Latest Ratios: P/E Ratio 6.8x · EV/EBITDA 9.4x · ROE 21.1%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.8B | $25.3B | $18.6B | $16.9B | $14.0B | $9.7B | $5.8B | $8.4B | $5.9B | $8.8B | $7.9B |
| Enterprise Value | $64.9B | $67.4B | $62.8B | $61.9B | $59.1B | $58.6B | $33.4B | $37.8B | $34.2B | $35.6B | $33.6B |
| P/E Ratio → | 6.80 | 6.75 | 8.87 | 5.39 | — | 9.75 | — | 7.29 | 5.80 | 8.18 | 7.54 |
| P/S Ratio | 2.79 | 3.09 | 2.33 | 2.23 | 2.00 | 2.12 | 1.30 | 1.69 | 1.23 | 1.75 | 1.57 |
| P/B Ratio | 1.39 | 1.38 | 1.08 | 1.02 | 0.87 | 0.59 | 0.65 | 0.89 | 0.66 | 1.02 | 0.92 |
| P/FCF | — | — | — | — | 10.79 | 5.12 | 6.15 | — | — | — | — |
| P/OCF | 4.23 | 4.69 | 3.42 | 3.22 | 2.71 | 2.64 | 2.73 | 2.69 | 2.07 | 2.80 | 2.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.23 | 7.85 | 8.16 | 8.43 | 12.76 | 7.44 | 7.65 | 7.12 | 7.06 | 6.66 |
| EV / EBITDA | 9.41 | 9.78 | 15.12 | 15.81 | 10.21 | 14.82 | 8.51 | 13.85 | 14.30 | 14.54 | 14.29 |
| EV / EBIT | 15.28 | 11.10 | 13.98 | 11.66 | 74.44 | 24.38 | 14.64 | 13.96 | 14.43 | 14.67 | 14.10 |
| EV / FCF | — | — | — | — | 45.48 | 30.76 | 35.30 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.8% | 59.8% | 57.6% | 57.3% | 54.2% | 55.2% | 56.2% | 60.2% | 55.7% | 55.0% | 52.9% |
| Operating Margin | 51.9% | 51.9% | 51.5% | 51.2% | 48.5% | 48.2% | 50.8% | 54.8% | 49.4% | 48.1% | 46.0% |
| Net Profit Margin | 45.8% | 45.8% | 26.2% | 41.4% | -10.4% | 21.8% | -6.6% | 23.2% | 21.2% | 21.4% | 20.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.1% | 21.1% | 12.4% | 19.1% | -4.4% | 7.8% | -3.3% | 12.5% | 11.6% | 12.5% | 12.3% |
| ROA | 5.2% | 5.2% | 2.9% | 4.4% | -1.0% | 1.7% | -0.7% | 2.6% | 2.4% | 2.6% | 2.5% |
| ROIC | 5.2% | 5.2% | 5.0% | 4.7% | 4.0% | 3.3% | 4.5% | 5.3% | 4.9% | 5.2% | 5.0% |
| ROCE | 6.2% | 6.2% | 5.9% | 5.6% | 4.8% | 3.9% | 5.4% | 6.4% | 5.7% | 5.9% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.38 | 2.38 | 2.64 | 2.81 | 2.88 | 3.04 | 3.23 | 3.25 | 3.32 | 3.29 | 3.23 |
| Debt / EBITDA | 6.32 | 6.32 | 10.93 | 11.90 | 8.06 | 12.79 | 7.34 | 11.20 | 12.34 | 11.62 | 11.79 |
| Net Debt / Equity | — | 2.30 | 2.57 | 2.71 | 2.78 | 2.93 | 3.09 | 3.14 | 3.19 | 3.10 | 2.99 |
| Net Debt / EBITDA | 6.10 | 6.10 | 10.64 | 11.49 | 7.78 | 12.35 | 7.02 | 10.79 | 11.84 | 10.94 | 10.93 |
| Debt / FCF | — | — | — | — | 34.69 | 25.64 | 29.15 | — | — | — | — |
| Interest Coverage | 3.06 | 3.06 | 2.17 | 2.84 | 0.47 | 1.95 | 1.83 | 2.09 | 2.02 | 2.18 | 2.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.61 | 3.17 | 3.73 | 4.12 | 3.71 | 3.78 | 3.66 | 3.09 | 4.18 | 3.39 |
| Quick Ratio | 0.61 | 0.61 | 3.12 | 3.68 | 4.08 | 3.68 | 3.78 | 3.66 | 3.06 | 4.14 | 3.35 |
| Cash Ratio | 0.27 | 0.27 | 0.71 | 1.00 | 1.17 | 1.01 | 1.40 | 1.27 | 1.23 | 1.63 | 1.88 |
| Asset Turnover | — | 0.11 | 0.11 | 0.11 | 0.10 | 0.06 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 |
| Inventory Turnover | — | — | 37.29 | 37.79 | 57.52 | 42.34 | — | 622.13 | 68.63 | 58.12 | 45.07 |
| Days Sales Outstanding | — | 82.73 | 157.46 | 184.52 | 182.29 | 325.61 | 152.41 | 118.60 | 106.67 | 112.35 | 82.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.8% | 0.8% | — | — | — | — | — | — | — | — |
| Payout Ratio | 5.1% | 5.1% | 6.7% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.7% | 14.8% | 11.3% | 18.5% | — | 10.3% | — | 13.7% | 17.2% | 12.2% | 13.3% |
| FCF Yield | — | — | — | — | 9.3% | 19.5% | 16.3% | — | — | — | — |
| Buyback Yield | 11.1% | 10.0% | 8.2% | 15.6% | 0.1% | 0.8% | 2.2% | 7.7% | 14.2% | 12.9% | 12.9% |
| Total Shareholder Yield | 11.9% | 10.8% | 8.9% | 15.6% | 0.1% | 0.8% | 2.2% | 7.7% | 14.2% | 12.9% | 12.9% |
| Shares Outstanding | — | $176M | $194M | $228M | $240M | $149M | $128M | $136M | $149M | $167M | $190M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying AER stock.
AerCap Holdings N.V.'s current P/E ratio is 6.8x. The historical average is 8.4x. This places it at the 28th percentile of its historical range.
AerCap Holdings N.V.'s current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
AerCap Holdings N.V.'s return on equity (ROE) is 21.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -4.8%.
Based on historical data, AerCap Holdings N.V. is trading at a P/E of 6.8x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AerCap Holdings N.V.'s current dividend yield is 0.75% with a payout ratio of 5.1%.
AerCap Holdings N.V. has 59.8% gross margin and 51.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AerCap Holdings N.V.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage and liquidity strain
Discounted Multiple Reflects Asset-Heavy Model
AerCap trades at 7.0x trailing earnings and 9.5x EV/EBITDA, a discount to leasing peers like GATX and FTAI, as per market data, suggesting the market prices in elevated risk.
The P/E of 7.02 is in line with Air Lease's 7.00 but well below GATX's 19.34 and FTAI's 46.74, indicating AerCap is valued at a cyclical low. The EV/EBITDA of 9.53 is below GATX's 14.28 and FTAI's 25.31, reflecting the market's skepticism about asset values and leverage. Given the stable revenue growth and strong margins, the discount may imply that investors are pricing in potential aircraft value depreciation or refinancing risk, which warrants monitoring.
Margins Resilient Despite Volatile Quarters
Gross margin averaged 56.6% over ten quarters, with operating margin at 55.2% in 2026Q2, as per financial statements, indicating strong pricing power despite quarterly swings.
The gross margin dipped to 32.0% in 2025Q2 but recovered to 61.9% by 2026Q2, showing that the core leasing business maintains robust spreads. Operating margin of 55.2% in 2026Q2 is high, but net margin of 34.9% is lower due to interest costs and non-operating items. The volatility in margins, particularly the 2025Q2 disruption, suggests that asset sales and impairments can distort quarterly profitability, so investors should focus on normalized operating income.
Returns on Capital Remain Modest
ROIC averaged 1.2% over the last ten quarters, with ROE at 3.9% in 2026Q2, as per reported figures, indicating that capital intensity limits returns despite high margins.
ROIC of 1.4% in 2026Q2 is low, reflecting the massive asset base of $71.2B and the heavy debt load. ROE of 3.9% is also modest, though it improved from 2.2% in 2024Q3, suggesting gradual recovery. The gap between high operating margins and low returns on capital highlights that AerCap's earning power is diluted by its asset-heavy model and interest expenses, so investors should monitor whether fleet utilization and lease rates can lift returns.
Working Capital Efficiency Distorted by Fleet Sales
DSO rose to 82 days in 2026Q2 from 55 days in 2025Q4, while DPO fell to 206 days, as per financial data, indicating shifting payment terms and lumpy transactions.
The cash conversion cycle is not calculable due to missing DIO, but the DSO increase suggests slower collections, possibly due to timing of lease payments. DPO of 206 days is high, indicating AerCap takes long to pay suppliers, which may reflect its negotiating power. However, the volatility in these metrics, especially the jump in DSO from 55 to 82 days, suggests that working capital is not a reliable indicator of efficiency given the large aircraft sales and purchases.
Leverage Elevated but Deleveraging Trend Intact
D/E fell to 2.32 in 2026Q2 from 2.89 in 2024Q3, while interest coverage improved to 2.45x, as per balance sheet data, indicating gradual deleveraging.
Total debt of $42.8B remains substantial, but the D/E ratio has declined consistently, and interest coverage of 2.45x in 2026Q2 is above the 1.84x in 2024Q3, suggesting improved debt service capacity. However, D/EBITDA of 23.9x is extremely high, reflecting the asset-heavy model where EBITDA is low relative to debt. This leverage exposes AerCap to refinancing risk if aircraft values decline or cash flows weaken, so investors should monitor debt maturities and asset valuations.
Liquidity Buffer Thin but Stable
Current ratio of 0.68 in 2026Q2 indicates a tight liquidity position, with cash of $1.8B against $42.8B debt, as per reported figures, suggesting reliance on refinancing.
The current ratio has been below 1.0 for the last three quarters, down from over 3.0 in 2024, indicating a structural shift in liquidity. This is typical for leasing companies that rely on long-term debt and asset sales for funding, but the thin buffer could be strained if capital markets tighten. The quick ratio equals the current ratio, as inventory is minimal, so the liquidity position is not inventory-dependent. Investors should monitor AerCap's access to unsecured and secured funding.
Misapplied Metric: P/E on Distorted Earnings
P/E is commonly misapplied to AerCap because net income includes large non-operating gains from asset sales, as seen in 2025Q2, making trailing earnings unreliable.
The P/E of 7.02 is based on trailing earnings that include gains from aircraft sales, which are not recurring. For example, in 2025Q2, net income exceeded operating income by $0.9B, inflating EPS. A more appropriate metric is EV/EBITDA or P/B, which better capture the asset-heavy business model. Investors should adjust earnings for non-operating items or use price-to-tangible book value to assess valuation.