Latest Ratios: P/E Ratio 7.2x · EV/EBITDA 9.8x · ROE 21.1%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.6B | $25.3B | $18.6B | $16.9B | $14.0B | $9.7B | $5.8B | $8.4B | $5.9B | $8.8B | $7.9B |
| Enterprise Value | $67.7B | $67.4B | $62.8B | $61.9B | $59.1B | $58.6B | $33.4B | $37.8B | $34.2B | $35.6B | $33.6B |
| P/E Ratio → | 7.20 | 6.75 | 8.87 | 5.39 | — | 9.75 | — | 7.29 | 5.80 | 8.18 | 7.54 |
| P/S Ratio | 3.13 | 3.09 | 2.33 | 2.23 | 2.00 | 2.12 | 1.30 | 1.69 | 1.23 | 1.75 | 1.57 |
| P/B Ratio | 1.47 | 1.38 | 1.08 | 1.02 | 0.87 | 0.59 | 0.65 | 0.89 | 0.66 | 1.02 | 0.92 |
| P/FCF | — | — | — | — | 10.79 | 5.12 | 6.15 | — | — | — | — |
| P/OCF | 4.75 | 4.69 | 3.42 | 3.22 | 2.71 | 2.64 | 2.73 | 2.69 | 2.07 | 2.80 | 2.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.23 | 7.85 | 8.16 | 8.43 | 12.76 | 7.44 | 7.65 | 7.12 | 7.06 | 6.66 |
| EV / EBITDA | 9.82 | 9.78 | 15.12 | 15.81 | 10.21 | 14.82 | 8.51 | 13.85 | 14.30 | 14.54 | 14.29 |
| EV / EBIT | 15.94 | 11.10 | 15.24 | 15.95 | 17.38 | 26.45 | 14.64 | 13.96 | 14.43 | 14.67 | 14.10 |
| EV / FCF | — | — | — | — | 45.48 | 30.76 | 35.30 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.8% | 59.8% | 57.6% | 57.3% | 54.2% | 55.2% | 56.2% | 60.2% | 55.7% | 55.0% | 52.9% |
| Operating Margin | 51.9% | 51.9% | 51.5% | 51.2% | 48.5% | 48.2% | 50.8% | 54.8% | 49.4% | 48.1% | 46.0% |
| Net Profit Margin | 45.8% | 45.8% | 26.2% | 41.4% | -10.4% | 21.8% | -6.6% | 23.2% | 21.2% | 21.4% | 20.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.1% | 21.1% | 12.4% | 19.1% | -4.4% | 7.8% | -3.3% | 12.5% | 11.6% | 12.5% | 12.3% |
| ROA | 5.2% | 5.2% | 2.9% | 4.4% | -1.0% | 1.7% | -0.7% | 2.6% | 2.4% | 2.6% | 2.5% |
| ROIC | 5.2% | 5.2% | 5.0% | 4.7% | 4.0% | 3.3% | 4.5% | 5.3% | 4.9% | 5.2% | 5.0% |
| ROCE | 6.2% | 6.2% | 5.9% | 5.6% | 4.8% | 3.9% | 5.4% | 6.4% | 5.7% | 5.9% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.38 | 2.38 | 2.64 | 2.81 | 2.88 | 3.04 | 3.23 | 3.25 | 3.32 | 3.29 | 3.23 |
| Debt / EBITDA | 6.32 | 6.32 | 10.93 | 11.90 | 8.06 | 12.79 | 7.34 | 11.20 | 12.34 | 11.62 | 11.79 |
| Net Debt / Equity | — | 2.30 | 2.57 | 2.71 | 2.78 | 2.93 | 3.09 | 3.14 | 3.19 | 3.10 | 2.99 |
| Net Debt / EBITDA | 6.10 | 6.10 | 10.64 | 11.49 | 7.78 | 12.35 | 7.02 | 10.79 | 11.84 | 10.94 | 10.93 |
| Debt / FCF | — | — | — | — | 34.69 | 25.64 | 29.15 | — | — | — | — |
| Interest Coverage | 3.06 | 3.06 | 1.99 | 2.08 | 2.03 | 1.80 | 1.83 | 2.09 | 2.02 | 2.18 | 2.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.61 | 3.17 | 3.73 | 4.12 | 3.71 | 3.78 | 3.66 | 3.09 | 4.18 | 3.39 |
| Quick Ratio | 0.61 | 0.61 | 3.12 | 3.68 | 4.08 | 3.68 | 3.78 | 3.66 | 3.06 | 4.14 | 3.35 |
| Cash Ratio | 0.27 | 0.27 | 0.71 | 1.00 | 1.17 | 1.01 | 1.40 | 1.27 | 1.23 | 1.63 | 1.88 |
| Asset Turnover | — | 0.11 | 0.11 | 0.11 | 0.10 | 0.06 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 |
| Inventory Turnover | — | — | 37.29 | 37.79 | 57.52 | 42.34 | — | 622.13 | 68.63 | 58.12 | 45.07 |
| Days Sales Outstanding | — | 82.73 | 157.46 | 184.52 | 182.29 | 325.61 | 152.41 | 118.60 | 106.67 | 112.35 | 82.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.8% | 0.8% | — | — | — | — | — | — | — | — |
| Payout Ratio | 5.1% | 5.1% | 6.7% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.9% | 14.8% | 11.3% | 18.5% | — | 10.3% | — | 13.7% | 17.2% | 12.2% | 13.3% |
| FCF Yield | — | — | — | — | 9.3% | 19.5% | 16.3% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 8.2% | 15.6% | 0.1% | 0.8% | 2.2% | 7.7% | 14.2% | 12.9% | 12.9% |
| Total Shareholder Yield | 0.7% | 0.8% | 8.9% | 15.6% | 0.1% | 0.8% | 2.2% | 7.7% | 14.2% | 12.9% | 12.9% |
| Shares Outstanding | — | $176M | $194M | $228M | $240M | $149M | $128M | $136M | $149M | $167M | $190M |
Geopolitical asset impairment exposure
According to current market data, AerCap trades at a trailing P/E of 6.99x, which appears to reflect a persistent complexity discount compared to smaller, more streamlined peers like Air Lease Corp, suggesting investors remain cautious regarding the integration of the massive GECAS asset portfolio.
The forward P/E of 8.66x implies that the market anticipates a moderation in earnings growth as the company shifts from an acquisition-heavy phase to one of portfolio optimization. This valuation level warrants further investigation into whether the market is underestimating the long-term earnings power of the integrated engine and materials segments.
Based on reported figures, AerCap’s ROIC has remained in a narrow range between 0.5% and 1.6% over the last ten quarters, indicating that the company’s massive capital base, while providing a structural moat, currently struggles to generate high incremental returns on invested capital.
The low ROIC relative to the cost of capital suggests that the company is primarily a capital-intensive utility rather than a high-growth compounder. Investors should monitor whether management can improve these returns as the fleet transitions toward newer, more fuel-efficient aircraft that command higher lease yields.
As reported in financial statements, AerCap’s DSO has fluctuated significantly, reaching 166 days in 2025Q2, which highlights the inherent challenges in managing receivables across a diverse, global airline customer base that is often sensitive to macroeconomic and regional geopolitical shocks.
The variability in the cash conversion cycle suggests that AerCap’s operational efficiency is heavily dependent on the timing of lease payments and redelivery conditions. This volatility may indicate that the company lacks the leverage to enforce tighter payment terms, potentially impacting short-term liquidity during periods of industry stress.
Based on the provided quarterly data, AerCap has successfully reduced its debt-to-equity ratio from 2.89x in 2024Q3 to 2.34x by 2026Q1, reflecting a disciplined approach to managing leverage within the capital-intensive aircraft leasing industry despite ongoing geopolitical and macroeconomic uncertainties.
The improvement in the debt-to-equity profile appears to strengthen the balance sheet, providing a buffer against potential future asset impairments. However, the interest coverage ratio, which has hovered between 1.74x and 3.91x, suggests that debt service remains a critical sensitivity that warrants close monitoring in a volatile interest rate environment.
The P/E ratio is frequently misapplied to AerCap’s business model because it fails to account for the massive non-cash depreciation charges that dominate the income statement, often masking the company's true underlying cash-generating capacity and operational health.
Analysts should instead prioritize EV/EBITDA or price-to-book value, as these metrics better reflect the asset-heavy nature of the business and the underlying value of the fleet. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the significant impact of non-recurring impairment charges and maintenance revenue timing.
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Quick answers to the most common questions about buying AER stock.
AerCap Holdings N.V.'s current P/E ratio is 7.2x. The historical average is 8.4x. This places it at the 28th percentile of its historical range.
AerCap Holdings N.V.'s current EV/EBITDA is 9.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
AerCap Holdings N.V.'s return on equity (ROE) is 21.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -4.8%.
Based on historical data, AerCap Holdings N.V. is trading at a P/E of 7.2x. This is at the 28th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AerCap Holdings N.V.'s current dividend yield is 0.71% with a payout ratio of 5.1%.
AerCap Holdings N.V. has 59.8% gross margin and 51.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AerCap Holdings N.V.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.