Cash flow generation is highly erratic, highlighted by a massive $46.7M working capital outflow in 2025Q1 and an OCF/NI ratio that reached an extreme of 20.52 in 2024Q3.
| Cash from Operations | -4.41M | -22.97M | 11.18M | -174.15M | -113K | 79.08M | -12.23M | 63.51M | 54.65M | 53.31M |
| Operating CF Margin % | - | -6.85% | 3.24% | -52.06% | -0.03% | 23.23% | -5.85% | 20.88% | 18.8% | 30.51% |
| Operating CF Growth % | 15.23% | -305.37% | 106.42% | -154015.04% | -100.14% | 746.55% | -119.26% | 16.2% | 2.53% | - |
| Net Income | 11.87M | 8.57M | 5.85M | -5.56M | 43.86M | 36.12M | 8.09M | 15.5M | 26.73M | -10.85M |
| Depreciation & Amortization | 21.25M | 19.89M | 16.41M | 10.82M | 11.86M | 13M | 24.22M | 30.08M | 29.83M | 30.86M |
| Stock-Based Compensation | 5.66M | 4.89M | 4.35M | 12.05M | 16.5M | 0 | 1.04M | 0 | 0 | 0 |
| Deferred Taxes | -1.3M | 1.39M | 2.03M | -916K | -2.39M | -3.19M | 22K | 2.46M | -7.82M | 0 |
| Other Non-Cash Items | 12.21M | 3.78M | 1.93M | -363K | 2.12M | 28.73M | 15.07M | 24.46M | 1.02M | -2.11M |
| Working Capital Changes | -52.64M | -61.49M | -19.39M | -190.18M | -72.06M | 4.42M | -60.68M | -9M | 7.79M | 35.41M |
| Change in Receivables | -7.33M | -7.74M | -3.97M | -4.59M | -1.03M | 3.87M | 9.92M | -21.54M | -8.94M | -4.86M |
| Change in Inventory | -45.03M | -54.8M | -78.03M | -168.63M | -37.64M | -35.67M | -55.27M | 3.42M | 7.72M | 30.29M |
| Change in Payables | 126K | -4.54M | 4.29M | 8.77M | 1.16M | 3.6M | -801K | 3.77M | 1.22M | 0 |
| Cash from Investing | -3.45M | -3.86M | -16.13M | 3.09M | 41.37M | 13.2M | -21.14M | -62.09M | 44.19M | -19.43M |
| Capital Expenditures | -9.32M | -6.08M | -29.03M | -11.36M | -15.6M | -3.89M | -7.26M | -38.13M | -8.82M | -19.52M |
| CapEx % of Revenue | 2.74% | 1.81% | 8.41% | 3.4% | 3.82% | 1.14% | 3.48% | 12.53% | 3.04% | 11.17% |
| Acquisitions | 1.75M | 0 | 0 | 14.45M | 0 | 17.09M | -16.98M | -26.08M | -22.28M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.13M | 2.22M | 12.9M | 0 | 56.97M | 0 | 3.1M | 2.12M | 75.3M | 85.9K |
| Cash from Financing | 5.25M | 26.51M | 3.77M | 29.74M | -24.26M | 8.59M | 45.18M | -5.51M | -85.01M | -34.49M |
| Debt Issued (Net) | 4.86M | 71.16M | 3.49M | 36.2M | 0 | 0 | -3.42M | -5.51M | -82.1M | -34.29M |
| Equity Issued (Net) | 199K | -44.61M | 531K | 566K | -22.2M | 9.28M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 8K | -45M | 0 | 0 | -22.2M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 194K | -37K | -250K | -7.02M | -2.05M | -694K | 48.61M | 0 | -2.91M | -198K |
| Net Change in Cash | -2.61M | -319K | -1.18M | -141.31M | 17M | 100.87M | 11.81M | -4.1M | 13.83M | -614.48K |
| Free Cash Flow | -13.73M | -29.05M | -17.85M | -185.51M | -15.71M | 75.19M | -19.5M | 25.38M | 45.83M | 33.79M |
| FCF Margin % | -4.04% | -8.66% | -5.17% | -55.46% | -3.84% | 22.09% | -9.33% | 8.34% | 15.76% | 19.34% |
| FCF Growth % | 61.8% | -62.78% | 90.38% | -1080.98% | -120.89% | 485.66% | -176.82% | -44.62% | 35.63% | - |
| FCF per Share | -0.29 | -0.61 | -0.33 | -3.61 | -0.30 | 1.59 | -0.50 | 0.58 | 1.24 | 0.68 |
| FCF Conversion (FCF/Net Income) | -1.16x | -2.68x | 1.91x | 31.31x | -0.00x | 2.19x | -1.51x | 4.10x | 6.17x | -1.67x |
| Interest Paid | 4.7M | 0 | 0 | 0 | 573K | 0 | 855K | 2.3M | 2.31M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 21.49M | 0 | 2.65M | 8.53M | 4.66M | 0 |
Inventory Liquidation Timing Risk
As reported in recent financial statements, AerSale's operating cash flow frequently diverges from net income, with OCF/NI ratios reaching extreme levels like 20.52 in 2024Q3, suggesting that reported earnings are a poor proxy for the actual cash-generating capacity of the underlying aviation aftermarket business model.
The significant volatility in the relationship between net income and operating cash flow indicates that accrual-based accounting heavily masks the timing of cash receipts from asset sales. Investors should interpret these wide swings as evidence that the company's profitability is highly sensitive to the specific quarter in which inventory is liquidated.
Based on the provided quarterly data, AerSale's free cash flow trajectory remains highly erratic, swinging from a peak of $23.8M in 2024Q4 to a trough of -$48.8M in 2025Q1, which highlights the inherent difficulty in maintaining consistent cash generation within an asset-heavy industrial service model.
This lack of FCF stability suggests that the company's operational cash requirements are often mismatched with the timing of its revenue recognition. The frequent negative FCF prints warrant further investigation into whether the company can sustain its current business model without recurring external financing or inventory-related liquidity pressures.
According to the company's cash flow statements, working capital changes are the primary driver of cash volatility, with a massive $46.7M outflow in 2025Q1 alone, indicating that the company's cash position is hostage to the timing of inventory acquisition and the subsequent sale of aircraft parts.
The recurring negative working capital adjustments suggest that AerSale is consistently reinvesting cash into inventory to support future sales, which effectively traps capital in long-cycle assets. This dynamic implies that the company's liquidity is highly dependent on the velocity of its teardown and parts-distribution cycle.
As indicated by the financial data, AerSale maintains a relatively low capital intensity, with CapEx/Revenue ratios generally hovering between 1.5% and 5.4%, suggesting that the company is not overly burdened by the need for heavy investment in physical plant and equipment to sustain its current operations.
While the capital expenditure levels appear manageable, the modest investment in fixed assets may reflect a strategic choice to prioritize inventory acquisition over facility expansion. Analysts should monitor whether this level of maintenance CapEx is sufficient to support the long-term integrity of its MRO facilities.
Quick answers to the most common questions about buying ASLE stock.
AerSale Corporation (ASLE) generated $-23.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AerSale Corporation (ASLE) reported negative free cash flow of $29.1M in 2025, indicating capital requirements exceeded cash from operations.
AerSale Corporation (ASLE) spent $6.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AerSale Corporation (ASLE) spent $45.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.