Willis Lease Finance Corporation shares traded at $160.13 on January 13, according to market data. Its trailing price-to-earnings ratio was reported as 9.98 by Yahoo Finance.
The company, founded in 1985 by Charles Willis and now led by his son Austin Willis, operates as an independent aircraft engine leasing and servicing firm. The Willis family controls about 60 percent of the business, which went public in 1996.
Willis Lease Finance describes itself as the largest independent lessor of commercial aircraft engines, with $3.4 billion in owned and managed assets. Its activities include leasing, engine repairs, used serviceable materials, end-of-life planning, airframe maintenance, and consulting services.
A bullish thesis on the company was recently published on Noor's Substack. The investment case focuses on two main points.
First, the thesis argues that Willis Lease Finance has no analyst coverage and minimal institutional ownership, leading to compressed valuation multiples. Despite strong fundamentals, the stock trades at a significant discount to its closest peer, FTAI Aviation Ltd., according to the analysis.
Willis Lease Finance is said to have a larger engine fleet, exposure to next-generation engines, and broader service capabilities than FTAI. The stock has risen roughly 300 percent year-to-date following its first earnings calls and improved transparency.
Second, the thesis states that the company is positioned to benefit from industry conditions. OEM delivery delays, next-generation engine durability issues, and a global shortage of maintenance, repair, and overhaul capacity have extended aircraft lives and increased demand for spare engines, repairs, and used parts.
Willis Lease Finance's in-house repair centers and inventory of used serviceable materials reduce reliance on external providers, lower costs, and shorten turnaround times, the thesis notes. This allows the company to outperform competitors in a constrained environment.
The analysis points to strong post-COVID growth in lease rents and maintenance reserves, along with improving visibility. Multiple catalysts, from potential analyst coverage to sustained industry tightness, are cited.
In the author's view, Willis Lease Finance remains undervalued. A rerating toward peer multiples could support upside, with a base case price target near $300, despite execution and industry risks.
Previously, a bullish thesis on FTAI Aviation Ltd. by Autumn Capital in May 2025 highlighted that company's transformation from engine leasing into a high-margin, capital-efficient maintenance platform. FTAI's stock price has appreciated by approximately 130.56 percent since that coverage.
Noor's thesis shares a similar perspective but emphasizes valuation dislocation and ecosystem-driven resilience at Willis Lease Finance Corporation.
Willis Lease Finance Corporation is not on the list of the 30 Most Popular Stocks Among Hedge Funds. According to database information, 17 hedge fund portfolios held the stock at the end of the third quarter, up from 10 in the previous quarter.