AerCap Holdings
AER on NYSE. Equipment rental & leasing, nec. Market value $22.3bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 59 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$146.27 a share, 23% above its 1-year low
Over the past year the price has ranged from $118.96 to $158.81.
Dividend: 0.8% a year
Paid every year for 2 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5.2bn | $7.0bn | $7.6bn | $8.0bn | $8.5bn |
| Operating margin | |||||
| Operating margin | 45.5% | 8.4% | 67.0% | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 3.04 | 2.90 | 2.81 | 2.64 | 2.38 |
| Shares outstanding | |||||
| Shares outstanding | 0.25bn | 0.25bn | 0.20bn | 0.19bn | 0.17bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.38× equity
- Revenue growth, five yearsStrong, 13.6% a year
- Buying back its own sharesYes, 32% fewer since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
12 long-term investors we follow own it, down from 13 last quarter. 692 funds in all.
- Cooke & BielerCooke & Bieler partners
- Value
- $135m
- Share of fund
- 1.6%
- Bruce & Co.R. Jeffrey Bruce
- Value
- $27m
- Share of fund
- 7.3%
- Royce & AssociatesChuck Royce
- Value
- $807,621
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Harris Associates (Oakmark)Bill Nygren | $942m | 1.3% | Added |
| Donald Smith & Co.Jon Hartsel | $425m | 7.5% | Cut |
| Lyrical Asset ManagementAndrew Wellington | $362m | 4.6% | Cut |
| Mawer Investment ManagementMawer team | $353m | 2.4% | Cut |
| Cooke & BielerCooke & Bieler partners | $135m | 1.6% | |
| Dorsey Asset ManagementPat Dorsey | $112m | 7.2% | Cut |
| Eagle Capital ManagementBoykin Curry | $94m | 0.3% | Cut |
| LSV Asset ManagementJosef Lakonishok | $82m | 0.1% | Added |
| Bruce & Co.R. Jeffrey Bruce | $27m | 7.3% | |
| First Manhattan Co.First Manhattan partners | $10m | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $6m | <0.1% | Cut |
| Royce & AssociatesChuck Royce | $807,621 | <0.1% |
Sold out this quarter
Largest holders overall
- BlackRock$2.0bnAdded
- Harris Associates (Oakmark)$942mAdded
- State Street$780mAdded
- TWO Sigma Investments, LP$495mCut
- JPMorgan Chase$492mAdded
- Price T Rowe Associates$464mCut
- Banque Cantonale Vaudoise$430mCut
- Donald Smith & Co.$425mCut
- 59 North Capital Management, LP$407mCut
- Franklin Resources$381mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor7.0%Since 30 June 2026
- Eagle Capital ManagementPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.0% | 30 June 2026 | |
Eagle Capital Management Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $21m.
- Forst RitaDirectorSold
- Date
- 6 August 2026
- Shares
- 2,000
- Price
- $155.64
- Value
- $311,280
- Stuart CormacChief Accounting OfficerSold
- Date
- 15 June 2026
- Shares
- 11,644
- Price
- $143.21
- Value
- $2m
- Juhas PeterChief Financial OfficerSold
- Date
- 12 May 2026
- Shares
- 76,000
- Price
- $144.72
- Value
- $11m
- Drouillard VincentGeneral CounselSold
- Date
- 7 May 2026
- Shares
- 4,504
- Price
- $150.00
- Value
- $675,600
- Kelly AengusChief Executive Officer, DirectorSold
- Date
- 6 May 2026
- Shares
- 50,000
- Price
- $148.83
- Value
- $7m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 August 2026 | Forst Rita Director | Sold | 2,000 | $155.64 | $311,280 |
| 15 June 2026 | Stuart Cormac Chief Accounting Officer | Sold | 11,644 | $143.21 | $2m |
| 12 May 2026 | Juhas Peter Chief Financial Officer | Sold | 76,000 | $144.72 | $11m |
| 7 May 2026 | Drouillard Vincent General Counsel | Sold | 4,504 | $150.00 | $675,600 |
| 6 May 2026 | Kelly Aengus Chief Executive Officer, Director | Sold | 50,000 | $148.83 | $7m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
AerCap Holdings doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.4× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.