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AAR Corp. provides products and services to commercial aviation, government, and defense markets in North America, Europe, Africa, Asia, and internationally. It operates through four segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. The company leases and sells aircraft components and replacement parts; and designs, manufactures, and repairs transportation pallets. The company also provides airframe maintenance services, such as airframe inspection, painting services, line maintenance, airframe modifications, structural repairs, avionics service and installation, exterior, and interior refurbishment services; component repair services, including maintenance, repair, and overhaul services, engine and airframe accessories, and interior refurbishment; and engineering services, such as integration, certification and procurement. In addition, it develops aircraft components and parts; designs proprietary designated engineering representative repairs; and provides integrated software solutions comprising Trax, a cloud-based electronic enterprise resource platform, as well as a suite of paperless mobility apps for automating workflows. Further, the company engages in the fleet management and operation of customer-owned aircraft; provision of supply chain logistics services, such as material planning, sourcing, logistics, information and program management, and parts and component repair and overhaul services, as well as engineering, design, and system integration services for specialized command and control systems; and flight hour component inventory and repair services. Additionally, it offers containers and shelters for military and humanitarian tactical deployment activities; and shelters, such as stationary and vehicle-mounted applications. AAR Corp. was founded in 1951 and is headquartered in Wood Dale, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.8B | $170M | $13M | $1M | 1.0% | 19.9% | -73.0% |
| 2024 | $2.3B | $142M | $46M | $14M | 3.9% | 16.5% | -48.7% |
| 2023 | $2.0B | $161M | $90M | $-6M | 8.2% | 9.4% | 14.6% |
| 2022 | $1.8B | $141M | $79M | $58M | 7.6% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,820 | 1,990.50 | 2,318.90 | 2,780.50 |
| Operating Revenue | 1,820 | 1,990.50 | 2,318.90 | 2,780.50 |
| Cost Of Revenue | 1,506.80 | 1,620.40 | 1,876.60 | 2,252.80 |
| Gross Profit | 313.20 | 370.10 | 442.30 | 527.70 |
| Operating Expense | 203.40 | 233 | 312.90 | 347.90 |
| Selling General And Administration | 202.20 | 230.40 | 312.20 | 347.70 |
| Total Expenses | 1,710.20 | 1,853.40 | 2,189.50 | 2,600.70 |
| Operating Income | 109.80 | 137.10 | 129.40 | 179.80 |
| Total Operating Income As Reported | 106.90 | 133.90 | 129.20 | 185.20 |
| EBITDA | 140.60 | 160.60 | 141.70 | 169.50 |
| Normalized EBITDA | 142.30 | 161.30 | 171.20 | 241.90 |
| EBIT | 107.50 | 133.40 | 101.50 | 114.30 |
| Interest Income | 0.10 | 1 | 2.20 | 1.80 |
| Interest Expense | 2.40 | 12.20 | 43.20 | 75.40 |
| Net Interest Income | -2.30 | -11.20 | -41 | -73.60 |
| Other Non Operating Income Expenses | 2.20 | -0.80 | -0.40 | -0.30 |
| Other Income Expense | -2.40 | -4.70 | -30.10 | -67.30 |
| Interest Income Non Operating | 0.10 | 1 | 2.20 | 1.80 |
| Interest Expense Non Operating | 2.40 | 12.20 | 43.20 | 75.40 |
| Net Non Operating Interest Income Expense | -2.30 | -11.20 | -41 | -73.60 |
| Pretax Income | 105.10 | 121.20 | 58.30 | 38.90 |
| Tax Provision | 26.60 | 31.40 | 12 | 26.40 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -0.43 | -0.18 | -6.08 | -15.20 |
| Net Income Continuous Operations | 78.50 | 89.80 | 46.30 | 12.50 |
| Net Income From Continuing And Discontinued Operation | 78.70 | 90.20 | 46.30 | 12.50 |
| Net Income From Continuing Operation Net Minority Interest | 78.50 | 89.80 | 46.30 | 12.50 |
| Net Income | 78.70 | 90.20 | 46.30 | 12.50 |
| Net Income Common Stockholders | 78.10 | 90.20 | 46.30 | 12.50 |
| Net Income Including Noncontrolling Interests | 78.70 | 90.20 | 46.30 | 12.50 |
| Normalized Income | 79.77 | 90.32 | 69.72 | 69.70 |
| Diluted NI Availto Com Stockholders | 78.10 | 90.20 | 46.30 | 12.50 |
| Basic Average Shares | 35.60 | 34.70 | 35.10 | 35.60 |
| Diluted Average Shares | 36 | 35.10 | 35.40 | 35.80 |
| Reconciled Depreciation | 33.10 | 27.20 | 40.20 | 55.20 |
| Reconciled Cost Of Revenue | 1,506.80 | 1,620.40 | 1,876.60 | 2,252.80 |
| Total Unusual Items | -1.70 | -0.70 | -29.50 | -72.40 |
| Total Unusual Items Excluding Goodwill | -1.70 | -0.70 | -29.50 | -72.40 |
| Net Income Discontinuous Operations | 0.20 | 0.40 | 0 | 0 |
| Special Income Charges | -1.70 | -0.70 | -29.50 | -72.40 |
| Gain On Sale Of Business | -1.70 | -0.70 | -2.80 | -72.40 |
| Other Special Charges | - | - | 26.70 | - |
| Provision For Doubtful Accounts | 1.20 | 2.60 | 0.70 | 0.20 |
| Otherunder Preferred Stock Dividend | 0.60 | 1.10 | 0.50 | - |
| Earnings From Equity Interest | -2.90 | -3.20 | -0.20 | 5.40 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AAR Corp.this co. | AIR | $4.6B | 367.52↑ premium | 3.79 | 1.0% | 32.71 |
| UniFirst Corporation | UNF | $4.9B | 33.11 | 2.26 | 6.8% | 14.69 |
| WillScot Holdings Corporation | WSC | $4.8B | -90.45 | 5.60 | -6.2% | 14.32 |
| Resideo Technologies, Inc. | REZI | $4.6B | - | 1.57 | -19.3% | - |
| RXO, Inc. | RXO | $4.6B | -45.57 | 2.96 |
| - |
| - |
| - |
| -6.5% |
| 144.72 |
| Mirion Technologies, Inc. | MIR | $4.5B | 154.78 | 2.39 | 1.5% | 24.76 |
| CSW Industrials, Inc. | CSW | $4.4B | 39.29 | 4.19 | 10.7% | 22.62 |
| Franklin Electric Co., Inc. | FELE | $4.3B | 29.58 | 3.28 | 11.1% | 16.66 |
| Brady Corporation | BRC | $4.2B | 22.18 | 3.52 | 15.9% | 14.80 |
| Peer Median | - | 29.58 | 3.12 | 4.2% | 16.66 | |