Willis Lease Finance Corporation
- Open
- 190.62
- Day high
- 195.36
- Day low
- 189.30
- Prev close
- 196.00
- Volume
- 121K
- Mkt cap
- $1.3B
- P/E (TTM)
- 11.2
- EPS (TTM)
- $17.11
- P/B
- 1.9
- P/S
- 1.8
- Yield
- 0.42%
- Per share
- $0.80
- ▼Insiders net selling -$1.7M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions mixed (13F)
Willis Lease Finance Corporation (WLFC) is a Industrials company listed on NASDAQ. The stock is up 38% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
Willis Lease Finance Corporation (WLFC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WLFC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $3.02 | $4.03 | +33.4% | $194M | +11.1% |
| Mar 10, 2026 | $3.38 | $1.52 | -55.0% | $188M | +23.5% |
| Mar 10, 2025 | $1.89 | $2.81 | +48.7% | $153M | +5.0% |
| Aug 1, 2024 | — | $6.21 | — | $137M | — |
| May 2, 2024 | — | $3.00 | — | $108M | — |
| Mar 13, 2024 | — | $1.53 | — | $109M | — |
| Nov 3, 2023 | — | $2.13 | — | $106M | — |
| Aug 3, 2023 | — | $2.02 | — | $109M | — |
| May 4, 2023 | — | $0.55 | — | $90M | — |
| Mar 9, 2023 | — | $2.12 | — | $88M | — |
| Nov 2, 2022 | — | $0.89 | — | $77M | — |
| Aug 4, 2022 | — | $0.81 | — | $78M | — |
WLFC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 500 | $220.62 |
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 700 | $222.71 |
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 248 | $227.21 |
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 200 | $225.09 |
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 1,700 | $221.81 |
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 1,100 | $227.99 |
| Jul 6, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 236 | $229.53 |
| May 28, 2026 | Barrington Colmdirector | Grant | 674 | $185.62 |
| May 28, 2026 | Curran Brendandirector | Grant | 674 | $185.62 |
| May 28, 2026 | Jones Stephen Francisdirector | Grant | 674 | $185.62 |
| May 27, 2026 | Barrington Colmdirector | Grant | 3,000 | $185.62 |
| May 27, 2026 | Jones Stephen Francisdirector | Grant | 3,000 | $185.62 |
| May 27, 2026 | Curran Brendandirector | Grant | 3,000 | $185.62 |
| May 18, 2026 | Dameron Cliftonofficer: SVP, GC & Corporate Secretary | Tax | 612 | $180.03 |
| May 5, 2026 | Willis Austin Chandlerdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 400 | $194.43 |
Source: WLFC SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full WLFC insider & 13F page →Willis Lease Finance Corporation company profile
Overview
Willis Lease Finance Corporation (NASDAQ:WLFC) is a specialized aviation finance company founded in 1985 and headquartered in Coconut Creek, Florida. The company went public in 1996 and has established itself as a leading lessor and servicer of commercial aircraft engines and related equipment worldwide. Over nearly four decades, Willis Lease has built a global portfolio serving commercial aircraft operators and maintenance organizations across 40 countries, positioning itself as a key player in the aviation aftermarket through both traditional leasing operations and innovative maintenance solutions.
Business
Willis Lease Finance operates in the commercial aviation aftermarket, which serves as the secondary market for aircraft engines, parts, and maintenance services after aircraft leave the original equipment manufacturers. The aviation aftermarket is critical to global airline operations, as airlines require continuous access to spare engines, parts, and maintenance services to keep their fleets operational while managing costs and minimizing aircraft downtime. The company operates through two primary business segments. The Leasing and Related Operations segment represents the core business, generating approximately 85-90% of total revenues. This segment involves acquiring commercial aircraft engines, aircraft, and related equipment, then leasing these assets to airlines, cargo operators, and maintenance repair and overhaul (MRO) organizations worldwide. The company specializes in both current-generation engines like the CFM56 and V2500 series, as well as next-generation technology including LEAP and GTF engines. This segment also includes the innovative "ConstantThrust" program, which provides comprehensive engine maintenance services to lessees. The Spare Parts Sales segment accounts for roughly 10-15% of revenues and focuses on purchasing and reselling aftermarket engine parts, whole engines, engine modules, and portable aircraft components. This segment has shown significant growth, with spare parts sales increasing 455% in Q1 2025 compared to the prior year, driven by strong demand for used serviceable materials in a supply-constrained market. Willis Lease has strategically expanded into vertical integration through maintenance services, operating MRO repair stations in both the United States and United Kingdom. This allows the company to perform engine maintenance, overhauls, and modifications in-house, creating additional revenue streams while maintaining greater control over asset values and turnaround times.
Revenue model
Willis Lease generates revenue through multiple complementary business models within the aviation finance ecosystem. The primary revenue driver is lease rental income from its engine and aircraft portfolio, where the company earns monthly or quarterly lease payments from airline and MRO customers. Core lease rent revenues reached $238.2 million in 2024, representing steady recurring income from long-term lease agreements typically ranging from several months to multiple years. A significant and growing revenue stream comes from maintenance reserve collections, which totaled $213.9 million in 2024, representing a 60% increase from the previous year. Under this model, lessees pay monthly maintenance reserves to Willis Lease based on engine utilization hours, which the company holds until the engine requires maintenance. Willis Lease then either returns these funds to cover maintenance costs or retains them as revenue if maintenance is performed more cost-effectively than anticipated. The company also generates revenue through asset sales, earning $45.1 million in gains on equipment sales in 2024 from disposing of engines and aircraft at opportune market timing. Additionally, spare parts sales contributed $27.1 million in 2024, while maintenance services provided $24.2 million through the company's MRO operations. Several factors influence Willis Lease's profitability margins. Positive margin drivers include the ongoing global aircraft fleet growth, supply chain constraints limiting new engine production, aging aircraft fleets requiring more maintenance and spare parts, and the company's vertical integration reducing third-party maintenance costs. The innovative ConstantThrust program also enhances margins by providing predictable maintenance revenue while reducing lessee operational risks. Margin pressures can arise from rising interest rates increasing the company's substantial debt financing costs, economic downturns reducing airline demand and lease rates, increased competition from other lessors, and potential oversupply if aircraft production accelerates significantly. Additionally, technological shifts toward newer engine generations could impact demand for the company's current-generation assets, though Willis Lease has been actively modernizing its portfolio with 53% now consisting of future-technology assets.
Competitive moat
Willis Lease possesses a moderate but meaningful competitive moat built primarily around its specialized expertise, scale advantages, and strategic positioning in the aviation aftermarket. The company's technical specialization in engine leasing and maintenance creates barriers to entry, as this business requires deep knowledge of complex aircraft systems, regulatory requirements, and maintenance cycles that take years to develop. Few competitors possess Willis Lease's combination of leasing, parts trading, and MRO capabilities under one roof. The company benefits from scale economies in both asset acquisition and maintenance operations. With nearly $1 billion in asset acquisitions in 2024 alone, Willis Lease can negotiate better pricing with suppliers and lessees than smaller competitors. Its global portfolio of over 475 managed engines provides diversification and operational flexibility that smaller lessors cannot match. Customer relationships and switching costs provide additional moat strength. Airlines and MRO providers develop operational dependencies on their engine lessors, particularly for maintenance reserves and spare parts availability. The ConstantThrust program creates even stronger customer stickiness by providing comprehensive maintenance solutions that would be costly and disruptive for customers to replace. However, Willis Lease's moat faces several competitive threats. Large aircraft manufacturers like Boeing and Airbus are expanding their aftermarket services, potentially competing directly with independent lessors. Well-capitalized financial institutions and private equity firms continue entering the aircraft leasing market, intensifying competition for asset acquisitions and potentially compressing lease rates. Additionally, airlines' increasing focus on newer, more fuel-efficient aircraft could reduce long-term demand for the older-generation engines that comprise a significant portion of Willis Lease's portfolio. The company's moat is further limited by the cyclical nature of aviation markets and the substantial capital requirements that create ongoing financing dependencies. While Willis Lease has established strong banking relationships and diverse funding sources, economic downturns can quickly impact both asset values and customer creditworthiness, potentially eroding competitive advantages during stress periods.
Risks & safety
Willis Lease presents a moderate margin of safety with mixed financial health indicators that require careful consideration. **Liquidity and Solvency:** • Cash position of $32.4 million as of Q1 2025, relatively low given the capital-intensive nature • Current ratio of 4.83 indicates strong short-term liquidity coverage • Free cash flow of $4.2 million in Q1 2025, significantly improved from negative $287 million in Q4 2024 • High debt-to-equity ratio of 3.95, reflecting substantial leverage typical for asset-heavy leasing businesses • Total debt of approximately $2.7 billion against $3.3 billion in total assets **Valuation Metrics:** • P/E ratio of 15.5 appears reasonable for a specialized leasing company • EV/EBITDA of 10.0 suggests moderate valuation relative to cash generation • Price-to-book ratio of 1.85 indicates trading above book value, though asset appreciation may justify premium • Graham number suggests potential undervaluation, though high leverage complicates traditional value metrics **Other Considerations:** • Strong asset utilization improvement from 76.7% to 86.4% demonstrates operational efficiency gains • Maintenance reserve liabilities provide revenue stability but create timing uncertainties • Concentration risk in aviation industry creates cyclical vulnerability • Interest rate sensitivity due to substantial floating-rate debt exposure
Recent development
Over the past few years, Willis Lease has executed several strategic initiatives to modernize its business model and strengthen its competitive position. The company has aggressively modernized its asset portfolio, investing nearly $1 billion in engine and aircraft acquisitions during 2024 alone, with a strategic focus on next-generation technology. The portfolio composition has shifted dramatically, with future-technology assets now representing 53% of the total portfolio compared to 35% of new acquisitions, indicating a clear strategic pivot toward newer, more valuable engine types. A key innovation has been the development and expansion of the ConstantThrust program, which represents a fundamental shift from traditional leasing toward comprehensive maintenance solutions. This program provides airlines with predictable maintenance costs and guaranteed engine availability, creating stronger customer relationships and more stable revenue streams. The company has signed ConstantThrust deals covering over 20 CFM56-7B engines and recently announced a new agreement with Air India Express. Willis Lease has significantly strengthened its capital structure and financing capabilities through multiple strategic transactions. The company completed its first-ever engine warehouse financing for $500 million, expanded its credit facility from $500 million to $1 billion, and secured additional preferred equity investment from the Development Bank of Japan. These financing improvements provide greater flexibility for asset acquisitions and portfolio growth. The company has also pursued vertical integration through expanding its MRO capabilities, operating repair stations in both the United States and United Kingdom. This integration allows Willis Lease to control maintenance costs, timing, and quality while capturing additional margin that would otherwise go to third-party providers. The company has announced plans for a joint venture engine test facility in West Palm Beach, Florida, further expanding its in-house capabilities. Recent quarters have shown strong operational momentum, with core lease revenues reaching all-time highs, maintenance reserve revenues growing 25% year-over-year, and spare parts sales increasing dramatically due to supply chain constraints and strong aftermarket demand.
WLFC company profile · for informational purposes only — not investment advice.
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