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: 2026-06-30), 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 multiples for GE Aerospace demonstrate a consistent and significant expansion across all measured ratios from early 2022 through mid-2026, suggesting a substantial increase in market premium and investor expectations over the analyzed period.
- Price to Earnings (P/E) Ratio
- A sharp escalation in the P/E ratio is observed beginning in March 2024, where the ratio climbed to 52.90 from a previous range of 12.72 to 16.18. While the ratio moderated following this peak, it established a new higher baseline, fluctuating between 28.84 and 40.12 through June 2026, reflecting a significant re-rating of earnings potential.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a steady upward trajectory, moving from a low of 13.51 in June 2022 to a peak of 31.04 by June 2026. The growth was more gradual than that of the P/E ratio, although it mirrors the general trend of increasing valuation relative to core operational profitability.
- Price to Sales (P/S) Ratio
- A pronounced and consistent increase is evident in the P/S ratio, which rose from 1.25 in March 2022 to 7.56 by June 2026. The most aggressive growth phase occurred between March 2024 and December 2024, during which the ratio more than doubled from 3.02 to 6.24, indicating a heightened market valuation of the company's revenue streams.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited the most dramatic expansion of all valuation metrics. Starting at 2.27 in March 2022, the ratio accelerated sharply in 2024 to reach double digits, eventually peaking at 20.34 in June 2026. This trend indicates a substantial increase in the market's valuation of the company's intangible assets or future growth prospects relative to its historical cost basis.
Overall, the convergence of these trends points to a fundamental shift in market sentiment, characterized by a willingness to pay significantly higher premiums across earnings, sales, book value, and operating profit throughout the 2024-2026 window.
AI Ask an analyst for more
Price to Earnings (P/E)
GE Aerospace, historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,037,562,513 | 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) | 2,370) | 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 | 8.65 | 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 | 345.73 | 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 | 39.98 | 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. | 83.79 | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 36.92 | 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 | 42.13 | 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. | 9.50 | 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. | 20.87 | 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. | 36.43 | 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: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to common shareholdersQ2 2026
+ Net income (loss) attributable to common shareholdersQ1 2026
+ Net income (loss) attributable to common shareholdersQ4 2025
+ Net income (loss) attributable to common shareholdersQ3 2025)
÷ No. shares of common stock outstanding
= (2,370,000,000 + 1,904,000,000 + 2,541,000,000 + 2,157,000,000)
÷ 1,037,562,513 = 8.65
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 345.73 ÷ 8.65 = 39.98
5 Click competitor name to see calculations.
The valuation metrics reflect a significant transition from a period of negative earnings to a sustained growth phase characterized by substantial share price appreciation and expanding valuation multiples.
- Share Price Evolution
- A consistent upward trajectory is observed in the share price, rising from 80.59 US$ in March 2022 to 345.73 US$ by June 2026. The growth accelerated notably starting in 2024, with the price crossing the 200 US$ threshold by December 2024 and peaking toward the end of the observed period.
- Earnings per Share (EPS) Performance
- Earnings transitioned from negative values between March 2022 and December 2022 to positive territory in early 2023. After reaching an initial peak of 8.93 US$ in September 2023, a sharp contraction occurred in March 2024, where EPS fell to 3.07 US$. Subsequently, a recovery trend emerged, with earnings steadily climbing to 8.65 US$ by June 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio was not applicable during the initial loss-making period. Upon the return to profitability in March 2023, the ratio initially remained modest, fluctuating between 12.72 and 16.18 through December 2023. A significant valuation spike occurred in March 2024, reaching a peak of 52.90, which coincided with the aforementioned dip in EPS while share prices continued to rise.
- Valuation Stabilization
- Following the March 2024 peak, the P/E ratio experienced a correction and entered a period of relative stabilization. From June 2024 through June 2026, the ratio generally fluctuated between 28.84 and 40.12. This indicates that the market has priced in a higher growth premium compared to the 2023 levels, while aligning the valuation more closely with the recovering earnings trend.
AI Ask an analyst for more
Price to Operating Profit (P/OP)
GE Aerospace, historical P/OP calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,037,562,513 | 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) | 3,050) | 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 | 11.14 | 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 | 345.73 | 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 | 31.04 | 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. | 38.07 | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 30.58 | 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 | 30.34 | 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. | 14.95 | 25.50 | 27.68 | 19.84 | 19.89 | 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. | 14.34 | 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. | 26.89 | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (3,050,000,000 + 2,891,000,000 + 2,858,000,000 + 2,756,000,000)
÷ 1,037,562,513 = 11.14
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 345.73 ÷ 11.14 = 31.04
5 Click competitor name to see calculations.
An overall upward trajectory is evident in both share price and operating profit per share from March 2022 through June 2026. While operating profit per share demonstrated consistent growth, the share price experienced a more aggressive acceleration, resulting in a progressive expansion of the Price to Operating Profit (P/OP) multiple over the analyzed period.
- Initial Valuation Phase (2022)
- During 2022, the P/OP ratio exhibited significant volatility at a relatively lower baseline. The ratio reached a period low of 13.51 in June 2022 before trending upward to 19.88 by December 2022, coinciding with a gradual recovery in share price.
- Multiple Expansion (2023–2024)
- A structural shift in valuation is observed beginning in March 2023, as the P/OP ratio moved consistently above the 20.00 threshold. The ratio peaked at 28.91 in March 2024, indicating that the market began assigning a higher premium to the company's operating earnings.
- High-Plateau Stabilization (2025–2026)
- In the final phase, the P/OP ratio remained elevated, fluctuating between a low of 21.98 in December 2024 and a peak of 31.04 in June 2026. The sustained increase in the multiple, despite the steady growth in operating profit per share, suggests an increase in investor confidence or higher growth expectations embedded in the share price.
- Correlation Between Profit and Price
- Operating profit per share grew from 4.72 in March 2022 to 11.14 in June 2026. However, the share price grew at a faster rate, increasing from 80.59 to 345.73. This divergence is the primary driver behind the expansion of the P/OP ratio from an average of approximately 16.00 in 2022 to over 30.00 by mid-2026.
AI Ask an analyst for more
Price to Sales (P/S)
GE Aerospace, historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,037,562,513 | 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) | 12,633) | 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 | 45.70 | 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 | 345.73 | 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 | 7.56 | 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. | 1.86 | 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. | 5.64 | 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 | 5.37 | 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. | 2.05 | 3.61 | 4.12 | 3.62 | 3.74 | 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. | 1.70 | 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. | 3.01 | 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: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025
+ Sales of equipment and servicesQ3 2025)
÷ No. shares of common stock outstanding
= (12,633,000,000 + 11,614,000,000 + 11,866,000,000 + 11,306,000,000)
÷ 1,037,562,513 = 45.70
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 345.73 ÷ 45.70 = 7.56
5 Click competitor name to see calculations.
The valuation of GE Aerospace demonstrates a significant expansion in the Price-to-Sales (P/S) ratio from March 2022 through June 2026. This period is characterized by a strong divergence between the share price, which trended aggressively upward, and the sales per share, which experienced a notable contraction before a partial recovery. The resulting P/S ratio reflects a substantial increase in the market premium applied to the company's revenue.
- Share Price Trajectory
- The share price exhibited a consistent and accelerating upward trend, rising from 80.59 USD in March 2022 to a peak of 345.73 USD by June 2026. Significant gains were observed particularly between December 2023 and June 2025, where the price more than doubled.
- Sales per Share Performance
- Sales per share remained relatively stable throughout 2022, peaking at 67.57 USD in December 2022. A period of steady decline followed, with values falling to a low of 32.72 USD by December 2024. From March 2025 onward, a recovery trend emerged, with sales per share increasing to 45.70 USD by June 2026.
- Price-to-Sales (P/S) Ratio Expansion
- The P/S ratio underwent a dramatic increase, moving from a baseline range of 1.10 to 1.25 in 2022 to a high of 8.02 in June 2025. The most rapid escalation occurred between March 2024 (3.02) and December 2024 (6.24), a period that coincided with the lowest recorded sales per share.
- Valuation Analysis and Divergence
- A decoupling of share price from revenue performance is evident. While the P/S ratio was closely tied to fundamental sales metrics in 2022, the subsequent years show a valuation driven by factors other than current sales per share. The expansion of the multiple during the 2024 sales decline suggests an increase in investor confidence or the pricing in of future growth expectations despite the temporary contraction in revenue per share.
AI Ask an analyst for more
Price to Book Value (P/BV)
GE Aerospace, historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,037,562,513 | 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) | 17,640) | 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 | 17.00 | 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 | 345.73 | 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 | 20.34 | 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. | 28.71 | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 20.65 | 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 | 7.96 | 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. | 4.21 | 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. | 14.97 | 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. | 4.25 | 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: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 17,640,000,000 ÷ 1,037,562,513 = 17.00
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 345.73 ÷ 17.00 = 20.34
5 Click competitor name to see calculations.
A significant and accelerating expansion in the Price to Book Value (P/BV) ratio is observed over the analyzed period, driven by a widening divergence between the market price of the shares and the underlying book value per share. While the share price demonstrates a strong upward trajectory, the book value per share has experienced a notable decline and subsequent stagnation, resulting in a valuation multiple that has increased nearly tenfold.
- Share Price Performance
- The share price exhibits a consistent long-term bullish trend, rising from 80.59 US$ in March 2022 to 345.73 US$ by June 2026. Growth was moderate through 2022, began to accelerate in 2023, and entered a phase of rapid appreciation from March 2024 onward, characterized by substantial quarterly gains.
- Book Value Per Share (BVPS) Trends
- The BVPS initially fluctuated between 25.16 US$ and 35.44 US$ from March 2022 through March 2024. A sharp structural decline occurred between March 2024 and June 2024, where the value dropped from 27.27 US$ to 17.15 US$. Following this contraction, the BVPS remained relatively flat, hovering between 17.00 US$ and 18.05 US$ through June 2026.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio transitioned through three distinct phases. From March 2022 to December 2022, the ratio remained stable between 2.26 and 2.53. A growth phase followed throughout 2023, with the ratio increasing from 3.39 to 5.43. The final phase, beginning in June 2024, saw a dramatic escalation from 10.03 to a peak of 20.34 in June 2026. This exponential increase is a direct result of the market valuing the equity at a premium that far exceeds the accounting value of the assets.
The observed data indicates a shift in market perception, where the company's valuation is increasingly decoupled from its tangible book value. The simultaneous occurrence of rising share prices and declining book value suggests that investors are pricing in significant intangible assets, future growth expectations, or the effects of a corporate restructuring that reduced the equity base while increasing the perceived value of the remaining aerospace operations.
AI Ask an analyst for more