AerCap

We see a multi-pronged moat primarily from cost advantages, OEM access and efficient scale. Cost advantage: investment-grade funding (BBB+/Baa1/BBB+) and 11 billion of undrawn revolvers provide low-cost, flexible capital, while scale supports superior remarketing and trading economics.

Efficient scale: AerCap is the industry leader across aircraft, engines and helicopters with a vast, global customer base and order positions in the most in-demand new-technology types, which are scarce due to OEM supply constraints.

Intangibles: long-standing OEM and airline relationships plus the SES engine joint venture deepen switching frictions on complex transactions. Network effects are modest but the breadth of counterparties and assets does create incremental utility for customers.

Risks to the moat include normalization of supply constraints, new-entrant funding cycles, and potential OEM or engine issues that could shift demand mix. Overall, the combination of scale, sourcing power and funding access is durable and difficult to replicate.