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INTRODUCTION Willis Lease Finance Corporation with its subsidiaries ( WLFC or the Company ) is a leading lessor and servicer of commercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and mainten…
14.27% operating margin is respectable but not wide. ROIC at 1.85%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 28.2%, still solid. Margins contracted 11.1pp, which offsets some of the top-line progress.
ROIC dropped from 3.96% to 1.85%, capital efficiency is deteriorating. Net debt of $2.70B represents 10.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$767M
▲ +28.2% YoY
Net Income (TTM)
$122M
▲ +4.7% YoY
Op. Margin
14.88%
▼ -11.1pp YoY
ROIC
2.03%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$272M
▼ -6.2% YoY
Op. Cash Flow (TTM)
$299M
▼ -0.4% YoY
Net Debt
$2.23B
Cash & Equiv.
$25M
5Y CAGR: +20.4%
5Y CAGR: +22.8%
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