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-Q (reporting date: 2026-03-31), 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 analysis of long-term activity ratios reveals a period of fluctuating asset efficiency characterized by a significant volatility peak in mid-2024, followed by a sharp contraction and a subsequent recovery phase leading into early 2026.
- Net Fixed Asset Turnover
- The ratio exhibited a steady increase from 4.73 in March 2022 to a peak of 5.84 in March 2023. A notable surge occurred in June 2024, where the ratio reached its maximum value of 7.23, indicating a period of high efficiency in generating revenue from fixed assets. However, this was followed by a sharp decline to 4.83 by December 2024. From 2025 onward, a consistent upward trajectory is observed, with the ratio recovering to 5.64 by March 2026.
- Total Asset Turnover
- Total asset utilization remained relatively stable between 0.37 and 0.43 from March 2022 through December 2023. A downward trend emerged in 2024, with the ratio reaching a minimum of 0.29 during the fourth quarter of 2024 and the first quarter of 2025. Following this trough, a gradual recovery is evident, with the ratio climbing steadily to 0.35 by March 2026, though it remains below the 2023 peak levels.
- Equity Turnover
- Equity turnover demonstrates a pattern closely aligned with net fixed asset turnover. After rising from 1.82 in March 2022 to 2.36 in December 2023, the ratio spiked to 2.76 in June 2024. A rapid correction occurred in the second half of 2024, bringing the ratio back down to 1.82 by December. A sustained recovery period followed, resulting in a climb to 2.49 by March 2026, suggesting an improving ability to generate sales from the shareholders' equity base.
Overall, the synchronized dip across all three turnover ratios in late 2024 suggests a temporary misalignment between the asset/equity base and revenue generation. The subsequent recovery trend observed throughout 2025 and into early 2026 indicates a restoration of operational efficiency and a positive trend in the utilization of long-term investments.
Net Fixed Asset Turnover
GE Aerospace, net fixed asset turnover calculation (quarterly data)
| Mar 31, 2026 | 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-Q (reporting date: 2026-03-31), 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 Q1 2026 Calculation
Net fixed asset turnover
= (Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits significant volatility over the analyzed period, characterized by a structural shift in the asset base and subsequent stabilization. While the ratio experienced a notable peak in mid-2024, the overall trajectory suggests a transition to a more lean asset structure with improving utilization efficiency through early 2026.
- Revenue Trends
- Sales of equipment and services demonstrated growth through 2022 and 2023, reaching a peak of 21.0 billion in December 2022. A significant contraction in reported quarterly sales occurred starting in March 2024, with figures dropping to approximately 8.1 billion. However, a consistent recovery trend is observed from mid-2024 through March 2026, with revenues climbing steadily to 11.6 billion.
- Fixed Asset Base Evolution
- Net property, plant, and equipment remained relatively stable between 12.1 billion and 15.0 billion from March 2022 through March 2024. A sharp decline occurred in June 2024, where the asset base dropped to 7.1 billion. Following this contraction, the asset base entered a phase of gradual expansion, reaching 7.9 billion by the end of the period.
- Net Fixed Asset Turnover Analysis
- The turnover ratio fluctuated between 4.73 and 5.84 during 2022 and 2023, indicating a relatively stable relationship between sales and fixed assets. An anomalous spike to 7.23 was recorded in June 2024, which is directly attributable to the substantial reduction in net fixed assets rather than an increase in sales. Following this event, the ratio corrected to 4.83 by December 2024 and subsequently entered a sustained upward trend, reaching 5.64 by March 2026, signifying an improvement in the efficiency of the remaining asset base.
Total Asset Turnover
GE Aerospace, total asset turnover calculation (quarterly data)
| Mar 31, 2026 | 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-Q (reporting date: 2026-03-31), 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 Q1 2026 Calculation
Total asset turnover
= (Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of total asset turnover from March 2022 to March 2026 reveals a period of significant structural transition. While the initial phase was characterized by steady efficiency gains, the subsequent period was marked by a substantial contraction in both the revenue base and the total asset footprint, leading to a temporary decline in asset utilization followed by a gradual recovery.
- Revenue Trends
- Sales of equipment and services exhibited a growth trajectory through 2022, peaking at 21,012 million USD in December. However, a sharp decline occurred in the first quarter of 2024, where revenues fell to 8,076 million USD. From this trough, a consistent upward trend is observed through 2025, with sales recovering to 11,866 million USD by December 2025, before a slight moderation to 11,614 million USD in March 2026.
- Asset Base Evolution
- The total asset base remained relatively stable between 156,662 million USD and 191,961 million USD from March 2022 through March 2024. A significant reduction in total assets occurred in June 2024, dropping to 123,190 million USD. This reduction established a new, lower asset baseline, which remained stable with minor fluctuations between 123,140 million USD and 130,169 million USD through the remainder of the analyzed period.
- Asset Turnover Performance
- The total asset turnover ratio showed an initial improving trend, rising from 0.37 in March 2022 to a peak of 0.43 in 2023. Following the structural shifts in 2024, the ratio experienced increased volatility and a subsequent decline, reaching a minimum of 0.29 in December 2024. Since that low point, a steady recovery in asset efficiency is observed, with the ratio climbing incrementally to 0.35 by March 2026.
Equity Turnover
GE Aerospace, equity turnover calculation (quarterly data)
| Mar 31, 2026 | 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-Q (reporting date: 2026-03-31), 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 Q1 2026 Calculation
Equity turnover
= (Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of long-term activity ratios reveals a period of significant structural adjustment followed by a trend of increasing operational efficiency. The timeframe from March 2022 to March 2026 is characterized by a marked contraction in both the revenue base and the equity balance, followed by a sustained recovery in turnover performance.
- Sales of Equipment and Services
- Revenue exhibited a growth trend through 2022, peaking at 21,012 million USD in December. A substantial decline in sales occurred in the first quarter of 2024, with values dropping to 8,076 million USD. Subsequent quarters show a consistent recovery trajectory, with sales rising steadily to 11,866 million USD by December 2025, before a slight moderation to 11,614 million USD in March 2026.
- Shareholders’ Equity
- The equity base underwent a general decline between March 2022 and December 2023. A sharp contraction is observed in the second quarter of 2024, where equity fell from 29,855 million USD to 18,598 million USD. Following this shift, the equity level remained relatively stable, oscillating within a narrow range between approximately 18,000 and 19,300 million USD through March 2026.
- Equity Turnover Ratio
- The equity turnover ratio reflects fluctuating efficiency in utilizing shareholder capital to generate sales. After an initial rise from 1.82 in March 2022 to 2.36 by December 2023, the ratio experienced significant volatility in 2024. A peak of 2.76 was reached in June 2024, driven by the rapid decrease in the equity base relative to sales. Despite a subsequent decline to 1.82 in December 2024, a strong upward trend is evident through March 2026, where the ratio reached 2.49, suggesting improved asset productivity and a more optimized capital structure.