AerSale Corp financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data AerSale Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	291	304	209	340	409	335	345	335
Cost of revenue	219	219	156	221	257	242	241	230
Gross profit	72.2	85	52.8	119	151	92.4	104	106
Selling, general and administrative	46.6	59.8	55.6	77.5	96.3	103	94.2	90
Operating expenses		1.57
Operating income	25.5	22.1	11.3	56.7	55	-10.8	9.74	15.8
Interest expense				0	0	0.73	4.85	7.69
Interest income		3.16
Other non-operating income	-2.01	-2.4	-1.54	-8.89	2.84	3.09	-1.91	-5.26
Pre-tax income	23.5	19.7	9.74	47.8	57.9	-7.68	7.84	10.5
Income tax	-3.23	4.16	1.65	11.7	14	-2.12	1.99	1.95
Net income to minority interests	39.1
Net income	8.85	15.5	8.09	36.1	43.9	-5.56	5.85	8.58
EBITDA	55.3	52.1	35.5	69.7	66	-0.31	25.8	35.1
EPS, basic	-668.04	-516.98	7.85	0.84	0.85	-0.15	0.11	0.18
EPS, diluted	-668.04	-516.98	7.39	0.76	0.83	-0.15	0.11	0.18
Shares, basic (weighted)	0.04	0.04	1.03	43.2	51.6	51.3	53.1	48.4
Shares, diluted (weighted)	0.04	0.04	1.1	47.3	53.1	51.5	53.4	48.8

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.04	17.5	29.3	130	147	5.87	4.7	4.38
Receivables		51.9	50.2	29.4	28.3	31.2	34.6	42.7
Inventory		95	141	159	184	178	225	205
Other current assets	0	5.12	7.56	15.9	13	12.5	11.1	9.17
Total current assets	0.04	142	179	272	334	265	284	269
Property, plant and equipment		7.46	7.84	7.35	12.6	27.7	36.3	32
Lease right-of-use assets		112	86.8	73.4	31.6	27.5	33.1	30.1
Goodwill	0.44	13.9	19.9	19.9	19.9	19.9	19.9	19.9
Intangible assets		11	0.02	15.9	13.8	11.7	10.2	8.02
Other non-current assets						0.53	0.6	0.59
Total assets	0.42	344	389	487	532	554	605	640
Accounts payable	0	17	16.4	20	21.1	29.9	34.2	29.6
Accrued liabilities	0	9.63	8.58	8.42	8.84	5.48	7.4	7.23
Deferred revenue		7.71	2.6	2.86	1.36	3	1.78	0.53
Short-term debt		3.35				1.28	0.61	0.99
Total current liabilities	0.39	41.2	31.7	67.9	52.8	45.7	75	72.4
Long-term debt						36.3	40.4	111
Lease liabilities					28.3	24.4	30.6	28.2
Other non-current liabilities		4.62	3.66	3.4	0.67	0.06	0.05	0.59
Total liabilities	-277	50	37.7	78.6	86.6	109	149	216
Total debt		3.35	0	0	0	7.28	1.21	1.28
Paid-in capital	0.02	243	293	314	306	312	316	277
Retained earnings	-0	50.8	58.9	95	139	133	139	148
Shareholders' equity	0.02	294	351
Total equity	278	294	351	409	445	445	456	424
Total liabilities and equity	0.42	344	389	487	532	554	605	640
Shares outstanding	4.31	5.29	41	51.7	51.2	53	53.3	47.2

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48	15.5	8.09	36.1	43.9	-5.56	5.85	8.58
Depreciation and amortization	29.8	30.1	24.2	13	11	10.5	16	19.3
Stock-based compensation		0	1.04	12.7	16.5	12.1	4.35	4.89
Deferred income tax	-7.82	2.46	0.02	-3.19	-2.39	-0.92	2.03	1.39
Change in receivables	-8.94	-21.5	9.92	-3.34	-1.03	-2.97	-3.6	-8.01
Change in inventory	7.72	3.42	-55.3	-35.7	-37.6	-169	-78	-54.8
Change in payables	1.22	3.77	-0.8	3.6	1.16	8.77	4.29	-4.54
Cash from operations	59.2	45.5	-12.2	79.1	-0.11	-174	11.2	-23
Capital expenditures		-1.65	-2.14	-1.51	-8.46	-11.4	-14.1	-6.08
Acquisitions	-22.3	-26.1	-17
Cash from investing	44.2	-62.1	-21.1	13.2	41.4	3.09	-16.1	-3.86
Debt issued						8.56	2.43	1.17
Debt repaid							-9.17	-0.71
Cash from financing	-83.8	-5.51	45.2	8.59	-24.3	29.7	3.77	26.5
Net change in cash	13.8	-4.1	11.8	101	17	-141	-1.18	-0.32
Free cash flow		43.8	-14.4	77.6	-8.58	-186	-2.87	-29.1
Interest paid	2.31	2.3	0.86	0.6	0.57	1.52	5.65	8.03
Income taxes paid	4.66	8.53	2.65	8.34	21.5	1.16	-0.01	-0.47

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.9%	Gross profit / revenue.
Operating margin	0.6%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.8%	Pre-tax income / revenue.
Net margin	-1.2%	Net income / revenue.
FCF margin	-11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-10.2%	Cash from operations / revenue.
Return on assets (ROA)	-0.5%	Net income / average total assets.
SG&A / revenue	28.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	62.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-34.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	36.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-19.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	46.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-42.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	63.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-39.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-52.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-305.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	113.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.27x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	0.1%	Total debt / total assets.
Liabilities / assets	39.1%	Total liabilities / total assets.
Net debt	-$1.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$205.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	9.64x	Revenue / average property, plant and equipment.
Inventory turnover	0.95x	Cost of revenue / average inventory.
Days inventory	384 days	365 x average inventory / cost of revenue.
Receivables turnover	6.55x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	364 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.41	Revenue / diluted weighted shares.
FCF per share	-$0.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.65	Cash from operations / diluted weighted shares.
Cash per share	$0.05	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$257.7M	Share price x shares outstanding.
Enterprise value	$256.3M	Market cap + total debt - cash - short-term investments.
P/S	0.85x	Market cap / revenue.
EV/Sales	0.84x	Enterprise value / revenue.
EV/EBIT	139x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.9x	Enterprise value / EBITDA, when both are positive.
FCF yield	-13.7%	Free cash flow / market cap.
Earnings yield	-1.5%	Net income / market cap (the inverse of P/E).

What was AerSale Corp's revenue in fiscal 2025?

AerSale Corp reported revenue of $335.3M for fiscal 2025, 2.8% lower than the year before.

Was AerSale Corp profitable in fiscal 2025?

Yes. Net income was $8.6M, a net margin of 2.6%.

How much free cash flow did AerSale Corp generate in fiscal 2025?

Cash from operations of $23.0M minus capital expenditures of $6.1M left free cash flow of -$29.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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