Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
GE Aerospace, historical price multiples (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 valuation profile exhibits a pronounced upward trajectory across all measured metrics over the analyzed period, with a significant shift in valuation regimes occurring between late 2023 and early 2024. This period marks a transition from relatively conservative multiples to a more aggressive valuation, suggesting a substantial increase in market expectations or a fundamental change in the entity's capital structure.
- Price to Earnings (P/E)
- Multiples remained relatively stable between 12.72 and 16.18 from March 2023 through December 2023. A sharp spike to 52.90 occurred in March 2024, after which the ratio stabilized, fluctuating between 28.84 and 40.12 through March 2026.
- Price to Operating Profit (P/OP)
- A consistent upward trend is observed, rising from 17.08 in March 2022 to a peak of 30.56 in September 2025. This metric displays lower volatility compared to the P/E ratio, indicating a steady increase in the premium paid relative to operating earnings.
- Price to Sales (P/S)
- The revenue multiple experienced a gradual increase from 1.25 in March 2022 to 2.30 by December 2023. A rapid acceleration followed, with the ratio climbing to a peak of 8.02 in September 2025 before moderating to 6.66 by March 2026.
- Price to Book Value (P/BV)
- This ratio demonstrates the most significant expansion, growing from 2.27 in March 2022 to a peak of 17.19 in September 2025. A critical inflection point occurred in June 2024, where the ratio increased from 5.96 to 10.03, signifying a substantial increase in market value relative to the book value of equity.
Overall, the data indicates a synchronized expansion of valuation multiples that peaked in the third quarter of 2025. The simultaneous rise in P/S and P/BV ratios, particularly the dramatic increase in the book value multiple, suggests that the market began attributing significantly higher value to intangible assets or future growth prospects starting in early 2024.
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Price to Earnings (P/E)
GE Aerospace, historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to common shareholders (in millions) | 1,904) | 2,541) | 2,157) | 2,028) | 1,978) | 1,899) | 1,852) | 1,266) | 1,539) | 1,591) | 258) | (23) | 7,360) | 2,125) | (238) | (857) | (1,094) | ||||||
| Earnings per share (EPS)2 | 8.27 | 8.30 | 7.64 | 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 | ||||||
| Share price1, 3 | 286.73 | 298.86 | 306.63 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 34.66 | 36.01 | 40.12 | 35.93 | 28.84 | 33.42 | 30.60 | 40.07 | 52.90 | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 45.28 | 40.55 | 28.80 | 21.23 | 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 | ||||||
| Eaton Corp. plc | 39.99 | 35.55 | 37.36 | 35.35 | 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 | ||||||
| Honeywell International Inc. | 33.12 | 32.62 | 22.86 | 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 | ||||||
| Lockheed Martin Corp. | 25.49 | 28.55 | 26.97 | 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 | ||||||
| RTX Corp. | 34.74 | 39.61 | 35.20 | 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 | ||||||
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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income (loss) attributable to common shareholdersQ1 2026
+ Net income (loss) attributable to common shareholdersQ4 2025
+ Net income (loss) attributable to common shareholdersQ3 2025
+ Net income (loss) attributable to common shareholdersQ2 2025)
÷ No. shares of common stock outstanding
= (1,904,000,000 + 2,541,000,000 + 2,157,000,000 + 2,028,000,000)
÷ 1,043,337,235 = 8.27
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 286.73 ÷ 8.27 = 34.66
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through March 2026 is characterized by a transition from net losses to sustained profitability, accompanied by significant capital appreciation. A critical inflection point occurred in early 2023, where the shift to positive earnings coincided with a marked increase in market valuation.
- Earnings Per Share (EPS) Trends
- Negative earnings were reported throughout 2022, narrowing from -4.52 in March to -0.06 by December. Profitability was established in March 2023 with an EPS of 7.70, peaking at 8.93 in September 2023. A notable contraction occurred in March 2024, where EPS dropped to 3.07, before entering a period of steady recovery and stabilizing between 7.31 and 8.30 from June 2024 through March 2026.
- Share Price Evolution
- The share price exhibited a strong upward trajectory, rising from 80.59 in March 2022 to a peak of 306.63 in September 2025. While the price experienced minor fluctuations, the overall trend represents a substantial increase in market value, ending the period at 286.73 in March 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio remained undefined during the loss-making period of 2022. Following the return to profitability in 2023, the ratio initially remained moderate, fluctuating between 12.72 and 16.18. A significant valuation spike to 52.90 was observed in March 2024, resulting from the convergence of a rising share price and a temporary dip in EPS. For the remainder of the analyzed period, the P/E ratio stabilized at a higher valuation plateau, fluctuating between 28.84 and 40.12, indicating a higher multiple assigned to earnings compared to the 2023 baseline.
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Price to Operating Profit (P/OP)
GE Aerospace, historical P/OP 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | 2,891) | 2,858) | 2,756) | 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) | ||||||
| Operating profit per share2 | 10.79 | 10.50 | 10.03 | 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 | ||||||
| Share price1, 3 | 286.73 | 298.86 | 306.63 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 26.58 | 28.45 | 30.56 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 36.63 | 32.30 | 23.39 | 17.41 | 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 | ||||||
| Eaton Corp. plc | 30.80 | 27.89 | 29.06 | 28.37 | 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 | ||||||
| Honeywell International Inc. | 25.50 | 27.68 | 19.10 | 19.16 | 18.61 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | ||||||
| Lockheed Martin Corp. | 16.46 | 18.53 | 18.58 | 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 | ||||||
| RTX Corp. | 25.67 | 28.67 | 26.32 | 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 | ||||||
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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= (2,891,000,000 + 2,858,000,000 + 2,756,000,000 + 2,750,000,000)
÷ 1,043,337,235 = 10.79
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 286.73 ÷ 10.79 = 26.58
5 Click competitor name to see calculations.
The valuation metrics indicate a significant expansion in the Price to Operating Profit (P/OP) ratio over the observed period, driven by a substantial increase in share price that outpaced the growth of operating profits.
- Share Price Trajectory
- A consistent upward trend is observed in the share price, which rose from 80.59 US$ in March 2022 to a peak of 306.63 US$ in September 2025. Despite a slight correction in the final two quarters, the price ended at 286.73 US$ in March 2026, representing a significant increase in market valuation.
- Operating Profitability Growth
- Operating profit per share exhibited steady growth, moving from 4.72 US$ in March 2022 to 10.79 US$ by March 2026. The most pronounced period of growth occurred between March 2024 and March 2026, where profits per share grew from 5.62 US$ to 10.79 US$, indicating improved operational efficiency and earnings power.
- P/OP Ratio Dynamics
- The P/OP ratio experienced considerable volatility and expansion. After reaching a low of 13.51 in June 2022, the ratio trended upward, crossing the 20.00 threshold in early 2023 and peaking at 30.56 in September 2025. This expansion suggests that investors were willing to pay a higher premium for each unit of operating profit as the period progressed.
- Valuation Synthesis
- The divergence between the share price growth and the operating profit growth is evident in the P/OP ratio's expansion. The peak valuation in late 2025 indicates a period of maximum optimism. The subsequent decline of the ratio to 26.58 by March 2026 suggests a normalization process, where the increase in operating profit began to align more closely with the market price.
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Price to Sales (P/S)
GE Aerospace, historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 1,060,439,387 | 1,066,386,643 | 1,073,290,505 | 1,082,294,004 | 1,084,311,016 | 1,094,606,676 | 1,088,334,304 | 1,088,386,043 | 1,088,378,193 | 1,088,960,029 | 1,089,286,553 | 1,092,668,140 | 1,096,553,102 | 1,100,664,978 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Sales of equipment and services (in millions) | 11,614) | 11,866) | 11,306) | 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) | ||||||
| Sales per share2 | 43.07 | 40.35 | 38.24 | 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 | ||||||
| Share price1, 3 | 286.73 | 298.86 | 306.63 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 6.66 | 7.41 | 8.02 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 1.98 | 2.05 | 2.01 | 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 | ||||||
| Caterpillar Inc. | 6.37 | 5.63 | 4.37 | 3.36 | 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 | ||||||
| Eaton Corp. plc | 5.59 | 5.29 | 5.51 | 5.34 | 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 | ||||||
| Honeywell International Inc. | 3.61 | 4.12 | 3.52 | 3.65 | 3.55 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | ||||||
| Lockheed Martin Corp. | 1.63 | 1.91 | 1.54 | 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 | ||||||
| RTX Corp. | 2.79 | 3.01 | 2.70 | 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 | ||||||
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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025
+ Sales of equipment and servicesQ2 2025)
÷ No. shares of common stock outstanding
= (11,614,000,000 + 11,866,000,000 + 11,306,000,000 + 10,150,000,000)
÷ 1,043,337,235 = 43.07
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 286.73 ÷ 43.07 = 6.66
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a significant divergence between share price appreciation and sales per share performance, resulting in a substantial expansion of the Price-to-Sales (P/S) ratio over the observed period.
- Share Price Trajectory
- The share price exhibited a consistent and aggressive upward trend, rising from 80.59 US$ in March 2022 to a peak of 306.63 US$ in September 2025. Despite a slight correction toward the end of the period, ending at 286.73 US$ in March 2026, the overall trajectory represents a significant increase in market capitalization.
- Sales per Share Performance
- Sales per share experienced a prolonged decline, starting at 64.55 US$ in March 2022 and reaching a trough of 32.72 US$ in December 2024. This decline occurred concurrently with the rising share price. A recovery phase is observed starting in March 2025, with sales per share gradually climbing back to 43.07 US$ by March 2026.
- Price-to-Sales (P/S) Ratio Expansion
- The P/S ratio underwent an exponential increase, moving from a relatively stable range of 1.10 to 1.25 in 2022 to a peak of 8.02 in September 2025. This expansion suggests a significant shift in market valuation, where the market began attributing substantially more value to each dollar of sales. The ratio remained elevated through early 2026, though it contracted to 6.66 US$ by March 2026 as sales per share began to recover and the share price stabilized.
The data indicates a period of intense valuation rerating. The sharp increase in the P/S ratio, particularly between December 2023 (2.30) and September 2025 (8.02), suggests that investor sentiment decoupled from immediate top-line revenue per share, potentially pricing in future growth expectations or structural changes in the business model.
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Price to Book Value (P/BV)
GE Aerospace, historical P/BV 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareholders’ equity (in millions) | 18,057) | 18,677) | 18,812) | 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) | ||||||
| Book value per share (BVPS)2 | 17.31 | 17.81 | 17.83 | 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 | ||||||
| Share price1, 3 | 286.73 | 298.86 | 306.63 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 16.57 | 16.78 | 17.19 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 22.88 | 16.90 | 12.93 | 10.74 | 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 | ||||||
| Eaton Corp. plc | 8.09 | 7.48 | 7.79 | 7.46 | 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 | ||||||
| Honeywell International Inc. | 9.99 | 11.09 | 8.35 | 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 | ||||||
| Lockheed Martin Corp. | 16.31 | 21.31 | 18.33 | 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 | ||||||
| RTX Corp. | 3.80 | 4.09 | 3.60 | 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 | ||||||
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 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 18,057,000,000 ÷ 1,043,337,235 = 17.31
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 286.73 ÷ 17.31 = 16.57
5 Click competitor name to see calculations.
The valuation of the common stock demonstrates a significant and accelerating divergence between market price and book value from March 2022 through March 2026. The period is characterized by a strong upward trend in share price coupled with a simultaneous reduction in the book value per share, resulting in a substantial expansion of the Price to Book Value (P/BV) ratio.
- Share Price Trajectory
- The share price exhibited sustained growth, rising from $80.59 in March 2022 to a peak of $306.63 in September 2025. Despite a slight correction toward the end of the period, the price concluded at $286.73 in March 2026, representing a substantial increase over the analyzed timeframe.
- Book Value per Share (BVPS) Dynamics
- A consistent downward trend is observed in the book value per share, which decreased from $35.44 in March 2022 to $17.31 by March 2026. A sharp contraction occurred between March 31, 2024, and June 30, 2024, when the BVPS fell from $27.27 to $17.15. Following this decline, the BVPS remained relatively stable, fluctuating within a narrow range between $17.15 and $18.05.
- P/BV Ratio Analysis
- The P/BV ratio experienced an exponential increase, moving from 2.27 in March 2022 to a peak of 17.19 in September 2025. The most rapid expansion occurred in mid-2024, where the ratio accelerated from 5.96 in March to 10.03 in June. This trajectory indicates that the market has applied a significantly higher premium to the stock relative to its accounting book value over time.
The combined effect of escalating share prices and a diminished book value suggests a shift in valuation drivers, where the market price is increasingly decoupled from tangible net asset value and is instead driven by growth expectations or intangible value creation.
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