Aircastle LTD earns about 3% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $769.8M1 | $796M2 | $855.4M3 | $821M3 | $975.1M3 |
| Net income | −$278.2M4 | $62.8M5 | $83.3M6 | $123.6M6 | $194M6 |
| Operating cash flow | $372.9M7 | $437.7M8 | $370.3M9 | $464M9 | $483.1M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | $4.52B10 | $4.59B11 | $4.7B12 | $4.96B13 | $5.25B13 |
| Cash & equivalents | $167.9M14 | $231.9M14 | $130M15 | $279.1M16 | $179.9M16 |
| Diluted shares | — | — | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
It earned an average 3% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Total debt has risen 16% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2024-04-25 · period ending 2022-02-28 · accession 0001628280-24-018039 (Revenues)
- 10-K filed 2025-04-23 · period ending 2023-02-28 · accession 0001628280-25-019189 (Revenues)
- 10-K filed 2026-04-21 · periods ending 2024-02-29, 2025-02-28, 2026-02-28 · accession 0001628280-26-026216 (Revenues)
- 10-K filed 2024-04-25 · period ending 2022-02-28 · accession 0001628280-24-018039 (NetIncomeLoss)
- 10-K filed 2025-04-23 · period ending 2023-02-28 · accession 0001628280-25-019189 (NetIncomeLoss)
- 10-K filed 2026-04-21 · periods ending 2024-02-29, 2025-02-28, 2026-02-28 · accession 0001628280-26-026216 (NetIncomeLoss)
- 10-K filed 2024-04-25 · period ending 2022-02-28 · accession 0001628280-24-018039 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-04-23 · period ending 2023-02-28 · accession 0001628280-25-019189 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-04-21 · periods ending 2024-02-29, 2025-02-28, 2026-02-28 · accession 0001628280-26-026216 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-04-25 · period ending 2022-02-28 · accession 0001362988-23-000019 (LongTermDebt)
- 10-K filed 2024-04-25 · period ending 2023-02-28 · accession 0001628280-24-018039 (LongTermDebt)
- 10-K filed 2025-04-23 · period ending 2024-02-29 · accession 0001628280-25-019189 (LongTermDebt)
- 10-K filed 2026-04-21 · periods ending 2025-02-28, 2026-02-28 · accession 0001628280-26-026216 (LongTermDebt)
- 10-K filed 2024-04-25 · periods ending 2022-02-28, 2023-02-28 · accession 0001628280-24-018039 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-04-23 · period ending 2024-02-29 · accession 0001628280-25-019189 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-04-21 · periods ending 2025-02-28, 2026-02-28 · accession 0001628280-26-026216 (CashAndCashEquivalentsAtCarryingValue)