AIRAAR CORP
Aircraft & Parts
- Revenue
- $3.3B
- 19% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.0B
- Employees
- 7,100
- $466K revenue each
- Net debt / EBITDA
- —
- $173M net debt
- AI in 10-K
- 3.4
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes53% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo10% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo16% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$466K · 63rd pctBottom quartile of its SIC industry
- Quiet on AINo3.4 per 10K words · 73rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$31M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.0B | $2.3B | $2.8B | $3.3B | 19% |
| Net income | $79M | $90M | $46M | $13M | $188M | 1402% |
| Operating cash flow | $75M | $23M | $44M | $36M | $99M | 173% |
| Capex | $17M | $30M | $30M | $35M | $37M | 5.5% |
| Stock-based comp | $8M | $14M | $15M | $20M | $18M | 11% |
| Buybacks | $42M | $50M | $5M | $10M | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $31M · 25
- Net
- −$31M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $10M | $28M | 312 | 305 |
| FY2025 | $8M | $7M | 147 | 205 |
| FY2024 | $8M | $17M | 170 | 156 |
| FY2023 | $7M | $11M | 120 | 104 |
| FY2022 | $12M | $13M | 116 | 93 |