Price to Book Value (P/BV)
since 2005
Calculation
GE Aerospace, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | 16.78 | = | 298.86 | ÷ | 17.81 | 17.81 | = | 18,677 | ÷ | 1,048,813,612 | |
| Feb 3, 2025 | 11.33 | = | 204.11 | ÷ | 18.02 | 18.02 | = | 19,342 | ÷ | 1,073,290,505 | |
| Feb 2, 2024 | 5.43 | = | 136.54 | ÷ | 25.16 | 25.16 | = | 27,378 | ÷ | 1,088,334,304 | |
| Feb 10, 2023 | 2.43 | = | 81.29 | ÷ | 33.39 | 33.39 | = | 36,366 | ÷ | 1,089,286,553 | |
| Feb 11, 2022 | 2.64 | = | 96.83 | ÷ | 36.67 | 36.67 | = | 40,310 | ÷ | 1,099,321,882 | |
| Feb 12, 2021 | 2.89 | = | 93.84 | ÷ | 32.44 | 32.44 | = | 35,552 | ÷ | 1,095,992,750 | |
| Feb 24, 2020 | 3.66 | = | 94.88 | ÷ | 25.92 | 25.92 | = | 28,316 | ÷ | 1,092,529,000 | |
| Feb 26, 2019 | 3.00 | = | 85.28 | ÷ | 28.47 | 28.47 | = | 30,981 | ÷ | 1,088,135,013 | |
| Feb 23, 2018 | 1.96 | = | 115.92 | ÷ | 59.21 | 59.21 | = | 64,263 | ÷ | 1,085,322,000 | |
| Feb 24, 2017 | 3.47 | = | 241.52 | ÷ | 69.53 | 69.53 | = | 75,828 | ÷ | 1,090,597,875 | |
| Feb 26, 2016 | 2.79 | = | 235.20 | ÷ | 84.26 | 84.26 | = | 98,274 | ÷ | 1,166,325,916 | |
| Feb 27, 2015 | 2.04 | = | 207.92 | ÷ | 101.87 | 101.87 | = | 128,159 | ÷ | 1,258,113,686 | |
| Feb 27, 2014 | 1.96 | = | 204.00 | ÷ | 104.11 | 104.11 | = | 130,566 | ÷ | 1,254,141,250 | |
| Feb 26, 2013 | 1.95 | = | 184.40 | ÷ | 94.65 | 94.65 | = | 123,026 | ÷ | 1,299,783,875 | |
| Feb 24, 2012 | 1.75 | = | 153.92 | ÷ | 88.03 | 88.03 | = | 116,438 | ÷ | 1,322,657,125 | |
| Feb 25, 2011 | 1.86 | = | 166.56 | ÷ | 89.61 | 89.61 | = | 118,936 | ÷ | 1,327,311,125 | |
| Feb 19, 2010 | 1.47 | = | 129.36 | ÷ | 87.94 | 87.94 | = | 117,291 | ÷ | 1,333,727,625 | |
| Feb 18, 2009 | 1.10 | = | 86.88 | ÷ | 79.29 | 79.29 | = | 104,665 | ÷ | 1,320,053,125 | |
| Feb 20, 2008 | 2.97 | = | 274.88 | ÷ | 92.58 | 92.58 | = | 115,559 | ÷ | 1,248,208,625 | |
| Feb 27, 2007 | 3.17 | = | 277.28 | ÷ | 87.38 | 87.38 | = | 112,314 | ÷ | 1,285,391,250 | |
| Mar 3, 2006 | 3.15 | = | 264.48 | ÷ | 83.93 | 83.93 | = | 109,354 | ÷ | 1,302,928,096 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of GE Aerospace Annual Report.
The price-to-book (P/BV) ratio exhibited considerable fluctuation between 2006 and 2026. Initially, the ratio demonstrated relative stability, followed by a period of significant volatility, and then a marked increase in later years.
- Initial Stability (2006-2008)
- From 2006 to 2008, the P/BV ratio remained within a narrow range, fluctuating between 2.97 and 3.17. This suggests a consistent market valuation relative to the company’s book value during this period. The share price and book value per share both increased during this time, maintaining a relatively stable ratio.
- Significant Decline (2008-2016)
- A substantial decrease in the P/BV ratio occurred between 2008 and 2009, dropping to 1.10, coinciding with a sharp decline in the share price. The ratio experienced further volatility in the following years, reaching a low of 1.47 in 2010 before gradually increasing to 3.47 by 2017. This period reflects increased market uncertainty and a changing perception of the company’s value. Book value per share also decreased during this period, but not as dramatically as the share price.
- Volatility and Subsequent Increase (2017-2026)
- Following a peak of 3.47 in 2017, the P/BV ratio declined to 1.96 in 2018, then experienced a further drop to 2.43 in 2022. However, a dramatic increase is observed from 2022 onwards, rising to 5.43 in 2023, 11.33 in 2024, and reaching 16.78 in 2026. This surge indicates a significant shift in investor sentiment, with the market placing a considerably higher premium on the company’s net asset value. The share price increased substantially during this period, while book value per share decreased.
Overall, the P/BV ratio demonstrates a complex pattern over the analyzed timeframe. The initial stability gave way to a period of volatility influenced by economic conditions and company-specific factors, culminating in a substantial increase in the ratio in the most recent years. This suggests a growing confidence in the company’s future prospects relative to its book value.
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Comparison to Competitors
GE Aerospace, P/BV, long-term trends, comparison to competitors
| GE Aerospace | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | 16.78 | 33.65 | 16.90 | 7.48 | 11.09 | 21.31 | 4.09 |
| Feb 3, 2025 | 11.33 | — | 8.66 | 6.16 | 7.08 | 17.00 | 2.88 |
| Feb 2, 2024 | 5.43 | — | 8.25 | 6.07 | 8.11 | 15.54 | 2.05 |
| Feb 10, 2023 | 2.43 | — | 8.09 | 4.04 | 8.02 | 12.67 | 1.97 |
| Feb 11, 2022 | 2.64 | — | 6.62 | 3.63 | 6.91 | 9.62 | 1.95 |
| Feb 12, 2021 | 2.89 | — | 7.20 | 3.54 | 8.07 | 15.27 | 1.53 |
| Feb 24, 2020 | 3.66 | — | 5.16 | 2.48 | 6.97 | 39.60 | 3.24 |
| Feb 26, 2019 | 3.00 | 674.83 | 5.44 | 2.12 | 5.96 | 61.11 | 2.71 |
| Feb 23, 2018 | 1.96 | 569.92 | 6.98 | 2.06 | 6.44 | — | 3.38 |
| Feb 24, 2017 | 3.47 | 122.80 | 4.42 | 2.19 | 4.79 | 49.61 | 3.22 |
| Feb 26, 2016 | 2.79 | 12.17 | 2.56 | 1.72 | 4.35 | 21.37 | 2.59 |
| Feb 27, 2015 | 2.04 | 12.04 | 3.09 | 2.13 | 4.63 | 17.92 | 3.49 |
| Feb 27, 2014 | 1.96 | 6.50 | 2.96 | 2.15 | 4.25 | 10.65 | 3.14 |
| Feb 26, 2013 | 1.95 | 9.78 | 3.57 | 1.94 | 4.24 | 727.88 | 3.18 |
| Feb 24, 2012 | 1.75 | 16.10 | 5.78 | 2.32 | 4.31 | 28.67 | 3.48 |
| Feb 25, 2011 | 1.86 | 19.33 | 6.02 | 2.47 | 4.26 | 7.56 | 3.65 |
| Feb 19, 2010 | 1.47 | 20.59 | 4.16 | 1.67 | 3.27 | 7.00 | 3.12 |
| Feb 18, 2009 | 1.10 | — | 2.63 | 0.95 | 3.38 | 9.51 | 2.82 |
| Feb 20, 2008 | 2.97 | 7.24 | 5.00 | 2.28 | 4.52 | 4.38 | 3.28 |
| Feb 27, 2007 | 3.17 | 15.15 | 6.33 | 2.88 | 3.94 | 6.23 | 3.92 |
| Mar 3, 2006 | 3.15 | 5.26 | 5.81 | 2.73 | 3.05 | 4.05 | 3.39 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
GE Aerospace, P/BV, long-term trends, comparison to sector (capital goods)
| GE Aerospace | Capital Goods | |
|---|---|---|
| Jan 29, 2026 | 16.78 | 10.39 |
| Feb 3, 2025 | 11.33 | 7.55 |
| Feb 2, 2024 | 5.43 | 6.94 |
| Feb 10, 2023 | 2.43 | 5.31 |
| Feb 11, 2022 | 2.64 | 4.77 |
| Feb 12, 2021 | 2.89 | 5.05 |
| Feb 24, 2020 | 3.66 | 6.91 |
| Feb 26, 2019 | 3.00 | 6.11 |
| Feb 23, 2018 | 1.96 | 5.42 |
| Feb 24, 2017 | 3.47 | 4.64 |
| Feb 26, 2016 | 2.79 | 3.45 |
| Feb 27, 2015 | 2.04 | 3.17 |
| Feb 27, 2014 | 1.96 | 2.85 |
| Feb 26, 2013 | 1.95 | 2.77 |
| Feb 24, 2012 | 1.75 | 2.89 |
| Feb 25, 2011 | 1.86 | 2.90 |
| Feb 19, 2010 | 1.47 | 2.29 |
| Feb 18, 2009 | 1.10 | 1.86 |
| Feb 20, 2008 | 2.97 | 3.46 |
| Feb 27, 2007 | 3.17 | 3.91 |
| Mar 3, 2006 | 3.15 | 3.47 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
GE Aerospace, P/BV, long-term trends, comparison to industry (industrials)
| GE Aerospace | Industrials | |
|---|---|---|
| Jan 29, 2026 | 16.78 | 8.00 |
| Feb 3, 2025 | 11.33 | 6.68 |
| Feb 2, 2024 | 5.43 | 6.85 |
| Feb 10, 2023 | 2.43 | 5.50 |
| Feb 11, 2022 | 2.64 | 5.44 |
| Feb 12, 2021 | 2.89 | 5.89 |
| Feb 24, 2020 | 3.66 | 6.28 |
| Feb 26, 2019 | 3.00 | 5.96 |
| Feb 23, 2018 | 1.96 | 5.37 |
| Feb 24, 2017 | 3.47 | 4.89 |
| Feb 26, 2016 | 2.79 | 3.68 |
| Feb 27, 2015 | 2.04 | 3.70 |
| Feb 27, 2014 | 1.96 | 3.14 |
| Feb 26, 2013 | 1.95 | 3.06 |
| Feb 24, 2012 | 1.75 | 3.09 |
| Feb 25, 2011 | 1.86 | 3.05 |
| Feb 19, 2010 | 1.47 | 2.43 |
| Feb 18, 2009 | 1.10 | 2.01 |
| Feb 20, 2008 | 2.97 | 3.45 |
| Feb 27, 2007 | 3.17 | 3.75 |
| Mar 3, 2006 | 3.15 | 3.95 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).