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Provides aviation aftermarket services, including parts distribution, maintenance-repair-overhaul (MRO) and logistics for aircraft operators.
Provides aviation aftermarket services, including parts distribution, maintenance-repair-overhaul (MRO) and logistics for aircraft operators.
Earns from selling aircraft parts, often under long-term supply agreements with airlines and with component makers that appoint it a distributor, and from repair and overhaul work done in its hangars. Government customers, mainly the US defense establishment, are a second, steadier group alongside the airlines.
Moat: narrow (scale, distribution, customer qualification). Broad parts inventory and certified MRO capability create switching costs for airline customers.
Headquarters: Wood Dale, Illinois, US · Founded: 1951 · Employees: 7,100
Size Aar (AIR) is a United States Industrials company (Aerospace & Defense) with a market value of $4.39B, the 1284th largest of 3,117 United States companies the cockpit tracks. Shares closed at $109.21 on 6 Nov 2026.
Performance Over six months the shares fell 7.3%, against -14.9% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 22.0% over the last twelve months (peer median +7.8%); the operating margin is 8.5% (peer median 2.7%).
Valuation It trades at 18.4× forward earnings against a peer median of 33.9× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (9.6% WACC).
Backlog Backlog (remaining performance obligations) was $866M at 31 Aug 2026, up 77% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Aar has 2 bonds outstanding ($0), rated BB- by the agencies.
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 6 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.49B | $3.31B | $2.78B | $2.32B | $1.99B |
| Revenue growth | — | +19% | +20% | +16% | — |
| Gross profit | $665M | $622M | $528M | $442M | $370M |
| EBITDA | $376M | $352M | $231M | $203M | $163M |
| Net income | $193M | $188M | $12.5M | $45.8M | $88.7M |
| Free cash flow | $160M | $59.6M | $1.40M | $13.9M | -$6.20M |
| Capital expenditure | $39.7M | $36.6M | $34.7M | $29.7M | $29.5M |
| Total debt | $978M | $1.01B | $1.06B | $1.08B | $330M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aar AIR | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% |
| StandardAero SARO | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% |
| HEICO HEI | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% |
| VSE VSEC | $4.85B | -10% | +23% | 12% | 22.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AIR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.5% | +0.4% | 7th highest of 21 |
| 6-month return | -7.3% | -14.9% | 5th highest of 21 |
| Distance from 52-week high | -29.1% | -41.7% | 6th highest of 21 |
| Revenue growth (TTM) | +22.0% | +7.8% | 8th highest of 20 |
| Operating margin | 8.5% | 2.7% | 8th highest of 21 |
| Forward P/E | 18.4× | 33.9× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 13.2% | 26.2% | 4th least demanding of 11 |
| Growth delivered (Del g) | +14.9% | +8.3% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -1.6 pp | +4.6 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -0.6 pp | -3.0 pp | 5th highest of 20 |
| EV / EBITDA | 14.0× | 16.0× | 4th cheapest of 9 |
| Net debt / EBITDA | 2.3× | 1.1× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |
| Mercury Systems MRCY | United States | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% | +1.3% |
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 47.2× | n/a | n/a |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |
| Avic (Chengdu) UAS 688297.SS | China | $3.93B | -15% | +74% | 0% | 106.5× | n/a | n/a |
| RENK R3NK.DE | Germany | $3.84B | -24% | +11% | 13% | 21.1× | 29.8% | +54.5% |
| Jiangxi Hongdu Aviation Industry 600316.SS | China | $3.77B | -4% | +62% | 0% | 121.0× | 53.4% | +8.0% |
| Amentum AMTM | United States | $5.20B | -13% | +11% | 4% | 8.4× | 1.7% | +23.3% |
| LIG Defense&Aerospace 079550.KS | South Korea | $5.24B | -65% | +26% | 8% | 20.0× | n/a | n/a |
| AECC Aero-engine Control 000738.SZ | China | $3.66B | -10% | -3% | 3% | 64.0× | n/a | n/a |
| Glarun Technology 600562.SS | China | $5.43B | +6% | -8% | 21% | 51.7× | n/a | n/a |
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% | +8.1% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% | +14.4% |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% | +8.5% |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | n/a | n/a | n/a |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | n/a | n/a |
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| Joby Aviation JOBY | United States | $5.89B | -45% | +118,568% | -754% | n/a | n/a | n/a |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
Aar has 2 bonds outstanding with $0 face value. The agencies rate it BB-.
Aar reported $866M of remaining performance obligations at 31 Aug 2026, up 77% from a year earlier and up 11% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.10.