VSE vs Willis Lease Finance
VSE is the larger business, with $1.11bn of revenue in fiscal 2025 against $730m for Willis Lease Finance (1.5 times as much). VSE grew faster (41.5% against 28.3%). Willis Lease Finance kept more of each dollar of sales as profit: a net margin of 15.6% against 1.1%.
| Latest fiscal year | VSEVSEC, 2025 | Willis Lease FinanceWLFC, 2025 |
|---|---|---|
| Revenue | $1.11bn | $730m |
| Revenue growth | 41.5% | 28.3% |
| Net income | $11.7m | $114m |
| Operating margin | — | 14.3% |
| Net margin | 1.1% | 15.6% |
| Return on equity | 1.0% | 18.8% |
| Free cash flow | $5.7m | $252m |
| Cash | $69.4m | $16.4m |
| Total debt | $296m | $2.73bn |
| Debt to equity | — | 412.6% |
| Dividend per share | $0.40 | $1.15 |
| Dividend yield | 0.2% | 1.1% |
| Share buybacks | — | $3.8m |
| Employees | 1,600 | 475 |
| Market value | $4.58bn | $938m |
| Price vs our value range | — | Below our value range |
| Moat score | 25 (Weak) | 37 (Weak) |
| Insider trades, 12 months | 0 buys, 13 sales | 1 buys, 92 sales |