Air Lease Corporation (AL)
Pretax margin
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 533,257 | 659,701 | 694,487 | 730,697 | 753,634 | 667,410 | 640,231 | 621,212 | -138,767 | -130,562 | -133,856 | -164,226 | 541,016 | 490,457 | 509,167 | 578,535 | 646,678 | 715,275 | 755,807 | 732,413 |
| Revenue (ttm) | US$ in thousands | 2,733,657 | 2,737,330 | 2,706,530 | 2,712,146 | 2,684,978 | 2,570,020 | 2,471,990 | 2,356,782 | 2,317,301 | 2,312,867 | 2,276,042 | 2,210,223 | 2,088,389 | 1,980,315 | 1,949,407 | 1,978,879 | 2,015,439 | 2,074,893 | 2,112,194 | 2,062,240 |
| Pretax margin | 19.51% | 24.10% | 25.66% | 26.94% | 28.07% | 25.97% | 25.90% | 26.36% | -5.99% | -5.65% | -5.88% | -7.43% | 25.91% | 24.77% | 26.12% | 29.24% | 32.09% | 34.47% | 35.78% | 35.52% |
December 31, 2024 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $533,257K ÷ $2,733,657K
= 19.51%
Air Lease Corporation's pretax margin has exhibited fluctuations over the past few years, with a general downward trend in recent periods. The company's pretax margin was relatively stable in the range of 32% to 36% from March 2020 to March 2021. However, there was a notable decline starting from June 2021, with the margin dropping to around 25% by December 2021.
Subsequently, the pretax margin turned negative in the first half of 2022, indicating a period of losses for the company. However, the margin improved significantly in the following quarters, reaching back into positive territory by March 2023. From there, the pretax margin continued to improve, reaching around 28% by December 2023.
Despite this recovery, there was a slight decline in the pretax margin in the last quarter of 2024, dropping to 19.51%. Overall, the company's pretax margin has shown volatility, with periods of both profitability and losses, reflecting the challenges and opportunities present in the aircraft leasing industry.
Peer comparison
Dec 31, 2024