Free cash flow remains consistently negative, highlighted by a -187.8% FCF margin in 2024Q4, as capital expenditures frequently outpace operational cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 242.22M | 283.24M | 284.41M | 229.74M | 144.42M | 90.66M | 93.44M | 230.31M | 188.69M | 135.26M | 100.91M | 109.12M | 62.73M | 80.3M | 67.31M | 76.66M | 56.63M | 87.57M | 51.57M | 54.87M | 38.98M | 29.75M | 42.66M | 41.89M | 31.6M | 33.31M | 26.52M | 22M | -18.9M | 6.5M | 9.6M |
| Operating CF Margin % | - | 41.91% | 49.96% | 54.89% | 46.3% | 33.06% | 32.37% | 56.29% | 54.17% | 49.21% | 48.69% | 54.67% | 35.99% | 50.69% | 45.45% | 48.94% | 38.19% | 58.21% | 33.86% | 45.01% | 45.87% | 42.16% | 68.88% | 69.97% | 56.55% | 50.36% | 54.11% | 26.38% | -25.34% | 12.87% | 29.72% |
| Operating CF Growth % | -68.08% | -0.41% | 23.8% | 59.07% | 59.31% | -2.98% | -59.43% | 22.06% | 39.5% | 34.03% | -7.52% | 73.95% | -21.88% | 19.29% | -12.2% | 35.37% | -35.33% | 69.82% | -6.01% | 40.76% | 31.04% | -30.28% | 1.83% | 32.59% | -5.15% | 25.61% | 20.55% | 216.4% | -390.77% | -32.29% | 1820% |
| Net Income | 120.55M | 108.07M | 108.61M | 43.78M | 5.44M | 3.35M | 9.75M | 66.92M | 43.23M | 62.16M | 14.07M | 7.36M | 7.25M | 15.63M | 1.53M | 14.51M | 12.05M | 22.37M | 26.6M | 17.66M | 7.25M | 4.18M | 3.86M | 4.18M | 3.6M | 6.94M | 7.81M | 3.3M | 9.5M | 5.3M | 2.8M |
| Depreciation & Amortization | 115.79M | 111.55M | 95.21M | 90.92M | 88.26M | 90.5M | 94.54M | 86.24M | 76.81M | 66.02M | 66.28M | 69.59M | 65.44M | 58.73M | 52.59M | 51.25M | 48.7M | 44.09M | 37.44M | 35.43M | 29.73M | 28.34M | 23.45M | 21.69M | 19.45M | 18.05M | 14.62M | 13.7M | 8.3M | 4.2M | 3.2M |
| Stock-Based Compensation | 26.38M | 44.57M | 29.25M | 14.8M | 13.55M | 16.58M | 11.38M | 7.79M | 5.41M | 4.27M | 3.72M | 4.15M | 3.51M | 3.44M | 3.14M | 3.17M | 2.68M | 2.44M | 1.69M | 777K | 926K | 0 | 0 | 0 | 0 | 162K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.55M | 0 | 38.58M | 19.65M | 2.06M | 4.19M | 6.95M | 21.07M | 12.06M | -26.39M | 9.1M | 6.51M | 4M | -4.39M | 1.16M | 8.34M | 7.77M | 9.27M | 14.17M | 9.49M | 2.69M | 1.34M | 1.47M | 1.71M | 729K | 6.91M | 4.25M | 1.1M | 3.2M | 2.5M | 1.9M |
| Other Non-Cash Items | -22.72M | -2.14M | 934K | 1.47M | 19.77M | -5.04M | 31.61M | -748K | 13.5M | 16.9M | 8.06M | 3.5M | 2.26M | -66K | 9.04M | -3.41M | 1.46M | -2.93M | -17.67M | -1.07M | -16.16M | -6.75M | -2.41M | -647K | 3.65M | -4.85M | -9.73M | -10M | -300K | 2.1M | 2.7M |
| Working Capital Changes | 40.59M | 21.19M | 11.82M | 59.11M | 15.34M | -18.93M | -60.79M | 49.04M | 37.67M | 12.3M | -309K | 18.02M | -19.72M | 6.96M | -158K | 2.81M | -16.02M | 12.34M | -10.67M | -7.43M | 14.54M | 2.65M | 16.29M | 14.97M | 4.17M | 6.09M | 9.56M | 13.9M | -26.7M | -4.3M | -1M |
| Change in Receivables | 4.69M | 1.48M | 21.1M | -17.38M | -3.17M | -11.19M | -4.21M | -517K | -5.92M | -2.52M | -2.29M | -5.86M | 4.45M | 2.27M | -4.99M | -1.04M | -3.04M | 1.66M | -3.33M | -531K | -105K | -3.18M | 505K | 1.14M | -1.03M | 2.13M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.37M | 13.34M | -31.19M | -5.01M | 14.29M | 7.92M | 7.03M | 29.11M | 12.11M | -1.85M | -5.09M | 4.13M | -5.96M | -2.54M | -36K | 9.71M | 196K | -943K | 0 | -12.02M | -11.5M | 0 | 0 | 0 | 0 | 0 | 7.4M | 13.3M | -25.5M | -6.3M | -1.2M |
| Change in Payables | 32.37M | 8.46M | 20.7M | 17.15M | 942K | 58K | -18.44M | 2.13M | 12.54M | 1.13M | 2.33M | 1.67M | -1.88M | -23K | -5.94M | -9.07M | 3.6M | -2.51M | 611K | -5.88M | 7.32M | 5.59M | 1.53M | 1.31M | -686K | -2.1M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -270.09M | -256.4M | -764.91M | -92.78M | -194.38M | -148M | -506.67M | -147.44M | -380.47M | -323.71M | -123.4M | -157.99M | -108.68M | -131.85M | -31.96M | -45.16M | -54.63M | -172.41M | -117.54M | -164.29M | -119.6M | -61.02M | -40.45M | -10.29M | -31.05M | -90.81M | -53.99M | -68.5M | -134.2M | -52.4M | -21.9M |
| Capital Expenditures | 13.64M | 0 | -846.11M | -168.78M | -293.02M | -207.94M | -412.23M | -295.71M | -444.9M | -384.27M | -180.2M | -187.6M | -141.91M | -136.68M | -62.68M | -145.24M | -121.91M | -205.33M | -235.34M | -201.75M | -113K | -98.72M | -66.82M | -31.96M | -47.92M | -128.39M | -138.55M | -121.5M | -173.4M | -68.3M | -25.7M |
| CapEx % of Revenue | 1.79% | 77.62% | 148.64% | 40.32% | 93.94% | 75.84% | 142.79% | 72.27% | 127.72% | 139.82% | 86.94% | 93.99% | 81.42% | 86.28% | 42.33% | 92.71% | 82.2% | 136.49% | 154.53% | 165.51% | 0.13% | 139.94% | 107.87% | 53.38% | 85.75% | 194.08% | 282.68% | 145.68% | 232.44% | 135.25% | 79.57% |
| Acquisitions | 74.08M | 0 | 0 | 0 | 69.24M | 37.63M | 26.08M | -5.71M | 64.43M | 43.79M | -5.54M | -630K | -17.62M | -13.37M | -5.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -356.05M | -256.4M | 81.2M | 76M | 29.41M | 22.32M | -120.52M | 153.98M | 64.43M | 60.56M | 62.35M | 30.24M | 50.84M | 18.2M | 36.36M | 109.02M | 63.78M | 32.92M | 114.3M | 37.46M | -119.27M | 37.7M | 26.37M | 21.67M | 16.87M | 37.58M | 84.56M | 53M | 39.2M | 15.9M | 3.8M |
| Cash from Financing | 425.71M | 387.6M | 444.98M | -57.94M | 43.33M | 74.05M | 428.48M | -101.15M | 226.41M | 203.41M | 22.83M | 45.11M | 46.65M | 58.98M | -36.41M | -27.29M | -1.83M | 78.28M | 67.36M | 116.27M | 74.66M | 32.08M | 6.66M | -15.9M | 1.93M | 56.94M | 27.37M | 45.6M | 145.3M | 52.4M | 18.1M |
| Debt Issued (Net) | 468.25M | 424.86M | 465.67M | -39.75M | 55.16M | 96.73M | 442.42M | -87.96M | 254.69M | 190.04M | 31.21M | 38.88M | 53.34M | 59.13M | -23.23M | -14.03M | 4.8M | 85.31M | 73.42M | 101.06M | 57.27M | 37.52M | 7.19M | -15.6M | 5.13M | 58.2M | 9.18M | 45.24M | 143.29M | 28.3M | 3.1M |
| Equity Issued (Net) | -3.67M | -3.54M | 4.81M | 274K | -8.9M | -15.06M | -1.08M | -3.23M | -17.42M | 25.02M | -10.57M | -18.06M | -6.9M | -7.17M | -48.68M | -6.63M | -4.93M | 34K | 633K | 1.12M | 21.18M | 800K | 757K | 61K | 40K | 510K | 18.19M | 339K | 1.99M | 24.1M | 15.9M |
| Dividends Paid | -10.96M | -5.69M | -14.18M | -3.24M | -3.27M | -3.25M | -3.26M | -3.25M | -3.35M | -1.31M | 0 | 0 | 0 | 0 | -2.49M | -3.13M | -3.13M | -3.13M | -3.13M | -3.13M | -2.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M |
| Share Repurchases | -3.79M | -3.79M | -8.24M | -5.79M | -8.9M | -15.06M | -2.67M | -5.04M | -17.42M | -4.64M | -30.33M | -18.06M | -6.9M | -7.17M | -13.93M | -5.66M | -4.93M | -40K | 0 | 0 | -11.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -27.91M | -28.03M | -11.32M | -15.22M | 335K | -4.37M | -9.59M | -6.71M | -7.5M | -10.35M | 610K | -1.1M | 200K | 7.02M | 37.99M | -3.5M | 1.42M | -3.94M | -3.57M | 17.22M | -842K | -6.24M | -1.28M | -363K | -3.25M | -1.77M | 0 | 22K | 17K | 0 | 100K |
| Net Change in Cash | 71.48M | 414.44M | -35.53M | 79.01M | -6.63M | 16.72M | 15.26M | -18.28M | 34.63M | 14.95M | 344K | -3.76M | 692K | 7.42M | -1.06M | 4.21M | 169K | -6.56M | 1.38M | 6.85M | -5.96M | 806K | 8.88M | 15.7M | 2.47M | -554K | -97K | -800K | 145.3M | 52.4M | 18.1M |
| Free Cash Flow | -276.63M | -241.34M | -546.07M | 60.96M | -148.6M | -117.29M | -318.78M | -65.4M | -256.22M | -249.01M | -79.28M | -78.48M | -79.17M | -56.39M | 4.63M | -68.58M | -65.28M | -117.76M | -183.77M | -146.88M | 38.87M | -68.98M | -24.16M | 9.93M | -16.32M | -95.07M | -112.03M | -99.5M | -192.3M | -61.8M | -16.1M |
| FCF Margin % | -36.23% | -35.71% | -95.93% | 14.56% | -47.64% | -42.77% | -110.42% | -15.98% | -73.55% | -90.6% | -38.25% | -39.32% | -45.43% | -35.6% | 3.13% | -43.78% | -44.01% | -78.28% | -120.67% | -120.5% | 45.74% | -97.78% | -39% | 16.59% | -29.21% | -143.72% | -228.57% | -119.3% | -257.77% | -122.38% | -49.85% |
| FCF Growth % | 49.83% | 55.8% | -995.83% | 141.02% | -26.7% | 63.21% | -387.43% | 74.47% | -2.89% | -214.08% | -1.02% | 0.87% | -40.41% | -1318.41% | 106.75% | -5.06% | 44.57% | 35.92% | -25.12% | -477.93% | 156.34% | -185.56% | -343.15% | 160.86% | 82.83% | 15.13% | -12.59% | 48.26% | -211.16% | -283.85% | -78.89% |
| FCF per Share | -38.15 | -34.38 | -80.26 | 9.41 | -23.60 | -18.48 | -52.02 | -10.80 | -42.38 | -40.03 | -11.81 | -9.83 | -9.73 | -6.80 | 0.53 | -7.73 | -7.06 | -13.11 | -20.98 | -16.80 | 4.05 | -7.25 | -2.25 | 1.12 | -1.95 | -10.69 | -14.73 | -13.36 | -25.77 | -10.92 | -5.03 |
| FCF Conversion (FCF/Net Income) | -2.29x | 2.49x | 2.62x | 5.25x | 26.55x | 27.05x | 9.59x | 3.44x | 4.36x | 2.18x | 7.17x | 14.83x | 8.66x | 5.14x | 43.85x | 5.28x | 4.70x | 3.92x | 1.94x | 3.11x | 5.37x | 7.12x | 11.06x | 10.03x | 8.79x | 4.80x | 3.39x | 6.67x | -2.03x | 0.89x | 3.43x |
| Interest Paid | 31.96M | 0 | 100.68M | 76.91M | 63.54M | 63.6M | 0 | 63.59M | 59.12M | 42.82M | 37.32M | 35.57M | 33.13M | 33.93M | 21.53M | 20.06M | 17.63M | 16.5M | 30.99M | 35.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 7.09M | 505K | 2.24M | 1.41M | 510K | 222K | 1.07M | 440K | 459K | 353K | 210K | 111K | 105K | 155K | 549K | 544K | 2.27M | 15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensity and Leverage
As reported in financial statements, WLFC consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio frequently exceeding 2.0x, which suggests that non-cash depreciation charges are the primary driver of reported cash flow rather than pure operational profitability.
The persistent gap between net income and operating cash flow indicates that the company's reported earnings are heavily influenced by accounting conventions, particularly the depreciation of its engine portfolio. Investors should monitor whether this cash flow premium is sustainable or if it merely reflects the aggressive reinvestment required to keep the fleet operational.
Based on the provided quarterly data, WLFC has experienced a consistent trend of negative free cash flow, with FCF margins reaching as low as -187.8% in 2024Q4, highlighting the company's heavy reliance on external financing to fund its capital-intensive engine acquisition strategy.
The inability to generate positive free cash flow suggests that the business model is currently in a capital-consuming phase rather than a harvest phase. This trajectory warrants further investigation into whether the company can eventually achieve self-funding status or if it will remain permanently dependent on debt markets.
According to recent SEC filings, the company's capital expenditure relative to revenue has been highly volatile, peaking at 172.1% in 2024Q2, which indicates that the firm is aggressively expanding its asset base at a rate that significantly outstrips its current revenue generation capacity.
High capital intensity is a structural reality for engine lessors, but the extreme fluctuations in CapEx suggest a lumpy acquisition strategy that may be difficult to manage during periods of tightening credit. This level of spending implies that the company is betting heavily on future utilization rates to justify its current asset accumulation.
As evidenced by the quarterly cash flow data, changes in working capital have been erratic, swinging from a $45.0 million inflow in 2025Q2 to a $19.4 million outflow in 2025Q1, which suggests that the company's cash position is sensitive to the timing of engine maintenance and parts sales.
The inconsistency in working capital movements may indicate challenges in managing inventory turnover within the Spare Parts segment. Investors should monitor these fluctuations closely, as they can create temporary liquidity constraints that may not be immediately apparent from the headline net income figures.
Quick answers to the most common questions about buying WLFC stock.
Willis Lease Finance Corporation (WLFC) generated $283.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Willis Lease Finance Corporation (WLFC) reported negative free cash flow of $241.3M in 2025, indicating capital requirements exceeded cash from operations.
Willis Lease Finance Corporation (WLFC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Willis Lease Finance Corporation (WLFC) returned $5.7M to shareholders via cash dividends and spent $3.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.