Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
GE Aerospace, long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The investment activity ratios exhibit varied trends over the observed period. Generally, the ratios demonstrate fluctuations, with some periods showing improvement and others indicating a decline. A notable surge in certain ratios occurred in the first half of 2024, followed by a subsequent moderation.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio generally increased from 4.73 in March 2022 to a peak of 5.84 in March 2023. Following this peak, the ratio experienced a decline, reaching 4.83 in December 2023. A significant increase was then observed in June 2024, with the ratio reaching 7.23, before decreasing to 5.30 by December 2025. This pattern suggests periods of efficient asset utilization followed by potential overcapacity or reduced sales relative to fixed assets.
- Total Asset Turnover
- The total asset turnover ratio displayed a relatively stable pattern between 0.37 and 0.43 from March 2022 through September 2023. A dip to 0.29 was observed in December 2023, representing the lowest point in the observed period. The ratio recovered somewhat to 0.33 by December 2025, but remained below the levels seen in the earlier part of the period. This indicates a generally consistent, but slightly declining, efficiency in utilizing total assets to generate sales.
- Equity Turnover
- The equity turnover ratio showed an upward trend from 1.82 in March 2022 to 2.36 in December 2022. It then decreased to 1.97 in March 2023, followed by a substantial increase to 2.76 in June 2024. The ratio subsequently declined to 2.27 by December 2025. This suggests a fluctuating relationship between sales and equity, with periods of strong sales generation relative to equity followed by periods of relative underperformance.
Overall, the ratios suggest a dynamic operational environment. The increases observed in the first half of 2024, particularly in net fixed asset and equity turnover, warrant further investigation to understand the drivers behind these improvements. The subsequent declines and stabilization indicate a need for continued monitoring to ensure sustained efficient asset and equity utilization.
Net Fixed Asset Turnover
GE Aerospace, net fixed asset turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Sales of equipment and services | |||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Net fixed asset turnover
= (Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025
+ Sales of equipment and servicesQ1 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicate a generally increasing trend, followed by a period of decline, and then a resurgence before stabilizing. A detailed examination reveals distinct phases in the ratio’s performance.
- Initial Increasing Trend (Mar 31, 2022 – Dec 31, 2022)
- The ratio began at 4.73 and steadily increased to 5.08 by the end of 2022. This suggests improving efficiency in utilizing fixed assets to generate sales during this period. Sales of equipment and services also increased consistently throughout this timeframe, contributing to the positive trend.
- Decline and Volatility (Mar 31, 2023 – Dec 31, 2023)
- From March 31, 2023, the ratio experienced a decline, reaching a low of 5.17 in December 2023. While sales decreased from the prior year, the reduction in property, plant, and equipment, net, was proportionally larger, impacting the turnover ratio. This period demonstrates increased volatility, with fluctuations observed each quarter.
- Significant Increase and Subsequent Stabilization (Mar 31, 2024 – Dec 31, 2025)
- A substantial increase was observed in the ratio, peaking at 7.23 in June 2024. This was driven by a significant decrease in property, plant, and equipment, net, coupled with relatively stable sales. Following this peak, the ratio decreased to 4.83 by December 2024, and then stabilized around 5.30 for the final two quarters of the observed period. The stabilization suggests a potential normalization of asset utilization following the earlier, more dramatic shift.
Overall, the net fixed asset turnover ratio demonstrates a dynamic relationship between sales and fixed asset investment. The fluctuations suggest potential strategic shifts in asset management or changes in operational efficiency. The recent stabilization indicates a possible settling point for asset utilization, though continued monitoring is warranted to confirm this trend.
Total Asset Turnover
GE Aerospace, total asset turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Sales of equipment and services | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Total asset turnover
= (Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025
+ Sales of equipment and servicesQ1 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits fluctuations over the observed period, generally indicating the efficiency with which assets are utilized to generate sales. An initial increase is followed by a period of relative stability and then a decline, with some recovery in the most recent quarters.
- Overall Trend
- From March 31, 2022, to December 31, 2022, the ratio increased from 0.37 to 0.39, peaking at 0.40 in September 2022, before settling back to 0.39 by the end of the year. A more pronounced downward trend is then observed through December 2023, falling to a low of 0.29. The ratio shows some recovery in 2024 and 2025, reaching 0.33 by December 31, 2025.
- Initial Increase (2022)
- The increase in the ratio during 2022 suggests improved asset utilization. This could be attributed to increased sales volume relative to the asset base, or potentially more efficient management of assets. Sales increased steadily throughout the year, while total assets decreased slightly, contributing to this improvement.
- Decline (2023)
- The decline in the ratio throughout 2023 indicates a decrease in the efficiency of asset utilization. While sales remained relatively stable, total assets decreased more significantly, but not enough to offset the overall decline in the ratio. This suggests that the company may have been holding assets that were not generating proportional revenue.
- Recent Recovery (2024-2025)
- The partial recovery observed in 2024 and 2025, with the ratio reaching 0.33, suggests a stabilization or slight improvement in asset utilization. Sales have increased modestly, while assets have continued to fluctuate. The recovery, however, has not yet returned the ratio to the levels seen in 2022.
- Quarterly Volatility
- The ratio demonstrates some quarterly volatility throughout the period. For example, a notable decrease is observed between December 31, 2023 (0.29) and March 31, 2024 (0.36). These fluctuations may be influenced by seasonal sales patterns or temporary changes in asset levels.
In conclusion, the total asset turnover ratio indicates a period of initial improvement followed by a decline and a recent, partial recovery. Further investigation into the underlying drivers of these changes, such as sales mix, asset composition, and operational efficiency, would be beneficial.
Equity Turnover
GE Aerospace, equity turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Sales of equipment and services | |||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Equity turnover
= (Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025
+ Sales of equipment and servicesQ1 2025)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates fluctuations over the observed period, indicating varying levels of efficiency in generating sales from shareholder investments. An initial upward trend is followed by periods of decline and subsequent recovery, suggesting responsiveness to internal and external factors.
- Overall Trend
- The equity turnover ratio began at 1.82 in March 2022 and generally increased through September 2022, peaking at 2.29. A subsequent decline occurred through December 2022, reaching 2.02. The ratio experienced another increase in the first half of 2023, stabilizing around 2.2. A significant decrease is then observed in March 2024, falling to 1.97, followed by a substantial increase to 2.76 in June 2024. The ratio then decreased again, reaching 1.82 in December 2024, before increasing steadily through December 2025 to 2.27.
- Peak Performance
- The highest equity turnover ratio was recorded in June 2024 at 2.76. This indicates that, during that quarter, the company generated $2.76 in sales for every dollar of shareholder equity. This represents the most efficient use of equity during the analyzed timeframe.
- Lowest Performance
- The lowest equity turnover ratio was observed in March 2024 at 1.97. This suggests a less efficient utilization of shareholder equity in generating sales during that period compared to other quarters.
- Recent Developments
- The most recent quarters show a consistent upward trend in the equity turnover ratio, increasing from 2.14 in September 2025 to 2.27 in December 2025. This suggests a potential improvement in the company’s ability to generate sales from its equity base in the short term.
- Relationship to Sales
- The fluctuations in the equity turnover ratio do not appear to directly correlate with the absolute levels of sales. While sales generally increased from March 2022 to December 2022, the equity turnover ratio peaked in September 2022 and then declined. The significant increase in the ratio in June 2024 occurred despite relatively stable sales figures compared to earlier periods. This suggests that changes in shareholder equity are playing a more significant role in the ratio’s fluctuations than changes in sales alone.