MeritValue

AAR CORP

AIRdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.65B1$1.82B2$1.99B3$2.32B3$2.78B3
Net income$35.8M4$78.7M5$90.2M6$46.3M6$12.5M6
Operating cash flow$105.2M7$75.2M8$23.3M9$43.6M9$36.1M9
Capital expenditure$11.3M10$17.3M11$29.5M12$29.7M12$34.7M12
Free cash flow (derived)$93.9M7$57.9M8−$6.2M9$13.9M9$1.4M9
Total debt$133.7M13$98.9M14$269.7M15$985.4M16$968M16
Cash & equivalents$51.8M17$53.5M18$68.4M19$85.8M20$96.5M20
Diluted shares35.3M36.0M35.1M35.4M35.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000028%
of the whole company
Your share of last year’s profit
$3.49
Your share of its debt
$270.39
Your share of free cash flow
$0.39
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.4M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.4M
Earnings Power Value
$13.63
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$46.3M
  • growthAssumed0.0%
Graham Number
$16.33
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-05-31 · accession 0001104659-23-082069 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-05-31 · accession 0001104659-24-080890 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-05-31 · accession 0001410578-25-001475 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-05-31 · accession 0001104659-23-082069 (NetIncomeLoss)
  5. 10-K · period ending 2022-05-31 · accession 0001104659-24-080890 (NetIncomeLoss)
  6. 10-K · period ending 2023-05-31 · accession 0001410578-25-001475 (NetIncomeLoss)
  7. 10-K · period ending 2021-05-31 · accession 0001104659-23-082069 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-05-31 · accession 0001104659-24-080890 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-05-31 · accession 0001410578-25-001475 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-05-31 · accession 0001104659-23-082069 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-05-31 · accession 0001104659-24-080890 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-05-31 · accession 0001410578-25-001475 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-05-31 · accession 0001104659-22-081498 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-05-31 · accession 0001104659-23-082069 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-05-31 · accession 0001104659-24-080890 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-05-31 · accession 0001410578-25-001475 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-05-31 · accession 0001104659-22-081498 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-05-31 · accession 0001104659-23-082069 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-05-31 · accession 0001104659-24-080890 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-05-31 · accession 0001410578-25-001475 (CashAndCashEquivalentsAtCarryingValue)