 5.4% 35.3% 11.0% 15.8%
Gross margin 19.1% 28.3% 22.6% 37.7% 59.4% 25.3% 27.8%
Operating margin — 12.5% 12.4% 18.8% 0.7% 10.8% 9.0%
Operating margin, 3-year average — 12.4% 13.6% 17.9% 3.0% 9.7% 6.0%
Net margin 5.5% 6.4% 10.4% 14.8% 6.2% 9.4% 5.5%
Cash from operations / revenue 5.7% 16.1% 16.1% 19.7% 8.3% 12.6% 5.5%
Free-cash-flow margin 4.6% 10.3% 10.3% 17.1% 4.1% 8.9% 3.4%
Free-cash-flow margin, 3-year average 1.4% 7.6% 11.0% 15.8% 7.6% 8.2% 3.0%
Stock pay / revenue 0.6% 0.7% 1.0% 0.7% 19.7% 0.2% 1.2%
Change in share count 9.8% 0.8% 0.2% −2.2% 2.4% −0.0% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 22.0% 15.5% 16 of 57
Change in growth rate Growth +3.0pp +2.2pp 26 of 57
Gross margin Profitability 19.1% 28.3% 37 of 46
Net margin Profitability 5.5% 5.5% 29 of 57
Free-cash-flow margin Cash generation 4.6% 3.4% 26 of 57
Stock pay as % of revenue Cash generation 0.6% 1.5% 14 of 53
Long-term debt as % of assets Balance sheet 25.7% 22.1% 30 of 47
Change in share count Balance sheet 9.8% 2.4% 35 of 51

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 31, 2026
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Corporate and Other Operating $3.3B 100.0% ▲ 19.0%
Parts Supply $1.5B 45.0% ▲ 35.3%
Repair Engineering and Software $1.1B 32.7% ▲ 16.1%
Government Solutions $502M 15.2% ▲ 1.4%
Legacy Commercial Programs $237M 7.2% ▼ 6.8%
Products and services
Line of business Revenue Share YoY
Products $2.1B 64.6% ▲ 24.9%
Services $1.2B 35.4% ▲ 9.5%

From AAR Corp's 10-K filed July 22, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.8B
Institutions reporting
407
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
69 / 40

Top buyers and sellers, Q2 2026: 225 institutions bought and 171 sold ; the biggest buyer was Blackrock, Inc (+298K shares) and the biggest seller Franklin Resources Inc (−295K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $925M 6.5M 16.0% ▲ 4.8%
State Street Corp $405M 2.8M 7.0% ▲ 9.5%
Vanguard Portfolio Management LLC $312M 2.2M 5.4% ▲ 2.5%
Dimensional Fund Advisors LP $276M 1.9M 4.8% ▼ 0.6%
Vanguard Capital Management LLC $246M 1.7M 4.2% ▲ 1.3%
Invesco Ltd. $229M 1.6M 4.0% ▲ 14.9%
Earnest Partners LLC $179M 1.3M 3.1% ▼ 4.1%
Capital Research Global Investors $166M 1.2M 2.9% ▼ 5.2%
Geode Capital Management, LLC $163M 1.1M 2.8% ▲ 17.0%
American Century Companies Inc $112M 783K 1.9% ▼ 5.4%
Westwood Holdings Group Inc $111M 777K 1.9% ▼ 18.0%
Broad Bay Capital Management, LP $107M 750K 1.9% ▼ 8.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AAR Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $31M 25 trades by 7 insiders · 17% under pre-set plans
Net ▼ $31M net selling
Insider Date Trade Shares Price Value
Lord Ellen M. Director October 29, 2026 Sell 4,341 $104.64 $454,238
Holmes John Mcclain Iii Chairman, President & CEO October 26, 2026 Sell 35,000 $97.41 $3.4M
Lord Ellen M. Director October 20, 2026 Sell 4,241 $100.24 $425,129
Holmes John Mcclain Iii Chairman, President & CEO March 27, 2026 Sell 23,950 $107.60 $2.6M
Holmes John Mcclain Iii Chairman, President & CEO March 27, 2026 Sell 2,225 $107.60 $239,410
Nolen Billy Director March 26, 2026 Sell 1,562 $111.00 $173,382
Holmes John Mcclain Iii Chairman, President & CEO March 26, 2026 Sell 60,000 $112.41 $6.7M
Garascia Jessica A. Senior VP, GC, CAO & Secretary March 26, 2026 Sell 2,138 $112.20 $239,884
Garascia Jessica A. Senior VP, GC, CAO & Secretary March 26, 2026 Sell 2,368 $112.20 $265,690
Garascia Jessica A. Senior VP, GC, CAO & Secretary March 26, 2026 Sell 1,778 $112.20 $199,492
Flanagan Sarah Louise Interim CFO VP Fin Ops February 4, 2026 Sell 10,750 $108.56 $1.2M
Holmes John Mcclain Iii Chairman, President & CEO February 3, 2026 Sell 10,000 $108.44 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in AAR Corp disclosed in the last 12 months; 2 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 39):Sale (full), $1,001 - $15,000, traded March 31, 2020, filed April 16, 2020
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded March 2, 2018, filed October 2, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 5, 2027 estimated from the company's past filing pattern, not announced

  • September 28, 2026
  • July 21, 2026
  • March 24, 2026
  • January 6, 2026
  • September 23, 2025
  • July 16, 2025

Recent SEC filings

Data status

When each part of this page on AAR Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AAR Corp in brief

What does AAR Corp do?
AAR Corp is a US-listed company in the aerospace & defense industry. Its financial year ends in May.
What is AAR Corp's stock ticker?
AAR Corp trades under the ticker AIR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AAR Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, AAR Corp reported revenue of $3.5B, 22.0% higher than a year earlier, according to its SEC filings.
What is AAR Corp's free cash flow?
AAR Corp's free-cash-flow margin is 4.6% of revenue over the trailing twelve months, ranking 26 of the 57 aerospace & defense companies we cover.
Who are AAR Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is AAR Corp's market cap?
On November 2, 2026, AAR Corp's market capitalisation was about $4.2B, with a price-to-earnings ratio of 21.5 and net debt of $775M. Market figures come from third-party market data and may be delayed.
How much debt does AAR Corp have?
AAR Corp's debt-to-equity ratio is 50.5%, from its latest balance sheet (10.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are AAR Corp's competitors?
In our Aerospace & Defense peer group, the companies closest to AAR Corp are CAE Inc, BWX Technologies, Inc., Curtiss Wright Corp, Axon Enterprise and Leonardo DRS, Inc. The side-by-side comparison below sets their revenue, margins and growth against AAR Corp's.
Are insiders buying or selling AAR Corp stock?
Over the last 12 months, AAR Corp's directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is AAR Corp's next earnings date?
Around January 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — AAR Corp announces its own schedule.