Demonstrações financeiras detalhadas de AAR Corp. (AIR): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
AAR Corp. registou receitas de $3.31B no último exercício, com um CAGR de 5 anos de 14.9%. O lucro líquido atingiu $187.7M, com CAGR de 5 anos de 39.3%.
Margens dos últimos 12 meses: margem bruta 18.8%, margem operacional 8.2%, margem líquida 5.7%. O fluxo de caixa livre cresceu a CAGR de -18.7% em 5 anos.
Ao preço atual de $115.74, AIR negocia a um P/L de 24.02 e um ROE de 12.19%. A capitalização de mercado é de $4.6B.
Demonstração de Resultados (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Receita | $1.77B | $1.75B | $2.05B | $2.07B | $1.65B | $1.82B | $1.99B | $2.32B | $2.78B | $3.31B |
| Custo da Receita | $1.49B | $1.45B | $1.72B | $1.80B | $1.38B | $1.51B | $1.62B | $1.88B | $2.25B | $2.69B |
| Lucro Bruto | $276.5M | $294.6M | $329.5M | $269.2M | $275.9M | $313.2M | $370.1M | $442.3M | $527.7M | $622.0M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $196.7M | $208.6M | $215.4M | $220.6M | $182.4M | $202.2M | $230.4M | $280.2M | $347.7M | $349.3M |
| Despesas Operacionais | $196.7M | $208.6M | $231.2M | $227.9M | $190.9M | $206.3M | $236.2M | $313.1M | $342.5M | $349.3M |
| Lucro Operacional | $79.6M | $86.0M | $98.3M | $41.3M | $85.2M | $106.9M | $133.9M | $129.2M | $185.2M | $270.6M |
| EBITDA | $118.0M | $126.0M | $142.4M | $87.4M | $73.1M | $144.2M | $161.3M | $142.7M | $169.5M | $345.9M |
| Despesas com Juros | $5.3M | $8.0M | $9.5M | $9.3M | $5.0M | $2.4M | $12.2M | $43.2M | $75.4M | $70.5M |
| Lucro Antes de Impostos | $74.3M | $77.2M | $89.0M | $30.4M | $64.5M | $105.1M | $121.2M | $58.3M | $38.9M | $245.9M |
| Imposto | $24.1M | $3.5M | $4.9M | $5.6M | $18.2M | $26.6M | $31.4M | $12.0M | $26.4M | $58.2M |
| Lucro Líquido | $56.5M | $15.6M | $7.5M | $24.8M | $35.8M | $78.7M | $90.2M | $46.3M | $12.5M | $187.7M |
| LPA | $1.66 | $0.46 | $0.22 | $0.71 | $1.01 | $2.19 | $2.56 | $1.30 | $0.35 | $4.88 |
| LPA Diluído | $1.64 | $0.45 | $0.21 | $0.71 | $1.00 | $2.16 | $2.53 | $1.29 | $0.35 | $4.89 |
| Ações em Circulação (Diluídas) | $34.3M | $34.6M | $34.9M | $35.0M | $35.3M | $36.0M | $35.1M | $35.4M | $35.8M | $38.4M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $739.6M | $795.3M | $845.1M | $928.0M |
| Lucro Bruto | $133.7M | $156.9M | $154.7M | $176.7M |
| Lucro Operacional | $64.9M | $68.0M | $64.4M | $75.4M |
| EBITDA | $79.6M | $84.3M | $131.2M | $98.8M |
| Lucro Líquido | $34.4M | $34.6M | $68.0M | $50.7M |
| LPA | $0.96 | $0.91 | $1.72 | $1.29 |
| LPA Diluído | $0.96 | $0.90 | $1.71 | $1.29 |
Balanço (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caixa e Equivalentes | $10.3M | $31.1M | $21.3M | $404.7M | $51.8M | $53.5M | $68.4M | $85.8M | $96.5M | $84.0M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $234.5M | $202.0M | $257.0M | $221.2M | $238.6M | $287.6M | $328.2M | $410.4M | $495.1M | $535.2M |
| Estoque | $433.4M | $460.7M | $523.7M | $623.1M | $540.6M | $550.5M | $574.1M | $733.1M | $809.2M | $979.0M |
| Ativos Circulantes | $888.4M | $942.7M | $952.5M | $1.44B | $937.0M | $1.01B | $1.10B | $1.39B | $1.51B | $1.74B |
| Imobilizado | $117.2M | $133.2M | $132.8M | $225.4M | $195.8M | $182.6M | $189.8M | $268.3M | $251.8M | $377.7M |
| Ágio | $105.6M | $118.7M | $116.2M | $115.7M | $119.3M | $116.4M | $175.8M | $554.8M | $530.8M | $580.3M |
| Ativos Intangíveis | $30.6M | $27.8M | $22.2M | $6.0M | $4.5M | $3.3M | $63.7M | $235.4M | $219.6M | $281.6M |
| Ativos Totais | $1.50B | $1.52B | $1.52B | $2.08B | $1.54B | $1.57B | $1.83B | $2.77B | $2.84B | $3.36B |
| Contas a Pagar | $164.2M | $170.0M | $187.8M | $191.6M | $127.2M | $156.4M | $158.5M | $238.0M | $303.1M | $295.6M |
| Dívida de Curto Prazo | $100000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Circulantes | $335.0M | $333.3M | $357.5M | $383.1M | $336.8M | $348.2M | $351.5M | $466.9M | $554.7M | $613.2M |
| Dívida de Longo Prazo | $154.1M | $177.2M | $141.7M | $600.0M | $133.7M | $98.9M | $269.7M | $985.4M | $968.0M | $893.9M |
| Passivos Totais | $589.9M | $588.4M | $611.3M | $1.18B | $565.3M | $539.4M | $734.0M | $1.58B | $1.63B | $1.65B |
| Reservas | $727.9M | $733.2M | $709.8M | $706.0M | $741.7M | $820.4M | $910.6M | $956.9M | $969.4M | $1.16B |
| Patrimônio Líquido | $914.2M | $936.3M | $905.9M | $902.6M | $974.4M | $1.03B | $1.10B | $1.19B | $1.21B | $1.70B |
| Dívida Total | $154.2M | $177.2M | $141.7M | $670.9M | $193.6M | $156.3M | $317.9M | $1.07B | $1.05B | $995.0M |
| Dívida Líquida | $143.9M | $146.1M | $120.4M | $266.2M | $141.8M | $102.8M | $249.5M | $979.9M | $951.1M | $911.0M |
| Capital de Giro | $553.4M | $609.4M | $595.0M | $1.06B | $600.2M | $659.0M | $746.4M | $922.7M | $955.9M | $1.13B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $80.0M | $75.6M | $100.1M | $84.0M |
| Ativos Totais | $2.93B | $3.24B | $3.33B | $3.36B |
| Passivos Totais | $1.68B | $1.68B | $1.69B | $1.65B |
| Patrimônio Líquido | $1.25B | $1.56B | $1.64B | $1.70B |
| Dívida Total | $1.10B | $1.04B | $979.7M | $995.0M |
Fluxo de Caixa (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Lucro Líquido | $50.2M | $73.7M | $84.1M | $24.8M | $46.3M | $78.5M | $89.8M | $46.3M | $12.5M | $187.7M |
| Depreciação e Amortização | $71.0M | $40.5M | $42.8M | $43.7M | $36.3M | $33.1M | $27.9M | $41.2M | $55.2M | $72.1M |
| Compensação em Ações | $11.0M | $15.3M | $13.5M | $7.3M | $9.2M | $8.2M | $13.5M | $15.3M | $19.9M | $17.8M |
| Variação Capital de Giro | -$106.0M | -$60.8M | -$95.7M | -$139.7M | -$23.3M | -$37.2M | -$111.0M | -$66.1M | -$112.3M | -$135.5M |
| Fluxo de Caixa Operacional | $21.8M | $64.3M | $67.4M | -$36.1M | $105.2M | $75.2M | $23.3M | $43.6M | $36.1M | $98.7M |
| CapEx | -$33.6M | -$22.0M | -$17.4M | -$23.6M | -$11.3M | -$17.3M | -$29.5M | -$29.7M | -$34.7M | -$65.4M |
| Aquisições | -$12.5M | -$22.9M | -$2.3M | $1.6M | $800000 | -$6.5M | -$103.3M | -$722.9M | $46.5M | -$268.4M |
| Recompra de Ações | -$19.8M | -$13.1M | -$10.3M | -$4.1M | 0 | -$42.4M | -$50.1M | -$5.1M | -$10.1M | 0 |
| Dividendos Pagos | -$10.2M | -$10.3M | -$10.5M | -$10.7M | -$100000 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$11.8M | $42.3M | $50.0M | -$59.7M | $93.9M | $57.9M | -$6.2M | $13.9M | $1.4M | $33.3M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$44.9M | $13.6M | $74.7M | $57.8M |
| CapEx | -$8.7M | -$7.4M | -$33.0M | 0 |
| Fluxo de Caixa Livre | -$53.6M | $6.2M | $41.7M | $57.8M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $5.3M | $4.3M | $3.7M | 0 |
Crescimento e Margens (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crescimento Receita (anual) | | -1.1% | +17.4% | +1.0% | -20.3% | +10.1% | +9.4% | +16.5% | +19.9% | +19.0% |
| Crescimento Lucro Líquido (anual) | | -72.4% | -51.9% | +230.7% | +44.4% | +119.8% | +14.6% | -48.7% | -73.0% | +1401.6% |
| Crescimento LPA (anual) | | -72.3% | -52.2% | +222.7% | +42.3% | +116.8% | +16.9% | -49.2% | -73.1% | +1294.3% |
| Variação de Ações (anual) | | +0.9% | +0.9% | +0.3% | +0.9% | +2.0% | -2.5% | +0.9% | +1.1% | +7.3% |
| Crescimento FCF (anual) | | +458.5% | +18.2% | -219.4% | +257.3% | -38.3% | -110.7% | +324.2% | -89.9% | +2278.6% |
| Margem Bruta | 15.6% | 16.9% | 16.1% | 13.0% | 16.7% | 17.2% | 18.6% | 19.1% | 19.0% | 18.8% |
| Margem Operacional | 4.5% | 4.9% | 4.8% | 2.0% | 5.2% | 5.9% | 6.7% | 5.6% | 6.7% | 8.2% |
| Margem EBITDA | 6.7% | 7.2% | 6.9% | 4.2% | 4.4% | 7.9% | 8.1% | 6.2% | 6.1% | 10.5% |
| Margem Líquida | 3.2% | 0.9% | 0.4% | 1.2% | 2.2% | 4.3% | 4.5% | 2.0% | 0.4% | 5.7% |
| Margem FCF | -0.7% | 2.4% | 2.4% | -2.9% | 5.7% | 3.2% | -0.3% | 0.6% | 0.1% | 1.0% |
| Taxa Efetiva de Imposto | 32.4% | 4.5% | 5.5% | 18.4% | 28.2% | 25.3% | 25.9% | 20.6% | 67.9% | 23.7% |
Dados por Ação (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Ação | $-0.34 | $1.22 | $1.43 | $-1.71 | $2.66 | $1.61 | $-0.18 | $0.39 | $0.04 | $0.87 |
| Dividendo por Ação | $0.30 | $0.30 | $0.30 | $0.31 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $33.9M | $34.2M | $34.5M | $34.8M | $35.0M | $35.6M | $34.7M | $35.1M | $35.6M | $38.3M |
O que olhar em Industriais
Aeroespacial, defesa, maquinaria, transporte. Semi-cíclicos. Chave: backlog, margens operacionais e conversão de FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — O melhor indicador de disciplina operacional em industriais
- ROIC — Industriais de qualidade têm ROIC >15% — os outros destroem capital
- Conversão FCF — FCF / Net Income — em industriais bom >85%
- Dívida líquida / EBITDA — Industriais cíclicos com dívida alta sofrem muito em recessão
- Capex / Receita — Manter a maquinaria. <4% = possível subinvestimento (deterioração futura)
- Altman Z-Score — Modelo de falência (NYU 1968) — combina liquidez, alavancagem e rentabilidade. Chave em cíclicas
Rentabilidade
| Retorno sobre patrimônio | 12.19% |
| Retorno sobre capital investido | 7.59% |
| Retorno sobre ativos | 5.59% |
| Margem bruta | 18.80% |
| Margem operacional | 8.24% |
| Margem líquida | 5.67% |
Saúde financeira
| Dívida / Patrimônio | 0.58 |
| Liquidez corrente | 2.84 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.67 |
Índices Chave (10 anos)
| Ano | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/L | 21.05 | 97.15 | 136.77 | 28.28 | 42.14 | 22.02 | 19.57 | 54.61 | 175.46 | 22.54 |
| P/VP | 1.30 | 1.63 | 1.15 | 0.77 | 1.53 | 1.66 | 1.58 | 2.09 | 1.80 | 2.47 |
| P/V | 0.67 | 0.87 | 0.51 | 0.34 | 0.90 | 0.94 | 0.87 | 1.07 | 0.79 | 1.27 |
| Margem Bruta | 15.6% | 16.9% | 16.1% | 13.0% | 16.7% | 17.2% | 18.6% | 19.1% | 19.0% | 18.8% |
| Margem Operacional | 4.5% | 4.9% | 4.8% | 2.0% | 5.2% | 5.9% | 6.7% | 5.6% | 6.7% | 8.2% |
| Margem Líquida | 3.2% | 0.9% | 0.4% | 1.2% | 2.2% | 4.3% | 4.5% | 2.0% | 0.4% | 5.7% |