Business Description
AerSale Corporation is a global provider of aftermarket commercial aircraft, engines, and parts, as well as maintenance, repair, and overhaul (MRO) services. The company serves passenger and cargo airlines, leasing companies, original equipment manufacturers, and government and defense contractors. It is distinctive for its integrated approach, offering both asset management solutions and technical operations, including proprietary engineered solutions and aircraft conversions.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 335,286 | 345,066 | 334,503 | 408,544 |
| Cost of Sales | 229,512 | 241,130 | 242,082 | 257,150 |
| Gross Profit | 105,774 | 103,936 | 92,421 | 151,394 |
| Selling, General & Administrative Expenses | 89,984 | 94,192 | 103,191 | 96,348 |
| Operating Profit | 15,790 | 9,744 | (10,770) | 55,046 |
| Interest Expense | (8,330) | (5,703) | 155 | 1,093 |
| Non-Operating Income | 3,067 | 3,796 | 2,936 | 1,743 |
| Total Non-Operating Income | (5,263) | (1,907) | 3,091 | 2,836 |
| Income Before Provision for Income Taxes | 10,527 | 7,837 | (7,679) | 57,882 |
| Provision for Income Taxes | 1,952 | 1,986 | (2,116) | 14,021 |
| Consolidated Net Income | 8,575 | 5,851 | (5,563) | 43,861 |
| Net Income Attributable to Common Shareholders | 8,575 | 5,851 | (5,563) | 43,861 |
| Basic EPS | 0.18 | 0.11 | -0.11 | 0.85 |
| Diluted EPS | 0.18 | 0.11 | -0.15 | 0.83 |
| Basic Weighted Average Shares Outstanding | 48,379 | 53,114 | 51,291 | 51,568 |
| Diluted Weighted Average Shares Outstanding | 48,755 | 53,359 | 51,458 | 53,146 |
| Shares Outstanding | 47,222 | 53,253 | 52,954 | 51,189 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 4,379 | 4,698 | 5,873 | 147,188 |
| Total Cash and Cash Equivalents | 4,379 | 4,698 | 5,873 | 147,188 |
| Accounts Receivable | 42,654 | 34,646 | 31,239 | 28,273 |
| Other Receivables | 1,728 | 1,994 | 1,628 | — |
| Total Trade Receivables | 44,382 | 36,640 | 32,867 | 28,273 |
| Inventories | 211,058 | 231,635 | 364,925 | 211,115 |
| Other Current Assets | 9,170 | 11,057 | 12,507 | 13,022 |
| Total Current Assets | 268,989 | 284,030 | 264,774 | 333,556 |
| Net Property, Plant & Equipment | 322,882 | 268,241 | 81,686 | 75,550 |
| Net Intangible Assets | 18,347 | 20,530 | 21,986 | 24,112 |
| Goodwill | 19,860 | 19,860 | 19,860 | 19,860 |
| Other Long-Term Assets | 10,394 | 12,062 | 15,176 | 12,459 |
| Total Assets | 640,472 | 604,723 | 553,938 | 531,579 |
| Accounts Payable | 29,645 | 34,184 | 29,899 | 21,131 |
| Accrued Expenses | 7,233 | 7,400 | 5,478 | 8,843 |
| Current Portion of Long-Term Debt | 993 | 605 | 1,278 | — |
| Current Portion of Leases | 4,313 | 4,356 | 4,593 | 4,426 |
| Unearned Revenue | 530 | 1,781 | 2,998 | 1,355 |
| Other Current Liabilities | 29,719 | 26,644 | 1,467 | 17,085 |
| Total Current Liabilities | 72,433 | 74,970 | 45,713 | 52,840 |
| Long-Term Debt | 111,337 | 40,444 | 36,281 | — |
| Leases | 28,190 | 30,565 | 24,377 | 28,283 |
| Other Long-Term Liabilities | 4,081 | 3,124 | 2,551 | 5,476 |
| Total Long-Term Liabilities | 143,608 | 74,133 | 63,209 | 33,759 |
| Total Liabilities | 216,041 | 149,103 | 108,923 | 86,599 |
| Common Stock | 5 | 5 | 5 | 0 |
| Additional Paid-in Capital | 276,729 | 316,493 | 311,739 | 306,141 |
| Retained Earnings | 147,697 | 139,122 | 133,271 | 138,834 |
| Total Common Shareholders' Equity | 424,431 | 455,620 | 445,015 | 444,975 |
| Total Shareholders' Equity | 424,431 | 455,620 | 445,015 | 444,975 |
| Total Liabilities and Shareholders' Equity | 640,472 | 604,723 | 553,938 | 531,579 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 8,575 | 5,851 | (5,563) | 43,861 |
| Depreciation & Amortization | 19,334 | 16,048 | 10,459 | 10,984 |
| Share-Based Compensation Expense | 4,887 | 4,347 | 12,051 | 16,498 |
| Other Adjustments | 5,727 | 4,323 | (920) | 606 |
| Changes in Trade Receivables | (8,008) | (3,601) | (2,966) | (1,029) |
| Changes in Inventories | (54,800) | (78,029) | (168,632) | (37,637) |
| Changes in Accounts Payable | (4,539) | 4,287 | 8,768 | 1,164 |
| Changes in Accrued Expenses | (232) | 1,832 | (3,537) | 417 |
| Changes in Income Taxes Payable | 595 | (366) | (1,628) | (3,443) |
| Changes in Unearned Revenue | (1,251) | (1,217) | 1,643 | (1,505) |
| Changes in Other Operating Activities | 6,743 | 57,709 | (23,825) | (30,032) |
| Cash from Operating Activities | (22,969) | 11,184 | (174,150) | (113) |
| Capital Expenditure | (6,081) | (14,052) | (11,359) | (8,462) |
| Proceeds from Sale of Property, Plant & Equipment | 6,381 | 12,900 | 14,450 | 52,771 |
| Other Investing Activities | (4,160) | (14,978) | — | (2,938) |
| Cash from Investing Activities | (3,860) | (16,130) | 3,091 | 41,371 |
| Issuance of Short-Term Debt | 305,418 | 192,644 | 82,700 | — |
| Repayments of Short-Term Debt | (234,600) | (182,409) | (53,700) | — |
| Net Issuance / (Repayments) of Short-Term Debt | 70,818 | 10,235 | 29,000 | — |
| Issuance of Long-Term Debt | 1,173 | 2,429 | 8,559 | — |
| Repayments of Long-Term Debt | (710) | (9,174) | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | 463 | (6,745) | 8,559 | — |
| Issuance of Common Shares | (37) | (124) | (7,019) | 538 |
| Repurchases of Common Shares | (44,614) | 531 | 566 | (24,796) |
| Net Issuance / (Repurchases) of Common Shares | (44,651) | 407 | (6,453) | (24,258) |
| Other Financing Activities | (120) | (126) | (1,362) | — |
| Cash from Financing Activities | 26,510 | 3,771 | 29,744 | (24,258) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (319) | (1,175) | (141,315) | 17,000 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $336M |
| P/E | 39.50x |
| P/S | 1.00x |
| EV/EBITDA | 13.56x |
| Return on Equity | 1.9% |
| Return on Invested Capital | 2.3% |
| Current Ratio | 3.71x |
| Free Cash Flow Margin | -8.7% |
Margins
Gross margin
31.5%
Operating margin
4.7%
Net margin
2.6%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $71M | -33.9% | -6.7% | $-5M |
| Q1 2026 | $71M | +7.4% | -4.7% | $-3M |
| Q4 2025 | $91M | -4.0% | 7.8% | $7M |
| Q3 2025 | $71M | -13.9% | 4.0% | $3M |
| Q2 2025 | $107M | — | 11.7% | $13M |
| Q1 2025 | $66M | — | -10.1% | $-7M |
| Q4 2024 | $95M | — | 5.2% | $5M |
| Q3 2024 | $83M | — | 2.4% | $2M |
More on AerSale Corp.
Figures compiled from public company filings.
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