Willis Lease Financials
This page shows Willis Lease (WLFC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-backed asset growth drives the model, while depreciation-heavy cash flow makes reported profit look smaller than cash generation
FY2025 operating cash flow was$283M versus net income of$114M , so accounting profit understates how much cash the current asset base produced. But cash conversion and balance-sheet expansion still move together: from FY2023 to FY2025, long-term debt rose by nearly$897M as total assets grew by about$1.3B , meaning expansion still relies heavily on creditors.
The margin shape changed in FY2025: operating margin fell to
This is not a cash-rich balance sheet despite strong cash generation; year-end cash was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Willis Lease's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Willis Lease has an operating margin of 14.3%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 62/100, indicating healthy but not exceptional operating efficiency. This is down from 25.4% the prior year.
Willis Lease's revenue surged 28.3% year-over-year to $730.2M, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Willis Lease has elevated debt relative to equity (D/E of 4.08), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
Willis Lease converts 34.5% of revenue into free cash flow ($252.2M). This strong cash generation earns a score of 100/100.
Willis Lease's ROE of 17.2% shows moderate profitability relative to equity, earning a score of 48/100. This is down from 19.8% the prior year.
Willis Lease passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Willis Lease generates $2.48 in operating cash flow ($283.2M OCF vs $114.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Willis Lease earns $0.8 in operating income for every $1 of interest expense ($104.3M vs $132.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Willis Lease generated $730.2M in revenue in fiscal year 2025. This represents an increase of 28.3% from the prior year.
Willis Lease's EBITDA was $215.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.9% from the prior year.
Willis Lease reported $114.0M in net income in fiscal year 2025. This represents an increase of 4.6% from the prior year.
Willis Lease earned $15.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Cash & Balance Sheet
Willis Lease generated $252.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.2% from the prior year.
Willis Lease held $16.4M in cash against $2.7B in long-term debt as of fiscal year 2025.
Willis Lease paid $1.15 per share in dividends in fiscal year 2025. This represents a decrease of 23.3% from the prior year.
Margins & Returns
Willis Lease's operating margin was 14.3% in fiscal year 2025, reflecting core business profitability. This is down 11.1 percentage points from the prior year.
Willis Lease's net profit margin was 15.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.5 percentage points from the prior year.
Willis Lease's ROE was 17.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.
Capital Allocation
Willis Lease spent $3.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Willis Lease invested $31.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 98.8% from the prior year.
WLFC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $194.3M+0.4% | $193.6M+5.6% | $183.4M-6.2% | $195.5M+23.9% | $157.7M+3.2% | $152.8M+4.5% | $146.2M-3.2% | $151.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $56.6M+19.4% | $47.4M-3.6% | $49.2M-2.5% | $50.4M+5.7% | $47.7M+12.4% | $42.5M+6.0% | $40.0M+15.4% | $34.7M |
| Operating Income | $33.8M+139.7% | $14.1M-62.9% | $38.0M+34.5% | $28.3M+18.2% | $23.9M-18.7% | $29.4M-12.8% | $33.7M-37.7% | $54.1M |
| Interest Expense | $32.6M+1.3% | $32.2M-5.7% | $34.2M+1.8% | $33.6M+4.6% | $32.1M+9.2% | $29.4M+5.7% | $27.8M+13.2% | $24.6M |
| Income Tax | $11.8M+108.0% | $5.7M-70.1% | $18.9M+35.7% | $13.9M+66.0% | $8.4M-10.1% | $9.3M-10.0% | $10.4M-32.3% | $15.3M |
| Net Income | $25.1M+101.8% | $12.4M-48.9% | $24.3M-59.7% | $60.4M+257.9% | $16.9M-21.4% | $21.4M-11.0% | $24.1M-43.4% | $42.6M |
| EPS (Diluted) | $3.26 | N/A | $3.25-61.4% | $8.43+281.4% | $2.21 | N/A | $3.37-45.7% | $6.21 |
WLFC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.5B-10.9% | $3.9B+15.1% | $3.4B-13.3% | $3.9B+20.5% | $3.3B-0.7% | $3.3B+8.3% | $3.0B+4.2% | $2.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $24.6M+49.3% | $16.4M+27.6% | $12.9M-65.4% | $37.3M+15.2% | $32.4M+255.2% | $9.1M+57.3% | $5.8M+14.8% | $5.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $38.9M+8.9% | $35.7M-15.5% | $42.3M+12.3% | $37.6M-9.3% | $41.5M+8.4% | $38.3M+3.3% | $37.1M-31.5% | $54.1M |
| Goodwill | N/A | $300K | N/A | N/A | N/A | $1.0M | N/A | N/A |
| Total Liabilities | $2.7B-14.4% | $3.2B+18.6% | $2.7B-17.1% | $3.3B+23.4% | $2.6B-1.4% | $2.7B+9.0% | $2.5B+3.5% | $2.4B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.3B-16.5% | $2.7B+20.6% | $2.2B-20.0% | $2.8B+25.5% | $2.2B-1.5% | $2.3B+13.8% | $2.0B+2.2% | $1.9B |
| Total Equity | $694.4M+4.9% | $662.1M+1.8% | $650.2M+5.2% | $617.9M+9.3% | $565.5M+2.9% | $549.3M+6.1% | $517.8M+5.1% | $492.4M |
| Retained Earnings | $611.3M+3.5% | $590.8M+1.3% | $583.1M+3.7% | $562.1M+11.3% | $505.1M+2.8% | $491.4M+3.8% | $473.6M+4.7% | $452.3M |
WLFC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $56.7M-23.6% | $74.2M+16.1% | $63.9M-38.7% | $104.2M+154.0% | $41.0M-39.7% | $68.0M-21.7% | $86.8M+24.3% | $69.8M |
| Capital Expenditures | $3.5M-55.3% | $7.9M+30.9% | $6.0M-37.3% | $9.6M+28.9% | $7.5M-41.9% | $12.9M+1131.2% | $1.0M-19.7% | $1.3M |
| Free Cash Flow | $53.1M-19.8% | $66.2M+14.5% | $57.8M-38.8% | $94.5M+181.9% | $33.5M-39.1% | $55.1M-35.8% | $85.7M+25.1% | $68.5M |
| Investing Cash Flow | $79.9M+153.9% | -$148.2M-39.9% | -$106.0M-564.8% | -$15.9M-216.4% | $13.7M+104.4% | -$309.9M-72.2% | -$180.0M+14.8% | -$211.2M |
| Financing Cash Flow | -$462.9M-202.9% | $450.0M+179.0% | -$569.5M-204.5% | $545.2M+1530.6% | -$38.1M-114.1% | $269.4M+434.7% | $50.4M-74.2% | $195.1M |
| Dividends Paid | $3.1M+1.8% | $3.1M+60.0% | $1.9M-0.3% | $1.9M+4.6% | $1.8M+2.1% | $1.8M+0.4% | $1.8M-75.0% | $7.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WLFC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 17.4%+10.1pp | 7.3%-13.5pp | 20.7%+6.3pp | 14.5%-0.7pp | 15.2%-4.1pp | 19.2%-3.8pp | 23.1%-12.7pp | 35.8% |
| Net Margin | 12.9%+6.5pp | 6.4%-6.8pp | 13.3%-17.6pp | 30.9%+20.2pp | 10.7%-3.4pp | 14.0%-2.4pp | 16.5%-11.7pp | 28.2% |
| Return on Equity | 3.6%+1.7pp | 1.9%-1.9pp | 3.7%-6.0pp | 9.8%+6.8pp | 3.0%-0.9pp | 3.9%-0.8pp | 4.7%-4.0pp | 8.6% |
| Return on Assets | 0.7%+0.4pp | 0.3%-0.4pp | 0.7%-0.8pp | 1.5%+1.0pp | 0.5%-0.1pp | 0.7%-0.1pp | 0.8%-0.7pp | 1.5% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 3.25-0.8 | 4.08+0.6 | 3.44-1.1 | 4.53+0.6 | 3.95-0.2 | 4.12+0.3 | 3.84-0.1 | 3.95 |
| FCF Margin | 27.3%-6.9pp | 34.2%+2.7pp | 31.5%-16.8pp | 48.4%+27.1pp | 21.3%-14.8pp | 36.0%-22.6pp | 58.6%+13.3pp | 45.3% |
Similar Companies
Frequently Asked Questions
What is Willis Lease's annual revenue?
Willis Lease (WLFC) reported $730.2M in total revenue for fiscal year 2025. This represents a 28.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Willis Lease's revenue growing?
Willis Lease (WLFC) revenue grew by 28.3% year-over-year, from $569.2M to $730.2M in fiscal year 2025.
Is Willis Lease profitable?
Yes, Willis Lease (WLFC) reported a net income of $114.0M in fiscal year 2025, with a net profit margin of 15.6%.
What is Willis Lease's EBITDA?
Willis Lease (WLFC) had EBITDA of $215.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Willis Lease have?
As of fiscal year 2025, Willis Lease (WLFC) had $16.4M in cash and equivalents against $2.7B in long-term debt.
What is Willis Lease's operating margin?
Willis Lease (WLFC) had an operating margin of 14.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Willis Lease's net profit margin?
Willis Lease (WLFC) had a net profit margin of 15.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Willis Lease pay dividends?
Yes, Willis Lease (WLFC) paid $1.15 per share in dividends during fiscal year 2025.
What is Willis Lease's return on equity (ROE)?
Willis Lease (WLFC) has a return on equity of 17.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Willis Lease's free cash flow?
Willis Lease (WLFC) generated $252.2M in free cash flow during fiscal year 2025. This represents a -6.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Willis Lease's operating cash flow?
Willis Lease (WLFC) generated $283.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Willis Lease's total assets?
Willis Lease (WLFC) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Willis Lease's capital expenditures?
Willis Lease (WLFC) invested $31.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Willis Lease's debt-to-equity ratio?
Willis Lease (WLFC) had a debt-to-equity ratio of 4.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Willis Lease's return on assets (ROA)?
Willis Lease (WLFC) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Willis Lease's Piotroski F-Score?
Willis Lease (WLFC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Willis Lease's earnings high quality?
Willis Lease (WLFC) has an earnings quality ratio of 2.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Willis Lease cover its interest payments?
Willis Lease (WLFC) has an interest coverage ratio of 0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Willis Lease?
Willis Lease (WLFC) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.