Start here if you're new
what it is
Willis Lease buys jet engines, leases them to airlines, sells parts, and gets paid to manage the hardware nobody can fly without.
how it gets paid
Last year Willis Lease Finance made $569M in revenue. Lease rent revenue was the main engine at $233M, or 41% of sales.
what just happened
Full-year EPS reached $15.34 in 2024, up from $6.23 in 2023, while revenue hit $569M.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
8.1x trailing p/e — the market's not buying it — or you found a deal
1.0% dividend yield — cash in your pocket every quarter
5.6% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Willis Lease buys jet engines, leases them to airlines, sells parts, and gets paid to manage the hardware nobody can fly without.
You do not casually swap out a leased jet engine. WLFC sits in that ugly, specialized corner of aviation, and specialization is the moat. The proof is a 25.4% operating margin in 2024, according to. Margin → money left after running the business → so what: this niche still throws off real profit despite a hard-asset model.
How they make money
$569M
annual revenue
Lease rent revenue
$233M
Spare parts and equipment sales
$147M
Maintenance reserve revenue
$89M
Gain on sale of leased equipment
$71M
Services, consulting, and asset management
$29M
The products that matter
leases aircraft engines
Operating Leases
core business · 69 lessees
Management said 2025 revenue reached a record $730.2M, and leasing is still the center of gravity. The company does not give you a clean segment split here, so you should assume this business is doing most of the work.
fleet income
supports leased engines
Spare Parts & Services
37 countries served
This support business sits alongside a customer base spanning 37 countries. It helps keep assets working, but WLFC does not break out revenue here, which means you cannot model its contribution cleanly from this page.
service support
outside-capital engine platform
Willis Aviation Capital
new platform · balance-sheet angle
The strategic point is simple: if third-party capital funds more engines, WLFC does not need every asset on its own books. That matters when long-term debt already stands at $2.2B.
capital-light attempt
Key numbers
8.1x
trailing p/e
P/E → price-to-earnings → so what: you are paying 8.1 years of current earnings for the stock, which is cheap if profits hold.
$2.2B
long-term debt
Debt → money owed → so what: the balance sheet is carrying more than twice the company's market value in long-term obligations.
25.4%
operating margin
Operating margin → profit left after running the business → so what: this niche model is more profitable than it looks from the outside.
$15.34
fy2024 eps
EPS → profit per share → so what: earnings exploded from $6.23 in 2023 to $15.34 in 2024, which is why the stock screens cheap.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $2.2B (66% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for WLFC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Full-year EPS reached $15.34 in 2024, up from $6.23 in 2023, while revenue hit $569M.
's quarterly history shows 2024 EPS of $3.00, $6.21, $3.37, and $2.81. The quiet part out loud: profits surged even with a debt-heavy model, which is why the stock sits on just 8.1x earnings.
$569M
revenue
$15.34
eps
25.4%
operating margin
the number that mattered
$15.34 of 2024 EPS matters most because it turns a $141.89 stock into an 8.1x earnings story, and that is the whole debate here.
source: and company filings, 2025
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
The main risk is specific: WLFC needs airline demand, engine utilization, and financing access to stay healthy at the same time. When one slips, the other two matter more.
med
airline demand turns down
WLFC serves 69 lessees across 37 countries. That is real diversification. It also means a broad aviation slowdown can hit the portfolio from multiple directions at once.
If engines spend more time idle, lease revenue and asset utilization take the hit first. That goes straight at the core investment case.
med
debt keeps the valuation on a short leash
Long-term debt stands at $2.2B, or 66% of capital. For a company worth roughly $1B in market cap, that is not a footnote. It is the reason the stock looks cheap.
If financing stays expensive or engine values soften, the multiple can stay depressed even with decent revenue growth.
med
revenue grows, earnings still disappoint
Q4 2025 delivered $193.6M in revenue, up 27% from last year, and still produced a significant EPS miss. That is your warning shot. Growth without cost control does not rerate the stock.
Another quarter with strong revenue and weak earnings would tell you the problem is not demand. It is conversion.
med
the outside-capital plan stays small
Willis Aviation Capital is the cleaner version of the story: growth with less balance-sheet strain. If outside money does not show up, WLFC stays dependent on its own funding capacity.
That leaves you with the same old equation: more assets require more debt, and 5.6% return on capital does not leave much room for mistakes.
With $2.2B of debt, 66% of capital funded long term, and a 5.6% return on capital, WLFC does not have much room for a clean mistake.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
Scheduled for May 11, 2026. The number that matters is not just revenue. It is whether better demand actually shows up in earnings.
balance sheet
debt terms and refinancing
WLFC already amended a loan and changed economic terms. With $2.2B of long-term debt, financing updates deserve your attention fast.
strategy
willis aviation capital adoption
If outside capital shows up, WLFC gets a more scalable story. If it does not, growth stays balance-sheet heavy.
profitability
return on capital
5.6% return on capital is the quiet problem. If that number does not improve, 8.1x earnings looks less like a bargain and more like a diagnosis.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not trust this business to land near estimates consistently.
risk rank
3
Middle-of-the-pack risk overall, but the debt load makes the downside feel sharper than a plain rank number suggests.
price stability
30 / 100
This stock does not trade like a sleepy lessor. It moves enough that your entry point matters.
source: institutional data
Institutional activity
institutional ownership data for WLFC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$142
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive