AAR Corp
AIR—
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AAR Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 9.2% vs industry median 3.9% - 2.4x advantage despite heavy inventory (911M, 56% of current assets)[Operating Margin]
- FCF TTM negative (-33.2M) while net income 94.1M - working capital consuming cash with 1.1B tied up[Free Cash Flow]
- Goodwill 552M is 35% of equity; recent 210M acquisition adds integration risk[Goodwill]
Watch Triggers
- Free Cash Flow: Remains negative for 2+ consecutive quarters — Would signal structural working capital issues rather than growth investment
- Inventory: Exceeds 1B or inventory days increase >15% — Obsolescence risk rises in aerospace parts; margin compression likely
- Interest Coverage: EBIT/Interest falls below 2.5x (currently 2.8x) — Debt covenant pressure could force dilutive actions
Bull Case
Aerospace aftermarket leader with 9.2% operating margin (2.4x industry) and 22% gross profit growth TTM positions for margin expansion as scale benefits compound
Operating MarginGross Profit 1yr Growth
Asset turnover 0.97x above industry median 0.68x demonstrates efficient capital deployment; ROIC 3.9% positive vs industry median near 1%
Asset TurnoverROIC
Bear Case
Debt/equity 0.67 with 75M interest expense TTM (57% of pretax income) creates earnings vulnerability if rates stay elevated
Debt to EquityInterest Expense
Negative FCF (-33M TTM) with 911M inventory build and 264M stock issuance signals capital strain; P/E 28.8x vs industry 22.8x prices in execution
Free Cash FlowP/E RatioNet Common Stock Issuance
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF will turn positive within 12-18 months as inventory investment normalizes
1-3ymed
- Gross profit grew 22% TTM signaling demand strength
- Operating cash flow positive (1.4M) despite inventory build
- Capex minimal at 35M - no structural cash drain
Gross profit 1yr growth 22% vs industry 6.5%Inventory 911M up significantly vs 362M receivablesCapex only 1.2% of revenue TTM
Valuation Context
Caveats
Public Strategies Rankings
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AIR Fundamentals
Manufacturing → Transportation Equipment Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.15B | — | ||
$5.12B | — | ||
43 | — | ||
$2.97B | +15.4% | — | |
$2.56 | +1071.2% | — | |
9.16% | +5.2% | — | |
3.17% | +2.8% | — | |
$-33.2M | — | ||
6.86% | +6.0% | — | |
Beta 5Y (Monthly) | unknown | — |
AIR Dividend History
48 dividends
2020
$0.150003/27/20$0.0750
01/02/20$0.0750
2019
$0.300010/04/19$0.0750
07/18/19$0.0750
04/30/19$0.0750
01/25/19$0.0750
2018
$0.300010/19/18$0.0750
07/19/18$0.0750
04/30/18$0.0750
01/19/18$0.0750
2017
$0.300010/20/17$0.0750
07/19/17$0.0750
04/27/17$0.0750
01/19/17$0.0750
2016
$0.300010/20/16$0.0750
07/20/16$0.0750
04/27/16$0.0750
01/26/16$0.0750
2015
$0.300010/26/15$0.0750
07/24/15$0.0750
04/27/15$0.0750
01/26/15$0.0750
2014
$0.300010/17/14$0.0750
07/24/14$0.0750
04/25/14$0.0750
01/24/14$0.0750
2013
$0.300010/18/13$0.0750
07/25/13$0.0750
04/30/13$0.0750
01/25/13$0.0750
2012
$0.300010/18/12$0.0750
07/25/12$0.0750
04/27/12$0.0750
01/26/12$0.0750
2011
$0.225010/20/11$0.0750
07/20/11$0.0750
04/19/11$0.0750
2002
$0.075007/26/02$0.0250
05/03/02$0.0250
01/24/02$0.0250
2001
$0.280010/29/01$0.0250
07/27/01$0.0850
04/27/01$0.0850
01/25/01$0.0850
2000
$0.340010/30/00$0.0850
07/28/00$0.0850
04/28/00$0.0850
01/27/00$0.0850
AIR Stock Splits
No stock splits
AIR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/07/26 | 11/30/25 | 10-Q | |
09/23/25 | 08/31/25 | 10-Q | |
07/22/25 | 05/31/25 | Unknown | |
03/28/25 | 02/28/25 | 10-Q | |
01/08/25 | 11/30/24 | 10-Q | |
01/07/26 | 11/30/24 | 10-Q | |
09/23/25 | 08/31/24 | 10-Q | |
09/24/24 | 08/31/24 | 10-Q | |
07/19/24 | 05/31/24 | 10-K | |
07/22/25 | 05/31/24 | 10-K | |
03/28/25 | 02/29/24 | 10-Q | |
03/21/24 | 02/29/24 | 10-Q | |
01/08/25 | 11/30/23 | 10-Q | |
12/21/23 | 11/30/23 | 10-Q | |
09/24/24 | 08/31/23 | 10-Q | |
09/26/23 | 08/31/23 | 10-Q | |
07/19/24 | 05/31/23 | 10-K | |
07/18/23 | 05/31/23 | 10-K | |
03/21/23 | 02/28/23 | 10-Q | |
12/20/22 | 11/30/22 | 10-Q | |
09/22/22 | 08/31/22 | 10-Q | |
07/19/24 | 05/31/22 | 10-K | |
07/21/22 | 05/31/22 | 10-K | |
03/22/22 | 02/28/22 | 10-Q | |
12/21/21 | 11/30/21 | 10-Q | |
09/23/21 | 08/31/21 | 10-Q | |
07/21/21 | 05/31/21 | 10-K | |
03/23/21 | 02/28/21 | 10-Q | |
12/18/20 | 11/30/20 | 10-Q | |
09/24/20 | 08/31/20 | 10-Q | |
07/21/20 | 05/31/20 | 10-K | |
03/25/20 | 02/29/20 | 10-Q | |
12/20/19 | 11/30/19 | 10-Q | |
09/26/19 | 08/31/19 | 10-Q | |
07/18/19 | 05/31/19 | 10-K | |
03/20/19 | 02/28/19 | 10-Q | |
12/19/18 | 11/30/18 | 10-Q | |
09/27/18 | 08/31/18 | 10-Q | |
07/11/18 | 05/31/18 | 10-K | |
03/21/18 | 02/28/18 | 10-Q | |
12/22/17 | 11/30/17 | 10-Q | |
09/20/17 | 08/31/17 | 10-Q | |
07/12/17 | 05/31/17 | 10-K | |
03/22/17 | 02/28/17 | 10-Q | |
12/22/16 | 11/30/16 | 10-Q | |
09/23/16 | 08/31/16 | 10-Q | |
07/13/16 | 05/31/16 | 10-K | |
03/23/16 | 02/29/16 | 10-Q | |
12/18/15 | 11/30/15 | 10-Q | |
09/25/15 | 08/31/15 | 10-Q | |
07/15/15 | 05/31/15 | 10-K | |
03/31/15 | 02/28/15 | 10-Q | |
12/19/14 | 11/30/14 | 10-Q | |
09/24/14 | 08/31/14 | 10-Q | |
07/17/14 | 05/31/14 | 10-K | |
03/25/14 | 02/28/14 | 10-Q | |
12/20/13 | 11/30/13 | 10-Q | |
09/25/13 | 08/31/13 | 10-Q | |
07/26/13 | 05/31/13 | 10-K | |
03/22/13 | 02/28/13 | 10-Q | |
12/21/12 | 11/30/12 | 10-Q | |
09/25/12 | 08/31/12 | 10-Q | |
07/19/12 | 05/31/12 | 10-K | |
03/26/12 | 02/29/12 | 10-Q | |
12/22/11 | 11/30/11 | 10-Q | |
09/23/11 | 08/31/11 | 10-Q | |
07/13/11 | 05/31/11 | 10-K | |
03/26/12 | 02/28/11 | 10-Q | |
12/21/10 | 11/30/10 | 10-Q | |
09/23/10 | 08/31/10 | 10-Q | |
07/16/10 | 05/31/10 | 10-K | |
03/19/10 | 02/28/10 | 10-Q | |
03/22/11 | 02/28/10 | 10-Q | |
12/21/09 | 11/30/09 | 10-Q | |
09/25/09 | 08/31/09 | 10-Q | |
07/16/09 | 05/31/09 | 10-K | |
03/23/09 | 02/28/09 | 10-Q | |
12/23/08 | 11/30/08 | 10-Q | |
09/23/08 | 08/30/08 | Unknown | -- |
07/11/08 | 05/30/08 | Unknown | -- |
04/04/08 | 02/29/08 | 10-Q | |
01/08/08 | 11/30/07 | 10-Q | |
10/05/07 | 08/30/07 | Unknown | -- |
07/20/07 | 05/30/07 | Unknown | -- |
04/04/07 | 02/28/07 | 10-Q | |
01/09/07 | 11/30/06 | 10-Q | |
10/05/06 | 08/30/06 | Unknown | -- |
07/17/06 | 05/30/06 | Unknown | -- |
04/06/06 | 02/28/06 | 10-Q | |
01/06/06 | 11/30/05 | 10-Q | |
10/05/05 | 08/30/05 | Unknown | -- |
07/22/05 | 05/30/05 | Unknown | -- |
04/06/05 | 02/28/05 | 10-Q | |
01/05/05 | 11/30/04 | 8-K | |
10/01/04 | 08/30/04 | Unknown | -- |
07/22/04 | 05/30/04 | Unknown | -- |
04/08/04 | 02/29/04 | 10-Q | |
01/14/04 | 11/30/03 | 10-Q | |
10/14/03 | 08/30/03 | Unknown | -- |
08/18/03 | 05/30/03 | Unknown | -- |
04/14/03 | 02/28/03 | 10-Q | |
01/13/03 | 11/30/02 | 10-Q | |
10/15/02 | 08/30/02 | Unknown | -- |
08/26/02 | 05/30/02 | Unknown | -- |
04/15/02 | 02/28/02 | 10-Q | |
01/14/02 | 11/30/01 | 10-Q | |
10/15/01 | 08/30/01 | Unknown | -- |
08/27/01 | 05/30/01 | Unknown | -- |
04/13/01 | 02/28/01 | 10-Q | |
01/12/01 | 11/30/00 | 10-Q | |
10/13/00 | 08/30/00 | Unknown | -- |
08/24/00 | 05/30/00 | Unknown | -- |
04/14/00 | 02/29/00 | 10-Q |