AAR

AIR

Aerospace & Defense · Industrials

Price

$134.82

+2.43 (+1.84%)

Market Cap

$5.38B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Mixed

Stability

Good

Valuation

Good

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Share count rising — dilution

+6.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.0M (2022) → 38.4M (2026)

Winston Score History

The full picture

AAR Corp. is a company that fixes and maintains aircraft for airlines and governments. It provides services like repairing airplane parts, storing aircraft, and supplying spare components. AAR is one of the largest independent aircraft maintenance and repair companies in the United States, meaning it does not make planes — it keeps them flying.

AAR makes money by charging airlines, cargo carriers, and the U.S. military for maintenance work, parts, and logistics services. It operates mainly in North America but also has facilities in other regions. Its competitive edge comes from long-term contracts with major customers and the high cost and complexity of switching to a different maintenance provider. The main growth driver is rising global air travel, which increases demand for aircraft upkeep, but a key risk is that airlines can cut maintenance spending quickly during economic downturns or travel slowdowns.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+34.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

4.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$190M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

AAR is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

19.0%

Thin — 19.0% gross margin

Profit after running costs

Operating Margin

8.1%

Modest — 8.1% operating margin

Return on the money invested

ROCE

10.5%

Below par — 10.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.0%

Fast-growing sales (+19.0% YoY)

Profit growth

EPS YoY

+587.3%

Earnings growing fast (+587.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

54%

Weak — only 54% of profit becomes cash

Spare cash per sale

FCF Margin

1.6%

Thin free cash flow (1.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.52

Conservative — low debt load (0.52)

Covers its interest

Interest Cover

3.80x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

27.6x

Growth-priced — P/E 27.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+5.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.6 → 21.8)

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Dividends

Not applicable for this business.

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