The company has improved its financial structure by reducing the debt-to-equity ratio from 2.69 in 2024Q2 to 2.33 in 2025Q4 while simultaneously growing retained earnings to $5.1 billion.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 2.21B | 476.1M | 464.49M | 780.02M | 1.11B | 1.76B | 338.06M | 323M | 308.28M | 290.8M | 173.2M | 290.29M | 357.48M | 336.4M | 377.96M |
| Cash & Short-Term Investments | 466.41M | 472.55M | 460.87M | 766.42M | 1.09B | 1.73B | 338.06M | 300.13M | 292.2M | 274.8M | 156.68M | 282.82M | 270.17M | 230.09M | 281.81M |
| Cash Only | 466.41M | 472.55M | 460.87M | 766.42M | 1.09B | 1.73B | 338.06M | 300.13M | 292.2M | 274.8M | 156.68M | 282.82M | 270.17M | 230.09M | 281.81M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 824.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 99.77 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 916.77M | 3.55M | 3.62M | 13.6M | 21.79M | -1.78B | 0 | 22.87M | 16.08M | 16M | 16.53M | 7.47M | 87.31M | 106.31M | 96.16M |
| Total Non-Current Assets | 30.68B | 31.8B | 29.99B | 27.62B | 25.86B | 23.46B | 21.37B | 18.16B | 15.31B | 13.68B | 12.18B | 10.48B | 8.98B | 7.02B | 4.79B |
| Property, Plant & Equipment | 0 | 28.93B | 27.43B | 25.88B | 24.41B | 22.18B | 20.27B | 17.52B | 14.84B | 13.33B | 11.88B | 10.1B | 8.69B | 6.82B | 4.64B |
| Fixed Asset Turnover | - | 0.09x | 0.10x | 0.09x | 0.09x | 0.09x | 0.10x | 0.10x | 0.10x | 0.11x | 0.10x | 0.10x | 0.10x | 0.09x | 0.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 548.91M | 71.6M | 69.4M | 64.7M | 73.2M | 52.6M | 56.4M | 40.6M | 32.3M | 25.1M | 18.6M | 10.1M | 0 | 0 | 0 |
| Other Non-Current Assets | 30.13B | 2.8B | 2.48B | 1.67B | 1.38B | 1.22B | 1.05B | 601.84M | 430.56M | 327.11M | 278.79M | 375.99M | 286.96M | 200.65M | 143.67M |
| Total Assets | 32.88B | 32.28B | 30.45B | 28.4B | 26.97B | 25.22B | 21.71B | 18.48B | 15.61B | 13.98B | 12.36B | 10.77B | 9.33B | 7.35B | 5.16B |
| Asset Turnover | 0.09x | 0.08x | 0.09x | 0.08x | 0.08x | 0.08x | 0.09x | 0.09x | 0.10x | 0.10x | 0.10x | 0.10x | 0.09x | 0.09x | 0.06x |
| Asset Growth % | 1.88% | 6% | 7.24% | 5.29% | 6.95% | 16.15% | 17.46% | 18.37% | 11.72% | 13.12% | 14.67% | 15.45% | 26.91% | 42.39% | - |
| Total Current Liabilities | 2.37B | 1.41B | 1.31B | 844.55M | 750.57M | 635.39M | 1.92B | 501.66M | 414M | 356.16M | 307.47M | 266.83M | 192.74M | 131.31M | 80.67M |
| Accounts Payable | 204.34M | 1.27B | 1.16B | 696.9M | 611.76M | 492.47M | 0 | 382.13M | 309.18M | 256.77M | 215.98M | 190.95M | 131.22M | 90.17M | 54.65M |
| Days Payables Outstanding | 60.96 | 241.28 | 246.51 | 174.36 | 166.02 | 148.26 | - | 156.36 | 147.27 | 132.39 | 124.46 | 131.64 | 106.73 | 94.95 | 126.91 |
| Short-Term Debt | 1.36B | 0 | 0 | 0 | 0 | 0 | 1.41B | 602M | 847M | 766M | 720M | 569M | 808M | 420M | 196.37M |
| Deferred Revenue (Current) | 143.63M | 136.57M | 143.86M | 147.65M | 138.82M | 142.91M | 0 | 119.53M | 104.82M | 99.39M | 91.48M | 75.88M | 61.52M | 41.14M | 26.02M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | -492.47M | 516.5M | -1.1B | -1.26B | -1.12B | -1.03B | -835.83M | -1B | -162.94M | -80.67M |
| Current Ratio | 0.93x | 0.34x | 0.36x | 0.92x | 1.48x | 2.77x | 0.18x | 0.64x | 0.74x | 0.82x | 0.56x | 1.09x | 1.85x | 2.56x | 4.69x |
| Quick Ratio | 0.93x | 0.34x | 0.36x | 0.92x | 1.48x | 2.77x | 0.18x | 0.64x | 0.74x | 0.82x | 0.56x | 1.09x | 1.85x | 2.56x | 4.69x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 22.04B | 23.34B | 21.98B | 20.91B | 19.21B | 18.51B | 14.16B | 13.17B | 11.07B | 10.24B | 9.03B | 7.74B | 6.62B | 4.89B | 2.91B |
| Long-Term Debt | 18.37B | 20.21B | 19.18B | 18.64B | 17.02B | 16.52B | 12.17B | 11.54B | 9.7B | 8.71B | 7.71B | 6.63B | 5.85B | 4.38B | 2.6B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -119.53M | -104.82M | -99.39M | -91.48M | 7.73M | -214.09M | 0 | 0 |
| Deferred Tax Liabilities | 1.43B | 1.32B | 1.28B | 970.8M | 1.01B | 916.4M | 749.5M | 643.77M | 517.79M | 667.06M | 461.97M | 323.36M | 193.26M | 92.74M | 20.69M |
| Other Non-Current Liabilities | 2.25B | 1.81B | 1.52B | 1.29B | 1.17B | 929.79M | 1.1B | 871.05M | 751.32M | 756.95M | 761.85M | 705.9M | 355.75M | 23.85M | 284.15M |
| Total Liabilities | 24.41B | 24.75B | 23.29B | 21.75B | 19.96B | 19.14B | 16.09B | 13.67B | 11.49B | 10.59B | 9.34B | 8B | 6.81B | 5.02B | 2.99B |
| Total Debt | 19.73B | 20.21B | 19.18B | 18.64B | 17.02B | 16.52B | 13.58B | 11.54B | 9.7B | 8.71B | 7.71B | 6.71B | 5.85B | 4.38B | 2.6B |
| Net Debt | 19.26B | 19.74B | 18.72B | 17.87B | 15.94B | 14.78B | 13.24B | 11.24B | 9.41B | 8.44B | 7.56B | 6.43B | 5.58B | 4.15B | 2.32B |
| Debt / Equity | 2.33x | 2.68x | 2.68x | 2.80x | 2.43x | 2.72x | 2.41x | 2.40x | 2.35x | 2.58x | 2.55x | 2.42x | 2.32x | 1.88x | 1.20x |
| Debt / EBITDA | 7.18x | 11.67x | 10.60x | 11.28x | 11.55x | 11.23x | 9.20x | 9.20x | 8.45x | 8.19x | 8.63x | 8.84x | 9.80x | 10.26x | 12.76x |
| Net Debt / EBITDA | 7.01x | 11.40x | 10.35x | 10.82x | 10.81x | 10.05x | 8.98x | 8.96x | 8.20x | 7.93x | 8.46x | 8.47x | 9.35x | 9.72x | 11.38x |
| Interest Coverage | 1.71x | 10.73x | 14.94x | -1.61x | 11.69x | 16.03x | 21.05x | 20.57x | 21.69x | 19.75x | 13.88x | 15.21x | 13.42x | 1.50x | 9.74x |
| Total Equity | 8.47B | 7.53B | 7.16B | 6.65B | 7.01B | 6.07B | 5.62B | 4.81B | 4.13B | 3.38B | 3.02B | 2.77B | 2.52B | 2.33B | 2.18B |
| Equity Growth % | 12.48% | 5.2% | 7.73% | -5.17% | 15.42% | 7.98% | 16.99% | 16.46% | 22.03% | 12% | 8.94% | 9.85% | 8.18% | 7.18% | - |
| Book Value per Share | 75.43 | 67.33 | 64.25 | 59.54 | 61.24 | 53.26 | 49.73 | 42.78 | 36.97 | 30.53 | 27.30 | 25.16 | 23.16 | 21.67 | 24.07 |
| Total Shareholders' Equity | 8.47B | 7.53B | 7.16B | 6.65B | 7.01B | 6.07B | 5.62B | 4.81B | 4.13B | 3.38B | 3.02B | 2.77B | 2.52B | 2.33B | 2.18B |
| Common Stock | 1.12M | 1.11M | 1.11M | 1.11M | 1.14M | 1.14M | 1.13M | 1.11M | 1.04M | 1.01M | 1.01M | 1.01M | 1.01M | 1.01M | 1M |
| Retained Earnings | 5.09B | 4.15B | 3.87B | 3.39B | 3.61B | 3.28B | 2.85B | 2.33B | 1.87B | 1.14B | 791.53M | 555.57M | 312.86M | 133.11M | 1.19M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.72M | 19.57M | 1.77M | 2.35M | -1.81M | 325K | -1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
OEM delivery schedule volatility
According to reported financial statements, Air Lease Corporation has grown its total assets from $29.7 billion in 2023Q3 to $32.9 billion by 2025Q4, reflecting a consistent, albeit capital-intensive, strategy of fleet expansion that remains tethered to the availability of new aircraft from major manufacturers.
The steady increase in total assets suggests that management continues to prioritize long-term fleet growth despite the headwinds of OEM delivery delays. Investors should monitor whether this asset accumulation translates into proportional revenue growth or if the capital intensity of the portfolio begins to weigh on return metrics.
Based on the provided figures, AL has successfully moderated its debt-to-equity ratio from a peak of 2.69 in 2024Q2 down to 2.33 by 2025Q4, indicating a strategic shift toward balance sheet deleveraging even as the company continues to finance its substantial aircraft order book.
The reduction in leverage appears to be a prudent response to the current interest rate environment, potentially lowering the company's sensitivity to refinancing risks. This trend warrants further investigation to determine if the lower D/E ratio is a permanent shift in capital allocation policy or a temporary pause in debt-funded growth.
As reported in recent filings, AL's current ratio has remained consistently low, fluctuating between 0.17 and 0.93 over the last ten quarters, which suggests that the company maintains minimal liquid assets relative to its short-term obligations, relying instead on ongoing access to credit markets.
The low current ratio is characteristic of the capital-intensive leasing model, yet it leaves little room for error in the event of a sudden market disruption. Analysts should interpret this as a reliance on revolving credit facilities and operational cash flow to meet immediate liquidity needs rather than cash on hand.
Data from the balance sheet indicates that retained earnings have climbed from $3.7 billion in 2023Q3 to $5.1 billion in 2025Q4, demonstrating that the company is effectively reinvesting its operational profits to bolster its equity base and support long-term asset growth.
The consistent growth in retained earnings suggests that the business model is generating sufficient internal capital to offset the need for external equity dilution. This trend appears to be a positive indicator of self-sustaining growth, provided that the underlying lease yields remain resilient against competitive pricing pressures.
Quick answers to the most common questions about buying AL stock.
As of 2025, Air Lease Corporation (AL) had total assets of $32.88B including $2.21B in current assets.
Air Lease Corporation (AL) carries total debt of $19.73B, offset by $466.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Air Lease Corporation (AL) has total shareholders' equity (book value) of $8.47B ($75.43 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Air Lease Corporation (AL) reported a current ratio of 0.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.