The business behind the dividend
| Measure | AYR | Median | Formula |
|---|---|---|---|
| Return on equity | 7.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 19.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.97x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.49x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Free cash flow, Interest cover, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.3% | 4.9% | 3.9% | 3.4% | -15.2% | -19.2% | 7.6% | 12.3% | 7.8% | 8.3% | 4.9% |
| Net margin | 19.9% | 15.1% | 9.7% | 7.9% | -36.1% | -40.0% | 17.1% | 27.8% | 17.4% | 18.6% | 15.1% |
| Debt to equity | 1.97x | 1.96x | 2.20x | 2.46x | 2.47x | 2.97x | 2.47x | 2.37x | 2.26x | 2.46x | 2.37x |
| Cash conversion | 2.49x | 3.75x | 4.44x | 6.97x | — | — | 3.43x | 2.11x | 3.32x | 3.09x | 3.43x |
How it compares in consumer discretionary
Among the 6 consumer discretionary companies here measured on operating cash flow, Aircastle pays out less than 4 of them. The median for that group is 14.4%, against this company’s 13.0%.
Closest on operating cash flow
- AerCap Holdings N.V. (AER) 3.6%
- TKO Group Holdings (TKO) 14.4%
- Lithia Motors (LAD) 15.5%
- Triton International (TRTN-PA) 25.7%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →