Air Lease Corporation (AL) 10-Year Financial Performance & Capital Metrics

AL • • Industrial / General

IndustrialsRental & LeasingAircraft & Aviation Equipment LeasingCommercial Aircraft Lessors

AboutAir Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet aircraft to airlines worldwide. It also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, airlines, and other investors. In addition, the company provides fleet management services to investors and owners of aircraft portfolios. As of December 31, 2021, it owned a fleet of 382 aircraft, including 278 narrowbody aircraft and 104 widebody aircraft. The company was incorporated in 2010 and is headquartered in Los Angeles, California.Show more

Revenue $2.73B +1.8%
EBITDA $1.73B -4.3%
Net Income $428M -30.4%
EPS (Diluted) 3.33 -35.2%
Gross Margin 29.55% -17.5%
EBITDA Margin 63.35% -6.0%
Operating Margin 21.51% -22.0%
Net Margin 15.65% -31.7%
ROE 5.82% -34.6%
ROIC 1.66% -24.7%
Debt/Equity 2.68 +0.1%
Interest Coverage 10.73 -21.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓12 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 16.2%
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Weak 3Y average ROE of 4.4%
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.04%

5Y6.27%

3Y9.39%

TTM6.24%

Profit (Net Income) CAGR

10Y5.27%

5Y-6.14%

3Y-0.69%

TTM90.43%

EPS CAGR

10Y3.42%

5Y-8.14%

3Y-2.29%

TTM96.58%

ROCE

10Y Avg3.47%

5Y Avg2.36%

3Y Avg2.37%

Latest1.96%

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+	1.22B	1.42B	1.52B	1.68B	2.02B	2.02B	2.09B	2.32B	2.68B	2.73B
Revenue Growth %	0.16%	0.16%	0.07%	0.11%	0.2%	-0%	0.04%	0.11%	0.16%	0.02%
Cost of Goods Sold+	633.4M	707.94M	766.27M	892.01M	1.1B	1.21B	1.34B	1.46B	1.72B	1.93B
COGS % of Revenue	0.52%	0.5%	0.51%	0.53%	0.55%	0.6%	0.64%	0.63%	0.64%	0.7%
Gross Profit+	589.44M	711.11M	750.11M	787.69M	916.77M	803.01M	743.43M	858.42M	961.29M	807.9M
Gross Margin %	0.48%	0.5%	0.49%	0.47%	0.45%	0.4%	0.36%	0.37%	0.36%	0.3%
Gross Profit Growth %	0.13%	0.21%	0.05%	0.05%	0.16%	-0.12%	-0.07%	0.15%	0.12%	-0.16%
Operating Expenses+	93.98M	99.93M	111.13M	114.85M	144.4M	803.01M	151.79M	172.46M	220.63M	219.82M
OpEx % of Revenue	0.08%	0.07%	0.07%	0.07%	0.07%	0.4%	0.07%	0.07%	0.08%	0.08%
Selling, General & Admin	93.98M	99.93M	111.13M	114.85M	144.4M	113.31M	151.79M	172.46M	220.63M	219.82M
SG&A % of Revenue	0.08%	0.07%	0.07%	0.07%	0.07%	0.06%	0.07%	0.07%	0.08%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	689.7M	0	0	0	0
Operating Income+	495.46M	611.18M	638.98M	672.84M	772.38M	0	591.64M	685.97M	740.66M	588.08M
Operating Margin %	0.41%	0.43%	0.42%	0.4%	0.38%	-	0.28%	0.3%	0.28%	0.22%
Operating Income Growth %	0.17%	0.23%	0.05%	0.05%	0.15%	-1%	-	0.16%	0.08%	-0.21%
EBITDA+	893.22M	1.06B	1.15B	1.25B	1.48B	1.47B	1.47B	1.65B	1.81B	1.73B
EBITDA Margin %	0.73%	0.75%	0.76%	0.75%	0.73%	0.73%	0.71%	0.71%	0.67%	0.63%
EBITDA Growth %	0.18%	0.19%	0.08%	0.09%	0.18%	-0%	0%	0.12%	0.1%	-0.04%
D&A (Non-Cash Add-back)	397.76M	452.68M	508.35M	581.99M	702.81M	780.69M	882.56M	965.96M	1.07B	1.14B
EBIT	423.46M	611.18M	638.98M	672.84M	772.38M	689.7M	591.64M	-85.51M	807.69M	588.08M
Net Interest Income+	-30.51M	-30.94M	-29.45M	-32.71M	-36.69M	-43.02M	-50.62M	-53.25M	-54.05M	-54.82M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	30.51M	30.94M	29.45M	32.71M	36.69M	43.02M	50.62M	53.25M	54.05M	54.82M
Other Income/Expense	-102.51M	-30.94M	-29.45M	-32.71M	-36.69M	646.68M	-50.62M	-824.73M	12.97M	-54.82M
Pretax Income+	392.95M	580.24M	609.53M	640.14M	735.68M	646.68M	541.02M	-138.76M	753.63M	533.26M
Pretax Margin %	0.32%	0.41%	0.4%	0.38%	0.36%	0.32%	0.26%	-0.06%	0.28%	0.2%
Income Tax+	139.56M	205.31M	-146.62M	129.3M	148.56M	130.41M	104.38M	-41.74M	139.01M	105.55M
Effective Tax Rate %	0.64%	0.65%	1.24%	0.8%	0.8%	0.8%	0.81%	0.7%	0.82%	0.8%
Net Income+	253.39M	374.93M	756.15M	510.83M	587.12M	516.26M	436.63M	-97.02M	614.62M	427.7M
Net Margin %	0.21%	0.26%	0.5%	0.3%	0.29%	0.26%	0.21%	-0.04%	0.23%	0.16%
Net Income Growth %	-0.01%	0.48%	1.02%	-0.32%	0.15%	-0.12%	-0.15%	-1.22%	7.33%	-0.3%
Net Income (Continuing)	253.39M	374.93M	756.15M	510.83M	587.12M	516.26M	436.63M	-97.02M	614.62M	427.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.34	3.44	6.82	4.55	5.09	4.39	3.57	-1.24	5.14	3.33
EPS Growth %	-0.02%	0.47%	0.98%	-0.33%	0.12%	-0.14%	-0.19%	-1.35%	5.15%	-0.35%
EPS (Basic)	2.47	3.65	7.33	4.60	5.14	4.41	3.58	-1.24	5.16	3.34
Diluted Shares Outstanding	110.63M	110.8M	111.66M	112.36M	113.09M	114.01M	114.45M	111.63M	111.44M	111.87M
Basic Shares Outstanding	102.59M	102.8M	103.19M	111.01M	111.9M	113.68M	114.05M	111.63M	111.01M	111.33M
Dividend Payout Ratio	0.06%	0.05%	0.04%	0.08%	0.1%	0.13%	0.17%	-	0.14%	0.22%

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+	173.2M	290.8M	308.28M	323M	338.06M	1.76B	1.11B	780.02M	464.49M	476.1M
Cash & Short-Term Investments	156.68M	274.8M	292.2M	300.13M	338.06M	1.73B	1.09B	766.42M	460.87M	472.55M
Cash Only	156.68M	274.8M	292.2M	300.13M	338.06M	1.73B	1.09B	766.42M	460.87M	472.55M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	0	0	0	0	0	0	0	0	0
Days Sales Outstanding	-	-	-	-	-	-	-	-	-	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	16.53M	16M	16.08M	22.87M	0	-1.78B	21.79M	13.6M	3.62M	3.55M
Total Non-Current Assets+	12.18B	13.68B	15.31B	18.16B	21.37B	23.46B	25.86B	27.62B	29.99B	31.8B
Property, Plant & Equipment	11.88B	13.33B	14.84B	17.52B	20.27B	22.18B	24.41B	25.88B	27.43B	28.93B
Fixed Asset Turnover	0.10x	0.11x	0.10x	0.10x	0.10x	0.09x	0.09x	0.09x	0.10x	0.09x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	18.6M	25.1M	32.3M	40.6M	56.4M	52.6M	73.2M	64.7M	69.4M	71.6M
Other Non-Current Assets	278.79M	327.11M	430.56M	601.84M	1.05B	1.22B	1.38B	1.67B	2.48B	2.8B
Total Assets+	12.36B	13.98B	15.61B	18.48B	21.71B	25.22B	26.97B	28.4B	30.45B	32.28B
Asset Turnover	0.10x	0.10x	0.10x	0.09x	0.09x	0.08x	0.08x	0.08x	0.09x	0.08x
Asset Growth %	0.15%	0.13%	0.12%	0.18%	0.17%	0.16%	0.07%	0.05%	0.07%	0.06%
Total Current Liabilities+	307.47M	356.16M	414M	501.66M	1.92B	635.39M	750.57M	844.55M	1.31B	1.41B
Accounts Payable	215.98M	256.77M	309.18M	382.13M	0	492.47M	611.76M	696.9M	1.16B	1.27B
Days Payables Outstanding	124.46	132.39	147.27	156.36	-	148.26	166.02	174.36	246.51	241.28
Short-Term Debt	720M	766M	847M	602M	1.41B	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-1.03B	-1.12B	-1.26B	-1.1B	516.5M	-492.47M	0	0	0	0
Current Ratio	0.56x	0.82x	0.74x	0.64x	0.18x	2.77x	1.48x	0.92x	0.36x	0.34x
Quick Ratio	0.56x	0.82x	0.74x	0.64x	0.18x	2.77x	1.48x	0.92x	0.36x	0.34x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	9.03B	10.24B	11.07B	13.17B	14.16B	18.51B	19.21B	20.91B	21.98B	23.34B
Long-Term Debt	7.71B	8.71B	9.7B	11.54B	12.17B	16.52B	17.02B	18.64B	19.18B	20.21B
Capital Lease Obligations	-91.48M	-99.39M	-104.82M	-119.53M	0	0	0	0	0	0
Deferred Tax Liabilities	461.97M	667.06M	517.79M	643.77M	749.5M	916.4M	1.01B	970.8M	1.28B	1.32B
Other Non-Current Liabilities	761.85M	756.95M	751.32M	871.05M	1.1B	929.79M	1.17B	1.29B	1.52B	1.81B
Total Liabilities	9.34B	10.59B	11.49B	13.67B	16.09B	19.14B	19.96B	21.75B	23.29B	24.75B
Total Debt+	7.71B	8.71B	9.7B	11.54B	13.58B	16.52B	17.02B	18.64B	19.18B	20.21B
Net Debt	7.56B	8.44B	9.41B	11.24B	13.24B	14.78B	15.94B	17.87B	18.72B	19.74B
Debt / Equity	2.55x	2.58x	2.35x	2.40x	2.41x	2.72x	2.43x	2.80x	2.68x	2.68x
Debt / EBITDA	8.63x	8.19x	8.45x	9.20x	9.20x	11.23x	11.55x	11.28x	10.60x	11.67x
Net Debt / EBITDA	8.46x	7.93x	8.20x	8.96x	8.98x	10.05x	10.81x	10.82x	10.35x	11.40x
Interest Coverage	16.24x	19.75x	21.69x	20.57x	21.05x	-	11.69x	12.88x	13.70x	10.73x
Total Equity+	3.02B	3.38B	4.13B	4.81B	5.62B	6.07B	7.01B	6.65B	7.16B	7.53B
Equity Growth %	0.09%	0.12%	0.22%	0.16%	0.17%	0.08%	0.15%	-0.05%	0.08%	0.05%
Book Value per Share	27.30	30.53	36.97	42.78	49.73	53.26	61.24	59.54	64.25	67.33
Total Shareholders' Equity	3.02B	3.38B	4.13B	4.81B	5.62B	6.07B	7.01B	6.65B	7.16B	7.53B
Common Stock	1.01M	1.01M	1.04M	1.11M	1.13M	1.14M	1.14M	1.11M	1.11M	1.11M
Retained Earnings	791.53M	1.14B	1.87B	2.33B	2.85B	3.28B	3.61B	3.39B	3.87B	4.15B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	-1.4M	325K	-1.81M	2.35M	1.77M	19.57M
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	839.79M	1.02B	1.06B	1.25B	1.39B	1.09B	1.38B	1.38B	1.75B	1.68B
Operating CF Margin %	0.69%	0.72%	0.7%	0.75%	0.69%	0.54%	0.66%	0.6%	0.65%	0.61%
Operating CF Growth %	0.09%	0.21%	0.04%	0.18%	0.11%	-0.22%	0.26%	0%	0.26%	-0.04%
Net Income	253.39M	374.93M	756.15M	510.83M	587.12M	516.26M	436.63M	-97.02M	614.62M	427.7M
Depreciation & Amortization	397.76M	452.68M	508.35M	581.99M	702.81M	780.69M	882.56M	965.96M	1.07B	1.14B
Stock-Based Compensation	17.02M	16.94M	19.8M	17.48M	20.75M	17.63M	26.52M	15.6M	34.62M	33.89M
Deferred Taxes	138.61M	205.31M	-146.62M	129.3M	92.05M	166.47M	97.45M	-43.49M	133.36M	63.02M
Other Non-Cash Items	-10.56M	-27.92M	-25.62M	22.84M	-19.88M	51.59M	51.06M	759.48M	-164.53M	-71.84M
Working Capital Changes	43.58M	-1.86M	-52.35M	-8.34M	9.62M	-442.46M	-117.38M	-218.37M	60.04M	80.49M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	16.64M	45.98M	50.83M	51.17M	139.34M	-22.81M	63.11M	255K	13.33M	75.17M
Cash from Investing+	-2.15B	-2.01B	-2.14B	-3.38B	-3.84B	-2.53B	-3.09B	-3.4B	-2.78B	-3.04B
Capital Expenditures	-2.91B	-2.99B	-2.92B	-3.78B	-4.84B	-2.68B	-3.23B	-3.64B	-4.53B	-4.56B
CapEx % of Revenue	2.38%	2.11%	1.93%	2.25%	2.4%	1.33%	1.55%	1.57%	1.69%	1.67%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	752.75M	988.04M	779.49M	391.37M	995.35M	151.13M	137.89M	235.42M	1.75B	1.52B
Cash from Financing+	1.19B	1.1B	1.1B	2.15B	2.47B	2.86B	1.07B	1.69B	715.98M	1.37B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-16.41M	-20.55M	-30.93M	-41.56M	-69.98M	-83.56M	-101.47M	-124.95M	-130.49M	-141.24M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	148.13M	149.54M	171.33M	168.62M	287.06M	28.44M	123.03M	374.63M	366.08M	165.74M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.07B	-1.97B	-1.86B	-2.52B	-3.45B	-1.59B	-1.86B	-2.26B	-2.78B	-2.88B
FCF Margin %	-1.69%	-1.39%	-1.23%	-1.5%	-1.71%	-0.79%	-0.89%	-0.97%	-1.04%	-1.05%
FCF Growth %	-0.26%	0.04%	0.06%	-0.35%	-0.37%	0.54%	-0.17%	-0.22%	-0.23%	-0.04%
FCF per Share	-18.67	-17.81	-16.69	-22.45	-30.48	-13.93	-16.22	-20.22	-24.96	-25.78
FCF Conversion (FCF/Net Income)	3.31x	2.72x	1.40x	2.46x	2.37x	2.11x	3.15x	-14.25x	2.84x	3.92x
Interest Paid	259.97M	293.97M	301.74M	332.43M	442.13M	449.66M	508.62M	533.9M	693.83M	751.94M
Taxes Paid	0	1.23M	5.5M	4.26M	16.66M	29.73M	5.73M	6.36M	7.8M	57.43M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.75%	11.71%	20.14%	11.44%	11.26%	8.83%	6.68%	-1.42%	8.9%	5.82%
Return on Invested Capital (ROIC)	3.76%	4.09%	3.78%	3.41%	3.32%	-	2.03%	2.17%	2.2%	1.66%
Gross Margin	48.2%	50.11%	49.47%	46.89%	45.45%	39.84%	35.6%	37.04%	35.8%	29.55%
Net Margin	20.72%	26.42%	49.87%	30.41%	29.11%	25.62%	20.91%	-4.19%	22.89%	15.65%
Debt / Equity	2.55x	2.58x	2.35x	2.40x	2.41x	2.72x	2.43x	2.80x	2.68x	2.68x
Interest Coverage	16.24x	19.75x	21.69x	20.57x	21.05x	-	11.69x	12.88x	13.70x	10.73x
FCF Conversion	3.31x	2.72x	1.40x	2.46x	2.37x	2.11x	3.15x	-14.25x	2.84x	3.92x
Revenue Growth	16.41%	16.05%	6.86%	10.77%	20.08%	-0.07%	3.62%	10.96%	15.87%	1.81%

Revenue by Geography

	2012	2013	2014	2015	2016	2017
Europe	253.38M	300.76M	337.35M	380.3M	400.49M	450.63M
Europe Growth	-	18.70%	12.17%	12.73%	5.31%	12.52%
Asia Excluding China	-	-	-	223.28M	308.66M	332.28M
Asia Excluding China Growth	-	-	-	-	38.24%	7.65%
C	-	-	218.6M	265.45M	293.21M	324.15M
C Growth	-	-	-	21.43%	10.46%	10.55%
Middle East And Africa	-	-	47.96M	90.42M	106.3M	116.8M
Middle East And Africa Growth	-	-	-	88.53%	17.57%	9.88%
Central America South America And Mexico	-	-	111.58M	114.67M	112.07M	102.2M
Central America South America And Mexico Growth	-	-	-	2.77%	-2.27%	-8.80%
United States Of America And Canada	-	-	55.01M	54.29M	69.92M	76.69M
United States Of America And Canada Growth	-	-	-	-1.30%	28.78%	9.68%
Pacific Australia New Zealand	-	-	30.33M	46.13M	48.36M	47.99M
Pacific Australia New Zealand Growth	-	-	-	52.10%	4.83%	-0.77%
Asia	-	-	409.01M	-	-	-
Asia Growth	-	-	-	-	-	-
Asia Pacific	215.54M	314.91M	-	-	-	-
Asia Pacific Growth	-	46.10%	-	-	-	-
CHINA	75.45M	129.8M	-	-	-	-
CHINA Growth	-	72.03%	-	-	-	-
Central America South America and Mexico	84.34M	107.86M	-	-	-	-
Central America South America and Mexico Growth	-	27.88%	-	-	-	-
United States of America and Canada	53.2M	57.37M	-	-	-	-
United States of America and Canada Growth	-	7.83%	-	-	-	-
Middle East and Africa	39.4M	55.62M	-	-	-	-
Middle East and Africa Growth	-	41.18%	-	-	-	-
ITALY	71.01M	-	-	-	-	-
ITALY Growth	-	-	-	-	-	-
FRANCE	67.41M	-	-	-	-	-
FRANCE Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Air Lease Corporation (AL) has a price-to-earnings (P/E) ratio of 19.3x. This is roughly in line with market averages.

Growth & Financials

Air Lease Corporation (AL) reported $2.91B in revenue for fiscal year 2024. This represents a 774% increase from $332.7M in 2011.

Air Lease Corporation (AL) grew revenue by 1.8% over the past year. Growth has been modest.

Yes, Air Lease Corporation (AL) is profitable, generating $1.02B in net income for fiscal year 2024 (15.6% net margin).

Dividend & Returns

Yes, Air Lease Corporation (AL) pays a dividend with a yield of 1.30%. This makes it attractive for income-focused investors.

Air Lease Corporation (AL) has a return on equity (ROE) of 5.8%. This is below average, suggesting room for improvement.

Air Lease Corporation (AL) had negative free cash flow of $1.82B in fiscal year 2024, likely due to heavy capital investments.

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