AerCap vs Watsco
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The short version
- AerCap is the larger business, with $8.5B of revenue in fiscal 2025 against $7.2B for Watsco.
- AerCap grew revenue faster (6.5%, against −5.0%).
- Watsco earned a higher return on the capital invested in it (20.1%, against 8.5%).
| Latest fiscal year | AER · FY25 | WSO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.7B | $12.3B |
| Revenue | $8.5B | $7.2B |
| Free cash flow | — | $535M |
| Net income | $3.8B | $497M |
| Growth | ||
| Revenue growth | 6.5% | −5.0% |
| 5-year growth | 13.6% | 7.5% |
| Share count change | −9.5% | 1.0% |
| Profitability | ||
| Gross margin | — | 28.1% |
| Operating margin | — | 10.0% |
| Net margin | 44.0% | 6.9% |
| FCF margin | — | 7.4% |
| Return on capital | 8.5% | 20.1% |
| Return on equity | 21.1% | 18.3% |
| Balance sheet | ||
| Net debt | $42.3B | −$255M |
| Net debt / EBITDA | 4.9x | −0.3x |
| Dividends and buybacks | $192M | $474M |
| Valuation & quality | ||
| P/E | — | 27.8x |
| Piotroski F-score | — | 6 |
Revenue
FY16
AER $5.2B
WSO $4.2B
FY17
AER $5.0B
WSO $4.3B
FY18
AER $4.8B
WSO $4.5B
FY19
AER $4.9B
WSO $4.8B
FY20
AER $4.5B
WSO $5.1B
FY21
AER $5.2B
WSO $6.3B
FY22
AER $7.0B
WSO $7.3B
FY23
AER $7.6B
WSO $7.3B
FY24
AER $8.0B
WSO $7.6B
FY25
AER $8.5B
WSO $7.2B
AER
WSO
Operating margin
FY16
AER —
WSO 8.2%
FY17
AER —
WSO 8.2%
FY18
AER —
WSO 8.2%
FY19
AER —
WSO 7.7%
FY20
AER —
WSO 7.9%
FY21
AER —
WSO 10.0%
FY22
AER —
WSO 11.4%
FY23
AER —
WSO 10.9%
FY24
AER —
WSO 10.3%
FY25
AER —
WSO 10.0%
AER
WSO
Free cash flow
FY16
AER —
WSO $238M
FY17
AER —
WSO $289M
FY18
AER —
WSO $153M
FY19
AER —
WSO $318M
FY20
AER —
WSO $518M
FY21
AER —
WSO $324M
FY22
AER —
WSO $536M
FY23
AER —
WSO $526M
FY24
AER —
WSO $743M
FY25
AER —
WSO $535M
AER
WSO
Return on capital
FY16
AER 5.6%
WSO 16.8%
FY17
AER 5.8%
WSO 17.9%
FY18
AER 5.6%
WSO 19.0%
FY19
AER 6.1%
WSO 16.3%
FY20
AER 2.0%
WSO 16.8%
FY21
AER 4.0%
WSO 24.4%
FY22
AER 0.7%
WSO 30.1%
FY23
AER 7.5%
WSO 24.3%
FY24
AER 5.7%
WSO 22.4%
FY25
AER 8.5%
WSO 20.1%
AER
WSO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.