Willis Lease Finance Corporatio — Earnings Quality Grade F
WLFC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 18 days, change -7 days YoY
AR growth -6.7% vs revenue growth 28.3%
Revenue grew 28.3% but CFFO declined -0.4%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory -21.6% vs COGS 65.8%. Normal
CapEx growth -34.3% vs revenue 28.3%. Normal
SG&A/Gross Profit = 39.1%. Normal
Gross margin swung -7.2pp (75.4% → 68.3%)
Cash Flow Quality
CFFO/NI = 2.49. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -4.3%. Low accruals
Cash $0.0B covers only 1% of debt $2.7B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 6.7x (>4x). Financial stress
Other assets grew 95.1% vs revenue 28.3%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -9% YoY. Normal
Manipulation Score
M-Score = -2.54 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25