Airline companies’ uses different type of lease financing like capital lease, operating lease, and sale ? and ? lease back type lease. Out of them it is found in some earlier researches that sale ? and ? lease back type lease has influence on share prices. In this paper operating lease has taken under consideration for same purpose and used as input for output oriented DEA model in order to measure relative efficiency of using lease over time for airline companies, to determine benchmark and finally to find out where improvement is essential to be efficient. Here outputs are selected for DEA model based on previous researches where researchers mentioned some benefits of using lease. The result of DEA is found in this study that some companies are handling operating lease efficiently compare to others. Based on this efficiency scores sample companies are grouped and Mann Whitney rank sum test was applied to observe whether efficiency has any influence on share price increase in capital market or not. It is found here that operating lease does not have this kind of influence or impact on market price of shares.