Aercap Holdings N.V. key statistics and ratios

In fiscal 2025, Aercap Holdings N.V. had return on equity of 21.1%, a net margin of 44.0% and debt equal to 237.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Aercap Holdings N.V.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	61.6%	18.1%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	32.5%	27.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net margin	25.5%	21.7%	15.7%	16.8%	27.8%	22.6%	22.3%	20.3%	21.4%	21.2%	23.2%	−6.6%	19.2%	−10.4%	41.4%	26.2%	44.0%
Free-cash-flow margin	−129.5%	−131.9%	−11.4%	−39.3%	−103.6%	64.4%	63.5%	65.6%	62.3%	59.2%	62.9%	47.4%	70.7%	73.7%	69.4%	68.0%	63.3%
Return on equity	13.1%	12.0%	7.7%	7.4%	12.9%	15.8%	14.5%	12.4%	12.6%	11.7%	12.6%	−3.3%	7.9%	−4.4%	19.2%	12.4%	21.1%
Return on assets	2.4%	2.5%	1.8%	1.8%	3.2%	3.0%	2.7%	2.5%	2.6%	2.4%	2.6%	−0.7%	1.7%	−1.0%	4.4%	2.9%	5.2%
Asset turnover	0.10	0.12	0.12	0.11	0.12	0.13	0.12	0.12	0.12	0.11	0.11	0.10	0.09	0.10	0.11	0.11	0.12
Debt to equity	0.0%	0.0%	268.4%	273.5%	257.2%	386.6%	357.0%	327.0%	331.3%	334.2%	316.5%	324.2%	303.0%	288.7%	280.2%	263.6%	237.8%
Interest cover (operating income ÷ interest)	2.4x	1.1x	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Effective tax rate	0.5%	8.5%	6.7%	5.2%	8.4%	15.0%	13.9%	14.5%	13.3%	12.5%	12.5%	—	14.2%	—	8.9%	14.3%	13.6%
SG&A as % of revenue	11.8%	8.4%	11.0%	8.6%	8.5%	8.3%	7.2%	6.8%	6.9%	6.4%	5.4%	5.4%	6.1%	5.7%	6.1%	6.1%	6.4%
Capital spending as % of revenue	195.3%	202.3%	69.8%	106.8%	169.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	−507.7%	−608.2%	−72.6%	−233.4%	−372.1%	285.5%	285.1%	323.1%	291.8%	279.7%	271.1%	—	369.2%	—	167.8%	259.1%	143.8%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	6.7%	5.1%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	2.6%	3.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 4 checks passed · December 31, 2025

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.4bn of cash against $43.6bn of debt.
Debt below 40% of shareholders' equity Debt is 238% of equity.
Debt burden no higher than five years ago Debt to equity moved from 324% to 238% over five years.
A year's operating cash flow covers at least 20% of debt $5.4bn of operating cash flow against $43.6bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Aercap Holdings N.V.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

54 /100

Moderate moat

How hard Aercap Holdings's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 1 / 20

Net income has been a median 2.6% of total assets over 5 years.
Durability 18 / 20

Net margin has been a median 25.5%; its worst year was 19.2%.
Cash conversion 16 / 20

Free cash flow was positive in 3 of 5 years, at a median 28.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (59 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Aercap Holdings N.V.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Aercap Holdings N.V.