AerCap Holdings N.V. (AER) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-173.0%

-$119.92

vs $164.38 price

Levered DCF

-$188.15

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

0.98

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.6×	8.65×	5.31×	-19.31×	9.58×	-19.56×	7.22×	5.66×
P/B	1.35×	1.06×	1×	0.87×	0.58×	0.66×	0.89×	0.65×
P/S	3.02×	2.27×	2.2×	2×	2.09×	1.3×	1.68×	1.2×
EV / EBITDA	7.66×	8.82×	7.91×	18.56×	14.11×	8.51×	8.6×	8.41×
Gross margin	59.8%	57.6%	57.3%	54.2%	55.2%	56.2%	60.2%	55.7%
Operating margin	51.9%	51.5%	51.2%	48.5%	48.2%	50.8%	54.8%	49.4%
Net margin	45.8%	26.2%	41.4%	-10.4%	21.8%	-6.6%	23.2%	21.2%
Current ratio	0.61×	3.17×	3.73×	4.12×	3.71×	3.78×	3.66×	3.09×
Debt / equity	2.38×	2.64×	2.81×	2.9×	3.05×	3.25×	3.28×	3.34×
Interest coverage	2.14×	1.99×	2.08×	2.03×	1.8×	1.83×	2.09×	2.02×
Dividend yield	0.8%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	5.1%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.5%	12.2%	18.9%	-4.5%	6.0%	-3.4%	12.3%	11.5%
Return on invested capital	5.6%	5.1%	5.1%	4.1%	2.6%	5.2%	5.4%	4.9%
Return on assets	5.2%	2.9%	4.4%	-1.0%	1.3%	-0.7%	2.6%	2.4%
Free cash flow yield	-2.8%	-6.5%	-5.8%	9.3%	19.9%	16.3%	-19.6%	-54.1%
Earnings yield	15.2%	11.6%	18.8%	-5.2%	10.4%	-5.1%	13.9%	17.7%
Enterprise value	$66.8B	$62.3B	$61.6B	$59.1B	$58.4B	$33.4B	$37.7B	$34.1B
Net debt / EBITDA	4.83×	6.25×	5.77×	14.16×	11.79×	7.02×	6.71×	6.99×
Cash conversion cycle (days)	-127	73	105	96	121	61	27	16