A Business at a Glance
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WILLIS LEASE FINANCE CORP
WLFC
$485M
Mkt Cap
$69.04
+2.30%
WILLIS LEASE FINANCE CORP (WLFC) has a current P/E ratio of 4.1, compared to its historical median P/E of 7.7. The stock is currently considered Fair based on its historical valuation range.
WILLIS LEASE FINANCE CORP (WLFC) has a 5-year average return on invested capital (ROIC) of 1.8%. This is below average and may indicate limited pricing power.
WILLIS LEASE FINANCE CORP (WLFC) has a market capitalization of $535M. It is classified as a small-cap stock.
Yes, WILLIS LEASE FINANCE CORP (WLFC) pays a dividend with a trailing twelve-month yield of 1.64%. The company also returns capital through share buybacks, with a buyback yield of 0.71%.
Based on historical P/E analysis, WILLIS LEASE FINANCE CORP (WLFC) appears fair. The current P/E of 4.1 is 46% below its historical median of 7.7. The estimated fair value CAGR (P/E method) is 22.1%.
WILLIS LEASE FINANCE CORP (WLFC) operates in the Wholesale-Machinery, Equipment & Supplies industry, within the Consumer Cyclical sector.
Willis Lease Finance Corporation with its subsidiaries (“WLFC” or the “Company”) is a leading lessor and servicer of commercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through management fees earned for managing assets owned by other parties. As of December 31, 2024, we had $2,635.9 million of equipment held in our operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases, which represented 354 engines, 16 aircraft, one marine vessel and other leased parts and equipment with 70 lessees in 37 countries.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 731M | 730M | 569M | 419M | 312M | 274M |
| Net Income | 121M | 108M | 104M | 40M | 2.1M | 3.4M |
| EPS | $15.86 | $15.39 | $15.34 | $6.23 | $0.33 | $0.53 |
| Free Cash Flow | 239M | -272M | -562M | 61M | -149M | -117M |
| ROIC | 2.9% | 2.4% | 4.1% | 1.9% | 0.3% | 0.2% |
| Gross Margin | - | 74.3% | 85.8% | 83.5% | 82.5% | 88.3% |
| Debt/Equity | 3.25 | 4.08 | 4.12 | 4.11 | 4.56 | 4.76 |
| Dividends/Share | $1.13 | $1.15 | $1.50 | $0.00 | $0.51 | $0.51 |
| Operating Income | 124M | 104M | 144M | 64M | 9.9M | 8.3M |
| Operating Margin | 17.0% | 14.3% | 25.4% | 15.3% | 3.2% | 3.0% |
| ROE | 17.4% | 17.8% | 21.1% | 9.6% | 0.5% | 0.9% |
| Shares Outstanding | 8M | 7M | 7M | 6M | 6M | 6M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 174M | 198M | 207M | 275M | 348M | 409M | 289M | 274M | 312M | 419M | 569M | 730M | 731M |
| Gross Margin | 85.4% | 82.2% | 85.6% | 72.5% | 77.3% | 84.7% | 83.2% | 88.3% | 82.5% | 83.5% | 85.8% | 74.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 36M | 43M | 48M | 56M | 72M | 87M | 68M | 75M | 93M | 116M | 147M | 195M | 204M |
| EBIT | 10M | 12M | 22M | 29M | 52M | 80M | 15M | 8.3M | 9.9M | 64M | 144M | 104M | 124M |
| Op. Margin | 6.0% | 5.9% | 10.7% | 10.5% | 15.1% | 19.6% | 5.1% | 3.0% | 3.2% | 15.3% | 25.4% | 14.3% | 17.0% |
| Net Income | 7.2M | 6.5M | 14M | 60M | 40M | 64M | 6.4M | 3.4M | 2.1M | 40M | 104M | 108M | 121M |
| Net Margin | 4.1% | 3.3% | 6.6% | 21.9% | 11.5% | 15.5% | 2.2% | 1.2% | 0.7% | 9.6% | 18.3% | 14.8% | 16.6% |
| Non-Recurring | 0 | 300K | 0 | 0 | 41K | -42K | 21M | 7.7M | 22M | 4.4M | 11M | 30M | 30M |
| Returns on Capital | |||||||||||||
| ROIC | 0.5% | 0.5% | 1.0% | 2.4% | 2.7% | 3.8% | 0.5% | 0.2% | 0.3% | 1.9% | 4.1% | 2.4% | 2.9% |
| ROE | 3.3% | 3.0% | 6.8% | 26.5% | 14.6% | 20.0% | 1.8% | 0.9% | 0.5% | 9.6% | 21.1% | 17.8% | 17.4% |
| ROA | 0.6% | 0.5% | 1.0% | 4.1% | 2.3% | 3.3% | 0.3% | 0.1% | 0.1% | 1.5% | 3.5% | 3.0% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 63M | 98M | 92M | 137M | 189M | 230M | 93M | 91M | 144M | 230M | 284M | 283M | 266M |
| Free Cash Flow | -70M | -81M | -83M | -247M | -256M | -65M | -319M | -117M | -149M | 61M | -562M | -272M | 239M |
| Owner Earnings | -6.1M | 24M | 22M | 67M | 106M | 136M | -12M | -16M | 43M | 124M | 163M | 127M | 106M |
| CapEx | 133M | 179M | 175M | 384M | 445M | 296M | 412M | 208M | 293M | 169M | 846M | 556M | 27M |
| Maint. CapEx | 65M | 69M | 66M | 66M | 77M | 86M | 95M | 91M | 88M | 91M | 92M | 112M | 111M |
| Growth CapEx | 68M | 109M | 108M | 318M | 368M | 209M | 318M | 117M | 205M | 78M | 754M | 444M | 0 |
| D&A | 65M | 69M | 66M | 66M | 77M | 86M | 95M | 91M | 88M | 91M | 92M | 112M | 111M |
| CapEx/OCF | 226.2% | 166.4% | 193.2% | 280.2% | 235.8% | 128.4% | 3.2% | 229.4% | 202.9% | 73.5% | 297.5% | N/A | 10.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 1.3M | 3.3M | 3.3M | 3.3M | 3.3M | 3.3M | 0 | 11M | 8.7M | 8.8M |
| Dividend Yield | N/A | N/A | N/A | 0.9% | 1.8% | 1.1% | 1.8% | 1.3% | 1.4% | N/A | 1.6% | N/A | 1.6% |
| Share Buybacks | 5.4M | 17M | 29M | 3.5M | 16M | 3.6M | 1.5M | 10M | 5.2M | 9.4M | 0 | 3.8M | 3.8M |
| Buyback Yield | 3.1% | 11.0% | 16.9% | 2.3% | 8.1% | 1.0% | 0.7% | 4.5% | 1.5% | 3.0% | 0.8% | 0.0% | 0.7% |
| Stock-Based Comp | 3.5M | 4.2M | 3.7M | 4.3M | 5.4M | 7.8M | 11M | 17M | 14M | 15M | 29M | 45M | 49M |
| Debt Repayment | 101M | 154M | 114M | 496M | 505M | 428M | 531M | 417M | 229M | 665M | 840M | 1.2B | 1.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 827M | 1.4B | 890M | 1.1B | 1.3B | 1.2B | 1.7B | 1.8B | 1.8B | 1.8B | 2.3B | 2.7B | 2.2B |
| Cash & Equiv. | 13M | 9.7M | 10M | 7.1M | 12M | 6.7M | 43M | 14M | 12M | 7.1M | 9.1M | 16M | 25M |
| Long-Term Debt | 841M | 866M | 900M | 1.1B | 1.3B | 1.3B | 1.7B | 1.8B | 1.8B | 1.8B | 2.3B | 2.7B | 2.3B |
| Debt/Equity | 3.88 | 6.76 | 4.59 | 4.19 | 4.66 | 3.57 | 4.65 | 4.76 | 4.56 | 4.11 | 4.12 | 4.08 | 3.25 |
| Interest Coverage | 0.3 | 0.3 | 0.5 | 0.6 | 0.8 | 1.2 | 0.2 | 0.1 | 0.1 | 0.8 | 1.4 | 0.8 | 0.9 |
| Equity | 217M | 209M | 196M | 259M | 287M | 350M | 364M | 376M | 405M | 439M | 549M | 662M | 694M |
| Total Assets | 1.2B | 1.3B | 1.3B | 1.6B | 1.9B | 1.9B | 2.4B | 2.5B | 2.6B | 2.7B | 3.3B | 3.9B | 3.5B |
| Total Liabilities | 1.0B | 1.1B | 1.1B | 1.3B | 1.6B | 1.5B | 2.0B | 2.0B | 2.1B | 2.2B | 2.7B | 3.2B | 2.7B |
| Intangibles | 1.2M | 932K | 2.2M | 1.7M | 1.4M | 1.3M | 1.2M | 1.2M | 0 | 0 | 1.9M | 0 | 0 |
| Retained Earnings | 175M | 181M | 195M | 256M | 287M | 349M | 355M | 355M | 357M | 398M | 491M | 591M | 611M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | -73M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | 22M | 22M | 18M | 22M | 43M | 46M | 27M | 27M | 43M | 53M | 76M | 0 | 73M |
| Per Share Data | |||||||||||||
| EPS | 0.88 | 0.81 | 2,152.45 | 9.69 | 6.60 | 10.50 | 1.05 | 0.53 | 0.33 | 6.23 | 15.34 | 15.39 | 15.86 |
| Owner EPS | -0.74 | 3.04 | 3,372.54 | 10.74 | 17.61 | 22.51 | -2.05 | -2.59 | 6.68 | 19.14 | 23.91 | 18.10 | 13.64 |
| Book Value | 26.55 | 26.23 | 30,656.04 | 41.61 | 47.44 | 57.85 | 59.67 | 59.23 | 63.44 | 67.74 | 80.73 | 94.30 | 89.67 |
| Cash Flow/Share | 7.69 | 12.26 | 14,306.15 | 22.04 | 31.21 | 38.03 | 15.32 | 14.29 | 22.64 | 35.45 | 41.80 | 40.34 | 30.01 |
| Dividends/Share | N/A | N/A | N/A | 0.21 | 0.55 | 0.54 | 0.53 | 0.51 | 0.51 | 0.00 | 1.50 | 1.15 | 1.13 |
| Shares Out. | 8.2M | 8.0M | 0.0M | 6.2M | 6.0M | 6.1M | 6.1M | 6.3M | 6.4M | 6.5M | 6.8M | 7.0M | 7.7M |
| Valuation | |||||||||||||
| P/E Ratio | 24.0 | 23.2 | 12.4 | 2.5 | 5.0 | 5.5 | 32.9 | N/A | 170.1 | 7.7 | 13.1 | N/A | 4.4 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.1 | N/A | N/A | 2.2 |
| EV/EBIT | 95.2 | 86.8 | 47.9 | 42.7 | 29.1 | 19.9 | 126.7 | 240.0 | 222.5 | 32.8 | 25.1 | N/A | 22.3 |
| Price/Book | 0.8 | 0.7 | 0.9 | 0.6 | 0.7 | 1.0 | 0.6 | 0.6 | 0.9 | 0.7 | 2.5 | N/A | 0.8 |
| Price/Sales | 0.9 | 0.7 | 0.7 | 1.9 | 2.2 | 0.8 | 0.6 | 0.8 | 0.7 | 0.7 | 1.2 | N/A | 0.7 |
| FCF Yield | -40.3% | -53.9% | -48.6% | -161.0% | -128.3% | -18.6% | -151.2% | -52.0% | -41.5% | 19.7% | -41.2% | N/A | 44.7% |
| Market Cap | 174M | 150M | 171M | 153M | 200M | 351M | 211M | 225M | 358M | 310M | 1.4B | 0 | 535M |
| Avg. Price | 20.11 | 17.70 | 22.92 | 24.30 | 31.35 | 50.90 | 29.45 | 37.95 | 36.65 | 46.79 | 98.31 | 0.00 | 69.04 |
| Year-End Price | 21.35 | 18.83 | 25.42 | 24.66 | 33.03 | 57.94 | 34.56 | 36.80 | 56.14 | 47.80 | 200.43 | 0.00 | 69.04 |
WILLIS LEASE FINANCE CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
WILLIS LEASE FINANCE CORP trades at 4.1x trailing earnings, compared to its 15-year median P/E of 7.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 2.0x vs a median of 5.1x. The company's 5-year average ROIC is 1.8% with a gross margin of 82.9%. Total shareholder yield (dividends + buybacks) is 2.3%. At current prices, the estimated annualized return to fair value is +32.0%.
WILLIS LEASE FINANCE CORP (WLFC) reported annual revenue of $730 million in its most recent fiscal year, based on SEC EDGAR filings.
WILLIS LEASE FINANCE CORP (WLFC) has a net profit margin of 14.8%. This is a healthy margin.
WILLIS LEASE FINANCE CORP (WLFC) generated $-272 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
WILLIS LEASE FINANCE CORP (WLFC) has a debt-to-equity ratio of 4.08. This indicates higher leverage, which may increase financial risk.
WILLIS LEASE FINANCE CORP (WLFC) reported earnings per share (EPS) of $15.39 in its most recent fiscal year.
WILLIS LEASE FINANCE CORP (WLFC) has a return on equity (ROE) of 17.8%. This indicates the company generates strong returns for shareholders.
WILLIS LEASE FINANCE CORP (WLFC) has a 5-year average gross margin of 82.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for WILLIS LEASE FINANCE CORP (WLFC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WILLIS LEASE FINANCE CORP (WLFC) has a book value per share of $94.30, based on its most recent annual SEC filing.