Stock Analysis on Net

GE Aerospace (NYSE:GE)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

GE Aerospace, historical price multiples (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Price to earnings (P/E) 35.93 28.84 33.42 30.60 40.07 52.90 16.18 12.72 13.82 12.78 19.67
Price to operating profit (P/OP) 28.71 21.98 26.78 25.88 26.34 28.91 27.11 22.82 26.69 20.39 19.88 15.70 13.51 17.08 17.46 20.90 23.40 35.58 25.64
Price to sales (P/S) 7.34 5.60 6.24 4.37 3.63 3.02 2.30 1.84 1.85 1.51 1.20 1.11 1.10 1.25 1.50 1.64 1.60 1.68 1.41
Price to book value (P/BV) 14.57 10.48 11.33 10.13 10.03 5.96 5.43 4.31 4.09 3.39 2.43 2.53 2.26 2.27 2.64 3.15 3.43 3.53 2.89 1.95 1.71 1.63

Based on: 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), 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).


The data reveals several notable trends and variations in the valuation multiples over the examined periods.

Price to Earnings (P/E) Ratio
The P/E ratio, available from late 2020 onward, shows moderate fluctuation initially, with values ranging between approximately 12.7 and 16.2 through 2021 and early 2023. Starting in the first quarter of 2024, the ratio exhibits a sharp and sustained increase, peaking near 52.9 before gradually declining to around 28.8 by mid-2025. This pattern suggests increased market optimism or stock price appreciation relative to earnings during early 2024, followed by some normalization. The relatively high P/E ratios in this later period may indicate expectations of future earnings growth or possibly reduced earnings figures influencing the valuation.
Price to Operating Profit (P/OP) Ratio
The P/OP ratio displays more variability throughout the entire period. Initial values in 2020 and early 2021 show elevated multiples exceeding 20, with notable peaks above 35 in mid-2020. There is a general downward trend through late 2021 and early 2022, reaching lows around 13.5. Subsequently, the ratio climbs back to values mostly ranging from the high teens to upper twenties in 2023 and 2024, reflecting fluctuating investor sentiment relative to operating profit levels. The volatility indicates changing perceptions of profitability and operational efficiency over time.
Price to Sales (P/S) Ratio
This ratio presents a marked increasing trend over the reported timeframe. Starting near 1.4 in late 2020, the ratio remains relatively steady through 2021 but begins a pronounced rise starting in 2022. By early 2025, the P/S ratio exceeds 7, indicating that the market price is significantly higher relative to sales compared to earlier periods. This increase could reflect expectations of strong revenue growth, improved profit margins, or a reassessment of sales quality by investors.
Price to Book Value (P/BV) Ratio
The P/BV ratio consistently rises from 1.63 in early 2020 to levels surpassing 14 by early 2025. The increase is steady with gradual acceleration especially noticeable post-2022. Such growth in the P/BV ratio often suggests rising investor confidence in the company’s net asset value or intangible assets not fully captured on the balance sheet. The sharp ascent late in the dataset correlates with trends observed in other valuation multiples, reinforcing a period of heightened market valuation.

In summary, the valuation multiples indicate an overall increase in market valuations relative to earnings, operating profit, sales, and book value over the years analyzed. Early pandemic periods reflect some volatility and elevated operating profit multiples, while more recent periods show escalating P/S and P/B ratios, implying strong market optimism or reassessment of growth potential. The particularly high P/E and P/B ratios post-2023 suggest that investors may be pricing in substantial future growth or strategic repositioning, though the elevated figures also introduce considerations regarding potential overvaluation risks.


Price to Earnings (P/E)

GE Aerospace, historical P/E calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,060,439,387 1,066,386,643 1,073,290,505 1,082,294,004 1,084,311,016 1,094,606,676 1,088,334,304 1,088,386,043 1,088,378,193 1,088,960,029 1,089,286,553 1,092,668,140 1,096,553,102 1,100,664,978 1,099,321,882 1,098,137,128 1,097,662,881 1,097,330,125 1,095,992,750 1,094,984,125 1,094,161,125 1,093,386,500
Selected Financial Data (US$)
Net income (loss) attributable to common shareholders (in millions) 2,028 1,978 1,899 1,852 1,266 1,539 1,591 258 (23) 7,360 2,125 (238) (857) (1,094) (3,900) 1,205 (1,188) (2,874) 2,443 (1,190) (2,179) 6,156
Earnings per share (EPS)2 7.31 6.56 6.11 5.77 4.29 3.07 8.44 8.93 8.47 7.70 -0.06 -5.57 -4.24 -4.52 -6.15 -0.38 -2.56 -3.46 4.77 0.00 0.00 0.00
Share price1, 3 262.86 189.18 204.11 176.66 172.00 162.62 136.54 113.62 117.16 98.44 81.29 73.00 71.51 80.59 96.83 107.44 104.64 107.92 93.84 59.36 52.72 52.64
Valuation Ratio
P/E ratio4 35.93 28.84 33.42 30.60 40.07 52.90 16.18 12.72 13.82 12.78 19.67
Benchmarks
P/E Ratio, Competitors5
Boeing Co.
Caterpillar Inc. 15.18 15.65 18.85 14.35 14.40 15.55 12.95 17.55 15.65 19.15 15.15 14.29 18.28 16.82 21.38 25.50 37.92 36.80
Eaton Corp. plc 29.79 30.00 34.78 32.49 37.41 35.88 27.72 32.23 26.89 27.93 26.32 25.21 26.37 27.77 33.08 34.43 40.32 37.46
Honeywell International Inc. 24.93 23.88 23.10 23.93 22.74 21.95 22.73 21.44 23.92 25.30 26.97 24.58 25.26 25.10 23.14 27.35 31.83 33.71 29.63
Lockheed Martin Corp. 22.81 19.67 20.18 20.49 17.74 16.29 15.35 15.71 16.11 22.32 20.48 19.28 22.00 19.45 16.70 15.11 14.27 15.48 13.44
RTX Corp. 32.49 33.04 36.25 35.41 66.73 38.75 38.31 35.32 22.79 26.67 27.59 29.12 29.83 35.16 36.79 40.28 60.91

Based on: 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), 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 Data adjusted for splits and stock dividends.

2 Q2 2025 Calculation
EPS = (Net income (loss) attributable to common shareholdersQ2 2025 + Net income (loss) attributable to common shareholdersQ1 2025 + Net income (loss) attributable to common shareholdersQ4 2024 + Net income (loss) attributable to common shareholdersQ3 2024) ÷ No. shares of common stock outstanding
= (2,028,000,000 + 1,978,000,000 + 1,899,000,000 + 1,852,000,000) ÷ 1,060,439,387 = 7.31

3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.

4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= 262.86 ÷ 7.31 = 35.93

5 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several noteworthy trends in share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the observed periods.

Share Price
The share price demonstrated an overall upward trajectory from March 2020 to June 2025, with notable fluctuations. Initially, the price increased sharply from approximately $52.64 in March 2020 to a peak near $107.92 by March 2021. This was followed by a decline, descending to about $71.51 by June 2022. Subsequently, a recovery trend is evident, with the share price rising steadily to reach a new high of approximately $262.86 by June 2025. This pattern suggests periods of market volatility but an overall strong growth trend in share valuation toward the later stages.
Earnings Per Share (EPS)
EPS data is absent for the earliest quarters and begins to appear in March 2021. Initially, EPS was negative, indicating losses, with values such as -3.46 and -6.15 occurring through December 2021. From March 2023 onwards, EPS shows a significant turnaround, shifting to positive figures with a peak around 8.93 in December 2023. Although some fluctuations occur post-peak, the EPS generally remains positive and shows moderate growth, ending at about 7.31 in June 2025. The movement from negative to positive EPS over time suggests improving profitability and operational performance.
Price-to-Earnings (P/E) Ratio
The P/E ratio data is incomplete but reveals meaningful developments where available. It starts at 19.67 in March 2021 when EPS data becomes available, representing moderate market valuation relative to earnings. In subsequent periods, the P/E ratio fluctuates and generally declines to lows around 12.72 to 13.82 during late 2023, indicating either an increase in earnings or adjustment in share price relative to earnings. Notably, a sharp increase in the P/E ratio to over 50 occurs in March 2024, followed by a gradual decrease to approximately 35.93 by June 2025. This indicates a period of elevated market expectations or share price appreciation outpacing earnings growth, followed by a slight correction.

In summary, the data reflects a company experiencing initial earnings challenges that gradually improve, resulting in positive earnings and share price growth. The fluctuations in the P/E ratio suggest varying investor sentiment and market valuation adjustments in response to changing earnings performance and external market factors.


Price to Operating Profit (P/OP)

GE Aerospace, historical P/OP calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,060,439,387 1,066,386,643 1,073,290,505 1,082,294,004 1,084,311,016 1,094,606,676 1,088,334,304 1,088,386,043 1,088,378,193 1,088,960,029 1,089,286,553 1,092,668,140 1,096,553,102 1,100,664,978 1,099,321,882 1,098,137,128 1,097,662,881 1,097,330,125 1,095,992,750 1,094,984,125 1,094,161,125 1,093,386,500
Selected Financial Data (US$)
Operating income (loss) (in millions) 2,750 2,653 2,424 1,881 2,220 1,654 1,633 1,573 1,297 979 1,569 932 1,778 175 2,197 1,653 1,168 1,078 1,747 915 (412) 1,762
Operating profit per share2 9.15 8.61 7.62 6.83 6.53 5.62 5.04 4.98 4.39 4.83 4.09 4.65 5.29 4.72 5.55 5.14 4.47 3.03 3.66 0.00 0.00 0.00
Share price1, 3 262.86 189.18 204.11 176.66 172.00 162.62 136.54 113.62 117.16 98.44 81.29 73.00 71.51 80.59 96.83 107.44 104.64 107.92 93.84 59.36 52.72 52.64
Valuation Ratio
P/OP ratio4 28.71 21.98 26.78 25.88 26.34 28.91 27.11 22.82 26.69 20.39 19.88 15.70 13.51 17.08 17.46 20.90 23.40 35.58 25.64
Benchmarks
P/OP Ratio, Competitors5
Boeing Co.
Caterpillar Inc. 12.44 12.92 15.15 11.63 11.78 12.40 10.25 13.99 12.67 16.25 14.25 13.65 17.16 15.87 16.57 18.76 26.25 24.23
Eaton Corp. plc 24.29 24.57 29.21 27.36 31.13 29.72 22.55 25.61 21.74 22.78 21.52 18.06 18.52 19.33 22.62 27.06 30.03 25.83
Honeywell International Inc. 18.54 18.00 17.71 18.68 17.90 17.33 18.15 15.87 18.29 19.31 20.84 21.54 21.51 22.09 20.68 23.54 25.98 28.28 24.86
Lockheed Martin Corp. 16.10 14.72 15.35 15.88 14.04 12.99 12.49 12.87 13.18 15.02 14.06 13.30 11.97 13.61 11.56 10.22 11.57 12.37 10.63
RTX Corp. 24.00 22.67 26.47 26.63 52.96 35.67 34.37 35.06 20.81 24.68 26.48 24.82 26.15 29.36 28.68 35.30 46.33

Based on: 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), 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 Data adjusted for splits and stock dividends.

2 Q2 2025 Calculation
Operating profit per share = (Operating income (loss)Q2 2025 + Operating income (loss)Q1 2025 + Operating income (loss)Q4 2024 + Operating income (loss)Q3 2024) ÷ No. shares of common stock outstanding
= (2,750,000,000 + 2,653,000,000 + 2,424,000,000 + 1,881,000,000) ÷ 1,060,439,387 = 9.15

3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.

4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 262.86 ÷ 9.15 = 28.71

5 Click competitor name to see calculations.


The share price displays notable fluctuations over the observed periods, beginning at $52.64 in March 2020 and reaching $262.86 by June 2025. Initially, the price remains relatively stable around $52-$60 through the first two quarters of 2020. This is followed by a steep increase towards the end of 2020, peaking near $93.84 in December 2020. The price continues to climb, reaching over $107 by the first quarter of 2021 before experiencing a decline and some volatility mid-2022 to early 2023, moving between $71.51 and $98.44. From mid-2023 onwards, a strong upward trend is evident with the share price surpassing $200 in early 2025, despite some short-term declines such as from $204.11 in December 2024 to $189.18 in March 2025.

The operating profit per share (OP) data, available from March 2021 onwards, shows a general upward trajectory with fluctuations around this positive trend. Starting at $3.66 in March 2021, the operating profit per share dips slightly in June 2021 to $3.03 but recovers significantly by September 2021 to $4.47, further rising to $5.55 in March 2022. Subsequent quarters reveal some volatility with values oscillating between roughly $4.0 and $5.3 for the remainder of 2022 and early 2023. From mid-2023 onward, operating profit per share exhibits consistent growth, reaching a high of $9.15 by June 2025. This growth suggests improving profitability per share over time, particularly pronounced in the last year of the series.

The price-to-operating-profit (P/OP) ratio, which indicates the market valuation relative to operating profit, starts at 25.64 in March 2021. It shows considerable variation across the timeline, reflecting changes in investor sentiment or expectations relative to operating profitability. Initially, the ratio increases sharply to 35.58 in June 2021, suggesting the share price outpaced operating profit growth. This is followed by a downward trend to approximately 13.51 in September 2022, indicating a period where operating profit rose faster than share price or the market valuation became more conservative. Thereafter, the ratio fluctuates between roughly 20 and 29 through the end of 2024, suggesting alternating periods of varying market valuation intensity. By June 2025, the P/OP ratio sits around 28.71, slightly lower than some earlier peaks but indicating a relatively high valuation compared to operating profit.

Overall, the data evidences a strong long-term growth trend in share price accompanied by growing operating profits per share. The inverse relationship at times between P/OP and these variables indicates phases where operating profit growth either lags or leads market valuation changes. The recent increased operating profit per share combined with a strong share price suggests positive underlying financial performance, although market valuation remains somewhat elevated relative to operating profit based on the later P/OP ratios.


Price to Sales (P/S)

GE Aerospace, historical P/S calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,060,439,387 1,066,386,643 1,073,290,505 1,082,294,004 1,084,311,016 1,094,606,676 1,088,334,304 1,088,386,043 1,088,378,193 1,088,960,029 1,089,286,553 1,092,668,140 1,096,553,102 1,100,664,978 1,099,321,882 1,098,137,128 1,097,662,881 1,097,330,125 1,095,992,750 1,094,984,125 1,094,161,125 1,093,386,500
Selected Financial Data (US$)
Sales of equipment and services (in millions) 10,150 9,000 9,879 8,943 8,223 8,076 18,516 16,504 15,851 13,694 21,012 18,438 17,880 16,272 19,491 17,813 17,470 16,316 20,272 17,876 16,060 18,814
Sales per share2 35.81 33.80 32.72 40.43 47.33 53.85 59.32 61.62 63.39 65.22 67.57 65.97 65.16 64.55 64.67 65.45 65.53 64.27 66.63 0.00 0.00 0.00
Share price1, 3 262.86 189.18 204.11 176.66 172.00 162.62 136.54 113.62 117.16 98.44 81.29 73.00 71.51 80.59 96.83 107.44 104.64 107.92 93.84 59.36 52.72 52.64
Valuation Ratio
P/S ratio4 7.34 5.60 6.24 4.37 3.63 3.02 2.30 1.84 1.85 1.51 1.20 1.11 1.10 1.25 1.50 1.64 1.60 1.68 1.41
Benchmarks
P/S Ratio, Competitors5
Boeing Co. 2.27 1.87 1.98 1.32 1.60 1.32 1.66 1.42 1.91 1.73 1.90 1.30 1.53 1.50 1.87 1.93 2.20 2.44 1.96
Caterpillar Inc. 2.52 2.75 3.23 2.51 2.54 2.52 1.86 2.37 1.89 2.27 2.08 1.88 2.38 2.26 2.41 2.59 3.23 2.83
Eaton Corp. plc 4.63 4.58 5.33 4.91 5.38 4.98 3.67 3.96 3.23 3.31 2.99 2.95 2.96 3.03 3.51 3.39 3.25 2.96
Honeywell International Inc. 3.56 3.47 3.42 3.59 3.52 3.41 3.51 3.19 3.61 3.68 3.78 3.78 3.72 3.84 3.73 4.32 4.66 4.78 4.34
Lockheed Martin Corp. 1.33 1.51 1.52 1.92 1.68 1.59 1.57 1.62 1.69 1.92 1.78 1.75 1.61 1.84 1.57 1.38 1.53 1.63 1.40
RTX Corp. 2.39 1.86 2.14 2.11 2.08 1.90 1.78 1.68 1.80 2.15 2.14 1.97 2.04 2.27 2.21 2.09 2.14 2.07 1.95

Based on: 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), 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 Data adjusted for splits and stock dividends.

2 Q2 2025 Calculation
Sales per share = (Sales of equipment and servicesQ2 2025 + Sales of equipment and servicesQ1 2025 + Sales of equipment and servicesQ4 2024 + Sales of equipment and servicesQ3 2024) ÷ No. shares of common stock outstanding
= (10,150,000,000 + 9,000,000,000 + 9,879,000,000 + 8,943,000,000) ÷ 1,060,439,387 = 35.81

3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.

4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 262.86 ÷ 35.81 = 7.34

5 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several notable trends in the company's stock price, sales per share, and price-to-sales (P/S) ratio over the observed periods.

Share Price
The share price exhibits a general upward trajectory with some fluctuations. Starting from a value near $52.64 in early 2020, the price increased significantly towards the end of 2020, peaking around $107-$108 in mid to late 2021. This was followed by a decrease during 2022, reaching lows around $71.51-$73.00 in mid-2022. Subsequently, the share price saw a strong recovery and substantial growth, reaching progressive highs with an accelerating pace, climaxing at approximately $262.86 by mid-2025. The increases in 2023 through 2025 are marked by a sharper upward slope compared to earlier years, indicating enhanced investor confidence or improved market conditions impacting valuation.
Sales per Share
The sales per share show a declining trend over the same timeframe. Starting from roughly $66.63 in early 2021, sales per share remained relatively stable during 2021 and part of 2022, fluctuating slightly between approximately $63 and $67. Afterward, there is a consistent and gradual decrease through late 2022 into 2025, with values dropping from $61.62 in late 2022 to nearly half that value, around $32.72-$35.81 by mid-2025. This diminution in sales per share suggests a reduction in revenue generated on a per-share basis, which may point to underlying challenges in sales growth or shifts in the company’s operational scale during this period.
Price-to-Sales (P/S) Ratio
The P/S ratio starts from about 1.41 in early 2021, increasing to approximately 1.6-1.68 through 2021 before declining to near 1.1 by late 2022. Following this period, the ratio rises sharply, indicating a growing divergence between the share price and sales per share. By mid-2023, the P/S ratio climbs above 1.5 and accelerates dramatically into 2024 and 2025, peaking beyond 7.0 in mid-2025. Such a surge suggests that despite the falling sales per share, the stock price has continued to appreciate, leading to a substantially higher valuation multiple. This may reflect market optimism about future growth prospects, improved profitability, or other strategic factors that investors find compelling despite the decline in per-share sales.

In summary, the data display a scenario where the stock price has risen notably, particularly in recent years, while sales per share have declined consistently. The increasing P/S ratio underscores a decoupling between market valuation and sales performance, underscoring a significant change in investor perception or expectations. This divergence merits further evaluation to understand the drivers behind the sustained rise in valuation amid weakening sales metrics.


Price to Book Value (P/BV)

GE Aerospace, historical P/BV calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
No. shares of common stock outstanding1 1,060,439,387 1,066,386,643 1,073,290,505 1,082,294,004 1,084,311,016 1,094,606,676 1,088,334,304 1,088,386,043 1,088,378,193 1,088,960,029 1,089,286,553 1,092,668,140 1,096,553,102 1,100,664,978 1,099,321,882 1,098,137,128 1,097,662,881 1,097,330,125 1,095,992,750 1,094,984,125 1,094,161,125 1,093,386,500
Selected Financial Data (US$)
Shareholders’ equity (in millions) 19,135 19,251 19,342 18,874 18,598 29,855 27,378 28,665 31,194 31,652 36,366 31,475 34,649 39,005 40,310 37,477 33,487 33,585 35,552 33,269 33,674 35,284
Book value per share (BVPS)2 18.04 18.05 18.02 17.44 17.15 27.27 25.16 26.34 28.66 29.07 33.39 28.81 31.60 35.44 36.67 34.13 30.51 30.61 32.44 30.38 30.78 32.27
Share price1, 3 262.86 189.18 204.11 176.66 172.00 162.62 136.54 113.62 117.16 98.44 81.29 73.00 71.51 80.59 96.83 107.44 104.64 107.92 93.84 59.36 52.72 52.64
Valuation Ratio
P/BV ratio4 14.57 10.48 11.33 10.13 10.03 5.96 5.43 4.31 4.09 3.39 2.43 2.53 2.26 2.27 2.64 3.15 3.43 3.53 2.89 1.95 1.71 1.63
Benchmarks
P/BV Ratio, Competitors5
Boeing Co.
Caterpillar Inc. 8.35 8.66 10.38 9.22 9.18 8.25 5.76 8.05 6.13 8.09 7.16 6.14 6.96 6.62 6.61 6.65 7.86 7.20 5.64 5.32 4.11
Eaton Corp. plc 6.34 6.16 6.85 6.17 6.60 6.07 4.52 4.87 3.96 4.04 3.75 3.56 3.52 3.63 4.28 4.21 3.84 3.54 3.06 2.73 2.34
Honeywell International Inc. 8.86 7.78 7.08 7.81 7.76 7.64 8.11 6.74 7.54 7.81 8.02 7.46 7.31 7.17 6.91 8.39 8.83 8.67 8.07 6.40 5.78 5.46
Lockheed Martin Corp. 17.98 16.20 17.00 19.00 19.35 16.60 15.54 11.80 12.31 13.16 12.67 9.46 9.05 12.08 9.62 9.50 15.63 17.05 15.27 20.84 27.96 30.96
RTX Corp. 3.20 2.47 2.88 2.73 2.56 2.23 2.05 1.62 1.75 2.03 1.97 1.85 1.89 2.04 1.95 1.87 1.87 1.75 1.53 1.26 1.35 1.25

Based on: 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), 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 Data adjusted for splits and stock dividends.

2 Q2 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 19,135,000,000 ÷ 1,060,439,387 = 18.04

3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.

4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 262.86 ÷ 18.04 = 14.57

5 Click competitor name to see calculations.


The share price of the company exhibits a generally upward trend over the analyzed periods, with notable volatility. Starting at $52.64 on March 31, 2020, it rises significantly to a peak of $107.92 by March 31, 2021. Following this peak, the price experiences a decline and fluctuations, dropping below $75 by mid-2022. However, from that point onward, the share price rebounds strongly, reaching a substantial high of $262.86 by June 30, 2025. This long-term growth is punctuated by periods of both rapid increases and moderate declines, indicating market sensitivity and possible external or internal influences affecting investor confidence.

Book value per share (BVPS) shows a different pattern, with fluctuations that do not mirror the share price trend closely. Starting at $32.27 in March 2020, the BVPS decreases over the next four years, reaching its lowest values between 17.15 and 18.05 from mid-2024 to mid-2025. This decline suggests a reduction in the company's net asset value per share over time. The downward movement and occasional rebounds in BVPS imply potential issues with asset valuation, earnings retention, or increased liabilities impacting the equity base.

The price-to-book value ratio (P/BV) reveals significant changes that reflect the relationship between market valuation and the company's book value. Initially, the ratio rises from 1.63 in March 2020 to 3.53 by March 2021, coinciding with the share price increase and relatively stable BVPS. After a decline to around 2.26 in mid-2022, the P/BV ratio initiates a sharp ascent to 14.57 by June 2025. This marked increase is driven primarily by the surge in share price coupled with the continuous decline or stagnation in book value per share. A high P/BV ratio indicates that the market is pricing the company significantly above its book value, which may be due to expectations of future growth, profitability improvements, or intangible assets not captured on the balance sheet.

Overall, the data points to a scenario where the company's stock market value has grown considerably over the five-year period, despite a weakening or stagnant underlying book value. This situation suggests that investor optimism and market sentiment play a significant role in valuation, possibly due to anticipated performance enhancements or sector dynamics. The divergence between market value and book value warrants careful evaluation of the company’s fundamentals, risk profile, and the factors driving investor expectations.