WILLIS LEASE FINANCE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WILLIS LEASE FINANCE 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	207	275	348	409	289	274	312	419	569	730
Cost of revenue	13.3	40.8	61	62.6
Gross profit	194	234	287	347
General and administrative	47.8	55.7	72	86.5	67.9	75.4	92.5	116	147	195
Operating income	22.1	28.9	52.5	80.3	14.7	8.34	9.86	64.2	144	104
Interest expense	41.1	48.7	64.2	66.9	63	68	66.7	78.8	105	132
Pre-tax income	23.9	36	56.3	88.9	17.3	9.14	9.79	67.1	153	161
Income tax	9.88	-26.1	13	22	7.59	5.79	4.35	23.3	44	46.8
Net income	14.1	62.2	43.2	66.9	9.75	3.35	5.44	43.8	109	114
EBITDA	88.4	94.9	129	167	109	98.8	98.1	155	237	216
EPS, basic	2.10	9.93	6.75	10.90	1.07	0.00	0.35	6.40	15.97	16.00
EPS, diluted	2.05	9.69	6.60	10.50	1.05	0.00	0.33	6.23	15.34	15.39
Shares, basic (weighted)	6.57	6.07	5.92	5.84	5.96	6.11	6.07	6.31	6.54	6.75
Shares, diluted (weighted)	6.71	6.22	6.05	6.06	6.13	6.35	6.3	6.48	6.8	7.02
Dividend per share									1.50	1.15

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.1	7.05	11.7	6.72	42.5	14.3	12.1	7.07	9.11	16.4
Receivables								58.5	38.3	35.7
Inventory	25.4
Property, plant and equipment	16.8	26.1	27.7	31.5	31.8
Lease right-of-use assets				4.08	3.78	6.07	11.4	8.65	6.58	25.4
Goodwill									1	0.3
Intangible assets	2.18	1.73	1.38	1.31	1.25	1.19	1.13
Total assets	1,338	1,603	1,935	1,941	2,365	2,463	2,575	2,652	3,297	3,936
Deferred revenue							6.3
Total liabilities	1,122	1,295	1,599	1,541	1,951	2,037	2,121	2,163	2,685	3,211
Total debt	900	1,085	1,337	1,251	1,694	1,790	1,847	1,803	2,265	2,700
Paid-in capital	2.51	2.32	0	4.56	13.7	15.4	20.4	29.7	50.9	72.5
Retained earnings	195	256	287	349	355	355	357	398	491	591
Other comprehensive income	-1.05	0.23	0.1	-3.25	-5.12	5.03	26.7	11.4	6.9	-1.39
Shareholders' equity	196	259	287	350	364	376	405	439	549	662
Minority interests										0
Total equity	196	259	287	350	364	376	405	439	549	662
Total liabilities and equity	1,338	1,603	1,935	1,941	2,365	2,463	2,575	2,652	3,297	3,936
Shares outstanding	0.01	6.42	6.18	6.36

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.1	62.2	43.2	66.9	9.75	3.35	5.44	43.8	109	114
Depreciation and amortization	66.3	66	76.8	86.2	94.5	90.5	88.3	90.9	92.5	112
Stock-based compensation	3.72	4.27	5.41	7.79	11.4	16.6	13.6	14.8	29.2	44.6
Deferred income tax	9.1	-26.4	12.1	21.1	6.95	4.19	2.07	19.7	38.6	45.9
Change in receivables	-2.29	-2.53	-5.93	-0.52	-4.22	-11.2	-3.17	-17.4	21.1	1.48
Change in inventory	-5.09	-1.86	12.1	29.1	7.03	7.92	14.3	-1.71	-31.2	13.3
Change in payables	2.33	1.13	12.5	2.13	-18.4	0.06	0.94	17.2	20.7	8.47
Cash from operations	91.6	137	189	230	93.4	90.7	144	230	284	283
Capital expenditures	-1.01	-10.8	-3.49	-6.33	-2.98	-2.17	-6.63	-5.14	-15.6	-31.1
Cash from investing	-123	-326	-380	-147	-507	-148	-194	-92.8	-765	-256
Debt issued	149	686	759	340	973	514	284	626	1,306	1,661
Debt repaid	-114	-496	-505	-428	-531	-417	-229	-665	-840	-1,222
Share buybacks	-29	-3.55	-16.1	-3.57	-1.51	-10.1	-5.25	-9.43	0	-3.79
Dividends paid								0	-10.7	-8.72
Cash from financing	21.2	203	226	-101	428	74.1	43.3	-57.9	445	388
Net change in cash	-10.4	15	34.6	-18.3	15.3	16.7	-6.63	79	-35.5	414
Free cash flow	90.6	126	185	224	90.5	88.5	138	225	269	252
Interest paid	37.3	42.8	59.1	63.6	54.3	63.6	63.5	76.9	101	132
Income taxes paid	0.46	0.44	1.07	0.22	0.51	1.41	2.24	0.51	7.09	3.42

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 $54.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	15.7%	Operating income / revenue.
EBITDA margin	31.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.8%	Pre-tax income / revenue.
Net margin	12.0%	Net income / revenue.
FCF margin	32.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.6%	Cash from operations / revenue.
Effective tax rate	32.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	2.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	6.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	15.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-27.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	119.5%	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	48.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	30.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	175.5%	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	63.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	259.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	71.1%	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	-0.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-6.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	22.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-23.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	20.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.2%	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	10.7%	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	3.2%	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	3.7%	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	2.8%	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
Debt / equity	3.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	63.5%	Total debt / total assets.
Liabilities / assets	78.8%	Total liabilities / total assets.
Net debt	$2.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.70x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.93x	Operating income / interest expense.
Tangible book value	$708.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.21x	Revenue / average total assets.
FCF conversion	274.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.17	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	$34.77	Revenue / diluted weighted shares.
FCF per share	$11.45	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.37	Cash from operations / diluted weighted shares.
Book value per share	$32.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.19	Tangible book value / shares outstanding.
Cash per share	$0.49	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.15B	Share price x shares outstanding.
Enterprise value	$3.46B	Market cap + total debt - cash - short-term investments.
P/E	12.5x	Market cap / net income. Only when net income is positive.
P/S	1.50x	Market cap / revenue.
P/B	1.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.62x	Market cap / tangible book value, when positive.
P/FCF	4.56x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.22x	Market cap / cash from operations, when positive.
EV/Sales	4.52x	Enterprise value / revenue.
EV/EBIT	28.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	21.9%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.05x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WILLIS LEASE FINANCE CORP's revenue in fiscal 2025?

WILLIS LEASE FINANCE CORP reported revenue of $730.2M for fiscal 2025, 28.3% higher than the year before.

Was WILLIS LEASE FINANCE CORP profitable in fiscal 2025?

Yes. Net income was $113.8M, a net margin of 15.6%.

How much free cash flow did WILLIS LEASE FINANCE CORP generate in fiscal 2025?

Cash from operations of $283.2M minus capital expenditures of $31.1M left free cash flow of $252.2M.

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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