WLFCNasdaqWholesale-Machinery, Equipment & SuppliesUS GAAP · USD

Willis Lease Finance Corporation

Willis Lease Finance Corp. is a U.S.-based aviation asset company that acquires, leases, manages, and sells commercial aircraft engines, aircraft, and related equipment through its subsidiaries. Its business also includes engine management services and the sale of aircraft engine spare parts and materials, with operations and lessees spread across multiple countries.

Kysy yhtiöstä
Liikevaihto730milj. USD
+28,3 %v/v
Liikevoitto (EBIT)104milj. USD
−27,8 %v/v
EBIT-marginaali14,3%
−11,1 %-yks.v/v
Nettotulos114milj. USD
+4,7 %v/v
Vapaa kassavirta252milj. USD
−6,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

0200400600800milj. USD2020: 289 milj. USD2020: EBIT 15 milj. USD20202021: 274 milj. USD2021: EBIT 8,3 milj. USD20212022: 312 milj. USD2022: EBIT 9,9 milj. USD20222023: 419 milj. USD2023: EBIT 64 milj. USD20232024: 569 milj. USD2024: EBIT 144 milj. USD20242025: 730 milj. USD2025: EBIT 104 milj. USD2025730104
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Willis Lease Finance Corporation

Liiketoiminta

Osuus liikevaihdosta
Engine and aircraft leasing75 %

Operating leases for commercial aircraft engines, aircraft, and related equipment.

Maintenance reserves and lease-related fees10 %

Lease-related income tied to engine use, maintenance, and asset management.

Engine management and consulting5 %

Third-party asset management and consulting for engines and related equipment.

Spare parts sales10 %

Sale of aircraft engine parts and materials through Willis Aero.

Asiakkaat

Customers are commercial airlines, aircraft operators, and maintenance, repair and overhaul providers that need engine capacity, short- or long-term lift, or parts support. The company also serves third-party asset owners that outsource engine management, and buyers of surplus engine parts and materials through its Willis Aero business. Demand is tied to fleet utilization, maintenance cycles, and the need for flexible access to engines and parts across the aviation aftermarket.

Commercial airlines

Lease engines and related equipment to cover maintenance, growth, and disruption needs.

Aircraft operators

Use leased engines and aircraft to maintain fleet flexibility and capacity.

MROs and repair facilities

Buy or lease engines, parts, and support services for maintenance activity.

Third-party asset owners

Outsource engine management and consulting to Willis Asset Management.

Aftermarket parts buyers

Purchase engine parts and materials from Willis Aero's spare-parts platform.

Strategia

The company focuses on acquiring popular commercial jet engines and managing them to maximize lease income and residual value over the asset life cycle. It also uses vertically integrated services, including parts sales and engine management, to extract additional value from leased assets and end-of-life equipment. Financing is structured around secured borrowing against the lease portfolio, which supports portfolio growth and asset rotation.

Grow and refresh the engine lease portfolioKeskipitkä aikaväli

A larger, newer portfolio supports lease rent and redeployment flexibility.

Monetize end-of-life assets and spare partsKeskipitkä aikaväli

Parts sales and tear-down activity improve value recovery from retired equipment.

Expand third-party asset managementKeskipitkä aikaväli

Management fees diversify revenue beyond direct leasing.

Use joint ventures to access regional demandPitkä aikaväli

Local partners can improve market access and customer reach.

Maantiede

Willis Lease Finance operates globally, with lessees in dozens of countries and assets that can be redeployed across international markets. The company also has joint ventures in Ireland and China, reflecting its participation in both global engine leasing and region-specific demand pools. Geography matters because aircraft engines are mobile assets, but customer credit, regulatory conditions, and demand for air travel vary by country and region.

Riskit

The business is exposed to airline and MRO customer credit risk, because lease payments and parts demand depend on the financial health of aviation operators. Asset values can also move materially with engine supply-demand conditions, maintenance cycles, and the pace of aircraft retirements, while the company relies on secured borrowing and interest-rate hedging to fund its portfolio. Competition, tariffs, cybersecurity, and concentration in a small number of large customers add further operational and financial risk.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer industry cyclicality1Residual value and asset impairment risk2Interest rate and refinancing risk4Competition and vertical integration5Geopolitical and trade barriers6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer industry cyclicalityVaikutus: KorkeaTodennäköisyys: Korkea

    Airline and MRO demand is tied to air travel, cargo volumes, and financing conditions.

    Kohdistuu: Commercial aviation operators and maintenance providers worldwide.

  2. Residual value and asset impairment riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Engine and aircraft values depend on secondary-market demand and future leaseability.

    KohdistuuApplies to operating lease portfolioNotes receivableSales-type leases
  3. Customer concentrationVaikutus: Korkea

    A small number of lessees can account for a meaningful share of lease rent and receivables.

    Kohdistuu: One customer accounted for about 13% of lease rent revenue in 2025.

  4. Interest rate and refinancing riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Growth is funded largely with secured borrowings and floating-rate debt.

    Kohdistuu: Lease portfolio financing and hedge counterparties.

  5. Competition and vertical integrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    OEMs, lessors, and MROs can compete directly or move into aftermarket parts.

    KohdistuuEngine leasingParts salesMaintenance services
  6. Geopolitical and trade barriersVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Tariffs and trade restrictions can affect cross-border aviation asset flows.

    Kohdistuu: International leasing and parts movement.

Kysy Clarifolta: Willis Lease Finance Corporation

Kirjanpito

Harkinnanvaraiset erät
Operating lease revenue recognition

Straight-line recognition affects timing of reported lease income.

Vaikutus: Lease rent revenue

Residual value and impairment testing

Engine and aircraft values must be tested against market and cash-flow assumptions.

Vaikutus: Equipment held for operating lease

Credit loss allowances

Customer financial stress can require higher provisions on receivables and notes.

Vaikutus: Notes receivable and lease-related balances

Fair value estimates for parts and equipment

Spare parts and end-of-life assets rely on appraisal and market-sale assumptions.

Vaikutus: Willis Aero inventory and asset write-downs

Joint venture accounting

Equity-method investments in WMES and CASC Willis affect reported earnings and assets.

Vaikutus: Investment carrying values and equity income

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Päivitetty: 24.9.2026