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Side-by-side financial comparison of AAR CORP (AIR) and Koppers Holdings Inc. (KOP). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $432.7M, roughly 1.8× Koppers Holdings Inc.). Koppers Holdings Inc. runs the higher net margin — 6.9% vs 4.4%, a 2.5% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs -9.3%). Koppers Holdings Inc. produced more free cash flow last quarter ($28.5M 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.
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
AIR vs KOP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $432.7M |
| Net Profit | $34.6M | $29.7M |
| Gross Margin | 19.7% | 25.6% |
| Operating Margin | 6.0% | 11.5% |
| Net Margin | 4.4% | 6.9% |
| Revenue YoY | 15.9% | -9.3% |
| Net Profit YoY | 213.1% | 391.2% |
| EPS (diluted) | $0.90 | $1.44 |
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 | $432.7M | ||
| Q3 25 | $739.6M | $485.3M | ||
| Q2 25 | — | $504.8M | ||
| Q1 25 | — | $456.5M | ||
| Q4 24 | — | $477.0M | ||
| Q3 24 | — | $554.3M | ||
| Q2 24 | — | $563.2M | ||
| Q1 24 | — | $497.6M |
| Q4 25 | $34.6M | $29.7M | ||
| Q3 25 | $34.4M | $23.8M | ||
| Q2 25 | — | $16.4M | ||
| Q1 25 | — | $-13.9M | ||
| Q4 24 | — | $-10.2M | ||
| Q3 24 | — | $22.8M | ||
| Q2 24 | — | $26.8M | ||
| Q1 24 | — | $13.0M |
| Q4 25 | 19.7% | 25.6% | ||
| Q3 25 | 18.1% | 24.1% | ||
| Q2 25 | — | 22.6% | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 21.9% | ||
| Q2 24 | — | 21.6% | ||
| Q1 24 | — | 19.3% |
| Q4 25 | 6.0% | 11.5% | ||
| Q3 25 | 6.4% | 10.7% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 10.2% | ||
| Q1 24 | — | 7.0% |
| Q4 25 | 4.4% | 6.9% | ||
| Q3 25 | 4.7% | 4.9% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | -3.0% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 4.8% | ||
| Q1 24 | — | 2.6% |
| Q4 25 | $0.90 | $1.44 | ||
| Q3 25 | $0.95 | $1.17 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.68 | ||
| Q4 24 | — | $-0.47 | ||
| Q3 24 | — | $1.09 | ||
| Q2 24 | — | $1.25 | ||
| Q1 24 | — | $0.59 |
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 | — |
| Total DebtLower is stronger | $952.7M | $928.3M |
| Stockholders' EquityBook value | $1.6B | $574.0M |
| Total Assets | $3.2B | $1.9B |
| Debt / EquityLower = less leverage | 0.61× | 1.62× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | — | ||
| Q3 25 | $80.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $952.7M | $928.3M | ||
| Q3 25 | $1.0B | $932.9M | ||
| Q2 25 | — | $977.5M | ||
| Q1 25 | — | $989.0M | ||
| Q4 24 | — | $939.5M | ||
| Q3 24 | — | $989.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $877.6M |
| Q4 25 | $1.6B | $574.0M | ||
| Q3 25 | $1.2B | $545.6M | ||
| Q2 25 | — | $526.8M | ||
| Q1 25 | — | $498.0M | ||
| Q4 24 | — | $488.7M | ||
| Q3 24 | — | $532.3M | ||
| Q2 24 | — | $509.2M | ||
| Q1 24 | — | $505.8M |
| Q4 25 | $3.2B | $1.9B | ||
| Q3 25 | $2.9B | $1.9B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | 0.61× | 1.62× | ||
| Q3 25 | 0.82× | 1.71× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 1.92× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.74× |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $6.2M | $28.5M |
| FCF MarginFCF / Revenue | 0.8% | 6.6% |
| Capex IntensityCapex / Revenue | 0.9% | 3.8% |
| Cash ConversionOCF / Net Profit | 0.39× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $67.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $45.1M | ||
| Q3 25 | $-44.9M | $49.6M | ||
| Q2 25 | — | $50.5M | ||
| Q1 25 | — | $-22.7M | ||
| Q4 24 | — | $74.7M | ||
| Q3 24 | — | $29.8M | ||
| Q2 24 | — | $27.2M | ||
| Q1 24 | — | $-12.3M |
| Q4 25 | $6.2M | $28.5M | ||
| Q3 25 | $-53.6M | $37.6M | ||
| Q2 25 | — | $38.4M | ||
| Q1 25 | — | $-37.0M | ||
| Q4 24 | — | $56.1M | ||
| Q3 24 | — | $14.4M | ||
| Q2 24 | — | $10.1M | ||
| Q1 24 | — | $-38.6M |
| Q4 25 | 0.8% | 6.6% | ||
| Q3 25 | -7.2% | 7.7% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | -8.1% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | -7.8% |
| Q4 25 | 0.9% | 3.8% | ||
| Q3 25 | 1.2% | 2.5% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 5.3% |
| Q4 25 | 0.39× | 1.52× | ||
| Q3 25 | -1.31× | 2.08× | ||
| Q2 25 | — | 3.08× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | -0.95× |
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% |
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
