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Willis Lease Finance Corp key statistics and ratios

In fiscal 2025, Willis Lease Finance Corp had return on equity of 18.8%, an operating margin of 14.3% and debt equal to 412.6% 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.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin———————93.6%85.1%82.5%84.7%———————
Operating margin20.9%12.5%14.4%0.6%4.9%6.0%5.9%10.7%10.5%15.1%19.6%5.1%3.0%3.2%15.3%25.4%14.3%15.7%
Net margin14.9%8.1%9.3%1.0%9.9%4.1%3.3%6.8%22.6%12.4%16.4%3.4%1.2%1.7%10.5%19.1%15.6%12.0%
Free-cash-flow margin58.5%37.9%48.4%44.6%50.4%28.1%47.4%43.7%46.0%53.2%54.7%31.3%32.3%44.2%53.7%47.2%34.5%32.9%
Return on equity10.1%5.4%6.3%0.7%7.6%3.3%3.0%6.9%27.3%15.8%21.0%2.7%0.9%1.4%10.4%22.0%18.8%13.4%
Return on assets—1.1%1.3%0.1%1.4%0.6%0.5%1.1%4.2%2.4%3.5%0.5%0.1%0.2%1.7%3.7%3.1%2.4%
Asset turnover—0.130.140.130.140.140.160.160.190.200.210.130.110.120.160.190.200.20
Debt to equity0.0%0.0%303.9%350.0%370.7%388.2%420.0%465.6%426.3%473.7%362.6%470.6%481.4%460.1%416.2%417.4%412.6%332.0%
Interest cover (operating income ÷ interest)0.9x0.5x0.6x0.0x0.2x0.3x0.3x0.5x0.6x0.8x1.2x0.2x0.1x0.1x0.8x1.4x0.8x0.9x
Effective tax rate30.9%38.8%39.3%43.1%−38.3%38.8%49.4%41.2%—23.2%24.7%43.8%63.3%44.5%34.8%28.8%29.2%32.4%
Capital spending as % of revenue0.1%0.3%0.6%0.8%0.3%7.9%2.0%0.5%3.9%1.0%1.5%1.0%0.8%2.1%1.2%2.7%4.3%2.6%
Free cash flow ÷ net income393.7%466.7%522.2%>999%511.0%681.5%>999%643.8%203.3%428.4%334.7%928.1%>999%>999%513.0%247.5%221.7%274.6%
Dividends ÷ net income——————————————0.0%9.9%7.7%12.1%
Dividends and buybacks ÷ free cash flow0.0%7.4%7.5%19.3%7.4%10.9%17.6%32.0%2.8%8.7%1.6%1.7%11.4%3.8%4.2%4.0%5.0%4.4%

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 5 checks passed · June 30, 2026
  • 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 $11m of cash against $2.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 328% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 476% to 328% over five years.
  • A year's operating cash flow covers at least 20% of debt $272m of operating cash flow against $2.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $120m against $129m of interest.

From Willis Lease Finance Corp'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

37 /100

Weak moat

How hard Willis Lease Finance's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.1% of total assets over 10 years.

  • Durability 4 / 20

    Operating margin has been a median 14.2%; its worst year was -1.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 47.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 14.7% over five years; stock-based pay has been a median 3.4% 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 (42 before it).

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

Compare with peers

Head to head: VSEC vs WLFCGIC vs WLFCALTG vs WLFC

More: Trading Companies & Distributors stocks compared, Industrials sector, rankings of US companies

Figures from Willis Lease Finance Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Willis Lease Finance Corp.