AerCap Holdings N.V. AER

IndustrialsBanking ServicesIreland

Last close 158.52 USD on Nov 1, 2026, +11.2% year to date

Quant rating

Quant rating A Rank 13 of 418 in Industrials

Growth B 153 of 418
Valuation B 84 of 418
Quality B 66 of 418
Revisions A 52 of 418
Momentum A 26 of 418

Wall Street consensus Buy (1.92)Average target 185.82 USD +17.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 23.6B
Enterprise value: 64.4B
52-week range: 129.43 – 159.98
3-year range: 62.37 – 159.98
Dividend yield: 1.01%
Beta (5 years): 1.01
Shares outstanding: 149M
Next earnings: Feb 16, 2027

About the company

AerCap Holdings N.V. is an Ireland-based company, which is primarily engaged in aviation leasing. The Company provides a range of assets for lease, including narrowbody and widebody aircraft, regional jets, freighters, engines and helicopters. Its portfolio consists of approximately 3,567 aircraft, engines, including engines owned and managed by its Shannon Engine Support Ltd (SES) joint venture, and helicopters that were owned, on order or managed. In addition, it offers aftermarket components, equipment and services through its materials business, and the lease, purchase and financing of spare engines. Its passenger aircraft portfolio includes Airbus A220 Family, Airbus A320neo Family, Airbus A320 Family, Airbus A330neo Family, Airbus A330neo Family, Airbus A350 Family, Boeing 737 MAX, Boeing 737NG, Boeing 777-200ER/ 300-ER, Boeing 787, Embraer E190/E195/E2, and Other. Its freight aircraft portfolio includes Airbus A321, Boeing 737 and Boeing 767/777.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,697	7,346	7,091	6,785	5,135	–
Revenue growth	4.8%	3.6%	4.5%	32.1%	16.6%	11.8%
EPS (basic, normalized)	10.72	7.52	7.13	3.91	9.08	–
EPS growth	42.5%	5.4%	82.3%	−56.9%	152.6%	24.4%
Gross margin	91.6%	89.0%	89.3%	87.9%	93.8%	90.3%
Net margin	48.7%	28.6%	44.2%	−10.7%	19.5%	26.1%
ROE	21.1%	13.8%	14.9%	13.4%	7.9%	14.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,534
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	43,272
Net debt (mil)	40,739
Total equity (mil)	18,622
Net debt / equity	2.19x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	7,697	+4.8%	8.4x	109.80	+23.4%	1.4x	21.30	+77.4%	7.4x
2026	8,891	+15.5%	7.2x	131.40	+19.7%	1.2x	19.73	−7.4%	8.0x
2027	8,503	−4.4%	7.6x	143.97	+9.6%	1.1x	18.70	−5.2%	8.5x
2028	8,540	+0.4%	7.5x	151.40	+5.2%	1.0x	19.54	+4.5%	8.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	8,891	+3.2%	+3.6%	+5.4%	19.73	+6.3%	+6.2%	+15.3%
2027	8,503	+0.6%	+0.7%	+1.3%	18.70	+2.9%	+2.7%	+9.8%
2028	8,540	+1.0%	+1.1%	+1.4%	19.54	+3.0%	+1.7%	+8.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,018	1,958	1,948	2,072	2,077	1,887	2,309	2,244	2,242	2,167
Sales mean (mil)	1,937	1,889	1,919	1,962	2,013	2,020	1,978	2,100	2,054	2,097
Surprise	+4.2%	+3.6%	+1.5%	+5.6%	+3.2%	−6.6%	+16.7%	+6.9%	+9.2%	+3.4%
EPS reported	3.29	3.01	2.41	3.31	3.68	2.83	4.97	3.79	5.39	5.14
EPS mean	2.41	2.37	2.41	2.57	2.75	2.72	3.08	3.40	3.73	4.10
Surprise	+36.6%	+27.2%	+0.1%	+28.6%	+34.0%	+4.0%	+61.3%	+11.4%	+44.4%	+25.3%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
AER AerCap Holdings N.V.	23.6B	–	48.7%	–	8.0x	8.5x	1.2x	1.1x
8306 Mitsubishi UFJ Financial Group, Inc.	259.4B	14.9%	27.8%	1.94x	13.6x	12.4x	1.7x	1.6x
8411 Mizuho Financial Group, Inc.	118.8B	15.7%	21.3%	1.79x	12.8x	10.9x	1.6x	1.4x
HSBA HSBC Holdings PLC	292.7B	16.3%	21.6%	1.95x	10.1x	9.2x	1.6x	1.5x
CAGR Credit Agricole SA	50.7B	13.1%	12.0%	1.73x	6.5x	6.0x	0.6x	0.6x
SOFI SoFi Technologies, Inc.	21.7B	18.7%	14.3%	0.99x	27.7x	19.0x	1.9x	1.7x
Mean		15.8%	24.3%	1.68x	13.1x	11.0x	1.4x	1.3x
Median		15.7%	21.4%	1.79x	11.5x	10.1x	1.6x	1.5x

Technical analysis

1M+8.2%
3M+3.1%
1Y+32.3%
3Y+173.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AerCap Holdings N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	7,697	7,346	7,091	6,785	5,135	4,404
Total interest expense	–	–	–	–	–	–
Net interest income	7,697	7,346	7,091	6,785	5,135	4,404
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	4,092	2,263	3,272	−1,002	1,148	−315
Provision for taxes	555	324	291	−164	163	−17.2
Minority interest & equity in affiliates	214	159	155	112	15.1	−1.2
Other	0	0	0	0	0	0
Net income before extraordinary items	3,751	2,099	3,136	−726	1,001	−299
Extraordinary items	–	–	–	–	–	–
Net income	3,751	2,099	3,136	−726	1,001	−299
Basic weighted average shares (mil)	172	190	224	240	146	128
Diluted weighted average shares (mil)	176	194	228	240	149	128
Basic EPS excluding extraordinary items	21.78	11.06	13.99	−3.02	6.83	−2.34
Basic EPS, normalized	10.72	7.52	7.13	3.91	9.08	3.60

Balance sheet in millions of USD, fiscal years

Balance sheet, AerCap Holdings N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	57,836	58,622	57,148	55,303	57,946	35,220
Goodwill	–	–	–	–	–	0
Intangibles	1,795	2,270	2,893	3,550	4,653	875
Long-term investments	1,365	1,206	1,059	874	750	138
Other long-term assets	1,378	920	771	663	612	378
Other assets	113	215	283	376	205	201
Total assets	71,672	71,442	71,275	69,727	74,570	42,048
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	563	466	444	475	850	222
Accrued expenses	3,955	3,791	3,304	2,975	3,427	2,070
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	43,565	45,295	46,484	46,533	50,205	28,742
Minority interest	0.2	0.2	0.2	77.5	76.6	68.0
Other liabilities	5,265	4,706	4,453	3,548	3,441	2,081
Total liabilities	53,349	54,257	54,686	53,609	57,999	33,184
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.3	2.6	2.7	3.0	3.0	1.7
Additional paid-in capital	3,518	5,809	6,595	8,586	8,523	2,078
Retained earnings (accumulated deficit)	16,321	12,756	10,803	7,675	8,410	7,400
Treasury stock	−1,467	−1,426	−819	−255	−286	−460
Other equity	−50.2	42.7	8.3	108	−79.3	−155
Total equity	18,323	17,185	16,589	16,118	16,571	8,864
Total liabilities & shareholders' equity	71,672	71,442	71,275	69,727	74,570	42,048

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AerCap Holdings N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,751	2,099	3,148	−721	1,009	−295
Depreciation, depletion & amortization	2,647	2,580	2,481	2,390	1,738	1,645
Deferred taxes	501	251	280	−9.6	−5.9	−20.9
Non-cash items	−1,850	259	−796	3,901	477	1,455
Changes in working capital	344	249	149	−389	475	−655
Cash from operations	5,393	5,437	5,261	5,171	3,694	2,130
Investing activities
Capital expenditures	−6,074	−6,616	−6,232	−3,872	−1,790	−1,184
Other investing cash flows	4,410	2,892	3,049	1,711	−21,669	471
Cash from investing	−1,665	−3,724	−3,183	−2,160	−23,459	−712
Financing activities
Financing cash flow items	808	686	643	619	−263	−484
Cash dividends paid	−192	−140	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4,269	−2,679	−2,655	−3,780	20,447	−741
Cash from financing	−3,653	−2,133	−2,012	−3,161	20,184	−1,225
Foreign exchange effects	2.6	−3.8	1.9	−7.6	0.8	2.2
Net change in cash	78.2	−424	68.7	−158	419	195
Free cash flow	−681	−1,180	−971	1,299	1,904	947

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.