Willis Lease Finance Corp

Consumer Discretionary
Industrial Specialties
www.willislease.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.33B
PE 14
Debt $2.01B
Cash $105.12M
EV $3.24B
FCF $273.55M

Earnings

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Sales & Net Margins

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Earnings	$94.79M
EBIT	$141.95M
ROE	18%
ROA	5%
FCF	$273.55M
Equity	$517.76M
Growth Stability	0%
PE	14.06
PEG	0.52
PB	2.57
P/FCF	4.87
P/S	2.51
Price/Cash	0.08
Debt/Equity	3.89
Debt/FCF	7.37
Net Margins	20%
Op. Margins	27%
Earnings CAGR	1%
Sales Growth YoY	38%
Sales Growth QoQ	-3%
Sales CAGR	7%
FCF CAGR	5%
Equity CAGR	10%
Earnings Stability	0
Earnings Growth YoY	68%

Earnings Growth QoQ	-44%
Earnings CAGR 5Y	27%
Sales CAGR 5Y	8%
FCF CAGR 5Y	13%
Equity CAGR 5Y	7%
Earnings CAGR 3Y	28%
Sales CAGR 3Y	28%
FCF CAGR 3Y	59%
Equity CAGR 3Y	12%
Market Cap	$1.33B
Revenue	$530.71M
Assets	$3.04B
Total Debt	$2.01B
Cash	$105.12M
Shares Outstanding	6.51M
EV	3.24B
Earnings Score	6%
Moat Score	82%
Safety Score	39%
Final Score	42%
Shares Growth 3y	3%
Equity Growth QoQ	5%
Equity Growth YoY	20%

Assets & ROA

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Stockholders Equity & ROE

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Willis Lease Finance Corp with its subsidiaries is a leading lessor and servicer of commercial aircraft and aircraft engines. The company has two reportable business segments namely Leasing and Related Operations which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment and the selective purchase and resale of commercial aircraft engines and other aircraft equipment and other related businesses and Spare Parts Sales which involves the purchase and resale of after-market engine parts, whole engines, engine modules and portable aircraft components.

SEC Filings

Direct access to Willis Lease Finance Corp (WLFC) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Willis Lease Finance Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Willis Lease Finance Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 1%

Stability 0%

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Willis Lease Finance Corp Discounted Cash Flow

Fully customizable DCF calculator online for Willis Lease Finance Corp.

Years

Calculation mode

= $3.9B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$274M	$287M	$302M	$317M	$334M	$350M	$368M	$387M	$407M	$427M	$449M	$4.5B
DCF		$261M	$250M	$238M	$228M	$218M	$208M	$199M	$190M	$181M	$173M	$1.7B
Value	$3.9B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	4%	3%	7%	22%	11%	16%	2%	0%	1%	10%	20%
ROA	-	1%	2%	2%	3%	5%	1%	0%	0%	3%	5%
ROE	-	3%	7%	23%	14%	18%	2%	0%	1%	9%	18%

Good Net Margins (20.35%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	8.36	9.15	8.87	7.33	5.67	18.93	20.45	13.51	8.13	7.37
Debt over Equity	3.88	4.18	4.66	4.26	4.74	3.63	4.71	4.81	4.6	4.16	3.89
Growth Stability	-	-	-	100%	100%	100%	12%	0%	9%	100%	0%

Bad Debt/FCF ratio (7.37)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (3.89)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (0%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	15%	4%	33%	27%	17%	-29%	-5%	14%	34%	8%
Earnings YoY growth	-	-11%	113%	338%	-34%	59%	-90%	-100%	12K%	2K%	27%
Equity YoY growth	-	-3%	-7%	32%	11%	22%	4%	3%	8%	8%	7%
FCF YoY growth	-	115%	-5%	25%	49%	21%	-60%	-2%	56%	63%	13%