NASDAQ : WLFC
Willis Lease Finance Corporation — Financial statements
Industrials · Rental & Leasing Services · United States
Last price 41.86 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 885.09M
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Financial statements
Willis Lease Finance Corporation (WLFC) reported revenue of 754.30M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 435.40M | 412.61M | 289.49M | 257.67M | 189.58M | 152.25M |
| Other Revenue | 318.90M | 303.16M | 268.05M | 152.17M | 111.65M | 98.14M |
| Revenue | 754.30M | 715.77M | 557.54M | 409.83M | 301.23M | 250.39M |
| Cost of Revenue | 111.54M | 120.19M | 47.32M | 36.37M | 20.83M | 14.93M |
| Gross Profit | 642.76M | 595.58M | 510.22M | 373.47M | 280.40M | 235.46M |
| Selling, General & Admin | 246.03M | 226.12M | 169.05M | 142.15M | 106.94M | 84.73M |
| Operating Expenses | 364.25M | 337.67M | 261.51M | 233.07M | 195.21M | 175.24M |
| Operating Income | 278.50M | 257.91M | 248.71M | 140.39M | 85.19M | 60.23M |
| Interest Expense | -128.72M | -132.06M | -104.76M | -78.80M | -66.74M | -67.98M |
| Interest & Investment Income | 13.27M | 14.09M | 11.68M | 8.72M | 7.58M | 12.94M |
| Earnings From Equity Investments | 13.37M | 13.37M | 8.25M | 2.91M | -62.00K | 800.00K |
| EBT Excluding Unusual Items | 176.42M | 153.31M | 163.87M | 73.23M | 25.97M | 5.98M |
| Gain (Loss) on Sale of Investments | 592.00K | 378.00K | 3.12M | 10.87M | ||
| Gain (Loss) on Sale of Assets | 42.95M | |||||
| Asset Writedown | -25.44M | -32.95M | -11.23M | -4.40M | -21.85M | -7.71M |
| Other Unusual Items | -15.53M | -3.08M | -1.70M | 2.56M | ||
| Pretax Income | 136.04M | 160.61M | 152.65M | 67.13M | 9.79M | 9.14M |
| Income Tax Expense | 44.13M | 46.85M | 44.03M | 23.35M | 4.35M | 5.79M |
| Net Income | 91.76M | 113.76M | 108.61M | 43.78M | 5.44M | 3.35M |
| Preferred Dividends & Other Adjustments | 5.72M | 5.69M | 4.23M | 3.41M | 3.33M | 3.33M |
| Net Income to Common | 86.04M | 108.07M | 104.38M | 40.37M | 2.10M | 18.00K |
| Shares Outstanding (Basic) | 20.58M | 20.26M | 19.61M | 18.91M | 18.21M | 18.34M |
| Shares Outstanding (Diluted) | 21.51M | 21.06M | 20.41M | 19.44M | 18.89M | 19.04M |
| EPS (Basic) | 4.18 | 5.33 | 5.32 | 2.13 | 0.12 | 0.00 |
| EPS (Diluted) | 3.99 | 5.13 | 5.11 | 2.08 | 0.11 | 0.00 |
| Free Cash Flow | -89.03M | -2.76M | -390.55M | 146.02M | -79.36M | -79.66M |
| Free Cash Flow Per Share | -4.14 | -0.13 | -19.13 | 7.51 | -4.20 | -4.18 |
| Dividend Per Share | 0.48 | 0.38 | 0.17 | |||
| Gross Margin | 85.21% | 83.21% | 91.51% | 91.13% | 93.08% | 94.04% |
| Operating Margin | 36.92% | 36.03% | 44.61% | 34.26% | 28.28% | 24.05% |
| Profit Margin | 11.41% | 15.10% | 18.72% | 9.85% | 0.70% | 0.01% |
| Free Cash Flow Margin | -11.80% | -0.39% | -70.05% | 35.63% | -26.35% | -31.81% |
| EBITDA | 398.23M | 370.96M | 343.92M | 231.32M | 173.45M | 150.73M |
| EBITDA Margin | 52.79% | 51.83% | 61.69% | 56.44% | 57.58% | 60.20% |
| D&A For EBITDA | 119.72M | 113.05M | 95.21M | 90.92M | 88.26M | 90.50M |
| EBIT | 278.50M | 257.91M | 248.71M | 140.39M | 85.19M | 60.23M |
| EBIT Margin | 36.92% | 36.03% | 44.61% | 34.26% | 28.28% | 24.05% |
| Effective Tax Rate | 32.44% | 29.17% | 28.85% | 34.78% | 44.46% | 63.33% |
| Revenue as Reported | 765.37M | 730.24M | 569.22M | 418.56M | 311.93M | 274.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.72M | 16.44M | 9.11M | 7.07M | 12.15M | 14.33M |
| Trading Asset Securities | 878.00K | 399.00K | 10.99M | 16.48M | 34.80M | 8.00M |
| Cash & Short-Term Investments | 11.60M | 16.84M | 20.10M | 23.55M | 46.95M | 22.33M |
| Accounts Receivable | 41.37M | 52.31M | 59.90M | 67.24M | 53.39M | 39.62M |
| Receivables | 133.83M | 192.26M | 243.53M | 159.87M | 134.83M | 155.08M |
| Inventory | 51.40M | 56.58M | 72.15M | 40.95M | 38.58M | 50.96M |
| Restricted Cash | 161.50M | 530.50M | 123.39M | 160.96M | 76.87M | 81.31M |
| Other Current Assets | 77.00M | 56.81M | 16.67M | 6.61M | 10.28M | 15.45M |
| Total Current Assets | 435.34M | 852.98M | 475.84M | 391.94M | 307.50M | 325.13M |
| Property, Plant & Equipment | 76.90M | 99.25M | 54.65M | 45.81M | 46.73M | 37.39M |
| Long-Term Investments | 152.15M | 104.25M | 62.67M | 58.04M | 56.19M | 55.93M |
| Goodwill | 8.29M | 271.00K | ||||
| Other Intangible Assets | 83.63M | 30.63M | 34.06M | 10.22M | 18.84M | 23.70M |
| Other Long-Term Assets | 2.90B | 2.85B | 2.67B | 2.15B | 2.15B | 2.02B |
| Total Assets | 3.65B | 3.94B | 3.30B | 2.65B | 2.58B | 2.46B |
| Accounts Payable | 76.35M | 93.65M | 70.14M | 45.00M | 32.67M | 20.95M |
| Accrued Expenses | 129.26M | 116.19M | 97.82M | 92.50M | 59.45M | 65.98M |
| Current Portion of Long-Term Debt | 71.85M | 110.00M | 700.00K | |||
| Current Portion of Leases | 4.57M | 3.18M | ||||
| Current Unearned Revenue | 1.50K | |||||
| Total Current Liabilities | 282.02M | 323.01M | 167.95M | 137.49M | 92.13M | 87.63M |
| Long-Term Debt | 2.25B | 2.59B | 2.26B | 1.80B | 1.85B | 1.79B |
| Long-Term Leases | 22.39M | 8.59M | 5.85M | 7.94M | 10.37M | 5.21M |
| Long-Term Unearned Revenue | 35.11M | 35.35M | 37.91M | 43.53M | 17.86M | 10.46M |
| Long-Term Deferred Tax Liabilities | 264.77M | 228.55M | 185.05M | 147.78M | 132.52M | 124.33M |
| Other Long-Term Liabilities | 25.94M | 24.65M | 23.42M | 23.79M | 20.49M | 19.35M |
| Total Liabilities | 2.88B | 3.21B | 2.68B | 2.16B | 2.12B | 2.04B |
| Common Stock | 228.00K | 76.00K | 72.00K | 68.00K | 66.00K | 65.00K |
| Additional Paid-In Capital | 71.27M | 72.66M | 50.93M | 29.67M | 20.39M | 15.40M |
| Retained Earnings | 637.03M | 590.78M | 491.44M | 397.78M | 357.49M | 355.39M |
| Comprehensive Income & Other | 61.00K | -1.39M | 6.90M | 11.45M | 26.74M | 5.03M |
| Total Common Equity | 708.60M | 662.14M | 549.34M | 438.96M | 404.69M | 375.88M |
| Shareholders' Equity | 773.88M | 725.54M | 612.46M | 488.93M | 454.58M | 425.69M |
| Total Liabilities & Equity | 3.65B | 3.94B | 3.30B | 2.65B | 2.58B | 2.46B |
| Total Debt | 2.35B | 2.71B | 2.27B | 1.81B | 1.86B | 1.80B |
| Net Cash (Debt) | -2.34B | -2.70B | -2.25B | -1.79B | -1.81B | -1.77B |
| Net Cash Per Share | -108.61 | -127.99 | -110.24 | -91.92 | -95.85 | -93.17 |
| Filing Date Shares Outstanding | 21.14M | 20.36M | 19.82M | 19.18M | 18.37M | 17.81M |
| Total Common Shares Outstanding | 22.81M | 22.86M | 21.52M | 20.55M | 19.84M | 19.59M |
| Working Capital | 153.31M | 529.98M | 307.88M | 254.44M | 215.37M | 237.50M |
| Book Value Per Share | 31.07 | 28.96 | 25.53 | 21.36 | 20.39 | 19.18 |
| Tangible Book Value | 616.67M | 631.23M | 515.27M | 428.74M | 385.85M | 352.19M |
| Tangible Book Value Per Share | 27.04 | 27.61 | 23.95 | 20.87 | 19.44 | 17.98 |
| Land | 4.44M | 4.44M | ||||
| Buildings | 32.50M | 11.72M | ||||
| Machinery | 54.97M | 48.01M | ||||
| Construction In Progress | 6.68M | 4.03M | ||||
| Leasehold Improvements | 529.00K | 529.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 91.76M | 113.76M | 108.61M | 43.78M | 5.44M | 3.35M |
| Depreciation & Amortization | 119.72M | 113.05M | 95.21M | 90.92M | 88.26M | 90.50M |
| Other Amortization | 12.15M | 10.79M | 10.29M | 6.15M | 5.32M | 5.02M |
| Loss (Gain) From Sale of Assets | -72.03M | -96.93M | -45.06M | -10.57M | -3.20M | -5.93M |
| Asset Writedown & Restructuring Costs | 25.44M | 32.95M | 11.23M | 4.40M | 21.85M | 7.71M |
| Loss (Gain) From Sale of Investments | -592.00K | -378.00K | -3.12M | -10.87M | ||
| Loss (Gain) on Equity Investments | -13.37M | -13.37M | -8.25M | -2.91M | 62.00K | -800.00K |
| Stock-Based Compensation | 47.36M | 44.57M | 29.25M | 14.80M | 13.55M | 16.58M |
| Other Operating Activities | 60.50M | 57.61M | 68.30M | 24.05M | 928.00K | 4.03M |
| Change in Accounts Receivable | -3.40M | 1.48M | 21.10M | -17.38M | -3.17M | -11.19M |
| Change in Inventory | 15.41M | 13.34M | -31.19M | -1.71M | 14.29M | 7.92M |
| Change in Accounts Payable | -1.46M | 8.46M | 20.70M | 17.15M | 942.00K | 58.00K |
| Change in Unearned Revenue | -3.65M | -5.01M | -4.69M | 22.33M | 4.15M | -1.18M |
| Change in Other Net Operating Assets | -4.11M | 2.92M | 8.90M | 38.71M | -873.00K | -14.54M |
| Operating Cash Flow | 272.24M | 283.24M | 284.41M | 229.74M | 144.42M | 90.66M |
| Capital Expenditures | -361.27M | -286.00M | -674.96M | -83.72M | -223.78M | -170.32M |
| Divestitures | 883.00K | 21.94M | ||||
| Investment in Securities | -47.06M | -9.25M | ||||
| Other Investing Activities | 59.56M | 16.91M | -89.95M | -9.06M | 29.41M | 22.32M |
| Investing Cash Flow | -332.38M | -256.40M | -764.91M | -92.78M | -194.38M | -148.00M |
| Long-Term Debt Issued | 1.66B | 1.31B | 625.73M | 284.00M | 513.70M | |
| Long-Term Debt Repaid | -1.22B | -840.04M | -665.48M | -228.84M | -416.97M | |
| Net Debt Issued (Repaid) | -481.87M | 439.44M | 465.67M | -39.75M | 55.16M | 96.73M |
| Issuance of Common Stock | 340.00K | 250.00K | 262.00K | 274.00K | 335.00K | 186.00K |
| Repurchase of Common Stock | -32.28M | -23.08M | -8.24M | -5.79M | -8.90M | -15.06M |
| Preferred Dividends Paid | -5.44M | -5.71M | -3.46M | -3.24M | -3.27M | -3.25M |
| Common Dividends Paid | -11.13M | -8.72M | -10.72M | |||
| Dividends Paid | -16.57M | -14.43M | -14.18M | -3.24M | -3.27M | -3.25M |
| Other Financing Activities | -19.80M | -14.58M | -11.58M | -9.43M | -4.56M | |
| Financing Cash Flow | -550.18M | 387.60M | 444.98M | -57.94M | 43.33M | 74.05M |
| Net Cash Flow | -610.31M | 414.44M | -35.53M | 79.01M | -6.62M | 16.72M |
| Free Cash Flow | -89.03M | -2.76M | -390.55M | 146.02M | -79.36M | -79.66M |
| Free Cash Flow Margin | -11.80% | -0.39% | -70.05% | 35.63% | -26.35% | -31.81% |
| Free Cash Flow Per Share | -4.14 | -0.13 | -19.13 | 7.51 | -4.20 | -4.18 |
| Levered Free Cash Flow | 563.38M | -377.46M | -507.14M | 4.20M | -57.68M | -88.38M |
| Unlevered Free Cash Flow | 643.83M | -294.92M | -441.66M | 53.44M | -15.96M | -45.89M |
| Cash Income Tax Paid | 3.42M | 7.09M | 505.00K | 2.24M | 1.41M | |
| Change in Working Capital | 2.79M | 21.19M | 14.82M | 59.11M | 15.34M | -18.93M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 879.60M | 924.27M | 1.37B | 311.26M | 359.79M | 226.50M |
| Enterprise Value | 3.22B | 3.23B | 3.42B | 2.12B | 2.21B | 2.08B |
| Last Close Price | 41.60 | 44.94 | 68.23 | 15.76 | 19.03 | 12.14 |
| PE Ratio | 10.42 | 8.55 | 13.13 | 7.71 | 170.92 | 12,583.57 |
| Forward PE | 6.75 | 9.63 | 14.13 | 14.13 | 14.13 | 14.13 |
| PS Ratio | 1.17 | 1.29 | 2.46 | 0.76 | 1.19 | 0.91 |
| PB Ratio | 1.34 | 1.27 | 2.24 | 0.64 | 0.79 | 0.53 |
| P/TBV Ratio | 1.43 | 1.46 | 2.66 | 0.73 | 0.93 | 0.64 |
| P/FCF Ratio | 2.13 | |||||
| P/OCF Ratio | 3.23 | 3.26 | 4.82 | 1.35 | 2.49 | 2.50 |
| PEG Ratio | 0.93 | 1.25 | 0.94 | 0.94 | 0.94 | 0.94 |
| EV/Sales Ratio | 4.26 | 4.51 | 6.13 | 5.17 | 7.35 | 8.30 |
| EV/EBITDA Ratio | 8.08 | 8.71 | 9.94 | 9.16 | 12.76 | 13.79 |
| EV/EBIT Ratio | 11.55 | 12.52 | 13.75 | 15.09 | 25.98 | 34.51 |
| EV/FCF Ratio | 14.51 | |||||
| Debt / Equity Ratio | 3.03 | 3.74 | 3.71 | 3.70 | 4.09 | 4.22 |
| Debt / EBITDA Ratio | 5.79 | 7.19 | 6.52 | 7.70 | 10.61 | 11.82 |
| Debt / FCF Ratio | 12.40 | |||||
| Net Debt / Equity Ratio | 3.02 | 3.71 | 3.67 | 3.65 | 3.98 | 4.17 |
| Net Debt / EBITDA Ratio | 5.87 | 7.27 | 6.54 | 7.73 | 10.44 | 11.77 |
| Net Debt / FCF Ratio | -26.24 | -975.24 | -5.76 | 12.24 | -22.82 | -22.27 |
| Asset Turnover | 0.20 | 0.20 | 0.19 | 0.16 | 0.12 | 0.10 |
| Inventory Turnover | 1.94 | 1.87 | 0.84 | 0.92 | 0.47 | 0.27 |
| Quick Ratio | 0.20 | 0.21 | 0.48 | 0.66 | 1.09 | 0.71 |
| Current Ratio | 1.54 | 2.64 | 2.83 | 2.85 | 3.34 | 3.71 |
| Return on Equity (ROE) | 12.63% | 17.00% | 19.72% | 9.28% | 1.24% | 0.80% |
| Return on Assets (ROA) | 4.58% | 4.46% | 5.22% | 3.36% | 2.11% | 1.56% |
| Return on Invested Capital (ROIC) | 6.16% | 5.81% | 6.89% | 4.03% | 2.12% | 1.03% |
| Return on Capital Employed (ROCE) | 8.30% | 7.10% | 7.90% | 5.60% | 3.40% | 2.50% |
| Earnings Yield | 9.59% | 12.31% | 7.92% | 14.07% | 1.51% | 1.48% |
| FCF Yield | -10.12% | -0.30% | -28.49% | 46.91% | -22.06% | -35.17% |
| Dividend Yield | 1.44% | 0.95% | 0.26% | |||
| Payout Ratio | 13.77% | 12.68% | 13.06% | 7.40% | 60.08% | 96.99% |
| Buyback Yield / Dilution | -3.05% | -3.17% | -4.98% | -2.92% | 0.77% | -3.56% |
| Total Shareholder Return | -1.60% | -2.23% | -4.72% | -2.92% | 0.77% | -3.56% |