Aircastle Ltd. (AYR) intrinsic value & 10-year financials
Aircastle Ltd. (AYR) has a Graham intrinsic value of $23.18 per share. Over the last 10 fiscal years revenue grew 2.3% a year to $975.1M, with an average return on invested capital of 0.6%.
- Graham intrinsic value
- $23.18
- Revenue (FY2026)
- $975.1M
- Revenue growth (10-yr CAGR)
- 2.3%
- ROIC (10-yr avg)
- 0.6%
- Free cash flow (FY2026)
- —
AYR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $975.1M | $194.0M | — | — | — | 2.6% |
| FY2025 | $821.0M | $123.6M | — | — | — | 1.8% |
| FY2024 | $855.4M | $83.3M | — | — | — | 1.3% |
| FY2023 | $796.0M | $62.8M | — | — | — | 1.0% |
| FY2022 | $769.8M | -$278.2M | — | — | — | -4.5% |
| FY2021 | $832.3M | -$333.2M | — | — | — | -5.1% |
| FY2020 | — | — | — | — | — | — |
| FY2019 | $917.9M | $156.6M | $2.06 | — | — | 2.3% |
| FY2018 | $890.4M | $247.9M | $3.17 | — | — | 3.9% |
| FY2017 | $796.6M | $147.9M | $1.87 | — | — | 2.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Aircastle LTD has demonstrated mature, steady growth, with revenue compounding at 2.3% annually over the past decade.
Aircastle LTD has historically struggled to out-earn its cost of capital, averaging just 0.6% ROIC.
Aircastle LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Aircastle LTD is modeled at 2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.18 per share.