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Side-by-side financial comparison of AAR CORP (AIR) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $795.3M, roughly 1.6× AAR CORP). Qnity Electronics, Inc. runs the higher net margin — 16.5% vs 4.4%, a 12.2% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs 11.1%). Qnity Electronics, Inc. produced more free cash flow last quarter ($568.0M 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.
AIR vs Q — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $1.3B |
| Net Profit | $34.6M | $211.0M |
| Gross Margin | 19.7% | 45.1% |
| Operating Margin | 6.0% | 21.3% |
| Net Margin | 4.4% | 16.5% |
| Revenue YoY | 15.9% | 11.1% |
| Net Profit YoY | 213.1% | 6.0% |
| EPS (diluted) | $0.90 | $1.01 |
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 | — | ||
| Q3 25 | $739.6M | $1.3B | ||
| Q3 24 | — | $1.1B |
| Q4 25 | $34.6M | — | ||
| Q3 25 | $34.4M | $211.0M | ||
| Q3 24 | — | $199.0M |
| Q4 25 | 19.7% | — | ||
| Q3 25 | 18.1% | 45.1% | ||
| Q3 24 | — | 47.0% |
| Q4 25 | 6.0% | — | ||
| Q3 25 | 6.4% | 21.3% | ||
| Q3 24 | — | 21.8% |
| Q4 25 | 4.4% | — | ||
| Q3 25 | 4.7% | 16.5% | ||
| Q3 24 | — | 17.3% |
| Q4 25 | $0.90 | — | ||
| Q3 25 | $0.95 | $1.01 | ||
| Q3 24 | — | $0.95 |
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 | $128.0M |
| Total DebtLower is stronger | $952.7M | $1.7B |
| Stockholders' EquityBook value | $1.6B | $9.1B |
| Total Assets | $3.2B | $12.5B |
| Debt / EquityLower = less leverage | 0.61× | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | — | ||
| Q3 25 | $80.0M | $128.0M | ||
| Q3 24 | — | — |
| Q4 25 | $952.7M | — | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q3 24 | — | — |
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.2B | $9.1B | ||
| Q3 24 | — | $11.1B |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $2.9B | $12.5B | ||
| Q3 24 | — | — |
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.82× | 0.19× | ||
| Q3 24 | — | — |
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 | $782.0M |
| Free Cash FlowOCF − Capex | $6.2M | $568.0M |
| FCF MarginFCF / Revenue | 0.8% | 44.5% |
| Capex IntensityCapex / Revenue | 0.9% | 16.8% |
| Cash ConversionOCF / Net Profit | 0.39× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | — | ||
| Q3 25 | $-44.9M | $782.0M | ||
| Q3 24 | — | — |
| Q4 25 | $6.2M | — | ||
| Q3 25 | $-53.6M | $568.0M | ||
| Q3 24 | — | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | -7.2% | 44.5% | ||
| Q3 24 | — | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.2% | 16.8% | ||
| Q3 24 | — | — |
| Q4 25 | 0.39× | — | ||
| Q3 25 | -1.31× | 3.71× | ||
| Q3 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% |
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
