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Side-by-side financial comparison of AAR CORP (AIR) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
AAR CORP is the larger business by last-quarter revenue ($795.3M vs $789.0M, roughly 1.0× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 4.4%, a 4.1% gap on every dollar of revenue. On growth, AAR CORP posted the faster year-over-year revenue change (15.9% vs 6.8%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M 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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
AIR vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $795.3M | $789.0M |
| Net Profit | $34.6M | $67.0M |
| Gross Margin | 19.7% | 49.7% |
| Operating Margin | 6.0% | 15.0% |
| Net Margin | 4.4% | 8.5% |
| Revenue YoY | 15.9% | 6.8% |
| Net Profit YoY | 213.1% | -17.3% |
| EPS (diluted) | $0.90 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $739.6M | $783.0M | ||
| Q2 25 | — | $776.0M | ||
| Q1 25 | — | $705.0M | ||
| Q4 24 | — | $739.0M | ||
| Q3 24 | — | $731.0M | ||
| Q2 24 | — | $730.0M | ||
| Q1 24 | — | $670.0M |
| Q4 25 | $34.6M | $67.0M | ||
| Q3 25 | $34.4M | $100.0M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $67.0M | ||
| Q4 24 | — | $81.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $101.0M | ||
| Q1 24 | — | $56.0M |
| Q4 25 | 19.7% | 49.7% | ||
| Q3 25 | 18.1% | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 6.0% | 15.0% | ||
| Q3 25 | 6.4% | 19.9% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | — | 13.6% |
| Q4 25 | 4.4% | 8.5% | ||
| Q3 25 | 4.7% | 12.8% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 8.4% |
| Q4 25 | $0.90 | $0.33 | ||
| Q3 25 | $0.95 | $0.49 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.50 | ||
| Q1 24 | — | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | $952.7M | $491.0M |
| Stockholders' EquityBook value | $1.6B | $1.3B |
| Total Assets | $3.2B | $2.9B |
| Debt / EquityLower = less leverage | 0.61× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $295.0M | ||
| Q3 25 | $80.0M | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | — | $295.0M | ||
| Q1 24 | — | $344.0M |
| Q4 25 | $952.7M | $491.0M | ||
| Q3 25 | $1.0B | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $970.0M | ||
| Q4 24 | — | $904.0M | ||
| Q3 24 | — | $872.0M | ||
| Q2 24 | — | $769.0M | ||
| Q1 24 | — | $671.0M |
| Q4 25 | $3.2B | $2.9B | ||
| Q3 25 | $2.9B | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.8B |
| Q4 25 | 0.61× | 0.39× | ||
| Q3 25 | 0.82× | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $6.2M | $86.0M |
| FCF MarginFCF / Revenue | 0.8% | 10.9% |
| Capex IntensityCapex / Revenue | 0.9% | 7.4% |
| Cash ConversionOCF / Net Profit | 0.39× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.6M | $144.0M | ||
| Q3 25 | $-44.9M | $155.0M | ||
| Q2 25 | — | $147.0M | ||
| Q1 25 | — | $154.0M | ||
| Q4 24 | — | $130.0M | ||
| Q3 24 | — | $150.0M | ||
| Q2 24 | — | $103.0M | ||
| Q1 24 | — | $141.0M |
| Q4 25 | $6.2M | $86.0M | ||
| Q3 25 | $-53.6M | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $84.0M |
| Q4 25 | 0.8% | 10.9% | ||
| Q3 25 | -7.2% | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | 0.9% | 7.4% | ||
| Q3 25 | 1.2% | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | 0.39× | 2.15× | ||
| Q3 25 | -1.31× | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
