Forensic Analysis · Durable-Goods Wholesale · as of Nov 11, 2026
AerSale Corp (ASLE)
A forensic read on AerSale Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
5.0
Distress distance
3
Forensic signals
1.9%
ROE
-2.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
AerSale Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.4%
FY2025
Return on invested capital.Return on invested capital is 2.4% in the latest fiscal year and rising across FY2023–FY2025 from -1.7%. After-tax operating profit was ($9M) in FY2023 and $13M in FY2025, with operating income at -3.2% of revenue in FY2023, 2.8% in FY2024 and 4.7% in FY2025. The capital base behind it went from $504M in FY2023 to $545M in FY2025 (+8%), while the revenue it carried went from $335M to $335M.
46d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 37 to 46 days FY2024→FY2025 (receivables +23% vs revenue -3%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 34 → 37 → 46 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-70%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
342d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 305 to 342 FY2024→FY2025 (against cost of goods sold; inventory -9% vs -5% in cost of sales). Inventory ended the year no higher than it began, but days on hand lengthened on the year's average balance — watch for markdowns.
Key fundamentals
Latest Revenue$335.3M
Revenue Growth YoY-2.8%
Revenue CAGR (2yr)+0.1%
Net Margin2.6%
Free Cash Flow-$29.1M
Return on Equity1.9%
Debt / Equity0.26x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from AerSale Corp's actual 10-K/10-Q/8-K filings?