AerSale Corporation
ASLE Industrials Airports & Air Services
AerSale Corporation’s revenue for fiscal 2025 (year ended December 2025) was $335.3 million, down 2.83% from fiscal 2024. In the quarter to June 2026, revenue fell 33.9%, EPS fell 166.7%, free cash flow fell 141.6% and total debt rose 23.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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AerSale Corporation (ASLE) Altman Z-score
AerSale Corporation's Altman Z-score for fiscal 2025 is 2.25, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.25 | (0.46) |
| FY2024 | 2.71 | (2.23) |
| FY2023 | 4.94 | (2.97) |
| FY2022 | 7.90 | 0.20 |
| FY2021 | 7.70 | 6.19 |
| FY2020 | 1.52 | (0.14) |
| FY2019 | 1.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.31 | — | 0.37 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.02 | — | 0.08 | |
| Market value of equity / total liabilities | 1.59 | — | 0.96 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Grey zone | 2.25 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.99 | ||
Z and Z″ put AerSale Corporation in different zones: grey zone by Z, safe 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 |
|---|---|
| JOBY Joby Aviation, Inc. compare | 14.4× |
| OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. compare | 4.9× |
| ASR Grupo Aeroportuario del Sureste, S.A. de C.V. compare | 4.3× |
| PAC Grupo Aeroportuario Del Pacifico, S.A. de C.V. compare | 3.8× |
| ASLE AerSale Corporation | 2.3× |
| CAAP Corporacion America Airports S.A. compare | 2.1× |
| UP Wheels Up Experience Inc. compare | −4.0× |
| SOAR Volato Group, Inc. compare | −4.4× |
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