WLFC WILLIS LEASE FINANCE CORP

Overview and Growth

WILLIS LEASE FINANCE CORP generated $569.22M of revenue in fiscal 2024, with net income of $108.61M and an operating cash inflow of $284.41M. The $569.22M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 36.0% above fiscal 2023 revenue of $418.56M, marking a year-over-year increase. The company reported diluted EPS of $15.34, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 146.2% increase from fiscal 2023 diluted EPS of $6.23. At period end, total assets were $3.30B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.17x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $144.40M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 25.4%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $108.61M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 19.1% margin after operating costs and the remaining recognized items. The earnings statement records $152.65M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 26.8%, adding a pre-tax profitability layer between revenue and net income. The company recognized $44.03M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 28.8%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 19.8%, indicating the profitability achieved on book capital. Return on period-end assets was 3.3%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

At period end, the $3.30B asset base was financed through $2.68B of liabilities and $549.34M of equity. Reported cash and equivalents were $9.11M, separating immediately recognizable cash resources from the rest of the current-asset base. Total debt was $2.26B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 4.12x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 68.7%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 81.4%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 0.3%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 24.3% higher than fiscal 2023 assets of $2.65B, measuring the company’s own balance-sheet change. Book equity was 25.1% higher than fiscal 2023 equity of $438.96M, showing how shareholder capital changed year over year. Cash and equivalents were 28.8% higher than fiscal 2023 cash of $7.07M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $284.41M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 2.62x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $15.63M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 5.5%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $268.77M, leaving a positive amount after capital expenditures. Free cash flow represented 47.2% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 8.2%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2024. Analysis generated Oct 21, 2026.