A new study by consultancy ACC Aviation has highlighted differences in how leading private jet operators finance their fleets, pointing to varying levels of financial resilience across the sector.
The report analyses seven major operators — NetJets, Vista, Flexjet, Wheels Up, flyExclusive, AirX and Jet Linx — which together account for almost 10% of the global business jet fleet and about 40% of US fractional and charter flight hours.
ACC’s research compares three principal business models in private aviation: operator-owned fleets, fractional ownership and aircraft management. It found that each model carries distinct financial characteristics, with material differences in capital structure, revenue generation and exposure to risk.
According to the analysis, Vista, NetJets and Flexjet demonstrate comparatively stronger financial profiles, reflecting their scale, cash generation and access to a wider range of funding sources.
The report also notes a shift in how large private aviation operators are perceived by investors. Companies that were once viewed primarily as luxury brands are increasingly being assessed as businesses with recurring revenue streams and institutional-grade credit profiles. The study cites recent unsecured bond issuances by Vista and Flexjet as evidence of growing investor confidence in the sector.
ACC argues that future competitiveness will be shaped by fleet strategy and capital discipline, with operators that balance utilisation, financing and customer demand better positioned to manage volatility. By contrast, highly leveraged operators may face greater pressure if market conditions weaken.
The report calls for improved financial transparency across the private aviation sector, suggesting that greater disclosure would help customers better understand pricing structures and assist investors in assessing long-term sustainability.