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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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
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- Dividend Discount Model (DDM)
- Price to Sales (P/S) since 2005
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Long-term Activity Ratios (Summary)
GE Aerospace, long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
-
The net fixed asset turnover ratio exhibits a generally upward trend starting from the first recorded value of 1.63 in March 2021, increasing sharply to a peak of 5.84 by June 2023. This suggests an improving efficiency in generating sales from fixed assets over this period. Following the peak, the ratio declines gradually, reaching approximately 4.83 by March 2025. Despite the late decline, the ratio remains significantly higher than the initial value, indicating sustained stronger utilization of fixed assets compared to earlier periods.
- Total Asset Turnover
-
Total asset turnover shows moderate fluctuations around 0.3 to 0.4 in the initial periods recorded from March 2021 to June 2023. The highest observed value is 0.43 around June 2023, representing improved asset efficiency. After June 2023, the ratio declines steadily to 0.29 by March 2025, returning to its earlier lower levels. This pattern indicates that asset utilization efficiency peaked mid-series but weakened towards the end of the period analyzed.
- Equity Turnover
-
The equity turnover ratio starts at 2.05 in March 2021, increasing gradually with some volatility to reach a peak of 2.76 in June 2024. This reflects a generally positive trend in the company's ability to generate revenue relative to shareholders' equity. After this peak, the ratio declines back to approximately 1.87 by March 2025. Despite some fluctuations, the equity turnover remains relatively stable with peaks indicating periods of enhanced equity productivity.
Net Fixed Asset Turnover
GE Aerospace, net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024
+ Sales of equipment and servicesQ2 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales of Equipment and Services
- The sales figures experienced considerable fluctuations over the observed periods. Initially, sales started at $18,814 million in March 2020, then declined to a low of $13,694 million by March 2023. Following this trough, sales rebounded somewhat before declining again to $9,000 million by March 2025. There is a clear cyclical pattern with alternating periods of growth and contraction, but the overall trajectory shows a decreasing trend in sales over the long term, particularly notable from 2023 onwards. The volatility suggests possible external pressures or changing market conditions impacting sales volumes.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment shows a significant drop early in the period, from $45,979 million in March 2020 to approximately $12,170 million by March 2023. After this steep decline, the asset base stabilizes somewhat around the $7,000 to $12,000 million range through to March 2025. This sharp decrease in net fixed assets suggests a major disposals, revaluations, or impairments during the early to mid-period, followed by relative stability in asset levels.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures how efficiently the company uses its fixed assets to generate sales, exhibits an increasing trend overall. The ratio increased from approximately 1.63 in late 2020 to peak values around 7.23 in September 2024, before declining slightly thereafter to around 4.85 by March 2025. This pattern indicates an improvement in asset utilization efficiency during most of the period, possibly reflecting a strategic shift towards leaner asset management or better sales generation relative to asset base reductions.
- Summary of Trends
- The data reveals that the company underwent significant asset base reductions while managing to improve the efficiency of asset usage, as evidenced by rising net fixed asset turnover ratios. Despite this improved efficiency, sales have not consistently increased, showing periods of decline and recovery, with an overall downward tendency towards the end of the period. This combination suggests strategic asset optimizations amidst challenging sales environments, potentially pointing to restructuring or adaptation efforts in response to market conditions. The recent decline in turnover ratio after sharp peaks may warrant further investigation to ensure sustained operational efficiency.
Total Asset Turnover
GE Aerospace, total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024
+ Sales of equipment and servicesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The data shows fluctuations in the sales of equipment and services over the observed periods. Initially, sales decreased from 18,814 million US dollars in the first quarter of 2020 to 16,060 million US dollars in the second quarter of the same year, followed by some recovery and growth, reaching a peak of 21,012 million US dollars by the fourth quarter of 2022. A notable decline occurred in the first quarter of 2023, with sales dropping to 13,694 million US dollars, followed by a moderate recovery later that year. The trends in 2024 indicate further volatility, with sales decreasing again in the first quarter to 9,000 million US dollars after slight fluctuations in previous quarters.
Total assets exhibited a consistent downward trend throughout the period, decreasing from 262,021 million US dollars in the first quarter of 2020 to 124,123 million US dollars by the first quarter of 2025. The decline appears relatively steady, with some periods of stabilization and minor increases, such as the fourth quarter of 2022 and the fourth quarter of 2023. This overall reduction may reflect asset disposals, depreciation, or strategic shifts in asset management.
The total asset turnover ratio, which measures the efficiency in using assets to generate sales, started with missing data in the early periods but was recorded from the third quarter of 2020 onward. This ratio demonstrates a general upward trajectory from 0.29 to a high of 0.43 in the middle quarters of 2023, suggesting improved operational efficiency during this time frame. However, towards the end of the dataset, the ratio declines to 0.29 again by the first quarter of 2025, indicating a reduction in asset utilization efficiency consistent with the decrease in sales and total assets.
- Sales of equipment and services
- Sales figures show significant variability with overall peaks and troughs, impacted heavily during 2023 and 2024. The data reveals that the company experienced its highest sales around late 2022, followed by a sharp downturn starting early 2023.
- Total assets
- Total assets progressively diminished over the period, nearly halving from the start to the end of the data series. This steady asset reduction might point to divesting activities or operational adjustments reducing capital intensity.
- Total asset turnover
- The asset turnover ratio improved for a sustained period, reflecting better efficiency in generating sales from assets. However, the ratio's decline toward the end of the period suggests challenges in maintaining asset productivity amid decreasing sales and asset base.
Equity Turnover
GE Aerospace, equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024
+ Sales of equipment and servicesQ2 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several patterns and trends over the reported periods.
- Sales of equipment and services
- The sales figures demonstrate notable volatility throughout the timeframe. Initial sales in early 2020 were relatively high, then declined significantly in the second quarter of 2020, followed by a recovery in subsequent quarters that persisted through 2021 and 2022. A marked drop is observed in the first quarter of 2023, reaching the lowest levels within the dataset, followed by a gradual increase towards the end of 2023. In 2024, sales show fluctuating performance with a decline in the first quarter, a slight rise in mid-year, and ending with a moderate figure in the first quarter of 2025. This pattern indicates a cyclical demand environment or variability possibly due to external market conditions affecting revenue generation.
- Shareholders’ equity
- Shareholders’ equity trends indicate some fluctuations but overall a downward drift from early 2020 to early 2025. Equity starts at a peak near 35,000 million USD, experiences intermittent rises and falls with a notable increase peaking around late 2021, then declines steadily throughout 2022 and 2023, reaching its lowest recorded value in early 2024. A slight recovery attempt is visible in mid-2024, but equity remains below prior peaks by the end of the period. This consistent reduction could reflect cumulative net losses, dividend payments, or other equity impacts such as stock buybacks or adjustments to reserves over time.
- Equity turnover
- The equity turnover ratio, which measures sales relative to shareholders’ equity, shows considerable variability as well. It starts around 2.05 in late 2020, fluctuating in the 1.76 to 2.34 range through 2021 and 2023, indicating inconsistent asset use efficiency or changes in sales and equity base relations. Notably, the ratio peaks significantly at 2.76 in mid-2024 but declines thereafter, suggesting a momentary increase in asset utilization or sales momentum relative to equity at that point. The downward adjustment later may denote reduced operational efficiency or shifts in financial structure.
In summary, the data reveals a pattern of fluctuating sales accompanied by a gradual decrease in shareholders’ equity over time, with the ratio of sales to equity showing periods of both strong and weakened efficiency. These dynamics may suggest challenges in maintaining consistent revenue growth while also managing equity levels, pointing to underlying operational or external market variables influencing performance.