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Side-by-side financial comparison of AAR CORP (AIR) and Alexandria Real Estate Equities (ARE). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $671.0M, roughly 1.2× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 4.4%, a 55.0% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs -11.5%).
AAR Corp. is an American provider of aircraft maintenance services to commercial and government customers worldwide. The company is headquartered in Wood Dale, Illinois, a Chicago suburb. The company employs about 6,000 people, operating in about 30 different countries. John Holmes is the current CEO.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
AIR vs ARE — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $671.0M |
| Net Profit | $34.6M | $398.4M |
| Gross Margin | 19.7% | — |
| Operating Margin | 6.0% | — |
| Net Margin | 4.4% | 59.4% |
| Revenue YoY | 15.9% | -11.5% |
| Net Profit YoY | 213.1% | 740.6% |
| EPS (diluted) | $0.90 | $2.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $671.0M | ||
| Q4 25 | $795.3M | $754.4M | ||
| Q3 25 | $739.6M | $751.9M | ||
| Q2 25 | — | $762.0M | ||
| Q1 25 | — | $758.2M | ||
| Q4 24 | — | $788.9M | ||
| Q3 24 | — | $791.6M | ||
| Q2 24 | — | $766.7M |
| Q1 26 | — | $398.4M | ||
| Q4 25 | $34.6M | $-1.1B | ||
| Q3 25 | $34.4M | $-232.8M | ||
| Q2 25 | — | $-107.0M | ||
| Q1 25 | — | $-8.9M | ||
| Q4 24 | — | $-62.2M | ||
| Q3 24 | — | $167.9M | ||
| Q2 24 | — | $46.7M |
| Q1 26 | — | — | ||
| Q4 25 | 19.7% | — | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | — | ||
| Q3 25 | 6.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 59.4% | ||
| Q4 25 | 4.4% | -143.3% | ||
| Q3 25 | 4.7% | -31.0% | ||
| Q2 25 | — | -14.0% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -7.9% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 6.1% |
| Q1 26 | — | $2.10 | ||
| Q4 25 | $0.90 | $-6.35 | ||
| Q3 25 | $0.95 | $-1.38 | ||
| Q2 25 | — | $-0.64 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $-0.38 | ||
| Q3 24 | — | $0.96 | ||
| Q2 24 | — | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $75.6M | $418.7M |
| Total DebtLower is stronger | $952.7M | — |
| Stockholders' EquityBook value | $1.6B | $19.4B |
| Total Assets | $3.2B | $34.2B |
| Debt / EquityLower = less leverage | 0.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $418.7M | ||
| Q4 25 | $75.6M | $549.1M | ||
| Q3 25 | $80.0M | $579.5M | ||
| Q2 25 | — | $520.5M | ||
| Q1 25 | — | $476.4M | ||
| Q4 24 | — | $552.1M | ||
| Q3 24 | — | $562.6M | ||
| Q2 24 | — | $561.0M |
| Q1 26 | — | — | ||
| Q4 25 | $952.7M | $12.4B | ||
| Q3 25 | $1.0B | $13.6B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | — | $12.2B | ||
| Q3 24 | — | $12.7B | ||
| Q2 24 | — | $12.4B |
| Q1 26 | — | $19.4B | ||
| Q4 25 | $1.6B | $15.5B | ||
| Q3 25 | $1.2B | $16.6B | ||
| Q2 25 | — | $17.2B | ||
| Q1 25 | — | $17.5B | ||
| Q4 24 | — | $17.9B | ||
| Q3 24 | — | $18.2B | ||
| Q2 24 | — | $18.3B |
| Q1 26 | — | $34.2B | ||
| Q4 25 | $3.2B | $34.1B | ||
| Q3 25 | $2.9B | $37.4B | ||
| Q2 25 | — | $37.6B | ||
| Q1 25 | — | $37.6B | ||
| Q4 24 | — | $37.5B | ||
| Q3 24 | — | $38.5B | ||
| Q2 24 | — | $37.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.61× | 0.80× | ||
| Q3 25 | 0.82× | 0.82× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.68× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.6M | $475.0M |
| Free Cash FlowOCF − Capex | $6.2M | — |
| FCF MarginFCF / Revenue | 0.8% | — |
| Capex IntensityCapex / Revenue | 0.9% | 76.0% |
| Cash ConversionOCF / Net Profit | 0.39× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $475.0M | ||
| Q4 25 | $13.6M | $312.4M | ||
| Q3 25 | $-44.9M | $433.5M | ||
| Q2 25 | — | $460.2M | ||
| Q1 25 | — | $207.9M | ||
| Q4 24 | — | $274.2M | ||
| Q3 24 | — | $477.4M | ||
| Q2 24 | — | $411.8M |
| Q1 26 | — | — | ||
| Q4 25 | $6.2M | — | ||
| Q3 25 | $-53.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | -7.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 1.19× | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | -1.31× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 8.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIR
| Commercial Customer | $268.1M | 34% |
| Repair And Engineering | $244.5M | 31% |
| Integrated Solutions | $175.8M | 22% |
| Government And Defense Customer | $85.5M | 11% |
| Expeditionary Services | $21.4M | 3% |
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
