Willis Lease Finance (WLFC)
Market Price (5/8/2026): $225.8 | Market Cap: $1.5 BilSector: Industrials | Industry: Diversified Support Services
Willis Lease Finance (WLFC)
Market Price (5/8/2026): $225.8Market Cap: $1.5 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Global Aviation Industry. Themes include Commercial Aircraft Engine Leasing, and Aircraft Engine MRO & Asset Management. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 146% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -37% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% Key risksWLFC key risks include [1] its high leverage and persistent negative free cash flow, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Global Aviation Industry. Themes include Commercial Aircraft Engine Leasing, and Aircraft Engine MRO & Asset Management. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 146% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -37% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% |
| Key risksWLFC key risks include [1] its high leverage and persistent negative free cash flow, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Willis Lease Finance (WLFC) stock has gained about 25% since 1/31/2026 because of the following key factors:
1. Strong Earnings Performance and Revenue Growth: Willis Lease Finance reported impressive financial results, particularly for Q1 2026, with diluted earnings per share (EPS) rising 47.5% to $3.26, significantly beating consensus estimates of $3.02. Total revenue for Q1 2026 increased by 23.2% year-over-year to $194.3 million, also surpassing analyst expectations. This was driven by record quarterly lease rent revenue of $77.4 million, a 14.2% increase, and a 74.9% increase in maintenance services revenue to $9.8 million. The company's Q4 2025 revenue also exceeded estimates by over $41 million. This sustained revenue growth and strong earnings beats signaled robust operational performance and increased profitability.
2. Expansion of Third-Party Asset Management Platform: The company's strategic focus on its Willis Aviation Capital (WAC) platform, established in January 2026, has gained momentum. WAC manages third-party assets and capital through discretionary funds, including partnerships with Blackstone Credit & Insurance and Liberty Mutual Investments, now overseeing over $2.7 billion in committed or deployed capital. This initiative generates recurring management fees and carried interest, diversifying revenue streams and enhancing shareholder returns without requiring significant equity capital from Willis Lease Finance. In Q1 2026, approximately $90 million of finance leases were funded through the Liberty Mutual fund.
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1. Strong Earnings Performance and Revenue Growth: Willis Lease Finance reported impressive financial results, particularly for Q1 2026, with diluted earnings per share (EPS) rising 47.5% to $3.26, significantly beating consensus estimates of $3.02. Total revenue for Q1 2026 increased by 23.2% year-over-year to $194.3 million, also surpassing analyst expectations. This was driven by record quarterly lease rent revenue of $77.4 million, a 14.2% increase, and a 74.9% increase in maintenance services revenue to $9.8 million. The company's Q4 2025 revenue also exceeded estimates by over $41 million. This sustained revenue growth and strong earnings beats signaled robust operational performance and increased profitability.
2. Expansion of Third-Party Asset Management Platform: The company's strategic focus on its Willis Aviation Capital (WAC) platform, established in January 2026, has gained momentum. WAC manages third-party assets and capital through discretionary funds, including partnerships with Blackstone Credit & Insurance and Liberty Mutual Investments, now overseeing over $2.7 billion in committed or deployed capital. This initiative generates recurring management fees and carried interest, diversifying revenue streams and enhancing shareholder returns without requiring significant equity capital from Willis Lease Finance. In Q1 2026, approximately $90 million of finance leases were funded through the Liberty Mutual fund.
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Stock Movement Drivers
Fundamental Drivers
The 23.9% change in WLFC stock from 1/31/2026 to 5/7/2026 was primarily driven by a 24.0% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.92 | 225.47 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 689 | 767 | 11.2% |
| Net Income Margin (%) | 17.8% | 15.9% | -10.6% |
| P/E Multiple | 10.1 | 12.5 | 24.0% |
| Shares Outstanding (Mil) | 7 | 7 | 0.5% |
| Cumulative Contribution | 23.9% |
Market Drivers
1/31/2026 to 5/7/2026| Return | Correlation | |
|---|---|---|
| WLFC | 23.9% | |
| Market (SPY) | 3.6% | 64.2% |
| Sector (XLI) | 5.5% | 64.2% |
Fundamental Drivers
The 76.5% change in WLFC stock from 10/31/2025 to 5/7/2026 was primarily driven by a 76.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.73 | 225.47 | 76.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 652 | 767 | 17.6% |
| Net Income Margin (%) | 18.8% | 15.9% | -15.2% |
| P/E Multiple | 7.1 | 12.5 | 76.9% |
| Shares Outstanding (Mil) | 7 | 7 | 0.2% |
| Cumulative Contribution | 76.5% |
Market Drivers
10/31/2025 to 5/7/2026| Return | Correlation | |
|---|---|---|
| WLFC | 76.5% | |
| Market (SPY) | 5.5% | 48.5% |
| Sector (XLI) | 12.9% | 57.2% |
Fundamental Drivers
The 47.0% change in WLFC stock from 4/30/2025 to 5/7/2026 was primarily driven by a 34.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 153.41 | 225.47 | 47.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 569 | 767 | 34.7% |
| Net Income Margin (%) | 19.1% | 15.9% | -16.6% |
| P/E Multiple | 9.3 | 12.5 | 34.3% |
| Shares Outstanding (Mil) | 7 | 7 | -2.6% |
| Cumulative Contribution | 47.0% |
Market Drivers
4/30/2025 to 5/7/2026| Return | Correlation | |
|---|---|---|
| WLFC | 47.0% | |
| Market (SPY) | 30.4% | 46.0% |
| Sector (XLI) | 34.4% | 54.0% |
Fundamental Drivers
The 359.7% change in WLFC stock from 4/30/2023 to 5/7/2026 was primarily driven by a 812.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5072026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.05 | 225.47 | 359.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 312 | 767 | 145.8% |
| Net Income Margin (%) | 1.7% | 15.9% | 812.2% |
| P/E Multiple | 55.1 | 12.5 | -77.3% |
| Shares Outstanding (Mil) | 6 | 7 | -9.9% |
| Cumulative Contribution | 359.7% |
Market Drivers
4/30/2023 to 5/7/2026| Return | Correlation | |
|---|---|---|
| WLFC | 359.7% | |
| Market (SPY) | 78.7% | 38.7% |
| Sector (XLI) | 82.0% | 43.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WLFC Return | 24% | 57% | -17% | 333% | -34% | 76% | 707% |
| Peers Return | 40% | -4% | 35% | 21% | -17% | -9% | 65% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| WLFC Win Rate | 42% | 42% | 58% | 75% | 33% | 80% | |
| Peers Win Rate | 58% | 42% | 62% | 50% | 38% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| WLFC Max Drawdown | -11% | -19% | -37% | -5% | -44% | -1% | |
| Peers Max Drawdown | -9% | -27% | -13% | -12% | -22% | -21% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UHAL, CXW, EQPT, CTAS, CPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/7/2026 (YTD)
How Low Can It Go
| Event | WLFC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.3% | -18.8% |
| % Gain to Breakeven | 43.5% | 23.1% |
| Time to Breakeven | 276 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.9% | -6.7% |
| % Gain to Breakeven | 51.2% | 7.1% |
| Time to Breakeven | 343 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.0% | -24.5% |
| % Gain to Breakeven | 19.1% | 32.4% |
| Time to Breakeven | 8 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.0% | -33.7% |
| % Gain to Breakeven | 270.4% | 50.9% |
| Time to Breakeven | 1019 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.3% | -6.8% |
| % Gain to Breakeven | 39.5% | 7.3% |
| Time to Breakeven | 127 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -15.9% | -0.2% |
| % Gain to Breakeven | 18.9% | 0.2% |
| Time to Breakeven | 11 days | 1 days |
In The Past
Willis Lease Finance's stock fell -30.3% during the 2025 US Tariff Shock. Such a loss loss requires a 43.5% gain to breakeven.
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Asset Allocation
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| Event | WLFC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.3% | -18.8% |
| % Gain to Breakeven | 43.5% | 23.1% |
| Time to Breakeven | 276 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.9% | -6.7% |
| % Gain to Breakeven | 51.2% | 7.1% |
| Time to Breakeven | 343 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.0% | -33.7% |
| % Gain to Breakeven | 270.4% | 50.9% |
| Time to Breakeven | 1019 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.3% | -6.8% |
| % Gain to Breakeven | 39.5% | 7.3% |
| Time to Breakeven | 127 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.3% | -17.9% |
| % Gain to Breakeven | 34.0% | 21.8% |
| Time to Breakeven | 113 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -42.2% | -15.4% |
| % Gain to Breakeven | 72.9% | 18.2% |
| Time to Breakeven | 590 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.1% | -53.4% |
| % Gain to Breakeven | 61.5% | 114.4% |
| Time to Breakeven | 59 days | 1085 days |
In The Past
Willis Lease Finance's stock fell -30.3% during the 2025 US Tariff Shock. Such a loss loss requires a 43.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Willis Lease Finance (WLFC)
Willis Lease Finance Corporation operates as a lessor and servicer of commercial aircraft and aircraft engines worldwide. The company operates through two segments, Leasing and Related Operations, and Spare Parts Sales. The Leasing and Related Operations segment engages in acquiring and leasing commercial aircraft, aircraft engines, and other aircraft equipment, as well as the purchase and resale of commercial aircraft engines and other aircraft equipment, and other related businesses. The Spare Parts Sales segment purchases and resells after-market engine parts, whole engines, engine modules, and portable aircraft components. The company also focuses on engine management and consulting business. It serves commercial aircraft operators, as well as maintenance, repair, and overhaul organizations. As of December 31, 2021, it had a total lease portfolio of 304 engines, 12 aircraft, one marine vessel, and other leased parts and equipment, and with 76 lessees in 40 countries; and managed a total lease portfolio of 475 engines, aircraft, and related equipment for other parties. The company was founded in 1985 and is headquartered in Coconut Creek, Florida.
AI Analysis | Feedback
Here are 1-3 brief analogies for Willis Lease Finance (WLFC):
- It's like a specialized Penske Truck Leasing or Ryder System, but for commercial aircraft engines and parts.
- They also operate a bit like an AutoZone or Advance Auto Parts for airplane engine components.
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- Aircraft and Engine Leasing: Leasing commercial aircraft, aircraft engines, and other related aviation equipment to operators globally.
- Aircraft Engine and Equipment Sales: Buying and reselling whole commercial aircraft engines and other aviation equipment.
- Aftermarket Aviation Parts Sales: Purchasing and reselling after-market engine parts, modules, and portable aircraft components.
- Aviation Asset Management and Consulting Services: Providing engine management, aviation consulting, and lease portfolio management services for third-party owners.
AI Analysis | Feedback
Willis Lease Finance (WLFC) primarily serves other companies rather than individuals.
Based on the provided background information, its customers generally fall into the following categories:
- Commercial aircraft operators
- Maintenance, repair, and overhaul (MRO) organizations
The provided description does not list the names of specific major customer companies.
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Willis Lease Finance's major suppliers include:
- General Electric (GE)
- RTX Corporation (RTX)
- Rolls-Royce plc (RYCEF)
- The Boeing Company (BA)
- Airbus SE (EADSY)
- AerCap Holdings N.V. (AER)
- Southwest Airlines Co. (LUV)
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Austin C. Willis
Chief Executive Officer
Austin C. Willis has served as Chief Executive Officer of Willis Lease Finance Corporation since April 2022. He joined WLFC in March 2016 as Senior Vice President Corporate Development and has also served on the Board since 2008. From 2004 to 2013, Mr. Willis held the role of President and CEO of JT-Power LLC, a privately held company engaged in the business of selling commercial jet turbine engine parts and leasing commercial aircraft. In November 2013, he sold most of the assets and ongoing business of JT-Power, LLC to Willis Aeronautical Services, Inc. He earned his bachelor's degree from the London School of Economics and Political Science and served as a combat dive qualified special forces engineer in the US Army Special Forces “Green Berets”.
Scott B. Flaherty
Executive Vice President and Chief Financial Officer
Scott B. Flaherty joined Willis Lease Finance Corporation in June 2016. His financial background includes roles at Colt Defense, Bank of America Securities, and Credit Suisse First Boston. He also worked as an engineer at the Pratt & Whitney division of United Technologies Corporation for eight years. Mr. Flaherty earned his undergraduate degree from Worcester Polytechnic Institute and a Master of Business Administration from the Leonard N. Stern School of Business at New York University.
Charles F. Willis, IV
Founder and Executive Chairman
Charles F. Willis, IV is the founder of Willis Lease Finance Corporation. He has over 40 years of experience in the aviation industry, with some sources stating over 45 years. He served as the Chief Executive Officer, President, and a director since WLFC incorporated in 1985, and as Chairman of the Board of Directors since 1996. In April 2022, he was appointed Executive Chairman of the Board. From 1975 to 1985, he served as President of Willis Lease’s predecessor, Charles F. Willis Company, which was involved in purchasing, financing, and selling commercial transport aircraft and providing consulting services to the aviation industry. Prior to that, he held positions as Assistant Vice President of Sales at Seaboard World Airlines and in various departments at Alaska Airlines.
Brian R. Hole
Global Head of Managed Funds & Credit
Brian R. Hole joined Willis Lease Finance Corporation in August 2014 and was promoted to President in April 2016. Effective October 2025 (or January 2026 per some sources), he assumed the role of Global Head of Managed Funds & Credit, where he oversees the firm's managed fund strategies and global credit platform. Previously, Mr. Hole was the owner and president of Aviation Opportunity Management LLC, where he advised banks, private equity firms, and alternative investment funds on investments in large commercial aircraft engines.
Dean M. Poulakidas
Senior Vice President, General Counsel & Corporate Secretary
Dean M. Poulakidas joined Willis Lease Finance Corporation in September 2011 and currently serves as Senior Vice President, General Counsel and Corporate Secretary. Prior to his appointment as General Counsel, he served as Senior Counsel until March 31, 2013.
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Key Risks to Willis Lease Finance (WLFC)
Willis Lease Finance Corporation (WLFC) faces several significant risks inherent to its business as a lessor and servicer of commercial aircraft and aircraft engines. The most prominent risks are largely tied to the cyclical nature of the aviation industry, financial market conditions, and the operational aspects of its leased assets. The most significant key risks to Willis Lease Finance are: * Cyclicality and Industry Risks: Willis Lease Finance's financial performance is highly sensitive to the broader conditions of the airline industry and the global economy. Fluctuations in demand for air travel, aircraft utilization rates, and asset values, driven by factors such as changes in oil prices, regulatory shifts, environmental pressures, geopolitical events, or pandemics, can adversely impact lessee demand and credit quality. The company also operates in a competitive environment, with other lessors and financial institutions potentially pressuring lease rates and margins. * Interest Rate Risk and High Leverage: The capital-intensive nature of Willis Lease Finance's business model, which requires substantial investment to acquire aviation equipment, results in a highly leveraged financial structure. This exposure to debt makes the company particularly vulnerable to interest rate fluctuations. Rising interest rates or widening borrowing margins can significantly increase debt servicing costs, reduce profit margins, and negatively affect cash flows and overall earnings, especially given that its fixed lease rates are often juxtaposed with variable-rate debt. * Asset Residual Value and Technical Engine Issues: As a lessor in operating leases, Willis Lease Finance retains the residual value risk of its equipment. The introduction of new engine and aircraft models, or potential overcapacity in the market, could adversely affect the residual values and lease rates for its existing portfolio. Furthermore, ongoing technical issues with specific modern engine types, such as GTF and LEAP engines, can lead to increased maintenance requirements, higher operating costs, and potentially reduced utilization or marketability of these critical assets.AI Analysis | Feedback
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Willis Lease Finance Corporation (WLFC) operates in several addressable markets related to commercial aviation.
The main addressable markets for Willis Lease Finance's products and services on a global scale are:
-
Commercial Aircraft and Aircraft Engine Leasing:
- The global aircraft leasing market was valued at approximately USD 192.45 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 11.1%. Another estimate places the global aircraft leasing market at USD 197.88 billion in 2025, with a projection to reach approximately USD 425.33 billion by 2035, growing at a CAGR of 7.95%. Approximately 53% of the global commercial aircraft fleet is leased.
- Specifically, the global aircraft engine and component leasing market was valued at USD 4.96 billion in 2025 and is projected to grow from USD 5.29 billion in 2026 to USD 8.80 billion by 2034, exhibiting a CAGR of 6.6%. Other estimates for the global engine leasing market include a value of around USD 11.12 billion in 2025, projected to reach USD 17.70 billion by 2032 with a CAGR of around 6.87%, and USD 11.17 billion in 2025, expected to reach USD 15.56 billion by 2031 at a 5.68% CAGR.
-
Spare Parts Sales (Commercial Aircraft Aftermarket Parts):
- The global commercial aircraft aftermarket parts market size reached USD 44.3 billion in 2024 and is expected to reach USD 72.3 billion by 2033, exhibiting a CAGR of 5.3% during 2025-2033. Other sources estimate the market size at USD 48.71 billion in 2024, projected to grow to USD 93.52 billion by 2032 with a CAGR of 8.0%, or USD 49.3 billion in 2024, expected to reach USD 108.8 billion by 2034 with a CAGR of 8.3%.
-
Engine Management and Consulting Business (Aircraft Engine MRO - Maintenance, Repair, and Overhaul):
- The global aircraft engine MRO market was valued at approximately USD 88.91 billion in 2024 and is projected to grow to around USD 147.46 billion by 2034, with a CAGR of roughly 5.19%. Other estimates for the global aircraft engine MRO market indicate a value of USD 58.4 billion in 2024, forecast to reach USD 89.2 billion by 2030 with a CAGR of 6.3%, or USD 22.32 billion in 2024, expected to reach USD 33.80 billion by 2032 at a CAGR of 5.32%.
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Willis Lease Finance Corporation (WLFC) is anticipated to experience revenue growth over the next two to three years driven by several key factors in the commercial aviation market.
Here are the expected drivers of future revenue growth for Willis Lease Finance:
- Expansion of Lease Portfolio and High Utilization Rates: The company has consistently grown its total lease portfolio, which includes aircraft, engines, and other equipment. This expansion, coupled with strong portfolio utilization rates (averaging around 85-86% in recent periods), directly translates to higher core lease rent revenues. The increased demand for engines and aircraft contributes to robust lease rates.
- Strong Demand for Spare Parts and Equipment Sales: A significant driver is the heightened demand for surplus engine material, as operators aim to extend the operational life of their current-generation engine fleets due to OEM production bottlenecks and MRO capacity limits. This trend boosts revenue from spare parts and equipment sales.
- Growth in Maintenance Reserve Revenues and Vertically Integrated Services: Maintenance reserve revenues are increasing due to a higher number of engines on short-term lease conditions and contractual increases in hourly and cyclical usage rates. Willis Lease's vertically integrated services, including in-house repair stations and engine management capabilities, provide a competitive advantage by offering comprehensive solutions to customers and enabling incremental lease opportunities.
- Strategic Asset Management Initiatives and Partnerships: Willis Lease is actively expanding its asset-light management platform through new asset management funds and joint ventures. Notable examples include Willis Aviation Capital with Liberty Mutual Insurance and Blackstone Credit & Insurance, and the Willis Mitsui joint venture. These initiatives are expected to enhance shareholder returns through service fees and carried interest, supporting long-term growth by allowing the company to pursue larger transactions.
- Sustained Strength in the Aviation Market: The overall robust aviation market, characterized by tight aircraft and engine supply, is creating unprecedented demand for spare engines. This environment allows Willis Lease to maintain firm lease rates and leverage its extensive portfolio of in-demand engines, supporting recurring cash flows and earnings visibility.
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Share Repurchases
- Willis Lease Finance Corporation reported consideration of share repurchases, with an 8-K filing indicating some repurchases during the fourth quarter of 2025.
Share Issuance
- The number of shares of common stock outstanding as of March 6, 2026, was 6,786,392.
- As of October 31, 2024, the number of common shares outstanding was 6,603,609.
- Shares of common stock are reserved for issuance under an Employee Stock Purchase Plan (ESPP), where eligible employees can purchase common stock biannually.
Inbound Investments
- In 2025, Willis Lease Finance Corporation launched Willis Aviation Capital, securing over $1.6 billion in funds through partnerships with Liberty Mutual and Blackstone Credit & Insurance.
- On September 27, 2024, the company refinanced and expanded its preferred stock from $50.0 million to a $65.0 million Series A series, providing incremental growth equity.
- In October 2023, Willis Engine Structured Trust VII, a wholly-owned subsidiary, priced $410.0 million in aggregate principal amount of fixed rate notes.
Outbound Investments
- As of December 31, 2025, the company's investment in the Willis Mitsui & Company Engine Support Limited (WMES) joint venture was $78.9 million, and in the CASC Willis Lease Finance Company Limited joint venture was $3.7 million.
- Willis Lease Finance Corporation completed the sale of its consultancy and advisory arm to a joint venture with Mitsui & Co. on June 30, 2025.
Capital Expenditures
- As of December 31, 2025, the company had $2,801.7 million of equipment held in its operating lease portfolio, and the book value of lease assets owned either directly or through joint ventures was $3,614.5 million.
- In 2025, the company exercised options for 30 LEAP engines from CFM International to strengthen its long-term leasing portfolio.
- Depreciation expense increased by $19.1 million to $111.6 million in 2025 as the company increased its portfolio size and placed new assets on lease.
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| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.00 |
| Mkt Cap | 10.2 |
| Rev LTM | 4,614 |
| Op Inc LTM | 613 |
| FCF LTM | 54 |
| FCF 3Y Avg | 138 |
| CFO LTM | 1,589 |
| CFO 3Y Avg | 1,504 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.7% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 7.8% |
| Op Inc Chg 3Y Avg | 8.1% |
| Op Mgn LTM | 23.0% |
| Op Mgn 3Y Avg | 22.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 26.5% |
| CFO/Rev 3Y Avg | 25.9% |
| FCF/Rev LTM | 2.4% |
| FCF/Rev 3Y Avg | 7.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.2 |
| P/S | 2.0 |
| P/Op Inc | 16.7 |
| P/EBIT | 19.5 |
| P/E | 21.0 |
| P/CFO | 11.6 |
| Total Yield | 4.8% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.8% |
| 3M Rtn | -4.3% |
| 6M Rtn | -4.7% |
| 12M Rtn | -18.5% |
| 3Y Rtn | 18.5% |
| 1M Excs Rtn | -5.2% |
| 3M Excs Rtn | -12.3% |
| 6M Excs Rtn | -13.3% |
| 12M Excs Rtn | -49.1% |
| 3Y Excs Rtn | -59.0% |
Price Behavior
Price Behavior
| Market Price | $225.47 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 11/15/1996 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $188.50 | $157.97 |
| DMA Trend | up | up |
| Distance from DMA | 19.6% | 42.7% |
| 3M | 1YR | |
| Volatility | 56.1% | 45.3% |
| Downside Capture | 0.61 | 0.60 |
| Upside Capture | 150.93 | 144.37 |
| Correlation (SPY) | 48.7% | 42.0% |
WLFC Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.21 | 1.89 | 1.77 | 1.62 | 1.62 | 1.20 |
| Up Beta | 2.18 | 2.46 | 2.16 | 1.55 | 1.66 | 0.96 |
| Down Beta | 8.29 | 1.67 | 2.08 | 1.82 | 1.79 | 1.50 |
| Up Capture | 167% | 130% | 172% | 247% | 177% | 272% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 23 | 36 | 71 | 129 | 394 |
| Down Capture | 514% | 204% | 142% | 118% | 142% | 102% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 20 | 28 | 54 | 122 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WLFC | |
|---|---|---|---|---|
| WLFC | 69.9% | 45.3% | 1.30 | - |
| Sector ETF (XLI) | 32.3% | 15.6% | 1.59 | 54.8% |
| Equity (SPY) | 29.6% | 12.5% | 1.86 | 46.2% |
| Gold (GLD) | 37.0% | 27.1% | 1.14 | 5.6% |
| Commodities (DBC) | 48.7% | 18.0% | 2.12 | -16.1% |
| Real Estate (VNQ) | 12.9% | 13.5% | 0.65 | 28.9% |
| Bitcoin (BTCUSD) | -16.3% | 42.1% | -0.31 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WLFC | |
|---|---|---|---|---|
| WLFC | 40.3% | 42.6% | 0.92 | - |
| Sector ETF (XLI) | 13.0% | 17.4% | 0.59 | 38.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 33.6% |
| Gold (GLD) | 21.1% | 17.9% | 0.96 | 4.0% |
| Commodities (DBC) | 14.1% | 19.1% | 0.60 | 5.1% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 24.6% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WLFC | |
|---|---|---|---|---|
| WLFC | 25.1% | 50.7% | 0.64 | - |
| Sector ETF (XLI) | 13.9% | 20.0% | 0.61 | 46.5% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 38.2% |
| Gold (GLD) | 13.5% | 16.0% | 0.70 | 1.2% |
| Commodities (DBC) | 9.4% | 17.8% | 0.44 | 15.3% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 34.1% |
| Bitcoin (BTCUSD) | 68.2% | 66.9% | 1.07 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/10/2026 | -2.6% | -6.0% | 9.3% |
| 11/4/2025 | -6.0% | -3.6% | 1.9% |
| 8/5/2025 | 7.8% | 8.6% | 4.4% |
| 3/10/2025 | -17.0% | -3.9% | -25.5% |
| 11/4/2024 | -0.2% | 9.3% | 12.1% |
| 8/1/2024 | 18.9% | 8.1% | 22.8% |
| 3/13/2024 | -1.6% | 1.6% | -0.2% |
| 11/3/2023 | 0.3% | -1.4% | 4.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 7 | 9 |
| # Negative | 7 | 11 | 9 |
| Median Positive | 2.6% | 8.6% | 12.1% |
| Median Negative | -2.6% | -2.1% | -8.0% |
| Max Positive | 18.9% | 19.7% | 53.0% |
| Max Negative | -17.0% | -7.2% | -25.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Willis, Austin Chandler | Chief Executive Officer | Direct | Sell | 5052026 | 192.77 | 3,400 | 655,414 | 29,971,713 | Form |
| 2 | Willis, Austin Chandler | Chief Executive Officer | Direct | Sell | 4032026 | 173.55 | 3,400 | 590,068 | 31,841,966 | Form |
| 3 | Willis, Charles F IV | Executive Chairman | Direct | Sell | 4012026 | 167.83 | 3,282 | 550,820 | 155,114,155 | Form |
| 4 | Willis, Charles F IV | Executive Chairman | Direct | Sell | 4012026 | 164.23 | 5,721 | 939,542 | 152,322,634 | Form |
| 5 | Willis, Charles F IV | Executive Chairman | Spouse | Sell | 4012026 | 167.55 | 238 | 39,877 | 2,271,979 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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