# Willis Lease Finance Corporation (WLFC)

> Source: Nexqual · https://nexqual.com/WLFC · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Willis Lease Finance Corporation (WLFC), nexqual.com/WLFC" · informational, not investment advice.

**Price:** USD 38.99 (-3.25% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 40.3 · day 38.66–41.5 · 52w 36.39–81.54 · market cap $824M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $765M, net income $91.8M (12.0% margin), free cash flow $252M (SEC filings).
- Valuation: P/E 9.0x (avg 9.5x at the last 3 fiscal year-ends), EV/EBITDA 13.2x, net debt $2.31B.
- 1 of 80 tracked superinvestors hold WLFC (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $14.1M; 3 not under a Rule 10b5-1 plan ($1.9M); 5 by opportunistic insiders (1 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -10.2% vs S&P 500 +13.4%; 5Y +198.5% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD 1.53, revenue estimate $190M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $274M | $312M | $419M | $569M | $730M | $765M |
| Operating income | $8.3M | $9.9M | $64.2M | $144M | $104M | $120M |
| Net income | $3.4M | $5.4M | $43.8M | $109M | $114M | $91.8M |
| EPS (diluted) | $0.00 | $0.11 | $2.08 | $5.11 | $5.13 | — |
| Free cash flow | $88.5M | $138M | $225M | $269M | $252M | $252M |
| Operating margin | 3.0% | 3.2% | 15.3% | 25.4% | 14.3% | 15.7% |
| Net margin | 1.2% | 1.7% | 10.5% | 19.1% | 15.6% | 12.0% |
| Revenue growth | -5.0% | +13.8% | +34.2% | +36.0% | +28.3% | — |
| Cash + short-term investments | $14.3M | $12.1M | $7.1M | $9.1M | $16.4M | — |
| Total debt | $1.79B | $1.85B | $1.80B | $2.26B | $2.70B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.0x · P/S 1.1x · EV/EBITDA 13.2x · EV/Sales 4.1x · P/FCF 3.3x · P/B 1.2x · FCF yield 30.57% · Earnings yield 11.13% · Dividend yield (paid, TTM) 1.35% · Net debt $2.31B · EV $3.13B
P/E at fiscal year-ends: Dec 2025 8.4x, Dec 2024 13.0x, Dec 2023 7.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WLFC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 0.03% | $2.6M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11…2026-09-15 | Flaherty Scott B. | EVP, CFO | 30,000 | $1.6M | 12.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Willis Austin Chandler | President and CEO | 15,000 | $809K | 0.6% | Yes (adopted March 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-31 | Willis Charles F Iv | Executive Chairman | 400 | $21K | 0% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-08-25…2026-08-26 | Willis Charles F Iv | Executive Chairman | 27,000 | $1.5M | 0.3% | Yes (adopted May 18, 2026) | Routine (sold in Aug each year 2023–2025) |
| 2026-08-20…2026-08-24 | Willis Charles F Iv | Executive Chairman | 46,500 | $2.5M | 0.5% | Yes (adopted May 18, 2026) | Routine (sold in Aug each year 2023–2025) |
| 2026-08-17…2026-08-19 | Willis Charles F Iv | Executive Chairman | 78,200 | $4.5M | 0.9% | Yes (adopted May 18, 2026) | Routine (sold in Aug each year 2023–2025) |
| 2026-08-14 | Dameron Clifton | SVP, GC & Corporate Secretary | 3,535 | $201K | 8.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Willis Austin Chandler | President and CEO | 15,000 | $1.1M | 0.6% | Yes (adopted March 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Willis Austin Chandler | Chief Executive Officer | 5,184 | $1.2M | 0.6% | Yes (adopted March 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Willis Austin Chandler | Chief Executive Officer | 3,400 | $655K | 0.4% | Yes (adopted June 3, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-08 | Deutsche Bank | Initiated | Buy | $80 |
| 2026-08-12 | Freedom Broker | Upgrade | Hold → Buy | $75.33 → $71 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -10.2% | +198.5% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -10.3% | +24.5% |
| Volatility (annualized) | 49.3% | 44.5% |
| Max drawdown | -53.7% (Jul 2026→Oct 2026) | -50.1% (Jun 2026→Oct 2026) |

## Peers (Rental & Leasing Services)
HTZ (Hertz Global Holdings, Inc) USD 2.04 -6.42% · PRG (PROG Holdings, Inc.) USD 30.27 -4.90% · LIME (Neutron Holdings, Inc.) USD 26.19 -2.39% · VSTS (Vestis Corporation) USD 14.75 +1.37% · CTOS (Custom Truck One Source, Inc.) USD 9.06 +2.14% · MGRC (McGrath RentCorp) USD 117.16 +0.30%

## More
Full page: https://nexqual.com/WLFC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WLFC's own 10-K filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/1018164/000101816426000036/wlfc-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Willis Mitsui & Company Engine Support | "In 2011, we entered into an agreement with Mitsui & Co., Ltd. to participate in a joint venture formed as a Dublin-based Irish limited company, Willis Mitsui & Company Engine Support Limited ("WMES"), for the purpose of …" |
| Partner | Mitsui & | "In 2011, we entered into an agreement with Mitsui & Co., Ltd. to participate in a joint venture formed as a Dublin-based Irish limited company, Willis Mitsui & Company Engine Support Limited ("WMES"), for the purpose of …" |
| Partner | China Aviation Supplies Import & Export | "In 2014, we entered into an agreement with China Aviation Supplies Import & Export Corporation ("CASC") to participate in a joint venture named CASC Willis Lease Finance Company Limited ("CASC Willis"), a joint venture b…" |
| Partner | CASC Willis Lease Finance Company | "In 2014, we entered into an agreement with China Aviation Supplies Import & Export Corporation ("CASC") to participate in a joint venture named CASC Willis Lease Finance Company Limited ("CASC Willis"), a joint venture b…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Leasing and  Related Operations | $183.4M | 94.5% | -1.6% | $34.3M | 18.7% |
| Spare Parts Sales | $18.8M | 9.7% | +79.3% | -$150,000 | -0.8% |
| Total revenue | $194.0M | 100% | — | $34.0M | 17.5% |
The lines above cover 104.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Spare parts and equipment sales | $21.2M | 10.9% | -30.2% |
| Maintenance Services | $9.0M | 4.6% | +11.9% |
| Other revenue | $1.4M | 0.7% | +374.6% |
| Total revenue | $194.0M | 100% | — |
The lines above cover 16.2% of total revenue.

## Company outlook (8-K filed 2026-08-04)

- "During the three and six months ended June 30, 2026, the Company recognized non-recurring project expenses of $(1.6) million and $(1.6) million, respectively, related to its sustainable aviation fuel project."
- "During the three and six months ended June 30, 2025, the Company recognized non-recurring project expenses of $(5.3) million and $6.5 million, respectively, related to its sustainable aviation fuel project, for which the Company subsequently decided to cease further investment."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.53 | $0.88 | +73.2% | $189.9M | 1 |
| Next quarter (ends 2026-12-31) | $1.57 | $1.17 | +34.2% | $191.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $7.23 | $4.73 | +53.0% | $769.5M | 1 |
| Next fiscal year (ends 2027-12-31) | $6.87 | $5.99 | +14.7% | $801.9M | 1 |