Aercap Holdings N.V.
AER Industrials Rental & Leasing Services
Aercap Holdings N.V.’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 6.50% from fiscal 2024. In the quarter to June 2026, revenue grew 14.9%, EPS fell 35.8%, free cash flow grew 28.5% and total debt fell 7.24%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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Aercap Holdings N.V. (AER) Altman Z-score
Aercap Holdings N.V.'s Altman Z-score for fiscal 2025 is 0.91, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.91 | 0.23 |
| FY2024 | 0.68 | 0.01 |
| FY2023 | 0.67 | 0.28 |
| FY2022 | 0.39 | 0.01 |
| FY2021 | 0.38 | (0.13) |
| FY2020 | 0.50 | (0.13) |
| FY2019 | 0.63 | 0.10 |
| FY2018 | 0.53 | (0.05) |
| FY2017 | 0.58 | 0.05 |
| FY2016 | 0.53 | 0.03 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.07) | — | −0.09 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.08 | — | 0.28 | |
| Market value of equity / total liabilities | 0.46 | — | 0.28 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | Distress zone | 0.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.21 | ||
Z and Z″ put Aercap Holdings N.V. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| URI United Rentals, Inc. compare | 3.2× |
| R Ryder System, Inc. compare | 1.5× |
| UHAL U-Haul Holding Company compare | 1.3× |
| GATX GATX Corporation compare | 1.0× |
| AER Aercap Holdings N.V. | 0.9× |
| HRI Herc Holdings Inc. compare | 0.8× |
| WSC WillScot Holdings Corporation compare | 0.7× |
| CAR Avis Budget Group, Inc. compare | 0.5× |
| EQPT EquipmentShare.com Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets