GE Aerospace (NYSE:GE)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits a generally upward trend from the beginning of the period through the mid-point, increasing from 4.33 to a peak of 7.23 in June 2024. This suggests improved efficiency in generating sales from net fixed assets over time. However, following this peak, the ratio declines noticeably, ending at 5.3 in September 2025. The initial rise indicates strengthening asset utilization, possibly due to operational improvements or asset base optimization, but the subsequent reduction may reflect either asset base expansion or a relative slowdown in sales growth.

Total Asset Turnover

This ratio shows modest fluctuations with a slight upward movement early in the timeline, rising from 0.29 to a peak of 0.43 by September 2023. Thereafter, the ratio decreases to around 0.29 by mid-2025. The relatively low values suggest that total asset utilization to generate revenue remains limited, and the later decline could imply that total assets increased faster than sales or that sales performance softened in relation to total assets. Overall, the ratio indicates stable but moderate efficiency without sustained improvement over the full period.

Equity Turnover

The equity turnover ratio demonstrates variable movement across the periods, initially declining from 2.1 to 1.76 in late 2021 before recovering and peaking at 2.76 in June 2024. Following this peak, the ratio falls again but remains above the lower historical values, finishing at 2.14 by September 2025. These fluctuations suggest inconsistent efficiency in using shareholder equity to generate sales, with periods of improved performance interspersed with declines. The relatively high values compared to asset turnovers indicate stronger sales generation relative to equity, but the volatility points to changing capital structures or sales cycles.

Sales of Equipment and Services

The sales figures show a dynamic pattern over the observed periods. From March 2021 to December 2022, sales generally increased, rising from $16,316 million to a peak of $21,012 million. However, a notable decline occurred afterwards, with sales dropping to $13,694 million by March 2023. Subsequently, sales partially recovered through 2023, reaching $18,516 million by December 2023. In 2024, sales decreased sharply in the first half of the year, reaching a low of $7,076 million in March, before gradually rising again to $9,879 million by December. The first three quarters of 2025 exhibited a steady increase in sales, reaching $11,306 million in September. This indicates a pattern of volatility with periods of strong growth followed by significant declines and partial recoveries.

Property, Plant and Equipment, Net

The net value of property, plant, and equipment experienced a declining trend from March 2021 ($16,296 million) through to December 2023 ($12,494 million), suggesting depreciation or asset disposals without equivalent reinvestment. A sharp decline is observed in the first half of 2024, dropping to $7,095 million in March and only slightly recovering to $7,426 million by December. The value then stabilizes and shows incremental increases through the first three quarters of 2025, reaching $7,608 million in September. This trend may reflect a period of asset divestiture or reduced capital expenditure, followed by stabilization.

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits an overall fluctuating but mostly increasing trend from March 2021 through September 2025. Starting at 4.33, the ratio rose gradually, peaking at 5.84 in March 2023, which indicates more efficient utilization of fixed assets to generate sales. After this peak, the ratio declined mildly by the end of 2023 but then showed significant volatility in 2024, including a spike to 7.23 in March 2024—likely due to the simultaneous sharp drop in fixed asset values. The ratio then decreased toward mid-2024 and stabilized around the 4.8-5.3 range in 2025. These fluctuations indicate that despite asset base variations, the company managed varying levels of operational efficiency in generating sales from its fixed assets.

Sales of equipment and services

The sales figures demonstrate a fluctuating trend over the examined periods. From March 2021 to December 2021, sales increased steadily from 16,316 million USD to 19,491 million USD. This initial growth was followed by a general decline throughout 2022 and into early 2023, reaching a low of 13,694 million USD by March 2023. Subsequently, sales rebounded moderately to 18,516 million USD by December 2023. However, a sharp drop is evident in the first quarter of 2024, with sales decreasing to 8,076 million USD. Post this decline, the data shows a gradual recovery, climbing back to 11,306 million USD by September 2025, although these levels remain below the peak recorded in late 2021.

Total assets

Total assets showed a downward trajectory from 245,164 million USD at the beginning of 2021 to a lower base around 163,045 million USD by the end of 2023. This reduction signifies a substantial contraction in asset base over three years. There is increased volatility in asset levels in 2024, with values fluctuating between approximately 123,000 and 164,000 million USD. Eventually, total assets appear to stabilize at around 125,000 to 128,000 million USD by late 2025, marking a significant decrease relative to the earlier years.

Total asset turnover

The total asset turnover ratio, which measures efficiency in generating sales from assets, reveals an improving trend initially, rising from 0.29 in early 2021 to a peak of 0.43 by March 2023. This improvement indicates enhanced asset utilization efficiency during this period despite the decline in total assets. Following March 2023, the ratio shows variability with a decline to as low as 0.29 by late 2024. By the end of 2025, a slight increase to 0.31 is observed. Overall, the pattern suggests that although there have been efficiency gains during growth phases, periods of asset reduction and sales volatility have impacted operational efficiency.

Summary

The data reflects fluctuating sales figures influenced by changing market or operational conditions, with notable peaks and troughs across the quarterly periods. Total assets contracted substantially over the analyzed timeframe, indicating potential divestiture, asset sell-offs, or revaluation. Meanwhile, asset turnover improved initially, evidencing better revenue generation from assets, but later fluctuated alongside sales and asset variations, indicating challenges in maintaining consistent operational efficiency. The overall trends point to a period marked by dynamic shifts in both asset management and sales performance, requiring ongoing attention to balance growth with asset utilization efficiency.

The sales of equipment and services exhibit a fluctuating trend over the periods analyzed. An initial increase is observed from March 2021 through December 2021, reaching a peak at $19,491 million. This is followed by a slight decline and subsequent recovery, with notable decreases in early 2023 reaching a low of $13,694 million in March 2023. However, sales begin to recover steadily afterward, showing positive growth toward the end of the data series, with values increasing above $11,000 million by late 2025. There is a temporary dip in early 2024, but the overall pattern suggests a cyclical fluctuation with recent upward momentum.

Shareholders’ equity shows a general downtrend from early 2021 onward. Starting at approximately $33,585 million, equity peaks around December 2021 at $40,310 million but then declines consistently through the subsequent years. By mid-2024, equity drops notably below $20,000 million before stabilizing around that range toward the end of the period, with minor fluctuations. This indicates a reduction in net assets or retained earnings over the timeline, suggesting possible impacts from losses, dividends, or share buybacks.

The equity turnover ratio demonstrates variability but generally remains within a range of approximately 1.7 to 2.7 across the periods. Early on, this ratio decreases slightly from 2.10 in March 2021 to 1.76 at the end of that year, indicating reduced efficiency in generating sales from equity. The ratio then rebounds to higher values around 2.3 to 2.4 during 2022 and into early 2023. A peak near 2.76 occurs in mid-2024, signaling an improved utilization of equity to generate sales during that quarter. The ratio subsequently moderates but remains above 1.8 toward the later periods, suggesting relative consistency in equity productivity despite changes in sales and equity levels.

Overall, the data reveal a company experiencing cyclical sales trends with significant variations quarter to quarter. The decline in shareholders’ equity might point to ongoing financial pressures or strategic capital management decisions. Meanwhile, the equity turnover ratio's fluctuations suggest efforts to maintain or improve operational efficiency in response to changing equity and sales figures.