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Side-by-side financial comparison of AAR CORP (AIR) and Compass Diversified Holdings (CODI). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $468.6M, roughly 1.7× Compass Diversified Holdings). AAR CORP runs the higher net margin — 4.4% vs -16.8%, a 21.2% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs -5.1%). Compass Diversified Holdings produced more free cash flow last quarter ($36.9M vs $6.2M).
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.
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American markets.
AIR vs CODI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $468.6M |
| Net Profit | $34.6M | $-78.8M |
| Gross Margin | 19.7% | 43.1% |
| Operating Margin | 6.0% | 9.8% |
| Net Margin | 4.4% | -16.8% |
| Revenue YoY | 15.9% | -5.1% |
| Net Profit YoY | 213.1% | -14.4% |
| EPS (diluted) | $0.90 | $-0.91 |
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.
| Q4 25 | $795.3M | $468.6M | ||
| Q3 25 | $739.6M | $472.6M | ||
| Q2 25 | — | $478.7M | ||
| Q1 25 | — | $453.8M | ||
| Q4 24 | — | $493.9M | ||
| Q3 24 | — | $456.6M | ||
| Q2 24 | — | $426.7M | ||
| Q1 24 | — | $410.8M |
| Q4 25 | $34.6M | $-78.8M | ||
| Q3 25 | $34.4M | $-74.0M | ||
| Q2 25 | — | $-51.2M | ||
| Q1 25 | — | $-30.0M | ||
| Q4 24 | — | $-68.9M | ||
| Q3 24 | — | $-36.0M | ||
| Q2 24 | — | $-73.1M | ||
| Q1 24 | — | $-56.2M |
| Q4 25 | 19.7% | 43.1% | ||
| Q3 25 | 18.1% | 44.0% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 44.1% | ||
| Q1 24 | — | 42.6% |
| Q4 25 | 6.0% | 9.8% | ||
| Q3 25 | 6.4% | -2.3% | ||
| Q2 25 | — | -5.7% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | -2.9% |
| Q4 25 | 4.4% | -16.8% | ||
| Q3 25 | 4.7% | -15.7% | ||
| Q2 25 | — | -10.7% | ||
| Q1 25 | — | -6.6% | ||
| Q4 24 | — | -13.9% | ||
| Q3 24 | — | -7.9% | ||
| Q2 24 | — | -17.1% | ||
| Q1 24 | — | -13.7% |
| Q4 25 | $0.90 | $-0.91 | ||
| Q3 25 | $0.95 | $-1.21 | ||
| Q2 25 | — | $-0.88 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | — | $-0.57 | ||
| Q3 24 | — | $-0.62 | ||
| Q2 24 | — | $-1.12 | ||
| Q1 24 | — | $-1.52 |
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 | $68.0M |
| Total DebtLower is stronger | $952.7M | $1.9B |
| Stockholders' EquityBook value | $1.6B | $442.0M |
| Total Assets | $3.2B | $3.0B |
| Debt / EquityLower = less leverage | 0.61× | 4.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $68.0M | ||
| Q3 25 | $80.0M | $61.1M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $146.2M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | — | $64.9M | ||
| Q2 24 | — | $61.5M | ||
| Q1 24 | — | $59.5M |
| Q4 25 | $952.7M | $1.9B | ||
| Q3 25 | $1.0B | $1.9B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $1.6B | $442.0M | ||
| Q3 25 | $1.2B | $519.2M | ||
| Q2 25 | — | $601.9M | ||
| Q1 25 | — | $680.7M | ||
| Q4 24 | — | $678.6M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $711.3M | ||
| Q1 24 | — | $799.7M |
| Q4 25 | $3.2B | $3.0B | ||
| Q3 25 | $2.9B | $3.2B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.3B |
| Q4 25 | 0.61× | 4.25× | ||
| Q3 25 | 0.82× | 3.62× | ||
| Q2 25 | — | 3.09× | ||
| Q1 25 | — | 2.73× | ||
| Q4 24 | — | 2.61× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | 2.42× | ||
| Q1 24 | — | 2.15× |
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 | $47.0M |
| Free Cash FlowOCF − Capex | $6.2M | $36.9M |
| FCF MarginFCF / Revenue | 0.8% | 7.9% |
| Capex IntensityCapex / Revenue | 0.9% | 2.2% |
| Cash ConversionOCF / Net Profit | 0.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-51.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $47.0M | ||
| Q3 25 | $-44.9M | $10.7M | ||
| Q2 25 | — | $-35.2M | ||
| Q1 25 | — | $-29.3M | ||
| Q4 24 | — | $-16.1M | ||
| Q3 24 | — | $-48.4M | ||
| Q2 24 | — | $-61.3M | ||
| Q1 24 | — | $-25.4M |
| Q4 25 | $6.2M | $36.9M | ||
| Q3 25 | $-53.6M | $481.0K | ||
| Q2 25 | — | $-46.0M | ||
| Q1 25 | — | $-42.4M | ||
| Q4 24 | — | $-39.0M | ||
| Q3 24 | — | $-63.5M | ||
| Q2 24 | — | $-72.2M | ||
| Q1 24 | — | $-33.1M |
| Q4 25 | 0.8% | 7.9% | ||
| Q3 25 | -7.2% | 0.1% | ||
| Q2 25 | — | -9.6% | ||
| Q1 25 | — | -9.4% | ||
| Q4 24 | — | -7.9% | ||
| Q3 24 | — | -13.9% | ||
| Q2 24 | — | -16.9% | ||
| Q1 24 | — | -8.1% |
| Q4 25 | 0.9% | 2.2% | ||
| Q3 25 | 1.2% | 2.2% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 0.39× | — | ||
| Q3 25 | -1.31× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
