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Arphra AIPlain-English read on AAR Corp.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.65B | $1.82B | $1.99B | $2.32B | $2.78B | $3.62B | $3.87B | $4.12B | $4.39B |
| Cost of revenue | $1.38B | $1.51B | $1.62B | $1.88B | $2.25B | $3B | $3.07B | $3.35B | $3.5B |
| Gross profit | $275.9M | $313.2M | $370.1M | $442.3M | $527.7M | $674.75M | $731.09M | $800.06M | $812.2M |
| Gross margin | +16.70% | +17.21% | +18.59% | +19.07% | +18.98% | +18.62% | +18.90% | +19.43% | +18.52% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $182.4M | $202.2M | $230.4M | $280.2M | $347.7M | $424.23M | $468.99M | $482.39M | $514.4M |
| Total operating expenses | $190.9M | $206.3M | $236.2M | $313.1M | $342.5M | $464.85M | $476.11M | $512.76M | $537.52M |
| Operating income | $85.2M | $106.9M | $133.9M | $129.2M | $185.2M | $235.69M | $250.31M | $267.07M | $280.16M |
| Operating margin | +5.16% | +5.87% | +6.73% | +5.57% | +6.66% | +6.50% | +6.47% | +6.49% | +6.39% |
| EBITDA | $73.1M | $144.2M | $161.3M | $142.7M | $169.5M | $252.34M | $256.3M | $281.38M | $296.14M |
| EBIT | $36.8M | $111.1M | $133.4M | $101.5M | $114.3M | $184.58M | $198.17M | $204.64M | $217.99M |
| Below the line | |||||||||
| Interest expense | $5M | $2.4M | $12.2M | $43.2M | $75.4M | $62.73M | $68.29M | $71M | $75.13M |
| Interest income | $200K | $100K | $1M | $2.2M | $1.8M | $2.57M | $2.65M | $2.95M | $3.14M |
| Other income / expense | -$20.7M | -$1.8M | -$12.7M | -$70.9M | -$146.3M | — | — | — | — |
| Pre-tax income | $64.5M | $105.1M | $121.2M | $58.3M | $38.9M | $121.36M | $126.41M | $133.37M | $148.3M |
| Income tax expense | $18.2M | $26.6M | $31.4M | $12M | $26.4M | $28.01M | $30.83M | $31.98M | $34.9M |
| Earnings | |||||||||
| Net income | $35.8M | $78.7M | $90.2M | $46.3M | $12.5M | $83M | $90.19M | $93.34M | $100.61M |
| Net income · continuing ops | $46.3M | $78.5M | $89.8M | $46.3M | $12.5M | $84.59M | $91.59M | $94.03M | $104.02M |
| Net margin | +2.17% | +4.32% | +4.53% | +2.00% | +0.45% | +2.29% | +2.33% | +2.27% | +2.29% |
| EPS · basic | $1.01 | $2.19 | $2.56 | $1.30 | $0.35 | $5.74 | $6.61 | $7.29 | $8.69 |
| EPS · diluted | $1.00 | $2.16 | $2.53 | $1.29 | $0.35 | $5.65 | $6.57 | $7.32 | $8.55 |
| EPS · low estimate | — | — | — | — | — | $5.25 | $6.51 | $7.25 | $8.47 |
| EPS · high estimate | — | — | — | — | — | $5.90 | $6.65 | $7.40 | $8.65 |
| Shares · basic | 35M | 35.6M | 34.7M | 35.1M | 35.6M | 35.95M | 35.62M | 35.74M | 35.42M |
| Shares · diluted | 35.3M | 36M | 35.1M | 35.4M | 35.8M | 35.67M | 36.14M | 35.71M | 35.86M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 4 | 1 | 1 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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