AerCap Holdings N.V. (AER) 10-Year Financial Performance & Capital Metrics

AER • • Industrial / General

IndustrialsRental & LeasingAircraft & Aviation Equipment LeasingCommercial Aircraft Lessors

AboutAerCap Holdings N.V. engages in the lease, financing, sale, and management of commercial flight equipment in China, Hong Kong, Macau, the United States, Ireland, and internationally. The company offers aircraft asset management services, such as remarketing aircraft and engines; collecting rental and maintenance rent payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance, and accepting delivery and redelivery of aircraft and engines; and conducting ongoing lessee financial performance reviews. Its aircraft asset management services also include periodically inspecting the leased aircraft; coordinating technical modifications to aircraft to meet new lessee requirements; conducting restructuring negotiations in connection with lease defaults; repossessing aircraft and engines; arranging and monitoring insurance coverage; registering and de-registering aircraft; arranging for aircraft and engine valuations; and providing market research services. The company also provides cash management services, including treasury services, such as the financing, refinancing, hedging, and ongoing cash management of vehicles; and administrative services comprising accounting and corporate secretarial services consisting of the preparation of budgets and financial statements. In addition, it offers airframe and engine parts and supply chain solutions to airlines; maintenance, repair, and overhaul service providers; and aircraft parts distributors. As of December 31, 2021, the company had a portfolio of 2,369 owned, managed, or on order aircraft. AerCap Holdings N.V. was founded in 1995 and is headquartered in Dublin, Ireland.Show more

Revenue $8B +5.5%
EBITDA $4.15B +6.0%
Net Income $2.1B -33.1%
EPS (Diluted) 10.79 -21.7%
Gross Margin 57.6% +0.5%
EBITDA Margin 51.89% +0.5%
Operating Margin 51.49% +0.6%
Net Margin 26.24% -36.6%
ROE 12.43% -35.0%
ROIC 5.03% +6.1%
Debt/Equity 2.64 -6.0%
Interest Coverage 1.99 -4.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.1%
✓Share count reduced 14.6% through buybacks
✓Healthy 5Y average net margin of 14.5%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.6x
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.39%

5Y10.12%

3Y20.34%

TTM1.36%

Profit (Net Income) CAGR

10Y9.98%

5Y12.87%

3Y28.01%

TTM49.57%

EPS CAGR

10Y9.04%

5Y5.06%

3Y17.16%

TTM66.96%

ROCE

10Y Avg5.52%

5Y Avg5.13%

3Y Avg5.45%

Latest5.91%

Peer Comparison

Commercial Aircraft Lessors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALAir Lease Corporation	7.19B	64.35	19.32	1.81%	35.09%	12.23%		2.68
AERAerCap Holdings N.V.	24.45B	143.63	13.31	5.49%	47.78%	20.88%		2.64

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.29B	5.04B	5.04B	4.8B	4.94B	4.49B	4.59B	7.01B	7.58B	8B
Revenue Growth %	0.48%	-0.05%	-0%	-0.05%	0.03%	-0.09%	0.02%	0.53%	0.08%	0.05%
Cost of Goods Sold+	2.37B	2.37B	2.27B	2.13B	1.96B	1.97B	2.06B	3.21B	3.24B	3.39B
COGS % of Revenue	0.45%	0.47%	0.45%	0.44%	0.4%	0.44%	0.45%	0.46%	0.43%	0.42%
Gross Profit+	2.92B	2.67B	2.77B	2.67B	2.97B	2.52B	2.53B	3.8B	4.34B	4.61B
Gross Margin %	0.55%	0.53%	0.55%	0.56%	0.6%	0.56%	0.55%	0.54%	0.57%	0.58%
Gross Profit Growth %	0.36%	-0.09%	0.04%	-0.04%	0.11%	-0.15%	0%	0.5%	0.14%	0.06%
Operating Expenses+	381.31M	351.01M	348.29M	305.23M	267.46M	242.16M	317.89M	399.53M	464.13M	488.92M
OpEx % of Revenue	0.07%	0.07%	0.07%	0.06%	0.05%	0.05%	0.07%	0.06%	0.06%	0.06%
Selling, General & Admin	381.31M	351.01M	348.29M	305.23M	267.46M	242.16M	317.89M	399.53M	464.13M	488.92M
SG&A % of Revenue	0.07%	0.07%	0.07%	0.06%	0.05%	0.05%	0.07%	0.06%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	2.54B	2.32B	2.42B	2.37B	2.71B	2.28B	2.21B	3.4B	3.88B	4.12B
Operating Margin %	0.48%	0.46%	0.48%	0.49%	0.55%	0.51%	0.48%	0.48%	0.51%	0.51%
Operating Income Growth %	0.37%	-0.09%	0.05%	-0.02%	0.14%	-0.16%	-0.03%	0.54%	0.14%	0.06%
EBITDA+	2.57B	2.35B	2.45B	2.39B	2.73B	3.93B	3.95B	5.79B	3.91B	4.15B
EBITDA Margin %	0.49%	0.47%	0.49%	0.5%	0.55%	0.87%	0.86%	0.83%	0.52%	0.52%
EBITDA Growth %	0.38%	-0.09%	0.04%	-0.02%	0.14%	0.44%	0.01%	0.47%	-0.32%	0.06%
D&A (Non-Cash Add-back)	33.7M	31.9M	21.2M	21.2M	21.2M	1.65B	1.74B	2.39B	33.83M	31.82M
EBIT	2.54B	2.38B	2.42B	2.37B	2.71B	2.28B	2.21B	3.4B	3.88B	4.12B
Net Interest Income+	-1.1B	-1.09B	-1.11B	-1.17B	-1.3B	-1.25B	-1.23B	-1.68B	-1.87B	-2.07B
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.1B	1.09B	1.11B	1.17B	1.3B	1.25B	1.23B	1.68B	1.87B	2.07B
Other Income/Expense	-1.17B	-1.11B	-1.18B	-1.21B	-1.37B	-2.59B	-1.04B	-4.29B	-440.37M	-1.7B
Pretax Income+	1.37B	1.21B	1.25B	1.16B	1.33B	-312.15M	1.17B	-885.25M	3.44B	2.42B
Pretax Margin %	0.26%	0.24%	0.25%	0.24%	0.27%	-0.07%	0.26%	-0.13%	0.45%	0.3%
Income Tax+	189.81M	173.5M	164.72M	144.08M	167.71M	-17.23M	162.54M	-164.1M	291.06M	323.7M
Effective Tax Rate %	0.86%	0.86%	0.86%	0.87%	0.86%	0.96%	0.85%	0.82%	0.91%	0.87%
Net Income+	1.18B	1.05B	1.08B	1.02B	1.15B	-298.57M	1B	-726.04M	3.14B	2.1B
Net Margin %	0.22%	0.21%	0.21%	0.21%	0.23%	-0.07%	0.22%	-0.1%	0.41%	0.26%
Net Income Growth %	0.45%	-0.11%	0.03%	-0.06%	0.13%	-1.26%	4.35%	-1.73%	5.32%	-0.33%
Net Income (Continuing)	1.18B	1.04B	1.08B	1.02B	1.17B	-294.92M	1.01B	-721.16M	3.15B	2.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	76.85M	57.82M	59.1M	52.57M	67.31M	68.02M	76.62M	77.54M	216K	209K
EPS (Diluted)+	5.72	5.52	6.43	6.83	8.43	-2.33	6.71	-3.02	13.78	10.79
EPS Growth %	0.26%	-0.03%	0.16%	0.06%	0.23%	-1.28%	3.88%	-1.45%	5.56%	-0.22%
EPS (Basic)	5.78	5.64	6.68	7.00	8.51	-2.33	6.83	-3.02	13.99	11.06
Diluted Shares Outstanding	206.22M	189.68M	167.29M	148.71M	135.9M	127.74M	149.01M	240.49M	227.66M	194.49M
Basic Shares Outstanding	203.85M	185.51M	161.06M	145.16M	134.57M	127.74M	146.42M	240.49M	224.22M	189.83M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	0.07%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.11B	3.67B	4.24B	3.03B	3.24B	3.37B	6.36B	5.61B	6.04B	5.41B
Cash & Short-Term Investments	2.4B	2.04B	1.66B	1.2B	1.12B	1.25B	1.73B	1.6B	1.63B	1.21B
Cash Only	2.4B	2.04B	1.66B	1.2B	1.12B	1.25B	1.73B	1.6B	1.63B	1.21B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	952.14M	1.14B	1.55B	1.4B	1.6B	1.88B	4.09B	3.5B	3.83B	3.45B
Days Sales Outstanding	65.73	82.81	112.35	106.67	118.6	152.41	325.61	182.29	184.52	157.46
Inventory	260.27M	52.67M	38.97M	30.97M	3.16M	0	48.58M	55.87M	85.67M	90.92M
Days Inventory Outstanding	40.16	8.1	6.28	5.32	0.59	-	8.62	6.35	9.66	9.79
Other Current Assets	-2.81B	-2.83B	-1.94B	-2.63B	-2.44B	-1.87B	490.32M	452.43M	494.98M	658.53M
Total Non-Current Assets+	39.64B	37.95B	37.8B	40.18B	40.51B	38.68B	68.21B	64.12B	65.23B	66.03B
Property, Plant & Equipment	35.54B	34.8B	35.36B	38.11B	38.89B	37.33B	62.51B	59.11B	60.72B	62.08B
Fixed Asset Turnover	0.15x	0.14x	0.14x	0.13x	0.13x	0.12x	0.07x	0.12x	0.12x	0.13x
Goodwill	58.09M	58.09M	58.09M	58.09M	58.09M	0	0	0	0	0
Intangible Assets	3.54B	2.51B	1.8B	1.38B	1.06B	874.55M	4.65B	3.55B	2.89B	2.27B
Long-Term Investments	114.71M	118.78M	122.93M	132.11M	123.28M	138.06M	750.34M	873.74M	1.06B	1.21B
Other Non-Current Assets	226.77M	248.01M	305.82M	357.88M	277.66M	201.05M	175.33M	375.68M	282.67M	215.43M
Total Assets+	43.75B	41.62B	42.04B	43.21B	43.75B	42.05B	74.57B	69.73B	71.27B	71.44B
Asset Turnover	0.12x	0.12x	0.12x	0.11x	0.11x	0.11x	0.06x	0.10x	0.11x	0.11x
Asset Growth %	-0%	-0.05%	0.01%	0.03%	0.01%	-0.04%	0.77%	-0.06%	0.02%	0%
Total Current Liabilities+	1.19B	1.08B	1.02B	980.62M	884.41M	892.6M	1.71B	1.36B	1.62B	1.7B
Accounts Payable	728.63M	617.64M	562.26M	559.08M	494.45M	492.78M	1.2B	812.08M	792.61M	873.77M
Days Payables Outstanding	112.43	94.97	90.6	96.01	91.89	91.35	213.4	92.24	89.37	94.07
Short-Term Debt	21K	0	0	29.32M	1B	0	71.2M	0	80.84M	15.44M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-3.19B	-2.75B	-2.46B	-2.27B	-3.19B	-1.8B	-3.15B	-2.5B	-3.29B	-3.75B
Current Ratio	3.45x	3.39x	4.18x	3.09x	3.66x	3.78x	3.71x	4.12x	3.73x	3.17x
Quick Ratio	3.23x	3.35x	4.14x	3.06x	3.66x	3.78x	3.68x	4.08x	3.68x	3.12x
Cash Conversion Cycle	-6.54	-4.06	28.03	15.98	27.3	-	120.84	96.39	104.81	73.18
Total Non-Current Liabilities+	34.13B	31.96B	32.39B	33.35B	33.48B	32.22B	56.21B	52.17B	53.07B	52.55B
Long-Term Debt	29.64B	27.72B	28.42B	29.51B	29.49B	28.74B	50.2B	46.53B	46.48B	45.29B
Capital Lease Obligations	0	0	0	0	51.14M	49.42M	173.59M	135.22M	92.08M	55.78M
Deferred Tax Liabilities	365.38M	578.98M	673.95M	804.6M	910.34M	913.43M	2.09B	2.19B	2.53B	2.77B
Other Non-Current Liabilities	3.66B	3.2B	2.84B	2.61B	2.65B	2.12B	3.75B	3.31B	3.96B	4.44B
Total Liabilities	35.32B	33.04B	33.4B	34.33B	34.37B	33.12B	57.92B	53.53B	54.69B	54.26B
Total Debt+	29.64B	27.72B	28.42B	29.51B	30.54B	28.84B	50.55B	46.67B	46.58B	45.35B
Net Debt	27.24B	25.68B	26.76B	28.3B	29.42B	27.59B	48.82B	45.07B	44.95B	44.14B
Debt / Equity	3.52x	3.23x	3.29x	3.32x	3.25x	3.23x	3.04x	2.88x	2.81x	2.64x
Debt / EBITDA	11.51x	11.79x	11.62x	12.34x	11.20x	7.34x	12.79x	8.06x	11.90x	10.93x
Net Debt / EBITDA	10.58x	10.93x	10.94x	11.84x	10.79x	7.02x	12.35x	7.78x	11.49x	10.64x
Interest Coverage	2.31x	2.12x	2.18x	2.02x	2.09x	1.83x	1.80x	2.03x	2.08x	1.99x
Total Equity+	8.43B	8.58B	8.64B	8.88B	9.38B	8.93B	16.65B	16.2B	16.59B	17.18B
Equity Growth %	0.06%	0.02%	0.01%	0.03%	0.06%	-0.05%	0.86%	-0.03%	0.02%	0.04%
Book Value per Share	40.86	45.25	51.64	59.72	69.04	69.92	111.72	67.34	72.87	88.36
Total Shareholders' Equity	8.35B	8.52B	8.58B	8.83B	9.31B	8.86B	16.57B	16.12B	16.59B	17.18B
Common Stock	2.46M	2.28M	2.06M	1.87M	1.75M	1.72M	3.02M	3.02M	2.68M	2.56M
Retained Earnings	3.47B	4.51B	5.58B	6.59B	7.73B	7.4B	8.41B	7.67B	10.8B	12.76B
Treasury Stock	-146.31M	-490.09M	-731.44M	-476.08M	-537.34M	-459.99M	-285.9M	-254.7M	-819.3M	-1.43B
Accumulated OCI	-6.31M	-1.77M	14.27M	-1.82M	-93.59M	-155.09M	-79.33M	108.23M	8.3M	42.68M
Minority Interest	76.85M	57.82M	59.1M	52.57M	67.31M	68.02M	76.62M	77.54M	216K	209K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.36B	3.38B	3.14B	2.84B	3.11B	2.13B	3.69B	5.17B	5.26B	5.44B
Operating CF Margin %	0.64%	0.67%	0.62%	0.59%	0.63%	0.47%	0.8%	0.74%	0.69%	0.68%
Operating CF Growth %	0.45%	0.01%	-0.07%	-0.1%	0.09%	-0.31%	0.73%	0.4%	0.02%	0.03%
Net Income	1.18B	1.05B	1.08B	1.02B	1.15B	-294.92M	1.01B	-721.16M	3.14B	2.1B
Depreciation & Amortization	1.87B	1.81B	1.73B	1.68B	1.68B	1.65B	1.74B	2.39B	2.48B	2.58B
Stock-Based Compensation	0	102.84M	107.72M	95.18M	69.41M	69.19M	96.09M	102.85M	97.06M	111.14M
Deferred Taxes	110.35M	161.34M	157.02M	147.59M	162.5M	-20.88M	-5.91M	-9.59M	280.07M	250.5M
Other Non-Cash Items	36.08M	-5.83M	3.11M	-103.74M	134.32M	1.39B	381.04M	3.8B	-881.11M	147.8M
Working Capital Changes	170.39M	265.07M	64.72M	4.78M	-82.37M	-654.68M	475.24M	-389.48M	148.74M	248.54M
Change in Receivables	48.47M	40.06M	-10.57M	19.84M	-8.75M	-128.19M	232.12M	39.16M	56.44M	5.85M
Change in Inventory	0	0	0	24.86M	-31K	126.18M	0	0	0	0
Change in Payables	33.5M	-32.18M	19.98M	-24.86M	31K	-126.18M	130.33M	-542.02M	220.76M	1.55M
Cash from Investing+	-1.72B	-1.33B	-3.43B	-4.05B	-2.95B	-712.29M	-23.46B	-2.16B	-3.18B	-3.72B
Capital Expenditures	-3.56B	-3.84B	-5.23B	-5.95B	-4.73B	-1.18B	-1.79B	-3.87B	-6.23B	-6.62B
CapEx % of Revenue	0.67%	0.76%	1.04%	1.24%	0.96%	0.26%	0.39%	0.55%	0.82%	0.83%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	224.54M	68.59M	18.54M	-21.5M	-17K	0	824.04M	75.3M	927.91M	2.89B
Cash from Financing+	-728.29M	-2.42B	-87.57M	600.41M	-265.01M	-1.23B	20.18B	-3.16B	-2.01B	-2.13B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	-139.99M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	195.56M	175.51M	150.26M	205.5M	340.45M	-230.07M	-263.13M	618.69M	643.25M	686.37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-203.62M	-458.92M	-2.09B	-3.11B	-1.62B	946.66M	1.9B	1.3B	-970.95M	-1.18B
FCF Margin %	-0.04%	-0.09%	-0.41%	-0.65%	-0.33%	0.21%	0.41%	0.19%	-0.13%	-0.15%
FCF Growth %	0.13%	-1.25%	-3.54%	-0.49%	0.48%	1.58%	1.01%	-0.32%	-1.75%	-0.22%
FCF per Share	-0.99	-2.42	-12.46	-20.90	-11.94	7.41	12.78	5.40	-4.26	-6.07
FCF Conversion (FCF/Net Income)	2.85x	3.23x	2.92x	2.80x	2.71x	-7.14x	3.69x	-7.12x	1.68x	2.59x
Interest Paid	1.41B	1.34B	1.23B	1.23B	1.27B	0	1.11B	0	1.65B	1.81B
Taxes Paid	20.18M	61.83M	18.96M	679K	2.35M	0	4.93M	0	23.22M	34.03M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.4%	12.31%	12.5%	11.59%	12.55%	-3.26%	7.82%	-4.42%	19.13%	12.43%
Return on Invested Capital (ROIC)	5.26%	4.97%	5.22%	4.9%	5.34%	4.55%	3.26%	4.02%	4.74%	5.03%
Gross Margin	55.26%	52.93%	55.04%	55.72%	60.22%	56.18%	55.18%	54.18%	57.3%	57.6%
Net Margin	22.29%	20.75%	21.36%	21.16%	23.2%	-6.64%	21.8%	-10.35%	41.37%	26.24%
Debt / Equity	3.52x	3.23x	3.29x	3.32x	3.25x	3.23x	3.04x	2.88x	2.81x	2.64x
Interest Coverage	2.31x	2.12x	2.18x	2.02x	2.09x	1.83x	1.80x	2.03x	2.08x	1.99x
FCF Conversion	2.85x	3.23x	2.92x	2.80x	2.71x	-7.14x	3.69x	-7.12x	1.68x	2.59x
Revenue Growth	48.04%	-4.62%	-0.11%	-4.71%	2.86%	-8.99%	2.12%	52.84%	8.08%	5.49%

Revenue by Segment

	2014	2017	2018	2020	2022	2023	2024
Management Service	-	-	-	1.61M	38.23M	33.81M	37.48M
Management Service Growth	-	-	-	-	2270.06%	-11.55%	10.85%

Revenue by Geography

	2014	2017	2018	2020	2022	2023	2024
Other Countries	-	3.38B	3.18B	-	-	-	-
Other Countries Growth	-	-	-5.68%	-	-	-	-
CHINA	-	648.34M	639.32M	-	-	-	-
CHINA Growth	-	-	-1.39%	-	-	-	-
UNITED STATES	-	569M	528.69M	-	-	-	-
UNITED STATES Growth	-	-	-7.08%	-	-	-	-
IRELAND	-	120.5M	184.92M	-	-	-	-
IRELAND Growth	-	-	53.46%	-	-	-	-
N	60.8M	-	-	-	-	-	-
N Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

AerCap Holdings N.V. (AER) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

AerCap Holdings N.V. (AER) reported $7.93B in revenue for fiscal year 2024. This represents a 638% increase from $1.07B in 2011.

AerCap Holdings N.V. (AER) grew revenue by 5.5% over the past year. This is steady growth.

Yes, AerCap Holdings N.V. (AER) is profitable, generating $3.79B in net income for fiscal year 2024 (26.2% net margin).

Dividend & Returns

Yes, AerCap Holdings N.V. (AER) pays a dividend with a yield of 0.50%. This makes it attractive for income-focused investors.

AerCap Holdings N.V. (AER) has a return on equity (ROE) of 12.4%. This is reasonable for most industries.

AerCap Holdings N.V. (AER) had negative free cash flow of $143.2M in fiscal year 2024, likely due to heavy capital investments.

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