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AAR CORP（AIR）与柯蒂斯-莱特（CW）财务数据对比。点击上方公司名可切换其他公司
柯蒂斯-莱特的季度营收约是AAR CORP的1.2倍（$947.0M vs $795.3M），柯蒂斯-莱特净利率更高（14.5% vs 4.4%，领先10.1%），AAR CORP同比增速更快（15.9% vs 14.9%），柯蒂斯-莱特自由现金流更多（$315.1M vs $6.2M）
AAR CORP是一家美国航空服务企业，为全球商业及政府客户提供飞机维护相关服务，总部位于伊利诺伊州芝加哥郊区的伍德戴尔，在约30个国家开展业务，现有员工约6000人，现任首席执行官为约翰·霍姆斯。
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
AIR vs CW — 直观对比
营收规模更大
CW
是对方的1.2倍
$795.3M
营收增速更快
AIR
高出1.0%
14.9%
净利率更高
CW
高出10.1%
4.4%
自由现金流更多
CW
多$308.9M
$6.2M
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $795.3M | $947.0M |
| 净利润 | $34.6M | $137.0M |
| 毛利率 | 19.7% | 37.5% |
| 营业利润率 | 6.0% | 19.2% |
| 净利率 | 4.4% | 14.5% |
| 营收同比 | 15.9% | 14.9% |
| 净利润同比 | 213.1% | 16.2% |
| 每股收益（稀释后） | $0.90 | $3.69 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AIRCW
| Q4 25 | $795.3M | $947.0M | ||
| Q3 25 | $739.6M | $869.2M | ||
| Q2 25 | — | $876.6M | ||
| Q1 25 | — | $805.6M | ||
| Q4 24 | — | $824.3M | ||
| Q3 24 | — | $798.9M | ||
| Q2 24 | — | $784.8M | ||
| Q1 24 | — | $713.2M |
净利润AIRCW
| Q4 25 | $34.6M | $137.0M | ||
| Q3 25 | $34.4M | $124.8M | ||
| Q2 25 | — | $121.1M | ||
| Q1 25 | — | $101.3M | ||
| Q4 24 | — | $117.9M | ||
| Q3 24 | — | $111.2M | ||
| Q2 24 | — | $99.5M | ||
| Q1 24 | — | $76.5M |
毛利率AIRCW
| Q4 25 | 19.7% | 37.5% | ||
| Q3 25 | 18.1% | 37.7% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.3% | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 36.2% | ||
| Q1 24 | — | 35.6% |
营业利润率AIRCW
| Q4 25 | 6.0% | 19.2% | ||
| Q3 25 | 6.4% | 19.1% | ||
| Q2 25 | — | 17.8% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 18.1% | ||
| Q2 24 | — | 16.4% | ||
| Q1 24 | — | 14.0% |
净利率AIRCW
| Q4 25 | 4.4% | 14.5% | ||
| Q3 25 | 4.7% | 14.4% | ||
| Q2 25 | — | 13.8% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 12.7% | ||
| Q1 24 | — | 10.7% |
每股收益（稀释后）AIRCW
| Q4 25 | $0.90 | $3.69 | ||
| Q3 25 | $0.95 | $3.31 | ||
| Q2 25 | — | $3.19 | ||
| Q1 25 | — | $2.68 | ||
| Q4 24 | — | $3.09 | ||
| Q3 24 | — | $2.89 | ||
| Q2 24 | — | $2.58 | ||
| Q1 24 | — | $1.99 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $75.6M | — |
| 总债务越低越好 | $952.7M | $957.9M |
| 股东权益账面价值 | $1.6B | $2.5B |
| 总资产 | $3.2B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资AIRCW
| Q4 25 | $75.6M | — | ||
| Q3 25 | $80.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $226.5M | ||
| Q4 24 | — | $385.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $338.0M |
总债务AIRCW
| Q4 25 | $952.7M | $957.9M | ||
| Q3 25 | $1.0B | $968.6M | ||
| Q2 25 | — | $958.4M | ||
| Q1 25 | — | $958.6M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.1B |
股东权益AIRCW
| Q4 25 | $1.6B | $2.5B | ||
| Q3 25 | $1.2B | $2.5B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.4B |
总资产AIRCW
| Q4 25 | $3.2B | $5.2B | ||
| Q3 25 | $2.9B | $5.1B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | — | $4.6B |
负债/权益比AIRCW
| Q4 25 | 0.61× | 0.38× | ||
| Q3 25 | 0.82× | 0.38× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.37× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.44× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $13.6M | $352.7M |
| 自由现金流经营现金流 - 资本支出 | $6.2M | $315.1M |
| 自由现金流率自由现金流/营收 | 0.8% | 33.3% |
| 资本支出强度资本支出/营收 | 0.9% | 4.0% |
| 现金转化率经营现金流/净利润 | 0.39× | 2.57× |
| 过去12个月自由现金流最近4个季度 | — | $553.7M |
8季度趋势，按日历期对齐
经营现金流AIRCW
| Q4 25 | $13.6M | $352.7M | ||
| Q3 25 | $-44.9M | $192.8M | ||
| Q2 25 | — | $136.6M | ||
| Q1 25 | — | $-38.8M | ||
| Q4 24 | — | $301.3M | ||
| Q3 24 | — | $177.3M | ||
| Q2 24 | — | $111.3M | ||
| Q1 24 | — | $-45.6M |
自由现金流AIRCW
| Q4 25 | $6.2M | $315.1M | ||
| Q3 25 | $-53.6M | $175.9M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $-54.5M | ||
| Q4 24 | — | $278.0M | ||
| Q3 24 | — | $162.7M | ||
| Q2 24 | — | $100.3M | ||
| Q1 24 | — | $-57.7M |
自由现金流率AIRCW
| Q4 25 | 0.8% | 33.3% | ||
| Q3 25 | -7.2% | 20.2% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | -6.8% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 20.4% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | -8.1% |
资本支出强度AIRCW
| Q4 25 | 0.9% | 4.0% | ||
| Q3 25 | 1.2% | 1.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.7% |
现金转化率AIRCW
| Q4 25 | 0.39× | 2.57× | ||
| Q3 25 | -1.31× | 1.54× | ||
| Q2 25 | — | 1.13× | ||
| Q1 25 | — | -0.38× | ||
| Q4 24 | — | 2.56× | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | -0.60× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
