AAR Corp. (AIR) Key Metrics
AIR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.97B
- Enterprise value
- $5.72B
- P/E (TTM)
- 20.3 10-yr median 34.8
- Forward P/E
- 21.3
- PEG ratio
- 2.40
- Price / sales
- 1.1 10-yr median 0.9
- Price / book
- 2.8 10-yr median 1.6
- EV / EBITDA
- 14.7 10-yr median 13.7
- Dividend yield
- —
- Beta
- 1.13
AIR key metrics, FY2017–FY2026
Fiscal year ended May 31, 2026 · U.S. dollarsAIR valuation Price multiples at each fiscal year-end price.
P/E ratio−86.9%
23.0
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / sales+65.3%
1.3
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / book+39.9%
2.5
FY2026 · hover or tap a bar for each year
FY2017FY2026
EV / EBITDA−17.8%
15.3
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / free cash flow
129.9
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow yield+0.7 pts
0.8%
FY2026 · hover or tap a bar for each year
FY2017FY2026
AIR returns How much profit the business earns on the capital it uses.
Return on equity+11.8 pts
12.9%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on invested capital+4.4 pts
8.6%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on assets+5.6 pts
6.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow margin+1.0 pts
1.0%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion (OCF / net income)−81.8%
0.53
FY2026 · hover or tap a bar for each year
FY2017FY2026
Asset turnover+7.7%
1.07
FY2026 · hover or tap a bar for each year
FY2017FY2026
AIR per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+10.9%
$86.15
FY2026 · hover or tap a bar for each year
FY2017FY2026
Earnings per share+1,299.9%
$4.89
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow per share+2,117.5%
$0.87
FY2026 · hover or tap a bar for each year
FY2017FY2026
Book value per share+31.1%
$44.37
FY2026 · hover or tap a bar for each year
FY2017FY2026
Shares outstanding+7.3%
38.4M
FY2026 · hover or tap a bar for each year
FY2017FY2026
AIR financial health Debt, liquidity and how easily interest is covered.
Debt / equity−32.5%
0.58
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt−$40.1M
$911.0M
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt / EBITDA−2.95
2.66
FY2026 · hover or tap a bar for each year
FY2017FY2026
Current ratio+4.3%
2.84
FY2026 · hover or tap a bar for each year
FY2017FY2026
Interest coverage+56.3%
3.8
FY2026 · hover or tap a bar for each year
FY2017FY2026
Debt / assets−19.5%
0.30
FY2026 · hover or tap a bar for each year
FY2017FY2026
AIR efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−3 days
57 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days of inventory−3 days
121 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days payables outstanding−3 days
41 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion cycle−3 days
138 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Capex / revenue+0.7 pts
2.0%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Dividends + buybacks / FCF−721.4 pts
0.0%
FY2026 · hover or tap a bar for each year
FY2017FY2026
AIR valuation history
Fiscal year-endToday10-year median
AIR returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AIR debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AIR cash returned to shareholders
DividendsBuybacksFree cash flow
AIR price vs earnings per share
Share price at year-endEPS (right axis)
AIR key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.32B | $2.20B | $2.51B | $1.76B | $1.74B | $1.47B | $706.0M | $1.05B | $1.55B | $1.20B |
| Enterprise value | $5.24B | $3.15B | $3.49B | $2.01B | $1.84B | $1.62B | $989.3M | $1.25B | $1.86B | $1.34B |
| P/E ratio | 23.0 | 175.9 | 54.3 | 19.5 | 22.1 | 41.2 | 28.5 | 140.0 | 99.1 | 21.2 |
| Price / sales | 1.3 | 0.8 | 1.1 | 0.9 | 1.0 | 0.9 | 0.3 | 0.5 | 0.9 | 0.7 |
| Price / book | 2.5 | 1.8 | 2.1 | 1.6 | 1.7 | 1.5 | 0.8 | 1.2 | 1.7 | 1.3 |
| Price / free cash flow | 129.9 | — | 180.8 | — | 30.0 | 15.7 | — | 21.0 | 36.6 | — |
| Price / operating cash flow | 43.8 | 60.9 | 57.6 | 75.5 | 23.1 | 14.0 | — | 15.6 | 24.0 | 55.0 |
| EV / sales | 1.6 | 1.1 | 1.5 | 1.0 | 1.0 | 1.0 | 0.5 | 0.6 | 1.1 | 0.8 |
| EV / EBITDA | 15.3 | 18.6 | 24.5 | 12.5 | 12.8 | 22.1 | 11.3 | 8.8 | 14.7 | 11.4 |
| EV / free cash flow | 157.2 | — | 251.3 | — | 31.8 | 17.2 | — | 25.1 | 44.0 | — |
| Earnings yield | 4.3% | 0.6% | 1.8% | 5.1% | 4.5% | 2.4% | 3.5% | 0.7% | 1.0% | 4.7% |
| Free cash flow yield | 0.8% | 0.1% | 0.6% | −0.4% | 3.3% | 6.4% | −8.5% | 4.8% | 2.7% | −1.0% |
| Dividend yield | — | — | — | 10.8% | 1.0% | 0.0% | 1.5% | 1.0% | 0.7% | 0.9% |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.5% | 0.2% | 13.6% | 3.4% | 0.0% | 2.1% | 2.0% | 1.5% | 2.5% |
| Share price at fiscal year-end | $112.62 | $61.41 | $70.99 | $50.11 | $48.22 | $41.75 | $20.17 | $30.09 | $44.69 | $34.94 |
| Per share | ||||||||||
| Revenue per share | $86.15 | $77.67 | $65.51 | $56.71 | $50.56 | $46.81 | $59.20 | $58.79 | $50.53 | $51.53 |
| Earnings per share | $4.89 | $0.35 | $1.31 | $2.57 | $2.19 | $1.01 | $0.71 | $0.21 | $0.45 | $1.65 |
| Operating cash flow per share | $2.57 | $1.01 | $1.23 | $0.66 | $2.09 | $2.98 | −$1.03 | $1.93 | $1.86 | $0.64 |
| Free cash flow per share | $0.87 | $0.04 | $0.39 | −$0.18 | $1.61 | $2.66 | −$1.71 | $1.43 | $1.22 | −$0.34 |
| Cash per share | $2.19 | $2.70 | $2.42 | $1.95 | $1.49 | $1.47 | $11.56 | $0.61 | $0.90 | $0.30 |
| Book value per share | $44.37 | $33.84 | $33.61 | $31.31 | $28.74 | $27.60 | $25.79 | $25.96 | $27.06 | $26.65 |
| Tangible book value per share | $21.92 | $12.88 | $11.29 | $24.49 | $25.41 | $24.10 | $22.31 | $21.99 | $22.83 | $22.68 |
| Dividends per share | — | — | — | $5.40 | $0.47 | $0.00 | $0.31 | $0.30 | $0.30 | $0.30 |
| Capex per share | $1.70 | $0.97 | $0.84 | $0.84 | $0.48 | $0.32 | $0.67 | $0.50 | $0.64 | $0.98 |
| Debt per share | $25.91 | $29.26 | $30.10 | $9.06 | $4.34 | $5.48 | $19.66 | $6.46 | $10.03 | $4.50 |
| Shares outstanding | 38.4M | 35.8M | 35.4M | 35.1M | 36.0M | 35.3M | 35.0M | 34.9M | 34.6M | 34.3M |
| Change in shares outstanding | +7.3% | +1.1% | +0.9% | −2.5% | +2.0% | +0.9% | +0.3% | +0.9% | +0.9% | −0.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.9% | 1.0% | 4.0% | 8.5% | 7.8% | 3.8% | 2.7% | 0.8% | 1.7% | 6.3% |
| Return on invested capital (ROIC) | 8.6% | 4.3% | 5.8% | 8.0% | 7.1% | 5.3% | 2.9% | 7.9% | 7.1% | 5.3% |
| Return on assets (ROA) | 6.1% | 0.4% | 2.0% | 5.3% | 5.1% | 2.0% | 1.4% | 0.5% | 1.0% | 3.8% |
| Return on tangible assets | 7.5% | 0.6% | 2.3% | 5.7% | 5.4% | 2.5% | 1.3% | 0.5% | 1.1% | 4.1% |
| Free cash flow margin | 1.0% | 0.1% | 0.6% | −0.3% | 3.2% | 5.7% | −2.9% | 2.4% | 2.4% | −0.7% |
| Income quality (OCF / net income) | 0.53 | 2.89 | 0.94 | 0.26 | 0.96 | 2.94 | −1.46 | 8.99 | 4.12 | 0.39 |
| Financial health | ||||||||||
| Total debt | $995.0M | $1.05B | $1.07B | $317.9M | $156.3M | $193.6M | $688.0M | $225.5M | $347.2M | $154.2M |
| Cash & short-term investments | $84.0M | $96.5M | $85.8M | $68.4M | $53.5M | $51.8M | $404.7M | $21.3M | $31.1M | $10.3M |
| Net debt | $911.0M | $951.1M | $979.9M | $249.5M | $102.8M | $141.8M | $283.3M | $204.2M | $316.1M | $143.9M |
| Debt / equity | 0.58 | 0.86 | 0.90 | 0.29 | 0.15 | 0.20 | 0.76 | 0.25 | 0.37 | 0.17 |
| Debt / assets | 0.30 | 0.37 | 0.38 | 0.17 | 0.10 | 0.13 | 0.33 | 0.15 | 0.23 | 0.10 |
| Net debt / EBITDA | 2.66 | 5.61 | 6.87 | 1.55 | 0.71 | 1.94 | 3.24 | 1.43 | 2.50 | 1.22 |
| Current ratio | 2.84 | 2.72 | 2.98 | 3.12 | 2.89 | 2.78 | 3.76 | 2.66 | 2.83 | 2.65 |
| Quick ratio | 1.24 | 1.26 | 1.41 | 1.49 | 1.31 | 1.18 | 2.13 | 1.20 | 1.45 | 1.36 |
| Interest coverage | 3.8 | 2.5 | 3.0 | 11.0 | 44.5 | 17.0 | 4.4 | 10.3 | 10.8 | 15.0 |
| Working capital | $1.13B | $955.9M | $922.7M | $746.4M | $659.0M | $600.2M | $1.06B | $595.0M | $609.4M | $553.4M |
| Invested capital | $2.61B | $2.16B | $2.17B | $1.35B | $1.14B | $1.12B | $1.19B | $1.11B | $1.25B | $1.06B |
| Tangible asset value | $841.9M | $461.2M | $399.6M | $859.6M | $914.8M | $850.6M | $780.9M | $767.5M | $789.8M | $778.0M |
| Net current asset value | $90.0M | −$122.4M | −$190.6M | $363.9M | $467.8M | $371.7M | $262.3M | $341.2M | $354.3M | $298.5M |
| Graham number | $69.86 | $16.31 | $31.45 | $42.55 | $37.60 | $25.10 | $20.28 | $11.20 | $16.57 | $31.43 |
| Graham net-net per share | −$17.64 | −$21.25 | −$23.17 | −$3.77 | $0.14 | −$1.82 | −$8.41 | −$3.88 | −$5.07 | −$5.45 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $189.7M | $16.8M | $100,000 | $10.7M | $10.5M | $10.3M | $10.2M |
| Share buybacks (net) | $0 | $10.1M | $5.1M | $50.1M | $42.4M | $0 | $4.1M | $10.3M | $13.1M | $19.8M |
| Dividend payout ratio | — | — | — | 210.3% | 21.3% | 0.3% | 43.1% | 140.0% | 66.0% | 18.1% |
| Dividends + buybacks / free cash flow | 0.0% | 721.4% | 36.7% | — | 102.2% | 0.1% | — | 41.6% | 55.3% | — |
| Capex / revenue | 2.0% | 1.2% | 1.3% | 1.5% | 1.0% | 0.7% | 1.1% | 0.8% | 1.3% | 1.9% |
| Capex / operating cash flow | 66.3% | 96.1% | 68.1% | 126.6% | 23.0% | 10.7% | — | 25.8% | 34.2% | 154.1% |
| Capex / depreciation | 0.91 | 0.63 | 0.72 | 1.06 | 0.52 | 0.31 | 0.54 | 0.41 | 0.54 | 0.94 |
| Stock-based compensation / revenue | 0.5% | 0.7% | 0.7% | 0.7% | 0.5% | 0.6% | 0.4% | 0.7% | 0.9% | 0.6% |
| SG&A / revenue | 10.6% | 12.5% | 13.5% | 11.6% | 11.1% | 11.0% | 10.6% | 10.5% | 11.9% | 11.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 56.8 | 59.4 | 58.1 | 56.5 | 52.8 | 50.8 | 42.1 | 40.8 | 45.6 | 49.8 |
| Days of inventory on hand | 121.5 | 124.9 | 127.1 | 126.7 | 132.2 | 154.3 | 116.1 | 104.3 | 112.2 | 108.4 |
| Days payables outstanding | 40.7 | 43.8 | 38.6 | 35.5 | 34.3 | 42.3 | 38.4 | 37.9 | 42.0 | 40.5 |
| Cash conversion cycle (days) | 137.7 | 140.5 | 146.7 | 147.7 | 150.6 | 162.8 | 119.8 | 107.2 | 115.9 | 117.8 |
| Receivables turnover | 6.42 | 6.14 | 6.28 | 6.46 | 6.92 | 7.19 | 8.67 | 8.94 | 8.01 | 7.32 |
| Payables turnover | 8.97 | 8.33 | 9.47 | 10.29 | 10.63 | 8.63 | 9.50 | 9.63 | 8.70 | 9.02 |
| Inventory turnover | 3.00 | 2.92 | 2.87 | 2.88 | 2.76 | 2.37 | 3.14 | 3.50 | 3.25 | 3.37 |
| Asset turnover | 1.07 | 0.99 | 1.01 | 1.17 | 1.17 | 0.91 | 1.15 | 1.35 | 1.15 | 1.19 |
| Average receivables | $515.1M | $452.8M | $369.3M | $307.9M | $263.1M | $229.9M | $239.1M | $229.5M | $218.2M | $241.4M |
| Average payables | $299.4M | $270.6M | $198.2M | $157.4M | $141.8M | $159.4M | $189.7M | $178.9M | $167.1M | $165.2M |
| Average inventory | $894.1M | $771.1M | $653.6M | $562.3M | $545.5M | $581.9M | $573.4M | $492.2M | $447.1M | $442.7M |
| Intangibles / total assets | 25.7% | 26.4% | 28.5% | 13.1% | 7.6% | 8.0% | 5.9% | 9.1% | 9.6% | 9.1% |
Computed from AIR's annual financial statements (latest annual report filed July 22, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AIR valuation and financial ratios
At the end of fiscal 2026 (May 31, 2026), AAR traded at 23.0 times earnings, against a 10-year median of 34.8. Based on the latest twelve months, the trailing P/E is 20.3 and the forward P/E is 21.3. AAR earned a return on equity of 12.9% and a return on invested capital of 8.6% in fiscal 2026. It ended the year with $995.0 million of debt and $84.0 million in cash and short-term investments, net debt of $911.0 million. The share count rose 12.0% from 34.3M to 38.4M over 9 years.
See the AIR income statement, the AIR chart for price history, or the AIR stock overview for the latest quote and news.
AIR key metrics FAQ
What is AAR's P/E ratio?
AAR's trailing P/E ratio is 20.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.3. At the end of fiscal 2026 it was 23.0, compared with a 10-year median of 34.8.
What is AAR's EV/EBITDA?
AAR's enterprise value was 15.3 times EBITDA at the end of fiscal 2026 (enterprise value $5.2 billion, EBITDA $342.7 million); the current EV/EBITDA is 14.7.
What is AAR's return on equity?
AAR's return on equity (ROE) was 12.9% in fiscal 2026: net income of $187.7 million on average shareholders' equity of $1.5 billion.
What is AAR's ROIC?
AAR's return on invested capital was 8.6% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AAR have?
AAR had total debt of $995.0 million at the end of fiscal 2026, a debt-to-equity ratio of 0.58 and $911.0 million of net debt (2.66 times EBITDA).
What is AAR's free cash flow yield?
AAR generated $33.3 million of free cash flow in fiscal 2026, a free cash flow yield of 0.8% on its market value at year-end ($4.3 billion).
What is AAR's current ratio?
AAR's current ratio was 2.84 at the end of fiscal 2026: current assets were 2.84 times current liabilities.