Avation

AVAP.L

Rental & Leasing Services · Industrials

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Avation PLC is an aircraft leasing company based in Singapore. It buys commercial passenger aircraft and leases them to airlines around the world, so airlines can fly planes without having to purchase them outright. The company focuses mainly on smaller regional aircraft, such as turboprops and narrow-body jets, serving airline customers across Asia, Europe, and the Pacific.

Avation makes money by collecting regular lease payments from airlines over multi-year contracts, similar to how a landlord collects rent. It operates a relatively small fleet compared to industry giants like AerCap or Air Lease, which limits its bargaining power but also keeps it nimble in niche markets. The main risk the company faces is airline financial stress — if a key customer airline fails or cancels leases, Avation can be left holding aircraft it must quickly re-lease or sell, which can hurt revenue significantly.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-132.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

27.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$134M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$134M cash & investments at current burn rate

Growth context

Avation is growing revenue at 20% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

61.8%

Premium pricing power — 61.8% gross margin

Profit after running costs

Operating Margin

54.2%

Excellent — 54.2% operating margin

Return on the money invested

ROCE

7.1%

Weak — 7.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+12.2%

Fast-growing sales (+12.2% YoY)

Profit growth

EPS YoY

-149.5%

Earnings shrinking (-149.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-30.1%

Burning cash (-30.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.56

Heavy debt load (2.56)

Covers its interest

Interest Cover

2.71x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.54%

Small dividend — 0.54% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+11.4%

Dividend growing fast (11.4% YoY)

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