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AL (Air Lease) Piotroski F-Score : 7 (As of Oct. 31, 2024)


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What is Air Lease Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Air Lease has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Air Lease's Piotroski F-Score or its related term are showing as below:

AL' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Air Lease was 8. The lowest was 3. And the median was 5.


Air Lease Piotroski F-Score Historical Data

The historical data trend for Air Lease's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Air Lease Piotroski F-Score Chart

Air Lease Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 4.00 5.00 6.00

Air Lease Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 6.00 6.00 7.00

Competitive Comparison of Air Lease's Piotroski F-Score

For the Rental & Leasing Services subindustry, Air Lease's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Air Lease's Piotroski F-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Air Lease's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Air Lease's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was 132.45 + 221.051 + 107.866 + 102.946 = $564 Mil.
Cash Flow from Operations was 401.407 + 464.574 + 371.33 + 413.813 = $1,651 Mil.
Revenue was 659.364 + 716.568 + 663.31 + 667.288 = $2,707 Mil.
Gross Profit was 230.202 + 274.1 + 204.455 + 195.302 = $904 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(29757.822 + 29672.225 + 30452.252 + 30912.435 + 31018.377) / 5 = $30362.6222 Mil.
Total Assets at the begining of this year (Jun23) was $29,758 Mil.
Long-Term Debt & Capital Lease Obligation was $19,679 Mil.
Total Current Assets was $456 Mil.
Total Current Liabilities was $1,046 Mil.
Net Income was 110.381 + 145.31 + 128.72 + 132.401 = $517 Mil.

Revenue was 561.334 + 601.61 + 636.142 + 672.904 = $2,472 Mil.
Gross Profit was 196.483 + 214.447 + 224.849 + 232.144 = $868 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(27646.457 + 28223.971 + 28396.705 + 29363.141 + 29757.822) / 5 = $28677.6192 Mil.
Total Assets at the begining of last year (Jun22) was $27,646 Mil.
Long-Term Debt & Capital Lease Obligation was $18,896 Mil.
Total Current Assets was $580 Mil.
Total Current Liabilities was $1,569 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Air Lease's current Net Income (TTM) was 564. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Air Lease's current Cash Flow from Operations (TTM) was 1,651. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun23)
=564.313/29757.822
=0.01896352

ROA (Last Year)=Net Income/Total Assets (Jun22)
=516.812/27646.457
=0.01869361

Air Lease's return on assets of this year was 0.01896352. Air Lease's return on assets of last year was 0.01869361. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Air Lease's current Net Income (TTM) was 564. Air Lease's current Cash Flow from Operations (TTM) was 1,651. ==> 1,651 > 564 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=19679.063/30362.6222
=0.6481345

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=18895.793/28677.6192
=0.65890383

Air Lease's gearing of this year was 0.6481345. Air Lease's gearing of last year was 0.65890383. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun24)=Total Current Assets/Total Current Liabilities
=455.656/1045.99
=0.43562176

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=580.435/1568.925
=0.36995714

Air Lease's current ratio of this year was 0.43562176. Air Lease's current ratio of last year was 0.36995714. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Air Lease's number of shares in issue this year was 111.741. Air Lease's number of shares in issue last year was 111.239. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=904.059/2706.53
=0.33402881

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=867.923/2471.99
=0.35110296

Air Lease's gross margin of this year was 0.33402881. Air Lease's gross margin of last year was 0.35110296. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun23)
=2706.53/29757.822
=0.09095188

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=2471.99/27646.457
=0.08941435

Air Lease's asset turnover of this year was 0.09095188. Air Lease's asset turnover of last year was 0.08941435. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+0+0+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Air Lease has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Air Lease  (NYSE:AL) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Air Lease Piotroski F-Score Related Terms

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Air Lease Business Description

Traded in Other Exchanges
Address
2000 Avenue of the Stars, Suite 1000N, Los Angeles, CA, USA, 90067
Air Lease Corp is an aircraft leasing company based in the United States. However, it derives its revenue from the Asia region. Its business involves purchasing aircraft from renowned manufacturers such as The Boeing Company (Boeing) and Airbus S.A.S and leasing them to airline companies across the world. Its suite of aircraft entails single-aisle narrow-bodied jets and twin-aisle wide-bodied aircraft. The company earns from revenue originates from the renting of flight equipment. Geographically it operates in Asia Pacific, Europe, The Middle East and Africa, Central America, South America and Mexico and U.S. and Canada.
Executives
Gregory B Willis officer: SVP FINANCE AND CFO C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 600N, LOS ANGELES CA 90067
Alex A Khatibi officer: EVP C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Grant A Levy officer: EVP, GENL. COUNSEL & SECRETARY C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Kishore Korde officer: EVP, Marketing 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
John L Plueger director, officer: PRESIDENT AND COO C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Carol Hyland Forsyte officer: EVP, GC, Corp Secretary & CCO C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Yvette Hollingsworth Clark director C/O 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Steven F Udvar-hazy director, officer: Chairman and CEO C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Jie Chen officer: EVP & MANAGING DIRECTOR, ASIA C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Marshall O Larsen director 870 WINTER STREET, WALTHAM MA 02451
Cheryl Gordon Krongard director LEGG MASON, INC., 100 INTERNATIONAL DRIVE, BALTIMORE MD 21202
Susan Mccaw director LIONSGATE, 2700 COLORADO AVENUE, SANTA MONICA CA 90404
Marc H Baer other: EVP C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
John D Poerschke officer: SVP C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067
Ian M Saines director C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067