Price to FCFE (P/FCFE)
Paying user area
Try for free
GE Aerospace pages available for free this week:
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to GE Aerospace for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to Equity (FCFE)
GE Aerospace, FCFE calculation
US$ in millions
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).
A significant shift in free cash flow to equity (FCFE) is observed over the five-year period. Cash from operating activities demonstrates an increasing trend, while FCFE exhibits a dramatic turnaround from substantial negative values to positive and growing figures.
- Cash from Operating Activities
- Cash from operating activities began at US$888 million in 2021, experienced substantial growth to US$5,864 million in 2022, and then moderated to US$5,570 million in 2023. Further increases are noted in 2024 (US$5,817 million) and 2025 (US$8,543 million), indicating a generally positive trajectory in core business cash generation.
- Free Cash Flow to Equity (FCFE)
- FCFE was significantly negative in 2021, registering at -US$44,369 million. A substantial improvement occurred in 2022, with FCFE becoming positive at US$1,992 million. This positive trend continued, with FCFE reaching US$660 million in 2023, US$4,113 million in 2024, and further increasing to US$7,592 million in 2025. This represents a considerable and sustained recovery in cash flow available to equity holders.
The divergence between cash from operating activities and FCFE suggests that factors beyond core operations significantly impacted FCFE in 2021. The subsequent positive trend in FCFE indicates successful implementation of strategies to improve cash allocation, potentially including debt reduction, share repurchases, or other capital management activities. The accelerating growth in both operating cash flow and FCFE towards the end of the period suggests strengthening financial health and increasing capacity for shareholder returns or reinvestment.
Price to FCFE Ratio, Current
GE Aerospace, current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Boeing Co. | |
| Caterpillar Inc. | |
| Eaton Corp. plc | |
| Honeywell International Inc. | |
| Lockheed Martin Corp. | |
| RTX Corp. | |
| P/FCFE, Sector | |
| Capital Goods | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
GE Aerospace, historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/FCFE, Sector | ||||||
| Capital Goods | ||||||
| P/FCFE, Industry | ||||||
| Industrials | ||||||
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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of GE Aerospace Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits significant fluctuation over the observed period. Initially unavailable for 2021, the ratio is calculated from 2022 onwards, revealing a complex pattern influenced by concurrent movements in share price and free cash flow to equity per share.
- P/FCFE Trend
- In 2022, the P/FCFE ratio stood at 44.45. A substantial increase is then observed in 2023, reaching 225.15. This surge is primarily attributable to a considerable increase in share price coupled with a relatively small positive FCFE per share. Subsequently, the ratio declines markedly to 53.26 in 2024, coinciding with continued share price appreciation but a more substantial rise in FCFE per share. The ratio experiences a further decrease in 2025, settling at 41.29, driven by continued growth in both share price and FCFE per share.
- Share Price
- The share price demonstrates a consistent upward trajectory throughout the period. Beginning at 96.83 in 2021, it decreases to 81.29 in 2022 before experiencing substantial growth, reaching 136.54 in 2023, 204.11 in 2024, and culminating at 298.86 in 2025. This consistent appreciation contributes significantly to the observed P/FCFE dynamics.
- FCFE per Share
- FCFE per share transitions from a negative value of -40.36 in 2021 to a positive 1.83 in 2022. It then exhibits modest growth, reaching 0.61 in 2023, before accelerating to 3.83 in 2024 and 7.24 in 2025. The increasing positive FCFE per share, particularly in the later years, exerts a moderating influence on the P/FCFE ratio after the initial surge in 2023.
The interplay between share price and FCFE per share dictates the P/FCFE ratio’s movement. The initial high ratio in 2023 reflects a disproportionate increase in share price relative to FCFE. The subsequent declines in 2024 and 2025 suggest that the market is assigning a lower valuation per unit of FCFE as the company generates increasing free cash flow.