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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 13% of free cash flow, leaving room to grow it and fund buybacks. Last year: $62.8M dividends + $0 buybacks = $62.8M returned on $483.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $975.1M 100.0% | $821.0M 100.0% | $855.4M 100.0% | $796.0M 100.0% | $769.8M 100.0% | $832.3M 100.0% | $917.9M 100.0% | $890.4M 100.0% | $851.8M 100.0% | $812.1M 100.0% |
| Selling, General & Admin | $89.5M 9.2% | $86.4M 10.5% | $82.1M 9.6% | $76.9M 9.7% | $66.3M 8.6% | $88.4M 10.6% | $77.0M 8.4% | $76.0M 8.5% | $73.6M 8.6% | $61.9M 7.6% |
| Total Operating Expenses | $826.0M 84.7% | $735.0M 89.5% | $756.6M 88.4% | $723.5M 90.9% | $1.10B 143.2% | $1.12B 134.8% | $723.4M 78.8% | $630.3M 70.8% | $703.0M 82.5% | $659.1M 81.2% |
| Interest Expense | $289.4M 29.7% | $261.1M 31.8% | $245.6M 28.7% | $210.8M 26.5% | $216.5M 28.1% | $236.0M 28.4% | $260.4M 28.4% | $237.8M 26.7% | $244.9M 28.8% | $256.9M 31.6% |
| Other Income (Expense), net | $71.1M 7.3% | $56.5M 6.9% | $5.6M 0.7% | $13.5M 1.7% | $43.5M 5.7% | -$35.4M -4.3% | -$19.4M -2.1% | $1.6M 0.2% | -$2.5M -0.3% | $3.5M 0.4% |
| Pretax Income | $220.2M 22.6% | $142.5M 17.4% | $104.4M 12.2% | $86.0M 10.8% | -$289.3M -37.6% | -$325.3M -39.1% | $175.1M 19.1% | $261.6M 29.4% | $146.3M 17.2% | $156.5M 19.3% |
| Income Tax Expense | $28.9M 3.0% | $21.9M 2.7% | $23.3M 2.7% | $25.5M 3.2% | -$8.0M -1.0% | $10.2M 1.2% | $22.7M 2.5% | $5.6M 0.6% | $6.0M 0.7% | $12.3M 1.5% |
| Net Income | $194.0M 19.9% | $123.6M 15.1% | $83.3M 9.7% | $62.8M 7.9% | -$278.2M -36.1% | -$333.2M -40.0% | $156.6M 17.1% | $247.9M 27.8% | $147.9M 17.4% | $151.5M 18.6% |
| Per Share | ||||||||||
| EPS (Basic) | — | — | — | — | — | — | $2.09 | $3.18 | $1.88 | $1.92 |
| EPS (Diluted) | — | — | — | — | — | — | $2.06 | $3.17 | $1.87 | $1.92 |
| Weighted Avg Shares (Basic) | — | — | — | — | — | — | 74.5M | 77.4M | 78.2M | 78.2M |
| Weighted Avg Shares (Diluted) | — | — | — | — | — | — | 75.4M | 77.7M | 78.4M | 78.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
No current price collected.
Where each multiple sits in its own 8-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 2% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.5 | 8.4 | 10.6 | 8.6 | 9.7 | 9.6 | 10.5 | 9.2 |
| Income Tax | 0.6 | 2.5 | 1.2 | -1.0 | 3.2 | 2.7 | 2.7 | 3.0 |
| Net Income | 27.8 | 17.1 | -40.0 | -36.1 | 7.9 | 9.7 | 15.1 | 19.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AYR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $140.9M is below the $429.3M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.5% on $5.25B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 18.8% | 18.6% |
| FY2017 | not reported | 17.5% | 17.4% |
| FY2018 | not reported | 29.2% | 27.8% |
| FY2019 | not reported | 21.2% | 17.1% |
| FY2021 | not reported | -34.8% | -40.0% |
| FY2022 | not reported | -43.2% | -36.1% |
| FY2023 | not reported | 9.1% | 7.9% |
| FY2024 | not reported | 11.6% | 9.7% |
| FY2025 | not reported | 10.5% | 15.1% |
| FY2026 | not reported | 15.3% | 19.9% |
Leverage and buybacks account for 5 points of the 7% return on equity in FY2026. The business earns 2% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Converts 4.22x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 3.56x over three years against 4.22x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage falls to 0.4x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.52x |
| 5% | 0.49x |
| 10% | 0.46x |
| 15% | 0.44x |
| 20% | 0.41x |
| 25% | 0.39x |
| 30% | 0.36x |
| 35% | 0.33x |
| 40% | 0.31x |
| 45% | 0.28x |
| 50% | 0.26x |
| 55% | 0.23x |
| 60% | 0.21x |
This schedule comes from a filing dated 2019-12-31, 2474 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2019-12-31 (10-K); cash from the 2019-12-31 balance sheet; FCF from FY2019.
Balance sheet at 2019-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 9.5x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
| Step | Amount | Running total |
|---|---|---|
| Net income | $194M | $194M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $289M | $483M |
| Operating cash flow | $483M | $483M |
| Capex | $0 | $483M |
| Free cash flow | $483M | $483M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -9.3% | 358.6% | 367.9 points |
| FY2022 | -7.5% | -22.9% | -15.4 points |
| FY2023 | 3.4% | -79.8% | -83.2 points |
| FY2024 | 7.5% | -2.6% | -10.1 points |
| FY2025 | -4.0% | -22.8% | -18.8 points |
| FY2026 | 18.8% | 88.8% | 70.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 7.2 days | not reported | not reported | not reported |
| FY2021 | 36.2 days | not reported | not reported | not reported |
| FY2022 | 30.2 days | not reported | not reported | not reported |
| FY2023 | 5.9 days | not reported | not reported | not reported |
| FY2024 | 5.3 days | not reported | not reported | not reported |
| FY2025 | 4.3 days | not reported | not reported | not reported |
| FY2026 | 6.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.6 percent |
| FY2021 | -6.6 percent |
| FY2022 | -9.2 percent |
| FY2023 | -5.2 percent |
| FY2024 | -3.7 percent |
| FY2025 | -4.0 percent |
| FY2026 | -3.2 percent |