Willis Lease Finance Corp
wlfc.globalWillis Lease Finance Corp (NASDAQ: WLFC) is an aviation leasing company that acquires and leases commercial jet engines and aircraft to airlines and other aviation operators. Revenue comes primarily from operating lease payments on jet engines and aircraft, supplemented by engine sales, maintenance reserves, and notes receivable income. As of December 31, 2024, WLFC held $2,635.9 million of equipment in its operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases. The aircraft portfolio included 16 aircraft across ATR 72-500, Boeing 737-700, Airbus A319, and Airbus A320 variants, with an aggregate net book value of $161.0 million as of December 31, 2024. The company operates a 50% joint venture, CASC Willis Lease Finance Company Limited, based in Shanghai, China, which leases jet engines to Chinese airlines. That joint venture held four engines with a net book value of $37.3 million and carried a WLFC investment of $17.9 million as of December 31, 2024. The business is capital-intensive and debt-funded, with substantial debt obligations on the balance sheet. Austin C. Willis serves as CEO.
Products & Services
Commercial jet engines held for operating lease; commercial aircraft including ATR 72-500, Boeing 737-700, Airbus A319-100, A320-214, A320-200, A320-232, and A320-233 variants; notes receivable financing; sales-type leases; spare parts inventory; engine trading and sales.
Revenue Model
Operating lease payments on jet engines and aircraft are the primary revenue source. Additional revenue comes from engine and aircraft sales, maintenance reserves collected from lessees, income on notes receivable, and sales-type lease income. Aircraft leases are structured as triple-net leases, with lessees responsible for maintenance, insurance, and taxes.
Customers & Markets
Airlines and aviation operators globally, including Chinese airlines served through the CASC Willis joint venture. End market demand is driven by commercial aviation activity and airline need for spare and replacement jet engines.
Geographic Exposure
Global operations with a specific joint venture presence in China through CASC Willis Lease Finance Company Limited, based in Shanghai. The joint venture focuses on the Chinese commercial aviation market.
Financial Snapshot
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