AerCap Holdings N.V.
- Open
- 145.73
- Day high
- 146.98
- Day low
- 144.12
- Prev close
- 144.92
- Volume
- 1.1M
- Mkt cap
- $22.7B
- P/E (TTM)
- 7.0
- EPS (TTM)
- $20.91
- P/B
- 1.2
- P/S
- 2.7
- Yield
- 1.02%
- Per share
- $1.47
- ▼Insiders net selling -$2.0M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
AerCap Holdings N.V. (AER) is a Industrials company listed on NYSE. The stock is up 16% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering AER.
AerCap Holdings N.V. (AER) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AER earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $4.14 | $5.14 | +24.2% | $2.2B | +3.3% |
| Apr 29, 2026 | $3.61 | $5.39 | +49.4% | $2.2B | +7.9% |
| Feb 6, 2026 | $3.31 | $3.95 | +19.3% | $2.2B | +8.6% |
| Oct 29, 2025 | $3.10 | $4.97 | +60.3% | $1.9B | -4.4% |
| Jul 30, 2025 | $2.68 | $2.83 | +5.6% | $1.9B | -6.3% |
| Apr 30, 2025 | $2.75 | $3.68 | +33.8% | $2.1B | +3.2% |
| Feb 26, 2025 | $2.57 | $3.31 | +28.8% | $2.1B | +5.5% |
| Aug 1, 2024 | $2.37 | $3.01 | +27.0% | $1.9B | -0.2% |
| May 1, 2024 | $2.41 | $3.29 | +36.5% | $1.9B | -0.6% |
| Feb 23, 2024 | $2.44 | $3.11 | +27.5% | $1.7B | -9.7% |
| Oct 27, 2023 | $2.44 | $2.81 | +15.2% | $1.9B | -0.6% |
| May 2, 2023 | $1.99 | $2.34 | +17.6% | $1.9B | -0.5% |
AER insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 10, 2026 | Forst Ritadirector | Sell | 2,000 | $155.64 |
| Jun 17, 2026 | Stuart Cormacofficer: Chief Accounting Officer | Sell | 11,644 | $143.21 |
| May 13, 2026 | Juhas Peterofficer: Chief Financial Officer | Sell | 23,842 | $143.77 |
| May 13, 2026 | Juhas Peterofficer: Chief Financial Officer | Sell | 164 | $146.51 |
| May 13, 2026 | Juhas Peterofficer: Chief Financial Officer | Sell | 8,194 | $145.85 |
| May 13, 2026 | Juhas Peterofficer: Chief Financial Officer | Sell | 43,800 | $145.02 |
| May 8, 2026 | Drouillard Vincentofficer: General Counsel | Sell | 4,504 | $150.00 |
| May 8, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Sell | 2,563 | $147.59 |
| May 8, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Sell | 11,162 | $148.43 |
| May 8, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Sell | 8,204 | $149.19 |
| May 8, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Sell | 3,071 | $150.35 |
| May 8, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Sell | 2,562 | $147.59 |
| May 8, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Sell | 11,163 | $148.43 |
| Apr 21, 2026 | Drouillard Vincentofficer: General Counsel | Option | 15,000 | — |
| Apr 21, 2026 | Kelly Aengusdirector, officer: Chief Executive Officer | Tax | 152,010 | $147.45 |
Source: AER SEC Form 4 filings, latest Aug 10, 2026. For informational purposes only — not investment advice.
See the full AER insider & 13F page →AerCap Holdings N.V. company profile
Overview
AerCap Holdings N.V. (NYSE:AER) is a Dublin-based aircraft leasing company founded in 1995 that has grown to become one of the world's largest commercial aircraft lessors. The company went public in 2006 and has established itself as a dominant player in the global aviation finance industry through organic growth and strategic acquisitions. AerCap owns, manages, or has on order approximately 2,400 aircraft and operates internationally, serving airlines and aviation companies across multiple continents including North America, Europe, Asia, and the Middle East.
Business
AerCap operates in the aircraft leasing industry, which serves as a critical component of the global aviation ecosystem. The company's core business involves purchasing commercial aircraft from manufacturers like Boeing and Airbus, then leasing these aircraft to airlines worldwide under long-term contracts typically ranging from 3-12 years. The company's primary offering is operating leases for commercial aircraft, where AerCap retains ownership of the aircraft while airlines pay monthly rental fees to use them. This model allows airlines to access modern aircraft fleets without the substantial upfront capital investment required for direct purchases, while providing AerCap with predictable rental income streams. AerCap's business segments include: 1. Aircraft Leasing (approximately 80% of revenue): The core business of leasing narrowbody and widebody commercial passenger aircraft to airlines globally. Basic lease rents generate the majority of revenue at around $6-6.6 billion annually. 2. Engine Leasing (approximately 10% of revenue): AerCap operates one of the world's largest engine leasing portfolios, providing spare engines to airlines for maintenance rotations and operational flexibility. 3. Aircraft Asset Management Services (approximately 5% of revenue): Including maintenance revenue collection, aircraft remarketing, technical modifications, and end-of-lease services. 4. Helicopter Leasing (approximately 3% of revenue): Leasing helicopters primarily for offshore oil and gas operations, emergency medical services, and other specialized applications. 5. Parts and MRO Services (approximately 2% of revenue): Providing aircraft parts, maintenance, repair, and overhaul services to airlines and MRO providers through a network of 27 partner facilities worldwide.
Revenue model
AerCap generates revenue through multiple streams within its aircraft leasing business model. The primary revenue source is basic lease rents, which accounted for approximately $6.6 billion in 2024, representing recurring monthly payments from airline customers under long-term operating lease agreements. These contracts typically include built-in rent escalations and provide stable, predictable cash flows. The company also earns maintenance revenues of approximately $700 million annually by collecting maintenance reserves from lessees and managing aircraft maintenance programs. When maintenance costs are lower than reserves collected, AerCap retains the difference as profit. A significant profit driver is gains on asset sales, where AerCap sells aircraft from its portfolio at values above their book value. In 2024, the company generated $651 million in gains from asset sales, achieving margins of 20-43% above book value. This capital recycling strategy allows AerCap to realize appreciation on aging aircraft while redeploying capital into newer, more efficient aircraft. Factors that increase margins include aircraft supply shortages (which drive up lease rates and asset values), strong airline demand and traffic growth, inflation (which increases aircraft replacement costs), and AerCap's scale advantages in purchasing and financing. The company benefits from having the highest credit ratings among aircraft lessors (Baa1/BBB+), enabling lower-cost debt financing. Factors that could decrease margins include economic downturns reducing airline demand, oversupply of aircraft if manufacturers dramatically increase production, rising interest rates increasing AerCap's borrowing costs, airline bankruptcies or defaults, and increased competition from other lessors or direct airline purchases. Geopolitical tensions can also impact specific regional exposures, as seen with AerCap's reduction of Chinese market exposure from 21% to 13.5% of assets.
Competitive moat
AerCap possesses a moderately strong moat built primarily on scale advantages and specialized expertise in aircraft valuation, financing, and asset management. The company's size enables it to negotiate better pricing with aircraft manufacturers, access lower-cost debt financing, and spread fixed costs across a larger asset base. With approximately 2,400 aircraft, AerCap has achieved economies of scale that smaller competitors cannot match. The company's specialized knowledge and relationships create additional competitive advantages. AerCap's expertise in aircraft residual value assessment, lease structuring, and end-of-lease asset management requires decades of experience and deep industry relationships. The company's global network of 27 MRO partners and established relationships with airlines worldwide create switching costs and barriers for competitors. However, the moat faces several challenges. Capital intensity remains a fundamental limitation, as aircraft leasing requires enormous amounts of capital that can be deployed by well-funded competitors, including sovereign wealth funds and institutional investors. The industry has seen new entrants with access to low-cost capital, potentially compressing returns over time. Regulatory and geopolitical risks can also erode competitive positioning, as seen with sanctions affecting Russian assets and trade tensions impacting aircraft procurement. Additionally, airlines' increasing preference for direct purchases during strong financial periods, and potential shifts toward more flexible lease structures, could pressure traditional leasing models. The moat is further challenged by the commodity-like nature of aircraft assets themselves. While AerCap's management expertise adds value, the underlying aircraft are standardized products that can be operated by multiple lessors, limiting differentiation opportunities compared to businesses with proprietary technology or network effects.
Risks & safety
AerCap demonstrates a moderate margin of safety with strong liquidity but high leverage typical of the aircraft leasing industry. • Liquidity Position: Strong with approximately $20 billion in total liquidity sources and $1.2 billion in cash and short-term investments as of Q1 2025. Sources-to-uses coverage ratio of 1.8x provides adequate cushion for capital deployment and debt service. • Debt and Leverage: Debt-to-equity ratio of 2.7x is high but typical for the capital-intensive aircraft leasing sector. Leverage ratio of 2.4-to-1 is within management's target range. The company maintains investment-grade credit ratings (Baa1/BBB+), the highest among aircraft lessors. • Cash Flow Generation: Strong operating cash flow of $5.4 billion in 2024, though free cash flow is typically negative due to substantial capital expenditures for new aircraft purchases. This is normal for a growing leasing business. • Valuation Metrics: Trading at P/E ratio of 7.2x based on Q1 2025 earnings, which appears reasonable for a cyclical business. Price-to-book ratio of 1.08x suggests the market values the aircraft portfolio close to book value. • Other Considerations: 99% fleet utilization provides operational stability, and 75% of the portfolio consists of new-technology aircraft, reducing obsolescence risk. However, exposure to airline credit risk and aircraft residual value fluctuations remain key vulnerabilities.
Recent development
Over the past few years, AerCap has executed several strategic initiatives to strengthen its market position and adapt to evolving industry dynamics. The company has significantly expanded its engine leasing business, ordering 268 new LEAP engines in 2024 and building what it describes as the world's largest engine leasing portfolio. This diversification provides higher-margin opportunities and capitalizes on the growing demand for spare engines due to maintenance challenges with new-technology aircraft. AerCap has also diversified into helicopter leasing, purchasing and leasing back five Leonardo AW189 helicopters and expanding its helicopter portfolio to serve offshore energy, emergency medical services, and other specialized markets. This represents a strategic move into higher-margin, niche aviation segments. The company has pursued geographic diversification by reducing its exposure to the Chinese market from over 20% to 13.5% of assets while expanding its presence in other regions. The United States has become AerCap's largest market at 14.6% of revenues, reflecting both strategic focus and strong North American aviation demand. Capital allocation strategy has evolved to include more aggressive shareholder returns. AerCap announced a $1 billion share repurchase program in 2024 and an additional $500 million program in 2025, having repurchased over $2.6 billion of stock in 2023 alone (18% of the company). The company has also maintained quarterly dividends while investing in organic growth. AerCap has strengthened its MRO network partnerships, expanding to 27 partner facilities worldwide to support its engine leasing business and provide comprehensive aircraft maintenance services. This vertical integration strategy enhances service capabilities and creates additional revenue streams beyond traditional aircraft leasing.
AER company profile · for informational purposes only — not investment advice.
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