Willis Lease Finance Corporation (WLFC) 10-Year Financial Performance & Capital Metrics

WLFC • • Industrial / General

IndustrialsRental & LeasingAircraft & Aviation Equipment LeasingAircraft Engine & Component Lessors

AboutWillis Lease Finance Corporation operates as a lessor and servicer of commercial aircraft and aircraft engines worldwide. The company operates through two segments, Leasing and Related Operations, and Spare Parts Sales. The Leasing and Related Operations segment engages in acquiring and leasing commercial aircraft, aircraft engines, and other aircraft equipment, as well as the purchase and resale of commercial aircraft engines and other aircraft equipment, and other related businesses. The Spare Parts Sales segment purchases and resells after-market engine parts, whole engines, engine modules, and portable aircraft components. The company also focuses on engine management and consulting business. It serves commercial aircraft operators, as well as maintenance, repair, and overhaul organizations. As of December 31, 2021, it had a total lease portfolio of 304 engines, 12 aircraft, one marine vessel, and other leased parts and equipment, and with 76 lessees in 40 countries; and managed a total lease portfolio of 475 engines, aircraft, and related equipment for other parties. The company was founded in 1985 and is headquartered in Coconut Creek, Florida.Show more

Revenue $569M +36.0%
EBITDA $240M +54.4%
Net Income $109M +148.1%
EPS (Diluted) 15.34 +146.2%
Gross Margin 75.44% +8.4%
EBITDA Margin 42.09% +13.6%
Operating Margin 25.37% +65.3%
Net Margin 19.08% +82.4%
ROE 21.98% +111.8%
ROIC 4.3% +99.6%
Debt/Equity 4.12 +0.4%
Interest Coverage 1.38 +69.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 4.1x
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.56%

5Y6.83%

3Y27.57%

TTM29.27%

Profit (Net Income) CAGR

10Y31.09%

5Y10.17%

3Y218.8%

TTM24.49%

EPS CAGR

10Y32.94%

5Y7.88%

3Y1662.88%

TTM18.36%

ROCE

10Y Avg2.12%

5Y Avg1.8%

3Y Avg2.65%

Latest5.03%

Peer Comparison

Aircraft Engine & Component Lessors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WLFCWillis Lease Finance Corporation	1.13B	165.66	10.80	36%	17.87%	17.19%		4.12
MPUMega Matrix Corp.	56.93M	0.92	-4	755.99%	-29.79%	-88.04%	7.24%
FTAIFTAI Aviation Ltd.	25.85B	252.04	-787.63	47.59%	20.75%	193.28%		42.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	199.61M	207.27M	274.84M	348.35M	409.16M	288.69M	274.2M	311.93M	418.56M	569.22M
Revenue Growth %	0.15%	0.04%	0.33%	0.27%	0.17%	-0.29%	-0.05%	0.14%	0.34%	0.36%
Cost of Goods Sold+	87.45M	79.57M	106.87M	137.84M	148.88M	111.3M	105.43M	109.09M	127.29M	139.78M
COGS % of Revenue	0.44%	0.38%	0.39%	0.4%	0.36%	0.39%	0.38%	0.35%	0.3%	0.25%
Gross Profit+	112.16M	127.7M	167.97M	210.51M	260.28M	177.39M	168.77M	202.83M	291.26M	429.44M
Gross Margin %	0.56%	0.62%	0.61%	0.6%	0.64%	0.61%	0.62%	0.65%	0.7%	0.75%
Gross Profit Growth %	0.11%	0.14%	0.32%	0.25%	0.24%	-0.32%	-0.05%	0.2%	0.44%	0.47%
Operating Expenses+	52.15M	54.77M	65.47M	83.16M	179.97M	162.69M	160.43M	192.98M	227.04M	285.04M
OpEx % of Revenue	0.26%	0.26%	0.24%	0.24%	0.44%	0.56%	0.59%	0.62%	0.54%	0.5%
Selling, General & Admin	42.74M	47.78M	55.74M	72.02M	86.52M	67.91M	75.35M	92.53M	115.74M	146.76M
SG&A % of Revenue	0.21%	0.23%	0.2%	0.21%	0.21%	0.24%	0.27%	0.3%	0.28%	0.26%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	93.45M	94.78M	85.08M	100.45M	111.3M	138.29M
Operating Income+	12.97M	22.13M	28.85M	52.47M	80.3M	14.69M	8.34M	9.86M	64.22M	144.4M
Operating Margin %	0.06%	0.11%	0.1%	0.15%	0.2%	0.05%	0.03%	0.03%	0.15%	0.25%
Operating Income Growth %	0.23%	0.71%	0.3%	0.82%	0.53%	-0.82%	-0.43%	0.18%	5.52%	1.25%
EBITDA+	82.56M	88.41M	94.88M	129.29M	166.54M	109.23M	98.84M	98.11M	155.15M	239.61M
EBITDA Margin %	0.41%	0.43%	0.35%	0.37%	0.41%	0.38%	0.36%	0.31%	0.37%	0.42%
EBITDA Growth %	0.09%	0.07%	0.07%	0.36%	0.29%	-0.34%	-0.1%	-0.01%	0.58%	0.54%
D&A (Non-Cash Add-back)	69.59M	66.28M	66.02M	76.81M	86.24M	94.54M	90.5M	88.26M	90.92M	95.21M
EBIT	51.79M	65.09M	84.73M	120.49M	155.77M	80.36M	77.13M	76.54M	145.93M	257.41M
Net Interest Income+	-39.01M	-41.14M	-48.72M	-64.22M	-66.89M	-63.02M	-67.98M	-66.74M	-78.8M	-104.76M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	39.01M	41.14M	48.72M	64.22M	66.89M	63.02M	67.98M	66.74M	78.8M	104.76M
Other Income/Expense	-42.77M	1.81M	7.16M	3.8M	8.58M	2.64M	800K	-62K	2.91M	8.25M
Pretax Income+	14.14M	23.95M	36.01M	56.27M	88.88M	17.34M	9.14M	9.79M	67.13M	152.65M
Pretax Margin %	0.07%	0.12%	0.13%	0.16%	0.22%	0.06%	0.03%	0.03%	0.16%	0.27%
Income Tax+	6.79M	9.88M	-26.15M	13.04M	21.96M	7.59M	5.79M	4.35M	23.35M	44.03M
Effective Tax Rate %	0.52%	0.59%	1.73%	0.77%	0.75%	0.56%	0.37%	0.56%	0.65%	0.71%
Net Income+	7.36M	14.07M	62.16M	43.23M	66.92M	9.75M	3.35M	5.44M	43.78M	108.61M
Net Margin %	0.04%	0.07%	0.23%	0.12%	0.16%	0.03%	0.01%	0.02%	0.1%	0.19%
Net Income Growth %	0.02%	0.91%	3.42%	-0.3%	0.55%	-0.85%	-0.66%	0.62%	7.05%	1.48%
Net Income (Continuing)	6.46M	14.07M	62.16M	43.23M	66.92M	9.75M	3.35M	5.44M	43.78M	108.61M
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)+	0.92	2.05	9.69	7.15	10.50	1.05	0.00	0.33	6.23	15.34
EPS Growth %	0.03%	1.23%	3.73%	-0.26%	0.47%	-0.9%	-1%	-	17.88%	1.46%
EPS (Basic)	0.94	2.10	9.93	7.31	10.90	1.07	0.00	0.35	6.40	15.97
Diluted Shares Outstanding	7.98M	6.71M	6.22M	6.05M	6.06M	6.13M	6.35M	6.3M	6.48M	6.8M
Basic Shares Outstanding	7.81M	6.57M	6.07M	5.92M	5.84M	5.96M	6.11M	6.07M	6.3M	6.54M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	0.1%

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+	100.81M	105.01M	116.72M	154.88M	178.35M	166.63M	308.63M	259.26M	360.89M	438.84M
Cash & Short-Term Investments	9.73M	10.08M	7.05M	11.69M	6.72M	78.92M	14.33M	12.15M	7.07M	9.11M
Cash Only	9.73M	10.08M	7.05M	11.69M	6.72M	78.92M	14.33M	12.15M	7.07M	9.11M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	13.63M	16.48M	18.85M	23.27M	24.06M	28.27M	155.08M	128.39M	151.11M	221.92M
Days Sales Outstanding	24.92	29.03	25.03	24.38	21.46	35.74	206.43	150.24	131.77	142.3
Inventory	20.53M	25.44M	16.38M	48.87M	41.76M	59.43M	50.96M	38.58M	40.95M	72.15M
Days Inventory Outstanding	85.67	116.71	55.94	129.42	102.38	194.9	176.42	129.07	117.43	188.4
Other Current Assets	56.48M	53.01M	74.44M	71.05M	105.81M	0	88.26M	80.14M	161.76M	135.66M
Total Non-Current Assets+	1.21B	1.23B	1.49B	1.78B	1.76B	2.28B	2.15B	2.32B	2.29B	2.86B
Property, Plant & Equipment	1.14B	1.15B	1.37B	1.7B	35.6M	1.92B	2.02B	2.15B	2.15B	2.68B
Fixed Asset Turnover	0.17x	0.18x	0.20x	0.20x	11.49x	0.15x	0.14x	0.15x	0.19x	0.21x
Goodwill	661K	0	0	0	0	0	0	0	0	0
Intangible Assets	271K	19.85M	16.49M	16.14M	4.45M	21.34M	23.7M	18.84M	10.22M	34.06M
Long-Term Investments	41.3M	45.41M	50.64M	47.94M	57.94M	211.98M	55.93M	62.63M	66.8M	84.28M
Other Non-Current Assets	-14.84M	-29.05M	43.48M	-75.12M	1.66B	42.84M	51.98M	87.2M	64.43M	56.05M
Total Assets+	1.31B	1.34B	1.6B	1.93B	1.94B	2.45B	2.46B	2.58B	2.65B	3.3B
Asset Turnover	0.15x	0.15x	0.17x	0.18x	0.21x	0.12x	0.11x	0.12x	0.16x	0.17x
Asset Growth %	0.04%	0.02%	0.2%	0.21%	0%	0.26%	0.01%	0.05%	0.03%	0.24%
Total Current Liabilities+	26.75M	23.61M	30.17M	48.4M	148.68M	78.47M	37.32M	60.9M	96.47M	113.89M
Accounts Payable	21.66M	17.79M	22.07M	42.94M	41.81M	23.1M	0	0	0	0
Days Payables Outstanding	90.42	81.61	75.38	113.7	102.51	75.77	-	-	-	-
Short-Term Debt	0	0	0	0	0	55.37M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	65.96M	0	0	0	0	0	26.86M	43.04M	52.94M	75.98M
Current Ratio	3.77x	4.45x	3.87x	3.20x	1.20x	2.12x	8.27x	4.26x	3.74x	3.85x
Quick Ratio	3.00x	3.37x	3.33x	2.19x	0.92x	1.37x	6.91x	3.62x	3.32x	3.22x
Cash Conversion Cycle	20.16	64.12	5.59	40.1	21.33	154.88	-	-	-	-
Total Non-Current Liabilities+	1.07B	1.12B	1.31B	1.6B	1.39B	1.96B	2.05B	2.11B	2.12B	2.63B
Long-Term Debt	866.09M	900.25M	1.09B	1.34B	1.25B	1.64B	1.79B	1.85B	1.8B	2.26B
Capital Lease Obligations	0	0	0	0	3.83M	0	0	0	0	0
Deferred Tax Liabilities	96.74M	104.98M	78.28M	90.28M	0	201.52M	124.33M	132.52M	147.78M	185.05M
Other Non-Current Liabilities	25.01M	106.96M	142.56M	166.66M	137.11M	102.01M	135.13M	129.83M	166.25M	184.36M
Total Liabilities	1.1B	1.14B	1.34B	1.65B	1.54B	2.04B	2.09B	2.17B	2.21B	2.75B
Total Debt+	878.68M	900.25M	1.09B	1.34B	1.25B	1.7B	1.79B	1.85B	1.8B	2.26B
Net Debt	868.95M	890.18M	1.08B	1.33B	1.25B	1.62B	1.78B	1.84B	1.8B	2.26B
Debt / Equity	4.18x	4.59x	4.19x	4.66x	3.14x	4.10x	4.76x	4.56x	4.11x	4.12x
Debt / EBITDA	10.64x	10.18x	11.44x	10.34x	7.53x	15.54x	18.11x	18.83x	11.62x	9.45x
Net Debt / EBITDA	10.53x	10.07x	11.37x	10.25x	7.49x	14.82x	17.97x	18.70x	11.57x	9.41x
Interest Coverage	0.33x	0.54x	0.59x	0.82x	1.20x	0.23x	0.12x	0.15x	0.82x	1.38x
Total Equity+	210.33M	196.26M	258.91M	286.79M	399.98M	413.74M	375.88M	404.69M	438.96M	549.34M
Equity Growth %	-0.03%	-0.07%	0.32%	0.11%	0.39%	0.03%	-0.09%	0.08%	0.08%	0.25%
Book Value per Share	26.35	29.23	41.63	47.43	66.02	67.52	59.23	64.27	67.73	80.74
Total Shareholders' Equity	210.33M	196.26M	258.91M	286.79M	399.98M	413.74M	375.88M	404.69M	438.96M	549.34M
Common Stock	75K	64K	64K	62K	64K	66K	65K	66K	68K	72K
Retained Earnings	182.06M	194.73M	256.3M	286.62M	348.96M	355.37M	355.39M	357.49M	397.78M	491.44M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-521K	-1.04M	226K	102K	-3.25M	-5.12M	5.03M	26.74M	11.45M	6.9M
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+	109.12M	100.91M	135.26M	188.69M	230.31M	93.44M	90.66M	144.42M	229.74M	284.41M
Operating CF Margin %	0.55%	0.49%	0.49%	0.54%	0.56%	0.32%	0.33%	0.46%	0.55%	0.5%
Operating CF Growth %	0.74%	-0.08%	0.34%	0.4%	0.22%	-0.59%	-0.03%	0.59%	0.59%	0.24%
Net Income	7.36M	14.07M	62.16M	43.23M	66.92M	9.75M	3.35M	5.44M	43.78M	108.61M
Depreciation & Amortization	69.59M	66.28M	66.02M	76.81M	86.24M	94.54M	90.5M	88.26M	90.92M	95.21M
Stock-Based Compensation	4.15M	3.72M	4.27M	5.41M	7.79M	11.38M	16.58M	13.55M	14.8M	29.25M
Deferred Taxes	6.51M	9.1M	-26.39M	12.06M	21.07M	6.95M	4.19M	2.06M	19.65M	38.58M
Other Non-Cash Items	3.5M	8.06M	16.9M	13.5M	-748K	31.61M	-5.04M	19.77M	1.47M	934K
Working Capital Changes	18.02M	-309K	12.3M	37.67M	49.04M	-60.79M	-18.93M	15.34M	59.11M	11.82M
Change in Receivables	-5.86M	-2.29M	-2.52M	-5.92M	-517K	-4.21M	-11.19M	-3.17M	-17.38M	21.1M
Change in Inventory	4.13M	-5.09M	-1.85M	12.11M	29.11M	7.03M	7.92M	14.29M	-5.01M	-31.19M
Change in Payables	1.67M	2.33M	1.13M	12.54M	2.13M	-18.44M	58K	942K	17.15M	20.7M
Cash from Investing+	-157.99M	-123.4M	-323.71M	-380.47M	-147.44M	-506.67M	-148M	-194.38M	-92.78M	-764.91M
Capital Expenditures	-187.6M	-180.2M	-384.27M	-444.9M	-295.71M	-412.23M	-207.94M	-293.02M	-168.78M	-846.11M
CapEx % of Revenue	0.94%	0.87%	1.4%	1.28%	0.72%	1.43%	0.76%	0.94%	0.4%	1.49%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	30.24M	62.35M	60.56M	64.43M	153.98M	-120.52M	22.32M	29.41M	76M	81.2M
Cash from Financing+	45.11M	22.83M	203.41M	226.41M	-101.15M	428.48M	74.05M	43.33M	-57.94M	444.98M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-1.31M	-3.35M	-3.25M	-3.26M	-3.25M	-3.27M	-3.24M	-14.18M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.1M	610K	-10.35M	-7.5M	-6.71M	-9.59M	-4.37M	335K	-15.22M	-11.32M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-78.48M	-79.28M	-249.01M	-256.22M	-65.4M	-318.78M	-117.29M	-148.6M	60.96M	-546.07M
FCF Margin %	-0.39%	-0.38%	-0.91%	-0.74%	-0.16%	-1.1%	-0.43%	-0.48%	0.15%	-0.96%
FCF Growth %	0.01%	-0.01%	-2.14%	-0.03%	0.74%	-3.87%	0.63%	-0.27%	1.41%	-9.96%
FCF per Share	-9.83	-11.81	-40.03	-42.38	-10.80	-52.02	-18.48	-23.60	9.41	-80.26
FCF Conversion (FCF/Net Income)	14.83x	7.17x	2.18x	4.36x	3.44x	9.59x	27.05x	26.55x	5.25x	2.62x
Interest Paid	35.57M	37.32M	42.82M	59.12M	63.59M	0	63.6M	63.54M	76.91M	100.68M
Taxes Paid	353K	459K	440K	1.07M	222K	510K	1.41M	2.24M	505K	7.09M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.44%	6.92%	27.31%	15.84%	19.49%	2.4%	0.85%	1.39%	10.38%	21.98%
Return on Invested Capital (ROIC)	0.92%	1.53%	1.79%	2.67%	3.69%	0.6%	0.3%	0.34%	2.15%	4.3%
Gross Margin	56.19%	61.61%	61.12%	60.43%	63.61%	61.45%	61.55%	65.03%	69.59%	75.44%
Net Margin	3.69%	6.79%	22.62%	12.41%	16.36%	3.38%	1.22%	1.74%	10.46%	19.08%
Debt / Equity	4.18x	4.59x	4.19x	4.66x	3.14x	4.10x	4.76x	4.56x	4.11x	4.12x
Interest Coverage	0.33x	0.54x	0.59x	0.82x	1.20x	0.23x	0.12x	0.15x	0.82x	1.38x
FCF Conversion	14.83x	7.17x	2.18x	4.36x	3.44x	9.59x	27.05x	26.55x	5.25x	2.62x
Revenue Growth	14.53%	3.84%	32.6%	26.75%	17.46%	-29.44%	-5.02%	13.76%	34.18%	36%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Spare Parts And Equipment Sales	-	-	-	71.14M	74.65M	18.63M	17.42M	27.01M	20.36M	27.1M
Spare Parts And Equipment Sales Growth	-	-	-	-	4.93%	-75.05%	-6.49%	55.07%	-24.62%	33.11%
Maintenance Services	-	-	-	-	-	-	-	-	-	24.16M
Maintenance Services Growth	-	-	-	-	-	-	-	-	-	-
Managed Services And Other Revenue	-	-	-	-	14.78M	-	-	25.09M	-	9.08M
Managed Services And Other Revenue Growth	-	-	-	-	-	-	-	-	-	-
Managed Services	-	-	-	4.3M	10.84M	8.75M	11.43M	23.61M	29.25M	-
Managed Services Growth	-	-	-	-	151.99%	-19.28%	30.63%	106.52%	23.86%	-
Other Revenue	-	-	-	-	3.93M	9.66M	13.45M	1.48M	2.84M	-
Other Revenue Growth	-	-	-	-	-	145.63%	39.23%	-88.98%	91.77%	-
Asset Transition Fees	-	-	-	-	-	-	6.26M	-	-	-
Asset Transition Fees Growth	-	-	-	-	-	-	-	-	-	-
Leasing And Related Operations	183.78M	192.51M	245.47M	-	-	-	-	-	-	-
Leasing And Related Operations Growth	-	4.75%	27.51%	-	-	-	-	-	-	-
Spare Parts Sales	16.29M	16.39M	30.74M	-	-	-	-	-	-	-
Spare Parts Sales Growth	-	0.63%	87.49%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	-	-	153.04M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	-	-	-	-	-	-	134.51M
Europe Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	-	-	-	-	-	-	106.84M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
INDIA	-	-	-	-	-	-	-	-	-	92.48M
INDIA Growth	-	-	-	-	-	-	-	-	-	-
CANADA	-	-	-	-	-	-	-	-	-	42.08M
CANADA Growth	-	-	-	-	-	-	-	-	-	-
South America	-	-	-	-	-	-	-	-	-	36.06M
South America Growth	-	-	-	-	-	-	-	-	-	-
Central America	-	-	-	-	-	-	-	-	-	3.13M
Central America Growth	-	-	-	-	-	-	-	-	-	-
Middle East	-	-	-	-	-	-	-	-	-	937K
Middle East Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	-	-	-	-	-	-	-	-	-	146K
Other Countries Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Willis Lease Finance Corporation (WLFC) has a price-to-earnings (P/E) ratio of 10.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Willis Lease Finance Corporation (WLFC) reported $686.1M in revenue for fiscal year 2024. This represents a 338% increase from $156.7M in 2011.

Willis Lease Finance Corporation (WLFC) grew revenue by 36.0% over the past year. This is strong growth.

Yes, Willis Lease Finance Corporation (WLFC) is profitable, generating $122.6M in net income for fiscal year 2024 (19.1% net margin).

Dividend & Returns

Yes, Willis Lease Finance Corporation (WLFC) pays a dividend with a yield of 0.95%. This makes it attractive for income-focused investors.

Willis Lease Finance Corporation (WLFC) has a return on equity (ROE) of 22.0%. This is excellent, indicating efficient use of shareholder capital.

Willis Lease Finance Corporation (WLFC) had negative free cash flow of $411.7M in fiscal year 2024, likely due to heavy capital investments.

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