Willis Lease Finance Corporation (WLFC): A Bull Case Theory

We came across a bullish thesis on Willis Lease Finance Corporation on Noor’s Substack. In this article, we will summarize the bulls’ thesis on WLFC. Willis Lease Finance Corporation’s share was trading at $160.13 as of January 13th. WLFC’s trailing P/E was 9.98 according to Yahoo Finance.

Willis Lease Finance Corporation is an independent aircraft engine leasing and servicing company that operates as a fully integrated aviation ecosystem. It is the largest independent lessor of commercial aircraft engines, with $3.4 billion of owned and managed assets, and provides leasing, engine repairs, used serviceable materials, end of life planning, airframe maintenance, and in house consulting.

Founded in 1985 by Charles Willis and now led by his son Austin Willis, the family controls roughly 60 percent of the business, which has been public since 1996. WLFC’s platform is structured across engine leasing and a suite of service businesses that work together to maximize asset utilization, reduce downtime, and retain engine value across the full lifecycle, creating a sticky, single stop solution for airline customers.

The investment case rests on two key pillars. First, WLFC has no analyst coverage and minimal institutional ownership, resulting in compressed valuation multiples despite strong fundamentals. While the stock is up roughly 300% year to date following its first ever earnings calls and improved transparency, it still trades at a significant discount to its closest peer, FTAI, despite having a larger engine fleet, exposure to next generation engines, and broader service capabilities.

Second, WLFC is uniquely positioned to benefit from powerful industry tailwinds. OEM delivery delays, next generation engine durability issues, and a global shortage of MRO capacity have extended aircraft lives and driven record demand for spare engines, repairs, and used parts. WLFC’s in house repair centers and USM inventory reduce reliance on external MROs and OEMs, lower costs, and shorten turnaround times, allowing the company to outperform competitors during this constrained environment.

With strong post COVID growth in lease rents and maintenance reserves, improving visibility, and multiple catalysts from analyst coverage to sustained industry tightness, WLFC remains undervalued in the author’s view. A rerating toward peer multiples could support meaningful upside, with a base case price target near $300 and an attractive risk reward profile despite execution and industry risks.

Previously, we covered a bullish thesis on FTAI Aviation Ltd. by Autumn Capital in May 2025, which highlighted the company’s transformation from engine leasing into a high margin, capital efficient MRO platform. FTAI’s stock price has appreciated by approximately 130.56% since our coverage. This is because the thesis played out as improved visibility and capital restructuring supported growth. Noor shares a similar thesis but emphasizes valuation dislocation and ecosystem driven resilience at Willis Lease Finance Corporation.

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Disclosure: None.