Willis Lease Finance Corporation (WLFC) Balance Sheet
WLFC balance sheet, 2025
December 31, 2025 · U.S. dollars$4.03B assets = $3.31B liabilities + $725.5M equity
Both columns are drawn to the same scale: what WLFC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WLFC financial health
Descriptive bands, not a rating. Fiscal 2025.
WLFC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.34B2016 | $4.03B2025 | +13.0%/yr | |
| Total liabilities | $1.14B2016 | $3.31B2025 | +12.5%/yr | |
| Shareholders’ equity | $196.3M2016 | $725.5M2025 | +15.6%/yr | |
| Cash & short-term investments | $10.1M2016 | $16.4M2025 | +5.6%/yr | |
| Total debt | $900.3M2016 | $2.71B2025 | +13.0%/yr | |
| Net cash (debt) | −$890.2M2016 | −$2.70B2025 | −$1.8B | |
| Working capital | $81.4M2016 | $432.4M2025 | +$351.0M | |
| Book value per share | $3.252016 | $11.482025 | +15.1%/yr | |
| Current ratio | 4.452016 | 3.092025 | −1.36 | |
| Debt / equity | 4.592016 | 3.742025 | −0.85 | |
| Shares outstanding | 60.4M2016 | 63.2M2025 | +0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WLFC assets
WLFC liabilities and equity
WLFC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WLFC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $16.4M | $9.1M | $7.1M | $12.1M | $14.3M | $78.9M | $6.7M | $11.7M | $7.1M | $10.1M |
| Cash & equivalents | $16.4M | $9.1M | $7.1M | $12.1M | $14.3M | $78.9M | $6.7M | $11.7M | $7.1M | $10.1M |
| Short-term investments | — | — | $16.5M | $56.2M | $8.0M | — | — | — | $40.3M | $22.3M |
| Receivables | $35.7M | $221.9M | $151.1M | $128.4M | $155.1M | $28.3M | $62.2M | $23.3M | $18.8M | $16.5M |
| Inventory | $56.6M | $72.2M | $41.0M | $38.6M | $51.0M | $59.4M | $41.8M | $48.9M | $16.4M | $25.4M |
| Other current assets | $530.5M | $135.7M | $161.8M | $80.1M | $88.3M | $0 | $57.1M | $71.0M | $74.4M | $53.0M |
| Total current assets | $639.2M | $438.8M | $360.9M | $259.3M | $308.6M | $166.6M | $167.8M | $154.9M | $116.7M | $105.0M |
| Property, plant & equipment (net) | $73.8M | $2.68B | $2.15B | $2.15B | $2.02B | $1.92B | $1.68B | $1.70B | $1.37B | $1.15B |
| Goodwill & intangible assets | $271,000 | $34.1M | $10.2M | $18.8M | $23.7M | $21.3M | $4.4M | $16.1M | $16.5M | $19.9M |
| Long-term investments | $120.8M | $84.3M | $66.8M | $137.6M | $171.4M | $53.3M | $57.9M | $47.9M | $50.6M | $45.4M |
| Other non-current assets | $3.20B | $56.0M | $64.4M | $12.2M | $0 | $286.2M | $28.0M | $15.2M | $50.9M | $14.2M |
| Total assets | $4.03B | $3.30B | $2.65B | $2.58B | $2.46B | $2.45B | $1.94B | $1.93B | $1.60B | $1.34B |
| Liabilities | ||||||||||
| Accounts payable | $93.7M | $70.1M | $45.0M | $43.0M | $21.7M | $23.1M | $41.8M | $42.9M | $22.1M | $17.8M |
| Short-term debt | $112.9M | $70.7M | $76.5M | $98.5M | $84.9M | $55.4M | $60.0M | $55.4M | $48.4M | −$17.8M |
| Deferred revenue | $35.4M | $37.9M | $43.5M | $17.9M | $10.5M | $11.6M | $6.1M | $5.5M | $8.1M | $5.8M |
| Total current liabilities | $206.8M | $113.9M | $96.5M | $60.9M | $37.3M | $78.5M | $51.8M | $48.4M | $30.2M | $23.6M |
| Long-term debt | $2.70B | $2.26B | $1.80B | $1.85B | $1.79B | $1.69B | $1.25B | $1.34B | $1.09B | $900.3M |
| Other long-term liabilities | $399.1M | $369.4M | $314.0M | $262.3M | $259.5M | $263.7M | $287.5M | $262.4M | $228.9M | $217.8M |
| Total liabilities | $3.31B | $2.75B | $2.21B | $2.17B | $2.09B | $2.04B | $1.59B | $1.65B | $1.34B | $1.14B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $76,000 | $72,000 | $68,000 | $66,000 | $65,000 | $66,000 | $64,000 | $62,000 | $64,000 | $64,000 |
| Retained earnings (deficit) | $590.8M | $491.4M | $397.8M | $357.5M | $355.4M | $355.4M | $349.0M | $286.6M | $256.3M | $194.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$1.4M | $6.9M | $11.4M | $26.7M | $5.0M | −$5.1M | −$3.2M | $102,000 | $226,000 | −$1.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $725.5M | $549.3M | $439.0M | $404.7M | $375.9M | $413.7M | $350.3M | $286.8M | $258.9M | $196.3M |
| Key figures | ||||||||||
| Total debt | $2.71B | $2.26B | $1.80B | $1.95B | $1.88B | $1.70B | $1.31B | $1.39B | $1.13B | $900.3M |
| Net cash (debt) | −$2.70B | −$2.26B | −$1.80B | −$1.93B | −$1.86B | −$1.62B | −$1.30B | −$1.38B | −$1.13B | −$890.2M |
| Working capital | $432.4M | $324.9M | $264.4M | $198.4M | $271.3M | $88.2M | $116.0M | $106.5M | $86.5M | $81.4M |
| Tangible book value | $725.3M | $515.3M | $428.7M | $385.9M | $352.2M | $392.4M | $345.9M | $270.6M | $242.4M | $176.4M |
| Book value per share | $11.48 | $8.97 | $7.53 | $64.27 | $59.23 | $7.50 | $57.83 | $47.43 | $41.63 | $3.25 |
| Shares outstanding | 63.2M | 61.2M | 58.3M | 6.3M | 6.3M | 55.2M | 6.1M | 6.0M | 6.2M | 60.4M |
| Current ratio | 3.09 | 3.85 | 3.74 | 4.26 | 8.27 | 2.12 | 3.24 | 3.20 | 3.87 | 4.45 |
| Quick ratio | 0.25 | 2.03 | 1.64 | 2.31 | 4.54 | 1.37 | 1.33 | 0.72 | 0.86 | 1.12 |
| Debt / equity | 3.74 | 4.12 | 4.11 | 4.81 | 4.99 | 4.10 | 3.74 | 4.86 | 4.38 | 4.59 |
| Equity / assets | 18.0% | 16.7% | 16.6% | 15.7% | 15.3% | 16.9% | 18.1% | 14.8% | 16.1% | 14.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $10.7M | $24.6M | $16.4M | $171.0M | $782.5M | $32.4M | $9.1M | $5.8M | $5.0M | $7.6M | $7.1M | $55.6M |
| Cash & equivalents | $10.7M | $24.6M | $16.4M | $171.0M | $782.5M | $32.4M | $9.1M | $5.8M | $5.0M | $7.6M | $7.1M | $55.6M |
| Short-term investments | — | — | — | — | — | — | — | $99.3M | $13.1M | $15.2M | $16.5M | $25.1M |
| Receivables | $41.4M | $104.7M | $35.7M | $42.3M | $37.6M | $220.8M | $221.9M | $212.4M | $169.6M | $159.7M | $151.1M | $46.3M |
| Inventory | $51.4M | $56.3M | $56.6M | $53.7M | $63.6M | $67.3M | $72.2M | $74.1M | $81.9M | $85.2M | $41.0M | $45.5M |
| Other current assets | $238.5M | $210.8M | $530.5M | $0 | $0 | $135.9M | $135.7M | $103.6M | $150.9M | $89.5M | $161.8M | $0 |
| Total current assets | $342.0M | $396.3M | $639.2M | $267.0M | $883.8M | $456.3M | $438.8M | $395.9M | $407.5M | $342.0M | $360.9M | $147.4M |
| Property, plant & equipment (net) | $2.86B | $2.84B | $73.8M | $2.77B | $2.67B | $2.65B | $2.68B | $2.47B | $2.35B | $2.17B | $2.15B | $2.21B |
| Goodwill & intangible assets | $8.3M | $30.8M | $271,000 | $27.3M | $35.0M | $26.8M | $34.1M | $35.7M | $30.9M | $10.2M | $10.2M | $14.5M |
| Long-term investments | $152.1M | $129.3M | $120.8M | $114.4M | $107.9M | $82.5M | $84.3M | $85.1M | $69.9M | $93.3M | $66.8M | $59.4M |
| Other non-current assets | $290.7M | $113.4M | $3.20B | $244.9M | $250.5M | $56.9M | $56.0M | $55.2M | $59.5M | $63.1M | $64.4M | $172.9M |
| Total assets | $3.65B | $3.51B | $4.03B | $3.42B | $3.95B | $3.27B | $3.30B | $3.04B | $2.92B | $2.67B | $2.65B | $2.60B |
| Liabilities | ||||||||||||
| Accounts payable | $103.3M | — | $93.7M | $79.3M | $84.3M | $55.9M | $70.1M | $119.6M | $89.2M | $103.3M | $45.0M | $43.0M |
| Short-term debt | — | — | $112.9M | $67.9M | $204.5M | — | $70.7M | $17.7M | $36.0M | $54.4M | $76.5M | $15.3M |
| Deferred revenue | — | $32.9M | $35.4M | $36.4M | $36.8M | $37.7M | $37.9M | $39.3M | $39.7M | $41.7M | $43.5M | $37.5M |
| Total current liabilities | $103.3M | $105.6M | $206.8M | $147.6M | $291.2M | $94.5M | $113.9M | $158.9M | $128.9M | $145.0M | $96.5M | $58.3M |
| Long-term debt | $2.32B | $2.25B | $2.70B | $2.24B | $2.80B | $2.23B | $2.26B | $1.99B | $1.95B | $1.74B | $1.80B | $1.79B |
| Other long-term liabilities | $454.6M | $452.5M | $399.1M | $320.8M | $173.4M | $383.0M | $369.4M | $376.5M | $353.6M | $332.1M | $314.0M | $274.1M |
| Total liabilities | $2.88B | $2.81B | $3.31B | $2.71B | $3.27B | $2.71B | $2.75B | $2.53B | $2.43B | $2.21B | $2.21B | $2.12B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $228,000 | $77,000 | $76,000 | $76,000 | $76,000 | $74,000 | $72,000 | $72,000 | $71,000 | $69,000 | $68,000 | $69,000 |
| Retained earnings (deficit) | $637.0M | $611.3M | $590.8M | $583.1M | $562.1M | $505.1M | $491.4M | $473.6M | $452.3M | $417.7M | $397.8M | $387.7M |
| Accumulated other comprehensive income | $61,000 | −$787,000 | −$1.4M | −$345,000 | −$260,000 | $2.4M | $6.9M | $3.0M | $8.4M | $10.3M | $11.4M | $18.4M |
| Minority interest | $1.7M | — | — | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $772.1M | $694.4M | $725.5M | $713.5M | $681.2M | $565.5M | $549.3M | $517.8M | $492.4M | $461.8M | $439.0M | $481.9M |
| Key figures | ||||||||||||
| Total debt | $2.32B | $2.25B | $2.71B | $2.24B | $2.80B | $2.23B | $2.26B | $1.99B | $1.95B | $1.74B | $1.80B | $1.79B |
| Net cash (debt) | −$2.31B | −$2.23B | −$2.70B | −$2.07B | −$2.02B | −$2.20B | −$2.26B | −$1.98B | −$1.94B | −$1.73B | −$1.80B | −$1.73B |
| Working capital | $238.7M | $290.8M | $432.4M | $119.4M | $592.6M | $361.8M | $324.9M | $237.1M | $278.6M | $197.0M | $264.4M | $89.1M |
| Tangible book value | $763.8M | $663.5M | $725.3M | $686.2M | $646.2M | $538.7M | $515.3M | $482.1M | $461.5M | $451.6M | $428.7M | $467.4M |
| Book value per share | $35.08 | $10.64 | $11.42 | $11.28 | $10.83 | $8.98 | $8.74 | $8.39 | $8.15 | $7.71 | $7.44 | $8.28 |
| Shares outstanding | 22.0M | 65.3M | 63.5M | 63.3M | 62.9M | 63.0M | 62.8M | 61.7M | 60.4M | 59.9M | 59.0M | 58.2M |
| Current ratio | 3.31 | 3.75 | 3.09 | 1.81 | 3.04 | 4.83 | 3.85 | 2.49 | 3.16 | 2.36 | 3.74 | 2.53 |
| Quick ratio | 0.50 | 1.22 | 0.25 | 1.44 | 2.82 | 2.68 | 2.03 | 1.37 | 1.35 | 1.15 | 1.64 | 1.75 |
| Debt / equity | 3.01 | 3.25 | 3.74 | 3.14 | 4.11 | 3.95 | 4.12 | 3.84 | 3.95 | 3.76 | 4.11 | 3.71 |
| Equity / assets | 21.1% | 19.8% | 18.0% | 20.9% | 17.3% | 17.3% | 16.7% | 17.0% | 16.9% | 17.3% | 16.6% | 18.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
WLFC financial position
At the end of fiscal 2025 (December 31, 2025), Willis Lease Finance had total assets of $4.0 billion (up 22.3% from a year earlier), total liabilities of $3.3 billion and shareholders' equity of $725.5 million. It held $16.4 million in cash and short-term investments against $2.7 billion of debt, net debt of $2.7 billion. Its current ratio was 3.09. In the latest quarter (ended June 30, 2026) total assets were $3.7 billion and equity $772.1 million.
Related: WLFC income statement, WLFC cash flow statement, WLFC key metrics. See the WLFC stock overview for the latest quote and news.
WLFC balance sheet FAQ
What are Willis Lease Finance's total assets?
Willis Lease Finance reported total assets of $4.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does Willis Lease Finance have?
Willis Lease Finance had $2.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.74.
How much cash does Willis Lease Finance have?
Willis Lease Finance held $16.4 million in cash and short-term investments at the end of fiscal 2025; with $2.7 billion of debt that is net debt of $2.7 billion.
What is Willis Lease Finance's book value?
Willis Lease Finance's shareholders' equity (book value) was $725.5 million at the end of fiscal 2025, or $11.48 per share.
What is Willis Lease Finance's current ratio?
Willis Lease Finance had current assets of $639.2 million and current liabilities of $206.8 million, a current ratio of 3.09 (it can cover its short-term obligations).
How much goodwill does Willis Lease Finance have?
Willis Lease Finance carried $0.3 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.