Willis Lease Finance (WLFC) Financials

$149.53 +0.35 (+0.23%)

Closing price 04:00 PM Eastern

Extended Trading

$149.74 +0.21 (+0.14%)

As of 07:59 PM Eastern

Annual Income Statements for Willis Lease Finance

This table shows Willis Lease Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	7.18	6.46	14	60	40	64	6.41	0.02	2.11	40	104
Consolidated Net Income / (Loss)	7.18	6.46	14	62	43	67	9.75	3.35	5.44	44	109
Net Income / (Loss) Continuing Operations	7.18	6.46	14	62	43	67	9.75	3.35	5.44	44	109
Total Pre-Tax Income	12	13	24	36	56	89	17	9.14	9.79	67	153
Total Operating Income	47	49	63	78	52	38	15	76	9.86	64	144
Total Gross Profit	154	171	187	224	276	292	265	265	277	354	500
Total Revenue	174	198	207	275	348	300	289	274	312	419	569
Operating Revenue	174	198	207	275	348	300	289	274	312	419	569
Total Cost of Revenue	20	27	20	51	72	8.12	23	9.38	35	64	70
Operating Cost of Revenue	20	27	20	51	72	8.12	23	9.38	35	64	70
Total Operating Expenses	107	121	124	147	224	254	251	188	267	290	355
Selling, General & Admin Expense	36	43	48	56	72	149	68	90	93	116	147
Depreciation Expense	65	69	66	66	77	86	95	91	88	91	92
Other Operating Expenses / (Income)	-	-	-	-	64	-	68	-	64	79	105
Impairment Charge	5.60	9.18	9.51	25	11	18	21	7.72	22	4.40	11
Total Other Income / (Expense), net	-36	-37	-39	-42	3.80	50	2.64	-67	-0.06	2.91	8.25
Interest & Investment Income	1.33	1.18	1.81	7.16	3.80	8.58	2.64	0.80	-0.06	2.91	8.25
Income Tax Expense	4.56	6.32	9.88	-26	13	22	7.59	5.79	4.35	23	44
Preferred Stock Dividends Declared	-	-	0.29	1.86	3.33	3.33	3.34	3.33	3.33	3.41	4.23
Basic Earnings per Share	$0.91	$0.83	$2.10	$9.93	$6.75	$10.90	$1.07	$0.00	$0.35	$6.40	$15.97
Weighted Average Basic Shares Outstanding	7.92M	7.82M	6.57M	6.07M	5.92M	5.84M	5.96M	6.11M	6.07M	6.31M	6.54M
Diluted Earnings per Share	$0.88	$0.81	$2.05	$9.69	$6.60	$10.50	$1.05	$0.00	$0.33	$6.23	$15.34
Weighted Average Diluted Shares Outstanding	8.14M	7.99M	6.71M	6.22M	6.05M	6.06M	6.13M	6.35M	6.30M	6.48M	6.80M
Weighted Average Basic & Diluted Shares Outstanding	7.90M	7.80M	6.60M	6.42M	5.79M	5.86M	6.00M	5.94M	6.12M	6.39M	6.61M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$1.50

This table shows Willis Lease Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	14	3.57	13	14	10	20	42	23	20	15	59
Consolidated Net Income / (Loss)	14	4.39	14	15	11	21	43	24	21	17	60
Net Income / (Loss) Continuing Operations	14	-1.85	14	15	17	21	43	24	21	17	60
Total Pre-Tax Income	18	6.84	19	20	21	30	58	34	30	25	74
Total Operating Income	-0.15	20	19	20	4.64	27	54	34	29	24	28
Total Gross Profit	71	71	94	89	100	105	141	126	136	131	179
Total Revenue	88	83	109	106	121	119	151	146	153	158	196
Operating Revenue	88	83	109	106	121	119	151	146	153	158	196
Total Cost of Revenue	17	13	15	16	21	14	10	20	17	27	16
Operating Cost of Revenue	17	13	15	16	21	14	10	20	17	27	16
Total Operating Expenses	71	50	75	69	95	78	87	92	106	107	151
Selling, General & Admin Expense	17	28	32	27	30	32	40	40	42	48	79
Depreciation Expense	23	23	22	23	23	22	22	24	24	25	28
Other Operating Expenses / (Income)	-	-	19	19	-	23	25	28	29	32	34
Impairment Charge	-	0.00	1.67	0.72	2.01	0.26	0.00	0.61	10	2.11	11
Total Other Income / (Expense), net	18	-20	-0.47	0.35	23	2.67	3.83	0.76	0.99	1.35	46
Interest & Investment Income	1.47	-1.16	-0.47	0.35	4.20	2.67	3.83	0.76	0.99	1.35	3.08
Other Income / (Expense), net	-	-	-	-	-	-	0.00	-	-	-	43
Income Tax Expense	3.86	2.44	5.15	5.73	10	9.02	15	10	9.33	8.39	14
Preferred Stock Dividends Declared	0.84	0.82	0.83	0.84	0.92	0.91	0.92	0.96	1.44	1.39	1.42
Basic Earnings per Share	$2.31	$0.58	$2.04	$2.16	$1.62	$3.12	$6.34	$3.51	$3.00	$2.34	$8.68
Weighted Average Basic Shares Outstanding	6.07M	6.12M	6.35M	6.37M	6.31M	6.39M	6.57M	6.58M	6.54M	6.61M	6.79M
Diluted Earnings per Share	$2.33	$0.55	$2.02	$2.13	$1.53	$3.00	$6.21	$3.37	$2.76	$2.21	$8.43
Weighted Average Diluted Shares Outstanding	6.30M	6.46M	6.44M	6.47M	6.48M	6.66M	6.71M	6.86M	6.80M	7M	6.99M
Weighted Average Basic & Diluted Shares Outstanding	6.12M	6.35M	6.37M	6.37M	6.39M	6.57M	6.58M	6.60M	6.61M	6.90M	6.81M

This table details how cash moves in and out of Willis Lease Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.69	-22	-10	15	6.93	-18	15	17	-6.63	79	-36
Net Cash From Operating Activities	63	98	92	137	189	230	93	91	144	230	284
Net Cash From Continuing Operating Activities	63	98	92	137	161	230	93	91	145	230	284
Net Income / (Loss) Continuing Operations	7.18	6.46	14	62	43	67	9.75	3.35	5.44	44	109
Consolidated Net Income / (Loss)	7.18	6.46	14	62	43	67	9.75	3.35	5.44	44	109
Depreciation Expense	65	69	66	66	77	86	95	91	88	91	92
Amortization Expense	3.82	4.31	4.27	5.18	6.40	6.36	5.14	5.02	5.32	0.00	2.75
Non-Cash Adjustments To Reconcile Net Income	-16	7.99	8.67	28	6.78	24	10	-12	33	71	31
Changes in Operating Assets and Liabilities, net	2.32	9.62	-1.71	-24	28	47	-26	4.02	13	24	50
Net Cash From Investing Activities	-109	-140	-123	-326	-380	-147	-507	-148	-194	-93	-765
Net Cash From Continuing Investing Activities	-109	-140	-123	-326	-380	-147	-507	-148	-194	-93	-765
Purchase of Property, Plant & Equipment	-133	-179	-175	-384	-445	-296	-2.98	-208	-293	-169	-846
Sale of Property, Plant & Equipment	44	42	63	44	64	192	35	96	110	85	171
Sale and/or Maturity of Investments	0.85	1.30	-	-	0.00	4.95	7.63	8.40	3.97	4.15	11
Other Investing Activities, net	-2.73	-3.04	-5.53	15	0.00	-43	-546	-44	-15	-13	-101
Net Cash From Financing Activities	47	20	21	203	226	-101	428	74	43	-58	445
Net Cash From Continuing Financing Activities	47	20	21	203	226	-101	428	74	43	-58	445
Repayment of Debt	-106	-154	-118	-504	-513	-431	-539	-422	-229	-665	-840
Repurchase of Common Equity	-5.35	-17	-29	-3.55	-16	-3.57	-1.51	-10	-5.25	-9.43	-12
Payment of Dividends	-	-	-	-1.31	-3.35	-3.25	-3.26	-3.25	-3.27	-3.24	-14
Issuance of Debt	154	193	149	686	759	340	973	514	284	626	1,306
Issuance of Preferred Equity	-	-	20	30	-	-	-	-	-	0.00	13
Issuance of Common Equity	0.41	0.52	0.16	0.18	0.25	0.34	0.43	0.19	0.34	0.27	0.26
Other Financing Activities, net	3.32	-3.16	-0.91	-3.36	-1.29	-3.57	-1.16	-4.97	-3.66	-5.79	-8.24
Cash Interest Paid	33	36	37	43	59	64	54	64	64	77	101
Cash Income Taxes Paid	0.21	0.35	0.46	0.44	1.07	0.22	0.51	1.41	2.24	0.51	7.09

This table details how cash moves in and out of Willis Lease Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	7.63	-25	-9.49	0.62	112	-74	54	-43	27	17	633
Net Cash From Operating Activities	62	52	47	70	61	60	70	87	68	41	104
Net Cash From Continuing Operating Activities	62	52	47	70	61	60	70	87	68	41	104
Net Income / (Loss) Continuing Operations	14	4.39	14	15	11	21	43	24	21	17	60
Consolidated Net Income / (Loss)	14	4.39	14	15	11	21	43	24	21	17	60
Depreciation Expense	23	23	22	23	23	22	22	24	24	25	28
Amortization Expense	1.38	1.33	1.40	1.40	-4.13	0.00	2.87	4.04	-6.48	0.92	0.58
Non-Cash Adjustments To Reconcile Net Income	3.51	22	12	19	18	0.66	17	7.29	8.91	17	-31
Changes in Operating Assets and Liabilities, net	20	1.35	-2.79	13	13	16	-14	28	20	-18	47
Net Cash From Investing Activities	-50	-64	-39	-29	39	-64	-211	-180	-310	14	-16
Net Cash From Continuing Investing Activities	-50	-64	-39	-29	39	-64	-211	-180	-310	14	-16
Purchase of Property, Plant & Equipment	-67	-57	-58	-32	-22	-63	-260	-168	-355	-37	-135
Acquisitions	-	-	-	-	-	0.00	-	-	-	-1.60	-0.18
Sale of Property, Plant & Equipment	16	7.58	16	1.58	60	4.71	65	48	53	48	94
Sale and/or Maturity of Investments	1.05	0.79	0.93	1.05	1.38	1.62	2.15	3.01	3.80	4.35	4.23
Net Cash From Financing Activities	-3.90	-12	-17	-41	12	-70	195	50	269	-38	545
Net Cash From Continuing Financing Activities	-3.90	-12	-17	-41	12	-70	195	50	269	-38	545
Repayment of Debt	-68	-53	-78	-91	-443	-139	-78	-120	-503	-170	-149
Payment of Dividends	-0.84	-0.82	-0.80	-0.82	-0.80	-0.92	-8.04	-3.36	-1.87	-3.47	-3.26
Issuance of Debt	65	42	67	51	466	70	287	162	787	135	716
Issuance of Common Equity	-	0.18	-	0.10	-0.00	0.18	-0.00	0.09	0.00	0.13	-0.00
Cash Interest Paid	17	23	24	8.22	21	23	24	26	27	31	32
Cash Income Taxes Paid	0.34	0.18	0.14	-0.14	0.32	-0.64	6.42	0.05	1.26	-0.03	3.46

This table presents Willis Lease Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,262	1,294	1,338	1,603	1,935	290	2,365	2,463	2,575	2,652	3,297
Total Current Assets	74	56	49	66	105	64	107	14	136	227	171
Cash & Equivalents	13	9.73	10	7.05	12	6.72	43	14	12	7.07	9.11
Restricted Cash	51	33	22	40	70	57	36	-	77	161	123
Accounts Receivable	8.91	14	16	19	23	-	28	-	47	58	38
Plant, Property, & Equipment, net	1,084	1,129	1,153	1,369	1,701	32	1,918	31	35	2,150	48
Total Noncurrent Assets	104	108	136	169	129	195	339	2,417	2,404	276	3,078
Noncurrent Note & Lease Receivables	-	-	-	-	0.24	38	159	115	88	101	205
Goodwill	-	-	-	-	-	-	-	1.19	1.13	1.04	2.93
Other Noncurrent Operating Assets	102	108	133	167	127	155	179	2,301	2,315	173	2,870
Total Liabilities & Shareholders' Equity	1,262	1,294	1,338	1,603	1,935	1,941	2,365	2,463	2,575	2,652	3,297
Total Liabilities	1,045	1,085	1,122	1,295	1,599	1,541	1,951	2,037	2,121	2,163	2,685
Total Current Liabilities	22	22	18	22	43	46	27	27	43	53	76
Accounts Payable	22	22	18	22	43	46	27	27	43	53	76
Total Noncurrent Liabilities	1,023	1,063	1,104	1,273	1,556	1,495	1,924	2,010	2,078	2,110	2,609
Long-Term Debt	841	866	900	1,085	1,337	1,251	1,694	1,790	1,847	1,803	2,265
Asset Retirement Reserve & Litigation Obligation	66	71	72	76	95	107	82	66	59	92	98
Noncurrent Deferred Revenue	4.34	5.09	5.82	8.10	5.46	6.12	12	10	18	44	38
Noncurrent Deferred & Payable Income Tax Liabilities	91	96	105	78	90	110	117	124	133	148	185
Other Noncurrent Operating Liabilities	21	25	21	25	28	21	20	19	20	24	23
Redeemable Noncontrolling Interest	-	-	20	49	50	50	50	50	50	50	63
Total Equity & Noncontrolling Interests	217	209	196	259	287	350	364	376	405	439	549
Total Preferred & Common Equity	217	209	196	259	287	350	364	376	405	439	549
Total Common Equity	217	209	196	259	287	350	364	376	405	439	549
Common Stock	42	29	2.58	2.38	0.06	4.62	14	15	20	30	51
Retained Earnings	175	181	195	256	287	349	355	355	357	398	491
Accumulated Other Comprehensive Income / (Loss)	-	-0.52	-1.05	0.23	0.10	-3.25	-5.12	5.03	27	11	6.90

This table presents Willis Lease Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	2,396	2,542	2,587	2,604	2,602	2,674	2,922	3,044	3,275	3,946
Total Current Assets	53	131	9.82	107	102	156	202	142	191	820
Cash & Equivalents	13	12	9.82	5.92	5.37	7.62	5.04	5.79	32	37
Restricted Cash	-	69	-	49	50	87	143	99	117	745
Accounts Receivable	40	50	-	52	46	62	54	37	42	38
Plant, Property, & Equipment, net	33	35	36	2,199	2,208	36	36	36	2,652	63
Total Noncurrent Assets	2,310	2,377	2,541	298	292	2,483	2,684	2,865	432	3,064
Noncurrent Note & Lease Receivables	83	82	96	101	100	2,261	2,440	199	197	189
Goodwill	-	-	-	-	1.09	1.03	5.43	4.18	1.60	0.27
Other Noncurrent Operating Assets	2,219	2,286	2,444	196	192	221	239	2,663	234	2,875
Total Liabilities & Shareholders' Equity	2,396	2,542	2,587	2,604	2,602	2,674	2,922	3,044	3,275	3,946
Total Liabilities	1,972	2,103	2,131	2,137	2,120	2,163	2,379	2,463	2,646	3,265
Total Current Liabilities	154	160	42	42	43	103	89	120	57	87
Accounts Payable	26	29	42	42	43	103	89	120	57	87
Total Noncurrent Liabilities	1,818	1,943	2,089	2,095	2,077	2,059	2,290	2,343	2,589	3,179
Long-Term Debt	1,732	1,852	1,837	1,827	1,788	1,736	1,947	1,990	2,232	2,801
Asset Retirement Reserve & Litigation Obligation	57	58	70	74	85	100	105	108	104	113
Noncurrent Deferred Revenue	11	13	28	34	38	42	40	39	38	37
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	133	138	143	156	170	178	191	204
Other Noncurrent Operating Liabilities	18	20	22	23	23	27	29	27	24	24
Redeemable Noncontrolling Interest	50	50	50	50	50	50	50	63	63	63
Total Equity & Noncontrolling Interests	375	389	406	417	432	462	492	518	565	618
Total Preferred & Common Equity	375	389	406	417	432	462	492	518	565	618
Total Common Equity	375	389	406	417	432	462	492	518	565	618
Common Stock	15	18	24	22	26	34	32	41	58	56
Retained Earnings	338	344	361	374	388	418	452	474	505	562
Accumulated Other Comprehensive Income / (Loss)	22	28	21	21	18	10	8.40	3.05	2.36	-0.26

This table displays calculated financial ratios and metrics derived from Willis Lease Finance's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.88%	13.79%	4.65%	32.60%	26.75%	-13.83%	-3.82%	-5.02%	13.76%	34.18%	36.00%
EBITDA Growth	66.08%	5.65%	8.74%	11.06%	-8.80%	76.88%	-52.35%	50.25%	-39.81%	50.00%	54.44%
EBIT Growth	510.66%	4.19%	28.21%	22.33%	-32.36%	180.92%	-90.03%	419.43%	-87.09%	551.67%	124.84%
NOPAT Growth	170.08%	-13.85%	48.96%	259.38%	-69.89%	-28.25%	-71.43%	238.78%	-80.45%	665.23%	145.30%
Net Income Growth	-54.05%	-10.03%	117.79%	341.81%	-30.45%	54.80%	-85.43%	-65.61%	62.26%	704.95%	148.08%
EPS Growth	-53.44%	-7.95%	153.09%	372.68%	-31.89%	59.09%	-90.00%	-100.00%	0.00%	1,787.88%	146.23%
Operating Cash Flow Growth	-21.84%	55.83%	-6.35%	49.73%	37.59%	22.06%	-59.43%	-2.98%	59.31%	59.07%	23.80%
Free Cash Flow Firm Growth	52.75%	47.18%	2.68%	-813.20%	-59.30%	921.73%	-223.73%	93.04%	96.04%	2,381.04%	-495.58%
Invested Capital Growth	6.03%	3.98%	4.97%	24.22%	18.22%	-104.00%	3,289.37%	8.53%	0.51%	-4.02%	29.23%
Revenue Q/Q Growth	-3.26%	6.66%	0.86%	2.89%	18.75%	-31.63%	63.50%	-6.19%	4.97%	8.38%	6.01%
EBITDA Q/Q Growth	32.74%	40.04%	1.40%	4.62%	-16.37%	8.40%	60.32%	139.15%	-40.93%	-0.45%	7.94%
EBIT Q/Q Growth	128.77%	248.69%	3.02%	8.19%	-37.32%	13.45%	151.71%	404.08%	-88.07%	8.06%	20.69%
NOPAT Q/Q Growth	128.19%	193.77%	10.71%	215.34%	-73.27%	-71.49%	153.56%	259.31%	-90.53%	-3.86%	24.88%
Net Income Q/Q Growth	-48.99%	60.74%	4.53%	180.55%	-36.26%	-16.39%	-44.73%	361.06%	175.94%	-7.19%	10.26%
EPS Q/Q Growth	-48.84%	58.82%	6.77%	188.39%	-36.84%	-17.26%	-54.94%	100.00%	117.93%	-11.38%	8.72%
Operating Cash Flow Q/Q Growth	-7.59%	16.84%	-4.41%	-0.61%	34.18%	-5.60%	-34.64%	15.40%	38.00%	-0.47%	2.60%
Free Cash Flow Firm Q/Q Growth	-2,669.33%	86.43%	-153.61%	-225.16%	24.76%	2,100.34%	-816.82%	67.91%	-107.68%	307.98%	-205.42%
Invested Capital Q/Q Growth	7.86%	-0.32%	3.90%	19.66%	2.79%	-104.04%	13.63%	-0.82%	0.46%	-4.09%	11.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	88.62%	86.24%	90.21%	81.60%	79.28%	97.29%	91.93%	96.58%	88.70%	84.60%	87.77%
EBITDA Margin	66.99%	62.20%	64.63%	54.13%	38.95%	79.96%	39.62%	62.67%	33.16%	37.07%	42.09%
Operating Margin	27.27%	24.97%	30.59%	28.22%	15.06%	12.80%	5.09%	27.84%	3.16%	15.34%	25.37%
EBIT Margin	27.27%	24.97%	30.59%	28.22%	15.06%	49.11%	5.09%	27.84%	3.16%	15.34%	25.37%
Profit (Net Income) Margin	4.13%	3.26%	6.79%	22.62%	12.41%	22.30%	3.38%	1.22%	1.74%	10.46%	19.08%
Tax Burden Percent	61.16%	50.57%	58.75%	172.61%	76.82%	75.29%	56.23%	36.67%	55.54%	65.22%	71.15%
Interest Burden Percent	24.73%	25.83%	37.76%	46.42%	107.24%	60.29%	117.98%	11.98%	99.37%	104.53%	105.71%
Effective Tax Rate	38.84%	49.43%	41.25%	-72.61%	23.18%	24.71%	43.77%	63.33%	44.46%	34.78%	28.85%
Return on Invested Capital (ROIC)	3.01%	2.47%	3.52%	11.02%	2.74%	3.79%	0.84%	1.32%	0.25%	1.93%	4.22%
ROIC Less NNEP Spread (ROIC-NNEP)	0.10%	0.15%	0.78%	3.49%	3.00%	13.38%	1.10%	-0.13%	0.25%	2.04%	4.53%
Return on Net Nonoperating Assets (RNNOA)	0.33%	0.56%	3.10%	12.69%	10.67%	14.39%	1.56%	-0.52%	0.99%	7.35%	15.50%
Return on Equity (ROE)	3.34%	3.03%	6.62%	23.71%	13.41%	18.18%	2.40%	0.80%	1.24%	9.28%	19.72%
Cash Return on Invested Capital (CROIC)	-2.84%	-1.43%	-1.33%	-10.59%	-13.95%	0.00%	-102.73%	-6.86%	-0.26%	6.04%	-21.28%
Operating Return on Assets (OROA)	3.86%	3.87%	4.82%	5.27%	2.97%	13.25%	1.11%	3.16%	0.39%	2.46%	4.85%
Return on Assets (ROA)	0.58%	0.51%	1.07%	4.23%	2.44%	6.02%	0.73%	0.14%	0.22%	1.68%	3.65%
Return on Common Equity (ROCE)	3.34%	3.03%	6.31%	20.58%	11.35%	15.73%	2.10%	0.70%	1.10%	8.30%	17.70%
Return on Equity Simple (ROE_SIMPLE)	3.31%	3.09%	7.17%	24.01%	15.07%	19.10%	2.68%	0.89%	1.34%	9.97%	19.77%
Net Operating Profit after Tax (NOPAT)	29	25	37	134	40	29	8.26	28	5.47	42	103
NOPAT Margin	16.68%	12.63%	17.98%	48.72%	11.57%	9.64%	2.86%	10.21%	1.75%	10.01%	18.05%
Net Nonoperating Expense Percent (NNEP)	2.91%	2.32%	2.74%	7.53%	-0.25%	-9.60%	-0.26%	1.45%	0.00%	-0.11%	-0.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	1.87%	3.65%
Cost of Revenue to Revenue	11.38%	13.76%	9.79%	18.40%	20.72%	2.71%	8.07%	3.42%	11.30%	15.40%	12.23%
SG&A Expenses to Revenue	20.60%	21.58%	23.05%	20.28%	20.68%	49.70%	23.52%	32.92%	29.66%	27.65%	25.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.34%	61.27%	59.62%	53.37%	64.22%	84.50%	86.84%	68.74%	85.54%	69.25%	62.40%
Earnings before Interest and Taxes (EBIT)	47	49	63	78	52	147	15	76	9.86	64	144
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	117	123	134	149	136	240	114	172	103	155	240
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	0.78	0.83	0.61	0.74	0.97	0.49	0.60	0.87	0.69	2.49
Price to Tangible Book Value (P/TBV)	0.84	0.78	0.84	0.61	0.74	0.97	0.49	0.60	0.88	0.70	2.51
Price to Revenue (P/Rev)	1.04	0.82	0.79	0.57	0.61	1.13	0.62	0.82	1.13	0.73	2.40
Price to Earnings (P/E)	25.21	25.15	11.83	2.61	5.29	5.32	27.90	12,480.23	167.84	7.55	13.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.72%
Earnings Yield	3.97%	3.98%	8.45%	38.31%	18.91%	18.79%	3.58%	0.01%	0.60%	13.24%	7.63%
Enterprise Value to Invested Capital (EV/IC)	0.96	0.95	0.97	0.92	0.95	0.00	0.91	0.93	0.98	0.94	1.30
Enterprise Value to Revenue (EV/Rev)	5.50	4.98	5.07	4.53	4.35	5.25	6.38	7.48	6.93	4.75	6.26
Enterprise Value to EBITDA (EV/EBITDA)	8.21	8.00	7.84	8.37	11.17	6.56	16.12	11.93	20.90	12.82	14.87
Enterprise Value to EBIT (EV/EBIT)	20.16	19.93	16.57	16.05	28.89	10.69	125.44	26.86	219.33	30.98	24.68
Enterprise Value to NOPAT (EV/NOPAT)	32.97	39.41	28.20	9.30	37.60	54.47	223.09	73.25	394.90	47.51	34.69
Enterprise Value to Operating Cash Flow (EV/OCF)	15.25	10.08	11.47	9.08	8.03	6.84	19.73	22.62	14.97	8.66	12.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.94	0.00	0.00	0.00	15.20	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.88	4.14	4.17	3.52	3.98	3.13	4.09	4.21	4.06	3.69	3.70
Long-Term Debt to Equity	3.88	4.14	4.17	3.52	3.98	3.13	4.09	4.21	4.06	3.69	3.70
Financial Leverage	3.49	3.75	3.98	3.63	3.56	1.08	1.41	4.04	4.01	3.60	3.42
Leverage Ratio	5.73	6.00	6.19	5.61	5.49	3.02	3.26	5.75	5.72	5.54	5.40
Compound Leverage Factor	1.42	1.55	2.34	2.60	5.89	1.82	3.85	0.69	5.69	5.79	5.71
Debt to Total Capital	79.50%	80.54%	80.65%	77.87%	79.90%	75.77%	80.37%	80.79%	80.25%	78.67%	78.71%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	79.50%	80.54%	80.65%	77.87%	79.90%	75.77%	80.37%	80.79%	80.25%	78.67%	78.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	1.77%	3.55%	2.96%	3.01%	2.36%	2.25%	2.17%	2.18%	2.19%
Common Equity to Total Capital	20.50%	19.46%	17.58%	18.58%	17.14%	21.22%	17.27%	16.96%	17.58%	19.15%	19.09%
Debt to EBITDA	7.21	7.03	6.72	7.30	9.86	5.21	14.81	10.42	17.86	11.62	9.45
Net Debt to EBITDA	6.66	6.68	6.48	6.98	9.25	4.95	14.12	10.33	17.00	10.54	8.90
Long-Term Debt to EBITDA	7.21	7.03	6.72	7.30	9.86	5.21	14.81	10.42	17.86	11.62	9.45
Debt to NOPAT	28.96	34.63	24.16	8.11	33.18	43.25	205.00	63.96	337.50	43.04	22.04
Net Debt to NOPAT	26.73	32.92	23.29	7.75	31.14	41.05	195.44	63.45	321.24	39.03	20.75
Long-Term Debt to NOPAT	28.96	34.63	24.16	8.11	33.18	43.25	205.00	63.96	337.50	43.04	22.04
Altman Z-Score	0.61	0.60	0.63	0.66	0.59	4.61	0.45	0.48	0.47	0.61	0.87
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	4.65%	13.20%	15.36%	13.47%	12.21%	11.86%	11.33%	10.58%	10.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.41	2.60	2.75	3.00	2.45	1.39	3.97	0.53	3.16	4.28	2.25
Quick Ratio	1.04	1.08	1.49	1.17	0.81	0.15	2.62	0.53	1.37	1.24	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-27	-14	-14	-129	-205	1,684	-2,084	-145	-5.74	131	-518
Operating Cash Flow to CapEx	70.36%	71.31%	81.67%	40.28%	49.59%	221.83%	0.00%	80.98%	78.89%	274.41%	42.14%
Free Cash Flow to Firm to Interest Expense	-0.74	-0.38	-0.34	-2.64	0.00	25.10	0.00	-2.13	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.69	2.58	2.22	2.81	0.00	3.43	0.00	1.33	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-0.71	-1.04	-0.50	-4.17	0.00	1.88	0.00	-0.31	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.16	0.16	0.19	0.20	0.27	0.22	0.11	0.12	0.16	0.19
Accounts Receivable Turnover	0.00	17.58	13.77	15.56	16.54	0.00	0.00	0.00	0.00	7.94	11.76
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.32	0.18	0.18	0.22	0.23	0.35	0.30	0.28	9.36	0.38	0.24
Accounts Payable Turnover	1.05	1.26	1.03	2.54	2.22	0.18	0.64	0.35	1.01	1.34	1.08
Days Sales Outstanding (DSO)	0.00	20.77	26.51	23.46	22.07	0.00	0.00	0.00	0.00	45.97	31.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	349.13	289.83	354.97	143.84	164.40	1,990.54	568.97	1,047.32	361.90	271.67	337.97
Cash Conversion Cycle (CCC)	-349.13	-269.06	-328.46	-120.38	-142.34	-1,990.54	-568.97	-1,047.32	-361.90	-225.69	-306.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	993	1,033	1,084	1,346	1,592	-64	2,029	2,202	2,213	2,124	2,745
Invested Capital Turnover	0.18	0.20	0.20	0.23	0.24	0.39	0.29	0.13	0.14	0.19	0.23
Increase / (Decrease) in Invested Capital	56	39	51	263	245	-1,655	2,092	173	11	-89	621
Enterprise Value (EV)	957	986	1,051	1,245	1,516	1,575	1,843	2,050	2,161	1,990	3,564
Market Capitalization	181	162	163	157	211	338	179	225	353	305	1,369
Book Value per Share	$25.77	$25.42	$30.24	$40.34	$46.19	$59.89	$60.92	$61.86	$66.37	$68.93	$83.19
Tangible Book Value per Share	$25.63	$25.30	$29.91	$40.07	$45.97	$59.67	$60.71	$61.67	$66.19	$68.77	$82.74
Total Capital	1,058	1,075	1,116	1,394	1,674	1,651	2,107	2,216	2,302	2,292	2,877
Total Debt	841	866	900	1,085	1,337	1,251	1,694	1,790	1,847	1,803	2,265
Total Long-Term Debt	841	866	900	1,085	1,337	1,251	1,694	1,790	1,847	1,803	2,265
Net Debt	776	823	868	1,038	1,255	1,187	1,615	1,776	1,758	1,635	2,132
Capital Expenditures (CapEx)	89	137	112	340	380	104	-32	112	183	84	675
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13	-8.04	-1.31	-3.22	-20	-46	1.29	-27	3.91	5.55	-38
Debt-free Net Working Capital (DFNWC)	52	35	31	44	62	18	80	-13	93	174	95
Net Working Capital (NWC)	52	35	31	44	62	18	80	-13	93	174	95
Net Nonoperating Expense (NNE)	22	19	23	72	-2.92	-38	-1.49	25	0.03	-1.90	-5.87
Net Nonoperating Obligations (NNO)	776	823	868	1,038	1,255	-464	1,615	1,776	1,758	1,635	2,132
Total Depreciation and Amortization (D&A)	69	74	71	71	83	93	100	96	94	91	95
Debt-free, Cash-free Net Working Capital to Revenue	-7.30%	-4.06%	-0.63%	-1.17%	-5.65%	-15.21%	0.45%	-9.80%	1.25%	1.33%	-6.62%
Debt-free Net Working Capital to Revenue	29.90%	17.53%	14.99%	16.05%	17.88%	6.00%	27.79%	-4.57%	29.79%	41.47%	16.66%
Net Working Capital to Revenue	29.90%	17.53%	14.99%	16.05%	17.88%	6.00%	27.79%	-4.57%	29.79%	41.47%	16.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.92	$0.94	$2.10	$9.93	$6.75	$10.90	$1.07	$0.00	$0.35	$6.40	$15.97
Adjusted Weighted Average Basic Shares Outstanding	7.92M	7.81M	6.57M	6.07M	5.92M	5.84M	5.96M	6.11M	6.07M	6.31M	6.54M
Adjusted Diluted Earnings per Share	$0.89	$0.92	$2.05	$9.69	$6.60	$10.50	$1.05	$0.00	$0.33	$6.23	$15.34
Adjusted Weighted Average Diluted Shares Outstanding	8.14M	7.98M	6.71M	6.22M	6.05M	6.06M	6.13M	6.35M	6.30M	6.48M	6.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$10.90	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.33M	7.62M	6.40M	6.42M	5.79M	5.86M	6.00M	5.94M	6.12M	6.39M	6.61M
Normalized Net Operating Profit after Tax (NOPAT)	32	30	43	72	48	43	20	59	18	45	111
Normalized NOPAT Margin	18.65%	14.97%	20.67%	26.11%	13.92%	14.21%	6.86%	21.45%	5.65%	10.69%	19.45%
Pre Tax Income Margin	6.74%	6.45%	11.55%	13.10%	16.15%	29.61%	6.01%	3.33%	3.14%	16.04%	26.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.28	1.31	1.54	1.59	0.00	2.20	0.00	1.12	0.00	0.00	0.00
NOPAT to Interest Expense	0.78	0.66	0.90	2.75	0.00	0.43	0.00	0.41	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-1.13	-2.32	-1.18	-5.40	0.00	0.65	0.00	-0.52	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.62	-2.96	-1.81	-4.24	0.00	-1.12	0.00	-1.24	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	2.11%	7.74%	4.86%	33.43%	96.99%	60.08%	7.40%	13.06%
Augmented Payout Ratio	74.54%	255.42%	205.83%	7.81%	45.07%	10.19%	48.92%	397.88%	156.52%	28.94%	23.72%

This table displays calculated financial ratios and metrics derived from Willis Lease Finance's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.13%	21.03%	39.60%	37.53%	36.74%	42.97%	38.65%	38.28%	26.78%	32.46%	29.37%
EBITDA Growth	-74.91%	195.52%	33.51%	38.71%	-2.92%	18.16%	82.58%	38.00%	102.00%	0.28%	29.86%
EBIT Growth	-100.21%	344.98%	104.98%	128.73%	3,172.85%	35.13%	178.15%	68.54%	533.58%	-12.18%	31.69%
NOPAT Growth	-100.62%	324.92%	176.82%	115.03%	2,135.65%	46.79%	180.86%	64.01%	741.09%	-15.98%	-42.25%
Net Income Growth	723.36%	120.73%	133.85%	128.80%	-23.64%	374.94%	208.24%	64.84%	92.29%	-19.17%	41.78%
EPS Growth	1,356.25%	114.86%	149.38%	139.33%	-34.33%	445.45%	207.43%	58.22%	80.39%	-26.33%	35.75%
Operating Cash Flow Growth	180.14%	83.16%	58.32%	184.04%	-1.75%	15.34%	49.79%	23.11%	11.87%	-31.45%	49.20%
Free Cash Flow Firm Growth	92.63%	-1,114.28%	-148.61%	-87.72%	907.22%	186.03%	29.35%	-7,971.56%	-756.26%	-464.16%	-437.21%
Invested Capital Growth	0.51%	8.87%	4.79%	0.52%	-4.02%	-5.69%	4.56%	11.38%	29.23%	25.92%	15.29%
Revenue Q/Q Growth	14.64%	-5.51%	30.86%	-2.98%	13.98%	-1.20%	26.90%	-3.24%	4.50%	3.23%	23.95%
EBITDA Q/Q Growth	-25.15%	83.35%	-1.56%	2.67%	-47.62%	76.58%	52.11%	-22.40%	-23.32%	5.88%	99.31%
EBIT Q/Q Growth	-101.73%	13,439.07%	-3.48%	2.86%	-76.80%	486.59%	98.68%	-37.68%	-12.78%	-18.69%	197.93%
NOPAT Q/Q Growth	-101.78%	10,978.66%	9.40%	1.47%	-83.14%	684.47%	109.31%	-40.75%	-13.55%	-21.63%	43.86%
Net Income Q/Q Growth	124.50%	-69.36%	214.43%	5.80%	-25.07%	90.53%	104.06%	-43.42%	-12.60%	-19.90%	257.92%
EPS Q/Q Growth	161.80%	-76.39%	267.27%	5.45%	-28.17%	96.08%	107.00%	-45.73%	-18.10%	-19.93%	281.45%
Operating Cash Flow Q/Q Growth	149.18%	-16.12%	-10.13%	51.22%	-13.81%	-1.53%	16.71%	24.29%	-21.69%	-39.66%	154.01%
Free Cash Flow Firm Q/Q Growth	-147.97%	-1,426.89%	48.98%	103.29%	3,054.14%	62.73%	-141.90%	-266.03%	-162.96%	9.70%	38.19%
Invested Capital Q/Q Growth	0.46%	3.17%	-1.92%	-1.11%	-4.09%	1.38%	8.74%	5.33%	11.29%	-1.21%	-0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.70%	84.67%	86.63%	84.54%	82.75%	86.12%	89.66%	86.04%	88.85%	82.96%	91.75%
EBITDA Margin	27.24%	52.85%	39.76%	42.07%	19.34%	43.68%	52.36%	41.99%	30.81%	31.60%	50.82%
Operating Margin	-0.17%	24.18%	17.84%	18.91%	3.85%	22.86%	35.78%	23.05%	19.24%	15.15%	14.46%
EBIT Margin	-0.17%	24.18%	17.84%	18.91%	3.85%	22.86%	35.78%	23.05%	19.24%	15.15%	36.43%
Profit (Net Income) Margin	16.27%	5.28%	12.68%	13.82%	9.09%	17.52%	28.18%	16.48%	13.78%	10.69%	30.88%
Tax Burden Percent	78.80%	64.27%	72.84%	71.85%	52.20%	69.81%	73.55%	69.92%	69.30%	66.80%	81.26%
Interest Burden Percent	-12,053.64%	33.94%	97.56%	101.73%	452.18%	109.82%	107.07%	102.24%	103.37%	105.65%	104.33%
Effective Tax Rate	21.20%	35.73%	27.16%	28.15%	47.80%	30.19%	26.45%	30.08%	30.70%	33.20%	18.74%
Return on Invested Capital (ROIC)	-0.02%	2.32%	2.12%	2.38%	0.39%	3.27%	5.71%	3.70%	3.12%	2.53%	3.04%
ROIC Less NNEP Spread (ROIC-NNEP)	0.80%	1.83%	2.10%	2.39%	0.89%	3.38%	5.86%	3.73%	3.15%	2.58%	5.00%
Return on Net Nonoperating Assets (RNNOA)	3.21%	7.31%	8.21%	9.07%	3.20%	12.10%	20.74%	12.69%	10.79%	8.42%	15.60%
Return on Equity (ROE)	3.19%	9.62%	10.33%	11.45%	3.59%	15.37%	26.44%	16.39%	13.91%	10.95%	18.64%
Cash Return on Invested Capital (CROIC)	-0.26%	-7.27%	-3.04%	1.45%	6.04%	8.00%	-1.27%	-7.25%	-21.28%	-18.85%	-10.80%
Operating Return on Assets (OROA)	-0.02%	3.15%	2.55%	2.84%	0.62%	3.95%	6.43%	4.38%	3.68%	3.10%	6.92%
Return on Assets (ROA)	2.01%	0.69%	1.81%	2.08%	1.46%	3.03%	5.06%	3.13%	2.64%	2.19%	5.87%
Return on Common Equity (ROCE)	2.83%	8.53%	9.18%	10.21%	3.21%	13.78%	23.83%	14.64%	12.48%	9.86%	16.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.64%	9.33%	10.92%	0.00%	13.05%	18.08%	19.03%	0.00%	18.50%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.12	13	14	14	2.42	19	40	24	20	16	23
NOPAT Margin	-0.14%	15.54%	12.99%	13.59%	2.01%	15.96%	26.32%	16.12%	13.33%	10.12%	11.75%
Net Nonoperating Expense Percent (NNEP)	-0.82%	0.49%	0.02%	-0.01%	-0.50%	-0.11%	-0.16%	-0.03%	-0.04%	-0.05%	-1.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	0.11%	-	-	-	0.72%	0.57%	0.67%
Cost of Revenue to Revenue	19.30%	15.33%	13.37%	15.46%	17.25%	13.88%	10.34%	13.96%	11.15%	17.04%	8.25%
SG&A Expenses to Revenue	18.88%	33.41%	29.11%	25.10%	24.59%	24.84%	22.95%	27.38%	27.78%	30.25%	40.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	80.87%	60.49%	68.79%	65.63%	78.90%	63.26%	53.88%	62.99%	69.61%	67.80%	77.29%
Earnings before Interest and Taxes (EBIT)	-0.15	20	19	20	4.64	27	54	34	29	24	71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	44	43	44	23	52	79	61	47	50	99
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.87	0.81	0.59	0.61	0.69	0.67	0.92	1.89	2.49	1.85	1.60
Price to Tangible Book Value (P/TBV)	0.88	0.81	0.59	0.61	0.70	0.68	0.93	1.91	2.51	1.85	1.60
Price to Revenue (P/Rev)	1.13	1.01	0.68	0.68	0.73	0.69	0.91	1.82	2.40	1.72	1.51
Price to Earnings (P/E)	167.84	11.89	6.86	6.03	7.55	5.49	5.32	10.32	13.11	10.45	8.41
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.45%	0.84%	0.72%	1.11%	1.40%
Earnings Yield	0.60%	8.41%	14.59%	16.58%	13.24%	18.22%	18.81%	9.69%	7.63%	9.57%	11.89%
Enterprise Value to Invested Capital (EV/IC)	0.98	0.97	0.92	0.92	0.94	0.93	0.98	1.19	1.30	1.18	1.14
Enterprise Value to Revenue (EV/Rev)	6.93	6.76	5.78	5.30	4.75	4.41	4.64	5.45	6.26	5.25	4.70
Enterprise Value to EBITDA (EV/EBITDA)	20.90	16.65	14.40	13.13	12.82	11.83	11.23	13.19	14.87	13.30	13.96
Enterprise Value to EBIT (EV/EBIT)	219.33	57.73	42.89	34.44	30.98	28.09	21.74	24.46	24.68	22.61	26.61
Enterprise Value to NOPAT (EV/NOPAT)	394.90	82.51	57.67	46.98	47.51	42.04	31.53	35.57	34.69	31.98	35.74
Enterprise Value to Operating Cash Flow (EV/OCF)	14.97	13.14	11.16	8.87	8.66	8.43	8.83	10.56	12.53	12.01	10.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	63.77	15.20	11.28	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.06	4.03	3.91	3.71	3.69	3.39	3.59	3.43	3.70	3.55	4.11
Long-Term Debt to Equity	4.06	4.03	3.91	3.71	3.69	3.39	3.59	3.43	3.70	3.55	4.11
Financial Leverage	4.01	4.00	3.91	3.80	3.60	3.58	3.54	3.40	3.42	3.27	3.12
Leverage Ratio	5.72	5.72	5.61	5.58	5.54	5.44	5.47	5.31	5.40	5.22	5.61
Compound Leverage Factor	-689.88	1.94	5.47	5.68	25.05	5.97	5.86	5.43	5.58	5.51	5.86
Debt to Total Capital	80.25%	80.12%	79.64%	78.77%	78.67%	77.23%	78.21%	77.41%	78.71%	78.02%	80.44%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	80.25%	80.12%	79.64%	78.77%	78.67%	77.23%	78.21%	77.41%	78.71%	78.02%	80.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.17%	2.18%	2.18%	2.20%	2.18%	2.22%	2.01%	2.45%	2.19%	2.21%	1.82%
Common Equity to Total Capital	17.58%	17.71%	18.18%	19.03%	19.15%	20.55%	19.78%	20.14%	19.09%	19.77%	17.75%
Debt to EBITDA	17.86	13.86	12.74	11.47	11.62	10.25	9.49	8.97	9.45	9.31	12.75
Net Debt to EBITDA	17.00	13.78	12.35	11.12	10.54	9.70	8.77	8.49	8.90	8.69	9.19
Long-Term Debt to EBITDA	17.86	13.86	12.74	11.47	11.62	10.25	9.49	8.97	9.45	9.31	12.75
Debt to NOPAT	337.50	68.69	51.00	41.04	43.04	36.43	26.65	24.19	22.04	22.38	32.63
Net Debt to NOPAT	321.24	68.32	49.46	39.77	39.03	34.46	24.63	22.91	20.75	20.88	23.51
Long-Term Debt to NOPAT	337.50	68.69	51.00	41.04	43.04	36.43	26.65	24.19	22.04	22.38	32.63
Altman Z-Score	0.46	0.43	0.46	0.48	0.54	0.53	0.61	0.68	0.75	0.71	0.83
Noncontrolling Interest Sharing Ratio	11.33%	11.38%	11.19%	10.84%	10.58%	10.32%	9.90%	10.63%	10.27%	9.92%	9.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.16	0.23	2.56	2.37	4.28	1.51	2.27	1.19	2.25	3.35	9.46
Quick Ratio	1.37	0.23	1.39	1.20	1.24	0.67	0.66	0.36	0.62	1.30	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	-173	-88	2.90	91	149	-62	-228	-600	-542	-335
Operating Cash Flow to CapEx	120.40%	104.42%	111.32%	233.80%	0.00%	102.30%	35.84%	72.31%	22.53%	0.00%	253.83%
Free Cash Flow to Firm to Interest Expense	0.00	-9.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	2.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.13	0.14	0.15	0.16	0.17	0.18	0.19	0.19	0.20	0.19
Accounts Receivable Turnover	0.00	0.00	7.71	8.06	7.94	0.00	9.34	12.88	11.76	11.76	14.22
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.36	0.32	0.32	0.34	0.38	12.67	0.44	0.48	0.24	0.45	13.23
Accounts Payable Turnover	1.01	1.14	1.37	1.68	1.34	0.54	0.61	0.55	1.08	1.03	1.01
Days Sales Outstanding (DSO)	0.00	0.00	47.36	45.30	45.97	0.00	39.10	28.34	31.03	31.04	25.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	361.90	320.61	267.33	217.87	271.67	677.16	594.49	669.38	337.97	353.66	362.25
Cash Conversion Cycle (CCC)	-361.90	-320.61	-219.97	-172.58	-225.69	-677.16	-555.40	-641.04	-306.94	-322.62	-336.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,213	2,283	2,239	2,214	2,124	2,153	2,341	2,466	2,745	2,711	2,699
Invested Capital Turnover	0.14	0.15	0.16	0.17	0.19	0.20	0.22	0.23	0.23	0.25	0.26
Increase / (Decrease) in Invested Capital	11	186	102	11	-89	-130	102	252	621	558	358
Enterprise Value (EV)	2,161	2,206	2,066	2,047	1,990	2,003	2,303	2,927	3,564	3,189	3,067
Market Capitalization	353	329	244	264	305	312	454	979	1,369	1,044	986
Book Value per Share	$66.37	$66.29	$65.66	$67.84	$68.93	$72.23	$74.92	$78.74	$83.19	$85.60	$89.52
Tangible Book Value per Share	$66.19	$66.10	$65.49	$67.67	$68.77	$72.07	$74.10	$78.11	$82.74	$85.35	$89.48
Total Capital	2,302	2,293	2,294	2,270	2,292	2,247	2,489	2,571	2,877	2,860	3,482
Total Debt	1,847	1,837	1,827	1,788	1,803	1,736	1,947	1,990	2,265	2,232	2,801
Total Long-Term Debt	1,847	1,837	1,827	1,788	1,803	1,736	1,947	1,990	2,265	2,232	2,801
Net Debt	1,758	1,827	1,772	1,732	1,635	1,641	1,799	1,885	2,132	2,083	2,018
Capital Expenditures (CapEx)	51	50	42	30	-38	58	195	120	302	-11	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.91	-42	10	3.33	5.55	-41	-35	-82	-38	-15	-49
Debt-free Net Working Capital (DFNWC)	93	-32	65	59	174	53	113	23	95	134	733
Net Working Capital (NWC)	93	-32	65	59	174	53	113	23	95	134	733
Net Nonoperating Expense (NNE)	-14	8.55	0.35	-0.25	-8.53	-1.87	-2.81	-0.53	-0.69	-0.90	-37
Net Nonoperating Obligations (NNO)	1,758	1,827	1,772	1,732	1,635	1,641	1,799	1,885	2,132	2,083	2,018
Total Depreciation and Amortization (D&A)	24	24	24	24	19	25	25	28	18	26	28
Debt-free, Cash-free Net Working Capital to Revenue	1.25%	-12.89%	2.89%	0.86%	1.33%	-9.13%	-7.06%	-15.36%	-6.62%	-2.53%	-7.52%
Debt-free Net Working Capital to Revenue	29.79%	-9.88%	18.29%	15.27%	41.47%	11.62%	22.73%	4.22%	16.66%	22.00%	112.45%
Net Working Capital to Revenue	29.79%	-9.88%	18.29%	15.27%	41.47%	11.62%	22.73%	4.22%	16.66%	22.00%	112.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.31	$0.58	$2.04	$2.16	$1.62	$3.12	$6.34	$3.51	$3.00	$2.34	$8.68
Adjusted Weighted Average Basic Shares Outstanding	6.07M	6.12M	6.35M	6.37M	6.31M	6.39M	6.57M	6.58M	6.54M	6.61M	6.79M
Adjusted Diluted Earnings per Share	$2.33	$0.55	$2.02	$2.13	$1.53	$3.00	$6.21	$3.37	$2.76	$2.21	$8.43
Adjusted Weighted Average Diluted Shares Outstanding	6.30M	6.46M	6.44M	6.47M	6.48M	6.66M	6.71M	6.86M	6.80M	7M	6.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	6.12M	6.35M	6.37M	6.37M	6.39M	6.57M	6.58M	6.60M	6.61M	6.90M	6.81M
Normalized Net Operating Profit after Tax (NOPAT)	-0.12	13	15	15	3.47	19	40	24	28	17	32
Normalized NOPAT Margin	-0.14%	15.54%	14.11%	14.08%	2.88%	16.11%	26.32%	16.41%	18.03%	11.02%	16.51%
Pre Tax Income Margin	20.65%	8.21%	17.40%	19.24%	17.41%	25.10%	38.32%	23.57%	19.89%	16.01%	38.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-1.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-2.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	60.08%	10.53%	8.39%	6.95%	7.40%	5.55%	11.88%	13.31%	13.06%	15.99%	9.76%
Augmented Payout Ratio	156.52%	10.53%	8.39%	6.95%	28.94%	5.55%	11.88%	13.31%	23.72%	15.99%	9.76%

Key Financial Trends

Willis Lease Finance Corp (NASDAQ: WLFC) has shown strong financial performance and steady growth over the past four years through Q2 2025, based on the analysis of its quarterly financial statements.

Key Positive Trends:

Net income and earnings per share (EPS) have grown substantially, with Q2 2025 net income at $60.4 million compared to $5.9 million in Q2 2022, and diluted EPS rising from $0.81 to $8.43 over the same period.
Operating revenue increased consistently from around $78 million in Q2 2022 to nearly $196 million in Q2 2025, indicating solid top-line growth.
Gross profit margins have improved, with total gross profit rising from approximately $67.6 million in Q2 2022 to $179.4 million in Q2 2025, reflecting better cost management or pricing power.
Strong cash flow from operating activities, with Q2 2025 showing $104.2 million compared to $29.4 million in Q2 2022, supporting operational efficiency and liquidity.
Issuance of debt has provided substantial financing for company operations and investments, with $716 million issued in Q2 2025 enabling growth and capital expenditures.
Significant sale of property, plant and equipment in Q2 2025 ($94.2 million) has helped offset capital expenditures, which stood at $135.3 million, demonstrating active asset management.
Retained earnings and common equity have increased consistently, with total common equity rising from $374.9 million in Q2 2022 to $617.9 million in Q2 2025, indicating strengthening shareholder value.

Neutral Observations:

Restricted cash increased notably in recent periods (e.g., $745 million in Q2 2025 versus $128 million in Q2 2022), which may impact liquidity flexibility but likely reflects contractual or regulatory requirements.
Depreciation and amortization expenses have increased in line with asset growth but remain a normal cost component in capital-intensive leasing businesses.
Stable dividend payments are made, with modest increases reflecting profitability, maintaining shareholder returns without large variations.

Potential Negative Factors:

The company’s long-term debt has substantially increased from approximately $1.73 billion in early 2022 to $2.8 billion by Q2 2025, increasing leverage and interest obligations.
High capital expenditures in recent quarters, such as $135.3 million in Q2 2025 and similar levels in prior periods, require ongoing strong cash flow to sustain and could pressure liquidity under adverse conditions.
The significant repayment of debt (e.g., $148.8 million in Q2 2025) indicates active debt management but represents cash outflows that could affect free cash flow availability.

Summary: Willis Lease Finance has demonstrated robust revenue and earnings growth over the last several years, supported by strong operating cash flow and effective asset management. However, the company's increased leverage and high capital expenditures warrant attention from investors regarding long-term financial risk. Overall, the company appears to be in a solid growth phase with improving profitability and shareholder equity.

08/08/25 07:45 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Willis Lease Finance's Financials

When does Willis Lease Finance's fiscal year end?

According to the most recent income statement we have on file, Willis Lease Finance's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Willis Lease Finance's net income changed over the last 10 years?

Willis Lease Finance's net income appears to be on an upward trend, with a most recent value of $108.61 million in 2024, rising from $7.18 million in 2014. The previous period was $43.78 million in 2023.

What is Willis Lease Finance's operating income?

Willis Lease Finance's total operating income in 2024 was $144.40 million, based on the following breakdown:

Total Gross Profit: $499.61 million
Total Operating Expenses: $355.21 million

How has Willis Lease Finance's revenue changed over the last 10 years?

Over the last 10 years, Willis Lease Finance's total revenue changed from $174.06 million in 2014 to $569.22 million in 2024, a change of 227.0%.

How much debt does Willis Lease Finance have?

Willis Lease Finance's total liabilities were at $2.68 billion at the end of 2024, a 24.1% increase from 2023, and a 157.0% increase since 2014.

How much cash does Willis Lease Finance have?

In the past 10 years, Willis Lease Finance's cash and equivalents has ranged from $6.72 million in 2019 to $42.54 million in 2020, and is currently $9.11 million as of their latest financial filing in 2024.

How has Willis Lease Finance's book value per share changed over the last 10 years?

Over the last 10 years, Willis Lease Finance's book value per share changed from 25.77 in 2014 to 83.19 in 2024, a change of 222.8%.

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This page (NASDAQ:WLFC) was last updated on 8/8/2025 by MarketBeat.com Staff

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Willis Lease Finance (WLFC) Financials

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