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Side-by-side financial comparison of AAR CORP (AIR) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $637.9M, roughly 1.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 4.4%, a 24.1% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 15.9%). AAR CORP produced more free cash flow last quarter ($6.2M vs $-2.7M).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
AIR vs NFG — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $637.9M |
| Net Profit | $34.6M | $181.6M |
| Gross Margin | 19.7% | 86.6% |
| Operating Margin | 6.0% | 43.3% |
| Net Margin | 4.4% | 28.5% |
| Revenue YoY | 15.9% | 24.1% |
| Net Profit YoY | 213.1% | 303.8% |
| EPS (diluted) | $0.90 | $1.98 |
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 | $637.9M | ||
| Q3 25 | $739.6M | $443.1M | ||
| Q2 25 | — | $527.4M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | — | $513.8M | ||
| Q3 24 | — | $310.0M | ||
| Q2 24 | — | $338.6M | ||
| Q1 24 | — | $558.7M |
| Q4 25 | $34.6M | $181.6M | ||
| Q3 25 | $34.4M | $107.3M | ||
| Q2 25 | — | $149.8M | ||
| Q1 25 | — | $216.4M | ||
| Q4 24 | — | $45.0M | ||
| Q3 24 | — | $-167.6M | ||
| Q2 24 | — | $-54.2M | ||
| Q1 24 | — | $166.3M |
| Q4 25 | 19.7% | 86.6% | ||
| Q3 25 | 18.1% | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | 6.0% | 43.3% | ||
| Q3 25 | 6.4% | 40.6% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | — | -63.4% | ||
| Q2 24 | — | -15.2% | ||
| Q1 24 | — | 44.9% |
| Q4 25 | 4.4% | 28.5% | ||
| Q3 25 | 4.7% | 24.2% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | — | -54.1% | ||
| Q2 24 | — | -16.0% | ||
| Q1 24 | — | 29.8% |
| Q4 25 | $0.90 | $1.98 | ||
| Q3 25 | $0.95 | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.59 | ||
| Q1 24 | — | $1.80 |
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 | $271.4M |
| Total DebtLower is stronger | $952.7M | $2.7B |
| Stockholders' EquityBook value | $1.6B | $3.6B |
| Total Assets | $3.2B | $9.2B |
| Debt / EquityLower = less leverage | 0.61× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $271.4M | ||
| Q3 25 | $80.0M | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | — | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | — | $81.4M | ||
| Q1 24 | — | $50.8M |
| Q4 25 | $952.7M | $2.7B | ||
| Q3 25 | $1.0B | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | $1.6B | $3.6B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $-76.2M | ||
| Q3 24 | — | $-15.5M | ||
| Q2 24 | — | $5.0M | ||
| Q1 24 | — | $75.3M |
| Q4 25 | $3.2B | $9.2B | ||
| Q3 25 | $2.9B | $8.7B | ||
| Q2 25 | — | $8.4B | ||
| Q1 25 | — | $8.5B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $8.5B | ||
| Q1 24 | — | $8.7B |
| Q4 25 | 0.61× | 0.75× | ||
| Q3 25 | 0.82× | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | — | 31.68× |
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 | $274.9M |
| Free Cash FlowOCF − Capex | $6.2M | $-2.7M |
| FCF MarginFCF / Revenue | 0.8% | -0.4% |
| Capex IntensityCapex / Revenue | 0.9% | 43.5% |
| Cash ConversionOCF / Net Profit | 0.39× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $274.9M | ||
| Q3 25 | $-44.9M | $237.8M | ||
| Q2 25 | — | $388.4M | ||
| Q1 25 | — | $253.8M | ||
| Q4 24 | — | $220.1M | ||
| Q3 24 | — | $197.9M | ||
| Q2 24 | — | $281.8M | ||
| Q1 24 | — | $315.3M |
| Q4 25 | $6.2M | $-2.7M | ||
| Q3 25 | $-53.6M | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $-20.3M | ||
| Q3 24 | — | $-49.1M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $80.3M |
| Q4 25 | 0.8% | -0.4% | ||
| Q3 25 | -7.2% | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | — | -15.8% | ||
| Q2 24 | — | 23.5% | ||
| Q1 24 | — | 14.4% |
| Q4 25 | 0.9% | 43.5% | ||
| Q3 25 | 1.2% | 64.4% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 26.4% | ||
| Q4 24 | — | 46.8% | ||
| Q3 24 | — | 79.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 42.1% |
| Q4 25 | 0.39× | 1.51× | ||
| Q3 25 | -1.31× | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.90× |
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% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
