Willis Lease Finance (WLFC) Panoramica del titolo
Willis Lease Finance Corporation, insieme alle sue controllate, opera come locatore e gestore di aeromobili commerciali e motori aeronautici in tutto il mondo. Maggiori dettagli
| Punteggio fiocco di neve | |
|---|---|
| Valutazione | 2/6 |
| Crescita futura | 0/6 |
| Prestazioni passate | 3/6 |
| Salute finanziaria | 2/6 |
| Dividendi | 2/6 |
WLFC Community Fair Values
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Analyst Price Targets
Concorrenti di Willis Lease Finance Corporation
Storia dei prezzi e prestazioni
| Prezzi storici delle azioni | |
|---|---|
| Prezzo attuale dell'azione | US$182.70 |
| Massimo di 52 settimane | US$239.44 |
| Minimo di 52 settimane | US$114.01 |
| Beta | 0.81 |
| Variazione di 1 mese | -4.18% |
| Variazione a 3 mesi | -10.98% |
| Variazione di 1 anno | 39.41% |
| Variazione a 3 anni | 357.55% |
| Variazione a 5 anni | 311.95% |
| Variazione dall'IPO | 2,018.26% |
Notizie e aggiornamenti recenti
Recent updates
Seeking Alpha • Apr 15
Willis Lease Finance: Engine Leasing Strength Supports Strong Buy Rating (Rating Upgrade)
Summary WLFC’s future-proofed engine portfolio and strong asset growth underpin robust revenue and EBITDA expansion. Traditional price-to-book valuation understates WLFC’s value; EV/EBITDA and cash flow metrics better capture upside. I am upgrading WLFC to a strong buy with a $251 price target, citing improving cash flows and resilient demand. Read the full article on Seeking AlphaArticolo di analisi • Jan 13
Willis Lease Finance Corporation (NASDAQ:WLFC) Held Back By Insufficient Growth Even After Shares Climb 25%
Willis Lease Finance Corporation ( NASDAQ:WLFC ) shareholders have had their patience rewarded with a 25% share price...Articolo di analisi • Dec 01
Here's Why We Think Willis Lease Finance (NASDAQ:WLFC) Might Deserve Your Attention Today
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Articolo di analisi • Nov 10
Willis Lease Finance's (NASDAQ:WLFC) Upcoming Dividend Will Be Larger Than Last Year's
Willis Lease Finance Corporation ( NASDAQ:WLFC ) will increase its dividend from last year's comparable payment on the...Articolo di analisi • Nov 08
Willis Lease Finance Corporation Just Beat Revenue Estimates By 18%
Willis Lease Finance Corporation ( NASDAQ:WLFC ) just released its latest quarterly results and things are looking...Articolo di analisi • Oct 11
Why Willis Lease Finance Corporation (NASDAQ:WLFC) Could Be Worth Watching
While Willis Lease Finance Corporation ( NASDAQ:WLFC ) might not have the largest market cap around , it saw...Articolo di analisi • Jul 24
Willis Lease Finance Corporation's (NASDAQ:WLFC) Shares Lagging The Market But So Is The Business
Willis Lease Finance Corporation's ( NASDAQ:WLFC ) price-to-earnings (or "P/E") ratio of 10x might make it look like a...Articolo di analisi • Jun 29
Is Now An Opportune Moment To Examine Willis Lease Finance Corporation (NASDAQ:WLFC)?
Willis Lease Finance Corporation ( NASDAQ:WLFC ), is not the largest company out there, but it saw a double-digit share...Articolo di analisi • May 14
Additional Considerations Required While Assessing Willis Lease Finance's (NASDAQ:WLFC) Strong Earnings
Investors were disappointed with Willis Lease Finance Corporation's ( NASDAQ:WLFC ) earnings, despite the strong profit...Articolo di analisi • May 07
Should You Be Adding Willis Lease Finance (NASDAQ:WLFC) To Your Watchlist Today?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Articolo di analisi • Apr 22
Market Cool On Willis Lease Finance Corporation's (NASDAQ:WLFC) Earnings Pushing Shares 28% Lower
Willis Lease Finance Corporation ( NASDAQ:WLFC ) shareholders that were waiting for something to happen have been dealt...Articolo di analisi • Apr 16
Return Trends At Willis Lease Finance (NASDAQ:WLFC) Aren't Appealing
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...Seeking Alpha • Mar 28
Willis Lease Finance: Growth At A Premium
Summary Willis Lease Finance has seen a remarkable 245.7% stock gain in a year, outperforming the S&P 500's 9.8% return. The company's focus on aero engines and spare parts, especially amid engine shortages, drives its strong business performance. Despite impressive revenue growth and profitability, the stock appears overvalued from a book value perspective, limiting future upside. I maintain a buy rating, but see limited upside at current prices. EV/EBITDA valuation suggests modest growth potential. Read the full article on Seeking AlphaArticolo di analisi • Feb 28
Earnings Working Against Willis Lease Finance Corporation's (NASDAQ:WLFC) Share Price
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 18x, you may...
Nuova narrazione • Feb 26
Support From Development Bank Of Japan And ConstantThrust Program Will Strengthen Future Prospects
Willis Lease Finance's expanded funding and investment strategies could boost growth, leading to improved revenue and earnings.Articolo di analisi • Feb 10
When Should You Buy Willis Lease Finance Corporation (NASDAQ:WLFC)?
Willis Lease Finance Corporation ( NASDAQ:WLFC ), might not be a large cap stock, but it saw a double-digit share price...Seeking Alpha • Oct 15
Willis Lease Finance's Liquidation Value Is >$200
Summary A brief update on Willis Lease Finance Corporation. Here’s what has happened. What might happen next. And why WLFC is worth $200-400 per share. Read the full article on Seeking AlphaSeeking Alpha • Jul 24
Is Willis Lease Finance Underperforming?
Summary The good: real book value for Willis Lease Finance Corporation is over $150 per share. The bad: management is overpaid and tries to underpay for the company. The competition: FTAI Aviation's valuation implies that Willis is worth 5x its price. Read the full article on Seeking AlphaSeeking Alpha • Mar 26
Willis Lease Finance: Upside Remains On Book Value
Summary Willis Lease Finance Corporation specializes in engine leasing and spare parts, providing solutions that minimize downtime for airplanes. The company saw revenue growth of 34.2%, driven by a growing pool of engines placed on lease and higher utilization. Valuation approaches suggest that the stock is undervalued, with a potential upside of 24% based on price-to-book and 35% based on EV/EBITDA. Read the full article on Seeking AlphaSeeking Alpha • Jul 31
Willis Finance Lease: Significant Upside Potential From Rate Hikes And Aviation Market Recovery
Willis Lease Finance Corporation is a market leader with a broad collection of engines and international operations. WLFC stock is trading at half of its 2019 price due to the disruption caused by COVID-19. Current interest rate hike and aviation market recovery have created a great environment for Willis Lease Finance. I believe the WLFC stock can realize a possible return of around 80% post recovery, assuming zero organic growth. Investment Thesis I rate Willis Lease Finance Corporation (WLFC) as a Strong Buy with a base case target price of $69.7 (80% potential upside). WLFC's price plunged two years ago due to the earnings decline caused by COVID-19, and the current price is still 40% lower than the 2019 level. WLFC is the largest player in a niche market (aircraft engine leasing) with a superior business model, and will very likely recover as the pandemic fades away. I also believe that WLFC can benefit greatly from current interest rate hike since its revenue will increase with interest rate but the majority of its debt carry fixed interest rate and will not mature in a long time. WLFC's margin should improve as well because they borrowed lots of money at very low fixed rates during the pandemic and purchased equipment in a distressed market, which effectively lowered their cost base. Further more, WLFC operates internationally, which allows it to capture future organic growth from emerging markets. I believe the factors mentioned above can drive WLFC’s EBITDA up to ~$277 million in 1-2 years. WLFC then should be trading at ~ $428 million ($69.7/share) at 8x EBITDA (pro forma 2019 multiple). Why this Opportunity Exists The company is virtually undiscovered. Bias against the aviation industry and highly leveraged leasing business, ignoring the fact that the debt won't come due in tens of years. I believe the market doesn't truly understand WLFC's competitive advantages. Willis Finance Lease Business Overview WLFC's principal business objective is to build value for shareholders by acquiring commercial aircraft and engines (mostly engines) and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through gains on sale of spare part and management fees earned for managing assets owned by other parties. Engine is a necessary, independent and vulnerable part of an aircraft. Commercial aircraft operators need engines in addition to those installed on the aircraft that they operate. These spare engines are required for various reasons, including requirements that engines be inspected and repaired at regular intervals based on equipment utilization. The advantages of leasing engines for aviation businesses includes repair cost savings, logistics simplification (centralized maintenance by lessor improves efficiency), and capex & residual risk reductions. Integrated Business Model Through two of its wholly owned subsidiaries, Willis Engine Management and Willis Aero, WLFC can provide an integrated end-to-life engine solution. Willis Engine Management engages in providing engine management/maintenance service. The number of engines under its management grew from 40 in 2015 to 400 in 2020. Willis Aero engages in sale of spare parts and technical support. It was launched in 2013 to augment WLFC’s business model, which is proven effective: WLFC’s net income from the sale of spare parts grew from almost $0 in 2013 to $12 million in 2019, accounting for 18% of the total. The Leasing--Managing--Selling model has the following advantages: The synergies between engine management business and leasing business can reduce operating costs. WLFC’s history shows management’s effort to keep augmenting the business model, a quality that virtually all competitors lack. The Leasing--Managing--Selling model creates lots of cross-selling opportunities such as offering management/repair service to engine lessees, attractive equipment acquisition opportunities provided by management service customers, etc. This also provides convenience to customers. From the past performance, we can tell this model worked out pretty well. Before the pandemic (2010-2019), WLFC's annual pre-tax income grew from $20 million to $89 million, a CAGR of 20%, backed with a solid revenue CAGR of 11% (from $148 million to $409 million). ROE ranged 15%-20% from 2016 to 2019. WLFC does not have access to the cheapest fund, (lots of leasing companies use short-term debt to finance equipment with long lifespan, which is really risky, especially during unusual events like COVID-19) but it is one of the fastest growers in the market. The management doesn’t explain the reason of this growth, but I think it attributes to its superior business model. Diversified Operations WLFC has established solid revenue and sales channels evenly around the world, with focus in areas with high aviation growth rate and profitability. As one of the few players that operate internationally, WLFC can do business with larger airlines while small competitors can’t. It’s a self-reinforcing process that can lead to WLFC's further growth. One major difference in asset allocation between pre-pandemic period and today is that the equipment held and revenue generated in Asia dropped to ~17% (per 2019 & 2021 10k). It is primarily due to slower recovery rate and greater negative effect the Asian market suffered from COVID. I believe this is temporary and WLFC is well positioned in this fast-growing market. Financials & Balance Sheet We have illustrated the competitive advantages of WLFC above, now let’s analyze its balance sheet to make sure it won’t go bankrupt. As of March 31 2022, WLFC had $1,951.4 million equipment held for operating lease and $114.3 million notes receivable which represented 298 engines, 12 aircraft, one marine vessel and other leased parts and equipment. WLFC has a total debt obligation of $1,759 million according to the last 10Q (Mar 31, 2022), which comes from two sources: Willis Engine Securitization Trust III, IV, and V (WEST III, IV, V) are three asset backed trusts. The structure of the WESTs gives special advantage to WLFC compared to other leasing companies, and the management has been improving it for a long time. The WESTs have the following features: Bankruptcy remote: As bankruptcy remote entities, WESTs can only use their proceeds to repay notes or acquire new equipment. WLFC seems to be highly leveraged because the WESTs are consolidated into the company's financial statements, but even if the WESTs default, WLFC itself wouldn’t face creditor claim or bankruptcy. Long-term: Notes issued by WEST III,IV,V account for 57.4% of WLFC’s total debt obligation, and carry an average interest rate of 4.1%. None of those notes mature in at least 20 years (maturity dates vary from 2042 to 2046). WLFC constantly had 3x EBITDA ($195 million)/Total interest expense ($65 million) ratio during pandemic. This ratio was even higher before the pandemic (4-5x). Cash generation: WLFC receives monthly fees of 11.5% as servicer and 2.0% as administrative agent of the aggregate net rents received by the WESTs. In conclusion, the WESTs successfully reduce WLFC’s leverage exposure, contribute to WLFC’s income, and are able to provide cash flow. In his 2014 letter to shareholders, the CEO predicted that the effort WLFC put in developing the WESTs would pay out in the future. He is now proven right. 2. Revolving credit facility - The credit facility carries a floating interest rate of one-month LIBOR plus 1.75%, which revolves until the maturity date of June 2024. WLFC has been consistently upgrading the facility to increase borrowing capacity. Per the last 10Q, WLFC has borrowed $580 million from it, accounting for 33% of the company's total debt. Even if WLFC’s EBITDA remains at the pandemic level, it would earn around $400 million operating cash flow by 2024 (I didn’t use FCF because more than 90% of WLFC’s capex is used to purchase new equipment), representing ~70% of its debt. Don’t forget we are talking about 3 years of worst performance, and that WLFC can always liquidate some engines if needed. Based on the outlook of current environment, it is reasonable to assume the aviation industry is going to recover as more and more people are getting vaccinated, and that flying is still the only choice for convenient long-distance trips. Aviation market interruption (Grand View Research) Opportunities from hike in interest rates Unlike most lessors that finance their book with short-term debts for higher margins, a rise in interest rate is beneficial to WLFC. It is because potential customers would rather lease than finance their engines if it costs more to borrow from financial institutions, and that the majority of WLFC’s debt won't mature in over 20 years and carries fixed interest rates. This plays out extremely well for WLFC based on past records. Let’s roll out WLFC’s revenue and pre-tax earnings all the way back to 1995: Rev/Pre-tax earnings($ million): WLFC revenue and Pre tax earning history (ROIC.ai) From the data and chart above, it’s easy to spot 4 earnings boosts (pre-tax earnings deviates from run-rate):1996-1998, 1999-2001, 2005-2008, 2015-2019. (If the chart is not clear for you, the numbers can be found here) Now the FED funds rate: FED Funds Rate (FRED) If you compare the earnings boosts to the FED funds rate chart, it’s super clear that all of these four earnings boosts perfectly align with FED funds rate hikes. They start and end in the exact same year. For example, FED funds rate remained flat since GFC until 2015-2016, and kept rising until 2020. During this time period, WLFC’s pre-tax income grew at a CAGR of 55% without one single setback. Similar stories happened during all four earnings boosts, which means WLFC’s top/bottom lines have a positive correlation with interest rates. It’s definitely a strong tailwind, in both short and long term, given the current depressed earnings are already priced in the stock. Low-cost funds borrowed during pandemic supports margins post recovery One would assume that WLFC would remain prudent with their borrowing during the pandemic, but the company chose to take advantage of the low interest rates: in 2020 and 2021, it issued $552 million long-term notes through the WESTs at a rate of 3.1%-3.3%, the lowest among almost all of its long-term debts (the 2018 and 2017 ones are 4.8% in average). Almost all of the funds were used to acquire new engines and equipment. I am optimistic about this, because the interest rate is locked in for tens of years, but the potential earnings power of the engines can increase significantly as the pandemic fades away. It’s also reasonable to assume WLFC bought cheaper engines during the pandemic which wouldn’t affect the bottom line until they start generating revenue or are sold with a net gain. This aggressive action combined with insider buying activity indicates management’s confidence in the company. WLFC debt (WLFC 10k) Post-pandemic environment is in favor of leasing business During the post-pandemic recovery, it’s reasonable to assume airlines would prefer to lease than purchase engines and equipment since they really want to repay the government aid and all the debts first before spending large capex for acquisitions of equipment. The CEO of Aercap said: “aircraft lessors will become more important as cash-strapped U.S. airlines save cash to pay down debt”. WLFC is already in a comfortable inventory position to meet the increasing demand. WLFC Stock Valuation Before getting into valuation, I do want to address that no one can accurately predict near-term earnings and market movements. All I know is I am buying a growing market leader with solid assets and moat at a low price with significant catalysts that can drive earnings back to normal, which is enough for me. After the pandemic hit, WLFC’s EBITDA margin didn’t drop but slightly increased (from 59% to 60%), from which we know that most earnings drop attributes to depressed utilization rate and non-leasing operations. WLFC’s utilization rate varied from low 90s% to high 80s% before the pandemic and dropped to 80% in 2021, before recovered to 84% in 1Q22. It’s an all-time-low rate when no fundamentals of the company have changed. Current TEV=$236 million market cap + $1.75 billion net debt - $113 million notes receivable carrying 6.3%-12.2% interest caused by several failed sale- leasebacks = $1.87 billion EBITDA margin: 60% (it’s been steady in the past 10 years and never fell below high 50s%). Book value of equipment held for lease: $1.95 billion. Pro forma rent revenue + maintenance reserve revenue ~18% of utilized equipment. ((2019 rent revenue + maintenance reserve revenue) / utilized equipment book value=18%). Base case Utilization rate goes back to run-rate (90%), non-leasing operation recover to the 2019 level ($110 million), with no organic growth or price increase, at 8x TEV/EBITDA (pro forma 2019 multiple): revenue = 90% $1.95 billion 18% ~ $426 million, EBITDA = $426 million 60% = $255.6 million, TEV=8 $255.6 million=$2,045 million, market cap=$2,045 million (TEV)-$1,617 million (net debt)=$428 million, share price=$428 million/6.14 million shares outstanding=$69.7, ~81% implied gain. Data by YCharts Bear case Utilization rate stays at 85%, non-leasing operation stays at the 2021 level($62 million): revenue=$1.95 billion85%18%=$360 million, EBITDA =$360 million60%=$216 million, TEV=8$216 million=1,728 million, market cap =$1,728 million-$1,617 million=$111 million, share price=$111 million/6.14 million shares outstanding=$18, ~50% potential loss.Rendimenti per gli azionisti
| WLFC | US Trade Distributors | US Mercato | |
|---|---|---|---|
| 7D | 3.5% | -0.04% | 1.1% |
| 1Y | 39.4% | 20.5% | 28.7% |
Ritorno vs Industria: WLFC ha superato il US Trade Distributors che ha restituito 20.5 % nell'ultimo anno.
Rendimento vs Mercato: WLFC ha superato il mercato US che ha restituito 28.7 % nell'ultimo anno.
Volatilità dei prezzi
| WLFC volatility | |
|---|---|
| WLFC Average Weekly Movement | 8.6% |
| Trade Distributors Industry Average Movement | 7.2% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.4% |
| 10% least volatile stocks in US Market | 3.1% |
Prezzo delle azioni stabile: WLFC non ha avuto una volatilità dei prezzi significativa negli ultimi 3 mesi rispetto al mercato US.
Volatilità nel tempo: La volatilità settimanale ( 9% ) di WLFC è rimasta stabile nell'ultimo anno.
Informazioni sull'azienda
| Fondato | I dipendenti | AMMINISTRATORE DELEGATO | Sito web |
|---|---|---|---|
| 1985 | 471 | Austin Willis | www.wlfc.global |
Willis Lease Finance Corporation, insieme alle sue controllate, opera come locatore e gestore di aeromobili commerciali e motori aeronautici in tutto il mondo. Opera in due segmenti: Leasing e operazioni correlate e Vendita di ricambi. L'azienda si occupa dell'acquisto e del leasing di aeromobili commerciali, di motori per aerei e delle relative attrezzature, nonché dell'acquisto e della rivendita di motori per aerei commerciali e di altre attrezzature per aerei, oltre che di attività di assistenza e manutenzione.
Willis Lease Finance Corporation Riepilogo dei fondamenti
| WLFC statistiche fondamentali | |
|---|---|
| Capitalizzazione di mercato | US$1.29b |
| Utili (TTM) | US$116.25m |
| Ricavi(TTM) | US$753.47m |
11.1x
Rapporto P/E1.7x
Rapporto P/SWLFC è sopravvalutato?
Vedi Fair Value e analisi di valutazioneUtili e ricavi
| WLFC Conto economico (TTM) | |
|---|---|
| Ricavi | US$753.47m |
| Costo del fatturato | US$122.81m |
| Profitto lordo | US$630.66m |
| Altre spese | US$514.41m |
| Utili | US$116.25m |
Ultimi utili riportati
Mar 31, 2026
Prossima data di guadagno
n/a
| Utile per azione (EPS) | 16.50 |
| Margine lordo | 83.70% |
| Margine di profitto netto | 15.43% |
| Rapporto debito/patrimonio netto | 297.4% |
Come si è comportato WLFC nel lungo periodo?
Vedi performance storica e confrontoDividendi
0.9%
Rendimento attuale del dividendo8%
Rapporto di remunerazioneAnalisi aziendale e situazione dei dati finanziari
| Dati | Ultimo aggiornamento (ora UTC) |
|---|---|
| Analisi dell'azienda | 2026/05/25 03:10 |
| Prezzo dell'azione a fine giornata | 2026/05/22 00:00 |
| Utili | 2026/03/31 |
| Utili annuali | 2025/12/31 |
Fonti dei dati
I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.
| Pacchetto | Dati | Tempistica | Esempio Fonte USA * |
|---|---|---|---|
| Dati finanziari della società | 10 anni |
| |
| Stime di consenso degli analisti | +3 anni |
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| Prezzi di mercato | 30 anni |
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| Proprietà | 10 anni |
| |
| Gestione | 10 anni |
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| Sviluppi principali | 10 anni |
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* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.
Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.
Modello di analisi e Snowflake
I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.
Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.
Metriche di settore e industriali
Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.
Fonti analitiche
Willis Lease Finance Corporation è coperta da 3 analisti. 1 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.
| Analista | Istituzione |
|---|---|
| John Hecht | Citizens JMP Securities, LLC |
| Sergey Glinyanov | Freedom Broker |
| Tristan Thomas-Martin | Sidoti & Company, LLC |