# AerSale (ASLE.US)

Canonical: https://gigainvestors.com/s/ASLE

Analysis as of: 2026-10-16T07:26:37.226Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.69 per share; close as of 2026-10-15.

Estimated value: low $4.53 per share, central $5.15 per share, high $5.98 per share. Buy at or below the central value $5.15 per share. Valuation as of 2026-10-16T07:26:37.226Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 1.22×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.06×

- FY2018: 0.09×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.17×

- FY2022: 0.13×

- FY2023: -0.03×

- FY2024: 0.03×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: -1.9%

- Typical minus recent gross margin: -2.2 pp

- Typical gross margin (annual median): 28.0%

- Recent gross margin (lower of latest and 3-year median): 30.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -2.3%

- FY2018: >100%

- FY2019: 6.7%

- FY2020: 3.1%

- FY2021: 16.5%

- FY2022: 13.4%

- FY2023: -1.9%

- FY2024: 1.4%

- FY2025: 2.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $101M

- Net income, five-year total: $89M

- Return on incremental invested capital: 16.2%

- Working capital / revenue, annual change: 4.4 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.25×

- FY2022: 1.00×

- FY2023: 1.10×

- FY2024: -0.64×

- FY2025: 2.55×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.7% vs 1.4%

- Per-share earnings: 0.24 to 0.11 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.5%

- Diluted shares, 5-year annual growth: 3.5%

- Per-share value growth: -12.2%

- Per-share value change: -$0.13

- Per-share value, starting three-year median: $0.24

- Per-share value, ending three-year median: $0.11

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 4.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 6.7%

- ROIC, last three-year median: 1.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.64

- FY2018: $0.24

- FY2019: $0.42

- FY2020: $0.20

- FY2021: $0.76

- FY2022: $0.83

- FY2023: -$0.11

- FY2024: $0.11

- FY2025: $0.18

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 4.9%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -2.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -23.9%

- FY2018: -10969.8%

- FY2019: -14.0%

- FY2020: 5.2%

- FY2021: -8.8%

- FY2022: 8.3%

- FY2023: 30.4%

- FY2024: -0.9%

- FY2025: 4.9%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 79% since Oct 2021 · "ASLE Q3 Deep Dive: Absence of Whole Asset Sales and Market Volatility Shape Results" (finance.yahoo.com, Nov 2025) · sales -2.8%

Story as of 2026-10-16T09:58:20.104Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.3% a year for ten years

- 2025-11-07: ASLE Q3 Deep Dive: Absence of Whole Asset Sales and Market Volatility Shape Results ([finance.yahoo.com](https://finance.yahoo.com/news/asle-q3-deep-dive-absence-142758761.html))

### Sales · FY2024–2025

sales -2.8%; source https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm; observed 2026-03-10.

- FY2017: $175M 

- FY2018: $291M 

- FY2019: $304M 

- FY2020: $209M 

- FY2021: $340M 

- FY2022: $409M 

- FY2023: $335M 

- FY2024: $345M 

- FY2025: $335M 

### Gross margin · FY2025

gross margin 31.5%; source https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm; observed 2026-03-10.

- FY2017: 20.6% 

- FY2018: 24.8% 

- FY2019: 28.0% 

- FY2020: 25.3% 

- FY2021: 35.1% 

- FY2022: 37.1% 

- FY2023: 27.6% 

- FY2024: 30.1% 

- FY2025: 31.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airports & air services; annual sales are USD 335.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm (filed 2026-03-10); FY2025: revenue 335286000; grossProfit 105774000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ASLE.US: AerSale Corporation provides aftermarket commercial aircraft, engines, and its parts to passenger and cargo airlines, leasing companies, original equipment manufacturers, government and defense contractors, and maintenance, repair, and overhaul service providers worldwide. It operates in two segments, Asset Management Solutions and Technical Operations (TechOps). The Asset Management Solutions segment engages in the sale and lease of aircraft, engines, and airframes, as well as disassembly of these assets for component parts. The TechOps segment provides internal and third-party aviation services, including internally developed engineered solutions, heavy aircraft maintenance and modification, and component MRO, as well as end-of-life disassembly services. This segment provides aircraft modifications, cargo and tanker conversions of aircraft, and aircraft storage; and MRO services for landing gear, thrust reversers, hydraulic systems, and other aircraft components. AerSale Corporation was founded in 2008 and is headquartered in Doral, Florida.

### Why customers stay

Margins ranged from 27.6% to 31.5% during 2023–25; it earns 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: grossProfit / revenue = 30.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm (filed 2026-03-10); FY2025: grossProfit / revenue = 31.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 9-year return on capital observations [[2017,-0.023003534930921662],[2018,146.12208033274325],[2019,0.06665243720160494],[2020,0.03100587364249599],[2021,0.16548994952161242],[2022,0.13427711149830276],[2023,-0.01862542714601881],[2024,0.014347695697137432],[2025,0.02359908759042905]]; median 0.03100587364249599. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 9 years; bought back USD 45 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2018: growth capex 0; upkeep 8824325; owner earnings 29855108. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2019: growth capex 8046000; upkeep 30081000; owner earnings 15499000. Growth capex / owner earnings = 0.5191302664688044.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2020: growth capex 0; upkeep 7265000; owner earnings 25052000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2021: growth capex 0; upkeep 3891000; owner earnings 45222000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2022: growth capex 4611000; upkeep 10984000; owner earnings 43861000. Growth capex / owner earnings = 0.10512756207108821.

- Source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm (filed 2026-03-10); FY2025: growth capex 0; upkeep 6081000; owner earnings 21828000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm (filed 2026-03-10); FY2025: cash repurchases 45000000 USD.

### Are managers owners

Insiders own 26.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ASLE.US SharesStats.PercentInsiders = 26.265 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 0.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate -0.01669140523326479. Price 4.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-02: $9.73 per share

- 2019-03: $9.80 per share

- 2019-04: $9.77 per share

- 2019-05: $9.85 per share

- 2019-06: $9.90 per share

- 2019-07: $9.96 per share

- 2019-08: $9.96 per share

- 2019-09: $10.00 per share

- 2019-10: $10.07 per share

- 2019-11: $10.05 per share

- 2019-12: $10.18 per share

- 2020-01: $10.20 per share

- 2020-02: $10.16 per share

- 2020-03: $10.05 per share

- 2020-04: $10.19 per share

- 2020-05: $10.25 per share

- 2020-06: $10.27 per share

- 2020-07: $10.30 per share

- 2020-08: $10.28 per share

- 2020-09: $10.24 per share

- 2020-10: $9.83 per share

- 2020-11: $10.98 per share

- 2020-12: $13.41 per share

- 2021-01: $15.15 per share

- 2021-02: $9.85 per share

- 2021-03: $12.29 per share

- 2021-04: $12.12 per share

- 2021-05: $12.01 per share

- 2021-06: $12.46 per share

- 2021-07: $11.38 per share

- 2021-08: $13.53 per share

- 2021-09: $17.00 per share

- 2021-10: $22.36 per share

- 2021-11: $18.09 per share

- 2021-12: $17.74 per share

- 2022-01: $14.23 per share

- 2022-02: $15.66 per share

- 2022-03: $15.72 per share

- 2022-04: $14.48 per share

- 2022-05: $13.86 per share

- 2022-06: $14.51 per share

- 2022-07: $17.51 per share

- 2022-08: $19.28 per share

- 2022-09: $18.54 per share

- 2022-10: $21.20 per share

- 2022-11: $15.85 per share

- 2022-12: $16.22 per share

- 2023-01: $18.61 per share

- 2023-02: $19.86 per share

- 2023-03: $17.22 per share

- 2023-04: $16.18 per share

- 2023-05: $15.02 per share

- 2023-06: $14.70 per share

- 2023-07: $15.01 per share

- 2023-08: $14.81 per share

- 2023-09: $14.94 per share

- 2023-10: $15.29 per share

- 2023-11: $13.95 per share

- 2023-12: $12.70 per share

- 2024-01: $9.30 per share

- 2024-02: $8.84 per share

- 2024-03: $7.18 per share

- 2024-04: $7.13 per share

- 2024-05: $7.57 per share

- 2024-06: $6.92 per share

- 2024-07: $6.74 per share

- 2024-08: $5.09 per share

- 2024-09: $5.05 per share

- 2024-10: $5.27 per share

- 2024-11: $6.30 per share

- 2024-12: $6.30 per share

- 2025-01: $6.77 per share

- 2025-02: $7.00 per share

- 2025-03: $7.49 per share

- 2025-04: $6.97 per share

- 2025-05: $5.89 per share

- 2025-06: $6.01 per share

- 2025-07: $6.04 per share

- 2025-08: $8.63 per share

- 2025-09: $8.19 per share

- 2025-10: $7.42 per share

- 2025-11: $6.47 per share

- 2025-12: $7.11 per share

- 2026-01: $7.49 per share

- 2026-02: $7.80 per share

- 2026-03: $6.22 per share

- 2026-04: $6.72 per share

- 2026-05: $6.59 per share

- 2026-06: $6.32 per share

- 2026-07: $6.20 per share

- 2026-08: $5.49 per share

- 2026-09: $5.24 per share

- 2026-10: $4.69 per share

## Annual estimated value (USD per share)

- FY2021: low $10.68 per share, central $11.80 per share, high $13.28 per share

- FY2022: low $11.64 per share, central $12.88 per share, high $14.54 per share

- FY2023: low $7.63 per share, central $8.68 per share, high $10.08 per share

- FY2024: low $7.59 per share, central $8.63 per share, high $10.03 per share

- FY2025: low $4.89 per share, central $5.57 per share, high $6.47 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm); period 2025-12-31, filed 2026-03-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.