gross profit bridgeinconsistent2018-05-31
Withheld: cost revenue, gross profit could not be reconciled with the rest of this filer’s statement.
Revenue
$3.31B
Fiscal year ended 2026-05-31Operating income
Unavailable
Fiscal year ended 2026-05-31Free cash flow
$62.10M
Fiscal year ended 2026-05-31Valuation, from the filing
| Public float | $3.22B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-11-28 |
|---|---|---|
| Float per share | $80.82 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 17.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-11-28, not today, and each multiple below it uses the figures for the fiscal year ending 2026-05-31 — the year that filing covered.
Valuation over time
17.2× earnings today, against a median of 39.2× across 10 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-11-28 | $3.22B | 17.2× | |
| 2024-11-29 | $2.43B | 194.3× | |
| 2023-11-30 | $2.40B | 51.8× | |
| 2022-11-30 | $1.52B | 16.9× | |
| 2021-11-30 | $1.10B | 14.0× | |
| 2020-11-30 | $952.00M | 26.6× | |
| 2019-11-29 | $1.47B | 335.0× | |
| 2018-11-30 | $1.45B | 193.2× | |
| 2017-11-30 | $1.34B | 86.2× | |
| 2016-11-30 | $1.36B | 24.0× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
AAR CORP (AIR) reported revenue of $3.31B and net income of $187.70M for the fiscal year ended 2026-05-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from AAR CORP’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.31B | $2.78B | $2.32B | $1.99B | $1.82B | $1.65B | $2.07B | $2.05B | $1.75B | $1.59B |
| Cost of revenue | $2.69B | $2.25B | $1.88B | $1.62B | $1.51B | Unavailable | Unavailable | $1.72B | Unavailable | Unavailable |
| Gross profit | $622.00M | $527.70M | $442.30M | $370.10M | $313.20M | $275.90M | $269.20M | $329.80M | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $187.70M | $12.50M | $46.30M | $90.20M | $78.70M | $35.80M | $4.40M | $7.50M | $15.60M | $56.50M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 38.40M | shares 35.80M | shares 35.40M | shares 35.10M | shares 36.00M | shares 35.30M | shares 35.00M | shares 34.90M | shares 34.60M | shares 34.30M |
| Pretax income | $245.90M | $38.90M | $58.30M | $121.20M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | $58.20M | $26.40M | $12.00M | $31.40M | $26.60M | $18.20M | $5.60M | $4.90M | $3.50M | $25.10M |
| Diluted EPS | $4.86 | $0.35 | $1.29 | $2.53 | $2.17 | $1.00 | $0.13 | $0.21 | $0.41 | $1.64 |
| Selling, general & administrative | $349.30M | $347.70M | $312.20M | $230.40M | $202.20M | $182.40M | $220.60M | $215.40M | $208.10M | $179.00M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $84.00M | $96.50M | $85.80M | $68.40M | $53.50M | $51.80M | $404.70M | $21.30M | $31.10M | $10.30M |
| Total assets | $3.36B | $2.84B | $2.77B | $1.83B | $1.57B | $1.54B | $2.08B | $1.52B | $1.52B | $1.50B |
| Current assets | $1.74B | $1.51B | $1.39B | $1.10B | $1.01B | $937.00M | $1.44B | $952.50M | $942.70M | $888.40M |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $613.20M | $554.70M | $466.90M | $351.50M | $348.20M | $336.80M | $383.10M | $357.50M | $333.30M | $335.00M |
| Total equity incl. NCI | $1.70B | $1.21B | $1.19B | $1.10B | $1.03B | $974.40M | $902.60M | $905.90M | $936.30M | $914.20M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $979.00M | $809.20M | $733.10M | $574.10M | $550.50M | $540.60M | $623.10M | $523.70M | $460.70M | $433.40M |
| Accounts receivable | $386.80M | $354.80M | $287.20M | $241.30M | $214.00M | $166.70M | $171.90M | $197.80M | $202.00M | $234.50M |
| Goodwill | $580.30M | $530.80M | $554.80M | $175.80M | $116.40M | $119.30M | $115.70M | $116.20M | $118.70M | $105.60M |
| Long-term debt | $893.90M | $968.00M | $985.40M | $269.70M | $98.90M | $133.70M | $600.00M | $141.70M | $177.20M | $154.10M |
| Accounts payable | $295.60M | $303.10M | $238.00M | $158.50M | $156.40M | $127.20M | $191.60M | $187.80M | $170.00M | $164.20M |
Cash flow
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $98.70M | $36.10M | $43.60M | $23.30M | $75.20M | $105.20M | -$36.10M | $67.40M | $64.30M | $21.80M |
| Capital expenditures | $36.60M | $34.70M | $29.70M | $29.50M | $17.30M | $11.30M | $23.60M | $17.40M | $22.00M | $25.20M |
| Investing cash flow | -$308.70M | $10.70M | -$758.50M | -$138.00M | -$16.50M | -$500.00K | -$24.80M | -$19.00M | -$42.90M | -$30.10M |
| Financing cash flow | $208.60M | -$33.70M | $729.20M | $137.70M | -$59.80M | -$469.50M | $444.50M | -$48.70M | $10.00M | -$12.10M |
| Net change in cash | -$1.40M | $13.10M | $14.30M | $22.90M | -$1.30M | -$364.50M | $383.60M | -$500.00K | $31.30M | -$20.90M |
| Stock-based compensation | $17.80M | $19.90M | $15.30M | $13.50M | $8.20M | $9.20M | $7.30M | $13.50M | $15.30M | $11.00M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $100.00K | $10.70M | $10.50M | $10.30M | $10.20M |
| Common share repurchases | Unavailable | $10.10M | $5.10M | $50.10M | $42.40M | Unavailable | $4.10M | $10.30M | $13.10M | $19.80M |
| Depreciation & amortization | $72.10M | $55.20M | $40.20M | $27.20M | $33.10M | $36.30M | $43.70M | $42.80M | $40.50M | $35.70M |
Derived
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $62.10M | $1.40M | $13.90M | -$6.20M | $57.90M | $93.90M | -$59.70M | $50.00M | $42.30M | -$3.40M |
| Gross margin | 18.8% | 19.0% | 19.1% | 18.6% | 17.2% | 16.7% | 13.0% | 16.1% | 16.8% | 16.6% |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 1.9% | 0.1% | 0.6% | -0.3% | 3.2% | 5.7% | -2.9% | 2.4% | 2.4% | -0.2% |
| SBC / revenue | 0.5% | 0.7% | 0.7% | 0.7% | 0.5% | 0.6% | 0.4% | 0.7% | 0.9% | 0.7% |
| Current ratio | 2.84x | 2.72x | 2.98x | 3.12x | 2.89x | 2.78x | 3.76x | 2.66x | 2.83x | 2.65x |
| Revenue YoY growth | 19.0% | 19.9% | 16.5% | 9.4% | 10.1% | -20.3% | 1.0% | 17.4% | 9.9% | Unavailable |
| Net margin | 5.7% | 0.4% | 2.0% | 4.5% | 4.3% | 2.2% | 0.2% | 0.4% | 0.9% | 3.6% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 1.1% | 1.2% | 1.3% | 1.5% | 1.0% | 0.7% | 1.1% | 0.8% | 1.3% | 1.6% |
| Long-term debt / equity | 0.52x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 23.7% | 67.9% | 20.6% | 25.9% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open AIR in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-09-29View SEC filing
10-K · Filed 2026-07-22View SEC filing
10-Q · Filed 2026-03-25View SEC filing
10-Q · Filed 2026-01-07View SEC filing
10-Q · Filed 2025-09-23View SEC filing
10-K · Filed 2025-07-22View SEC filing
Companies in the same industry
Reconciliation checks needing review
2 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
gross profit bridgeinconsistent2017-05-31
Withheld: cost revenue, gross profit could not be reconciled with the rest of this filer’s statement.