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Willis Lease Finance Corporation, together with its subsidiaries, operates as a lessor and servicer of commercial aircraft and aircraft engines worldwide. It operates in two segments, Leasing and Related Operations, and Spare Parts Sales. The company engages in acquiring and leasing commercial aircraft, aircraft engines, and related aircraft equipment, as well as the purchase and resale of commercial aircraft engines and other aircraft equipment, and service and maintenance related businesses. It also purchases and resells after-market engine parts, whole engines, engine modules, and portable aircraft components. The company serves commercial aircraft operators, as well as maintenance, repair, and overhaul organizations. Willis Lease Finance Corporation was incorporated in 1985 and is headquartered in Coconut Creek, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $730M | $406M | $114M | $-272M | 17.2% | 28.3% | 4.7% |
| 2024 | $569M | $353M | $109M | $-562M | 19.8% | 36.0% | 148.1% |
| 2023 | $419M | $237M | $44M | $61M | 10.0% | 34.2% | 704.9% |
| 2022 | $312M | $165M | $5M | $-149M | 1.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 311.93 | 418.56 | 569.22 | 730.24 |
| Operating Revenue | - | 286.83 | 410.64 | 560.15 | 713.08 |
| Cost Of Revenue | - | 109.09 | 127.29 | 139.78 | 231.74 |
| Gross Profit | - | 202.83 | 291.26 | 429.44 | 498.50 |
| Operating Expense | - | 106.94 | 143.85 | 169.05 | 226.12 |
| Selling General And Administration | - | 92.53 | 115.74 | 146.76 | 194.74 |
| Total Expenses | - | 216.04 | 271.14 | 308.83 | 457.86 |
| Operating Income | - | 95.89 | 147.42 | 260.39 | 272.38 |
| Total Operating Income As Reported | - | 9.86 | 64.22 | 144.40 | 104.29 |
| EBITDA | - | 164.80 | 236.85 | 352.62 | 405.72 |
| Normalized EBITDA | - | 184.09 | 241.25 | 363.85 | 398.80 |
| EBIT | - | 76.54 | 145.93 | 257.41 | 292.67 |
| Interest Expense | - | 66.74 | 78.80 | 104.76 | 132.06 |
| Net Interest Income | - | -66.74 | -78.80 | -104.76 | -132.06 |
| Other Income Expense | - | -19.35 | -1.49 | -2.98 | 20.29 |
| Interest Expense Non Operating | - | 66.74 | 78.80 | 104.76 | 132.06 |
| Net Non Operating Interest Income Expense | - | -66.74 | -78.80 | -104.76 | -132.06 |
| Pretax Income | - | 9.79 | 67.13 | 152.65 | 160.61 |
| Tax Provision | - | 4.35 | 23.35 | 44.03 | 46.85 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.05 | -1.53 | -3.24 | 2.02 |
| Net Income Continuous Operations | - | 5.44 | 43.78 | 108.61 | 113.76 |
| Net Income From Continuing And Discontinued Operation | - | 5.44 | 43.78 | 108.61 | 113.76 |
| Net Income From Continuing Operation Net Minority Interest | - | 5.44 | 43.78 | 108.61 | 113.76 |
| Net Income | - | 5.44 | 43.78 | 108.61 | 113.76 |
| Net Income Common Stockholders | - | 2.10 | 40.37 | 104.38 | 108.07 |
| Net Income Including Noncontrolling Interests | - | 5.44 | 43.78 | 108.61 | 113.76 |
| Normalized Income | - | 20.68 | 46.65 | 116.60 | 108.86 |
| Diluted NI Availto Com Stockholders | - | 2.10 | 40.37 | 104.38 | 108.07 |
| Basic Average Shares | - | 6.07 | 6.30 | 6.54 | 6.75 |
| Diluted Average Shares | - | 6.30 | 6.48 | 6.80 | 7.02 |
| Reconciled Depreciation | - | 88.26 | 90.92 | 95.21 | 113.05 |
| Reconciled Cost Of Revenue | - | 109.09 | 127.29 | 139.78 | 231.74 |
| Total Unusual Items | - | -19.29 | -4.40 | -11.23 | 6.92 |
| Total Unusual Items Excluding Goodwill | - | -19.29 | -4.40 | -11.23 | 6.92 |
| Preferred Stock Dividends | - | 3.25 | 3.33 | 4.13 | 5.41 |
| Special Income Charges | - | -19.29 | -4.40 | -11.23 | 6.92 |
| Gain On Sale Of Business | - | - | - | 0 | 42.95 |
| Other Special Charges | - | -2.56 | - | - | 3.08 |
| Impairment Of Capital Assets | - | 21.85 | 4.40 | 11.23 | 32.95 |
| Depreciation Amortization Depletion Income Statement | 90.50 | - | - | - | - |
| Depreciation And Amortization In Income Statement | 90.50 | - | - | - | - |
| General And Administrative Expense | - | 92.53 | 115.74 | 146.76 | 194.74 |
| Other Gand A | - | 92.53 | 115.74 | 146.76 | 194.74 |
| Other Operating Expenses | - | 14.42 | 28.11 | 22.29 | 31.38 |
| Otherunder Preferred Stock Dividend | - | 0.08 | 0.08 | 0.11 | 0.28 |
| Earnings From Equity Interest | - | -0.06 | 2.91 | 8.25 | 13.36 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Willis Lease Finance Corporationthis co. | WLFC | $1.4B | 12.43↓ discount | 2.14 | 17.2% | 10.10 |
| SFL Corporation Ltd. | SFL | $1.5B | -55.15 | 1.52 | -2.8% | 10.04 |
| TETRA Technologies, Inc. | TTI | $1.5B | 483.12 | 5.12 | 1.1% | 19.83 |
| The Greenbrier Companies, Inc. | GBX | $1.4B | 7.10 | 0.95 | 13.3% | 6.14 |
| Marten Transport, Ltd. | MRTN |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.4B |
| 83.09 |
| 1.89 |
| 2.3% |
| 12.10 |
| Tennant Company | TNC | $1.4B | 32.96 | 2.40 | 7.3% | 13.28 |
| Hillman Solutions Corp. | HLMN | $1.4B | 35.39 | 1.16 | 3.3% | 8.51 |
| Arlo Technologies, Inc. | ARLO | $1.4B | 94.09 | 10.98 | 11.7% | 126.44 |
| PROG Holdings, Inc. | PRG | $1.4B | 9.32 | 1.83 | 19.7% | 0.91 |
| Peer Median | - | 34.18 | 1.86 | 5.3% | 11.07 | |