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: 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits considerable fluctuation over the periods observed, with initial data absent until March 31, 2021, where it registers at 19.67. Subsequently, the ratio declines, reaching a low of 12.72 in September 2023. However, a marked increase follows, peaking at 52.9 in March 2024, before gradually decreasing to 28.84 by March 2025. This volatility may reflect changing market expectations regarding earnings or earnings volatility during this period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio starts at 25.64 in September 2020 and shows a decreasing trend through December 2021, reaching 13.51 in September 2022. Thereafter, there is a general upward trend to 26.69 in September 2023, followed by minor oscillations around the mid-20s level through March 2025. This pattern suggests relative fluctuations in market valuation per unit of operating profit, with periods of both improved valuation and pricing pressure.
- Price to Sales (P/S) Ratio
- Beginning at 1.41 in September 2020, the P/S ratio demonstrates a generally increasing trend over the full period. Initial fluctuations slightly above 1.0 eventually give way to steady growth, reaching a peak of 6.24 at March 2025. The rise indicates a growing market valuation relative to sales, reflecting either increased investor confidence, sales growth expectations, or changing margin assumptions.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio presents a notable upward trend from 1.63 in March 2020, climbing progressively to values above 10.0 from June 2024 onward. After a steady increase through 2021 and 2022, the ratio surges markedly in the later periods, peaking at 11.33 in September 2024 before a mild decline to 10.48 by March 2025. This rising trajectory suggests increasing market valuation relative to book equity, potentially indicating optimism about asset quality, future returns, or diminished perceived risks.
Price to Earnings (P/E)
GE Aerospace, historical P/E calculation (quarterly data)
| 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 | 1,066,386,643 | 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 GE common shareholders (in millions) | 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 | 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 | 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 | 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. | 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. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to GE common shareholdersQ1 2025
+ Net income (loss) attributable to GE common shareholdersQ4 2024
+ Net income (loss) attributable to GE common shareholdersQ3 2024
+ Net income (loss) attributable to GE common shareholdersQ2 2024)
÷ No. shares of common stock outstanding
= (1,978,000,000 + 1,899,000,000 + 1,852,000,000 + 1,266,000,000)
÷ 1,066,386,643 = 6.56
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 189.18 ÷ 6.56 = 28.84
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company's market performance and profitability metrics over the examined periods.
- Share Price
- The share price experienced significant fluctuations throughout the timeframe. Initially, prices were relatively stable around the low 50s in early 2020, then surged sharply by the end of 2020, peaking near 94 US dollars. Following this notable rise, the price maintained elevated levels, hovering between approximately 80 and 136 US dollars during 2021 and 2022. Entering 2023 and onwards, the share price demonstrated a general upward trajectory, culminating in a high of over 204 US dollars by the beginning of 2025. Despite some intermittent dips, the overall trend shows substantial growth in shareholder value over the five-year horizon.
- Earnings per Share (EPS)
- EPS data is absent for the initial quarters of 2020 but emerges from March 2021 onward. Early EPS values in 2021 are negative, indicating losses or reduced profitability, with the lowest reported at -6.15 US dollars per share around March 2022. Subsequently, there is a marked recovery, transitioning from negative to slightly negative and eventually positive territory by the end of 2022. The EPS reached positive peaks exceeding 8 US dollars per share in late 2023, followed by a moderate decline but remaining positive through early 2025. This trend points to a period of financial challenge followed by improving and sustained profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio, which offers insights into market valuation relative to earnings, is only available for selected periods. Where data exists, the ratio was approximately 19.67 during the early 2021 quarter, suggesting moderate market expectations. During late 2023 and subsequent quarters, the P/E ratio ranged between 12.7 and 16.2, indicating a somewhat lower valuation relative to earnings, which may reflect improved earnings or adjusted market sentiment. However, in 2024, the P/E ratio escalated dramatically, peaking above 52.9 at one point, then declining to levels around 28.8 by early 2025. Such volatility might suggest fluctuating investor confidence or changing perspectives on growth prospects relative to profitability.
In summary, the company's share price showed robust growth over the period after initial stability. The EPS transitioned from losses to positive earnings, indicating a significant turnaround in profitability. The P/E ratio fluctuated considerably, reflecting dynamic market conditions and evolving expectations. Overall, the data suggest improving financial health and investor sentiment toward the company as it progresses toward 2025.
Price to Operating Profit (P/OP)
GE Aerospace, historical P/OP calculation (quarterly data)
| 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 | 1,066,386,643 | 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) | 2,653) | 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 | 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 | 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 | 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. | 18.00 | 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. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= (2,653,000,000 + 2,424,000,000 + 1,881,000,000 + 2,220,000,000)
÷ 1,066,386,643 = 8.61
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 189.18 ÷ 8.61 = 21.98
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displays notable volatility over the observed periods. Beginning at $52.64 in March 2020, it saw a gradual increase reaching a peak of $107.92 by March 2021. Following this, the price declined noticeably, hitting a low of $71.51 in June 2022. From mid-2022 onwards, the share price trended upward again, peaking at $204.11 by December 2024 before experiencing a slight decline to $189.18 in March 2025. Overall, the share price more than tripled over the five-year span, indicating substantial market valuation growth despite intermediate fluctuations.
- Operating Profit Per Share (OPPS)
- The operating profit per share was first reported in March 2020 at $3.66 and exhibited an upward trajectory overall. After some fluctuations early on, it steadily increased from $4.09 in March 2023 to a high of $8.61 by March 2025. This consistent growth over the later periods suggests improving operational efficiency or profitability contributing positively to earnings.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio, which inversely relates share price to operating profit performance, demonstrated a decline from 25.64 in March 2020 to a low of 13.51 by September 2022. This indicates that the market valuation was becoming more favorable relative to operating profits during this period. However, from late 2022 onwards, the ratio rose again, reaching 27.11 in March 2024 before decreasing slightly towards 21.98 by March 2025. The increase suggests the market price outpaced operating profit growth in this phase, potentially reflecting heightened market expectations or valuation premiums.
- Summary of Relationships and Insights
- The period from 2020 to early 2022 saw share price and operating profit per share diverging: profits improved steadily, but the share price was declining, leading to lower P/OP ratios. This may point to a market undervaluation during that time. Conversely, following mid-2022, both share price and operating profit increased, though the share price grew at a faster rate, driving the P/OP ratio back up. The elevated P/OP suggests investors anticipated future earnings growth beyond current operational results. The overall pattern reflects a company recovering and gaining investor confidence after initial disruptions, with the share price demonstrating increased volatility relative to operating profits.
Price to Sales (P/S)
GE Aerospace, historical P/S calculation (quarterly data)
| 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 | 1,066,386,643 | 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) | 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 | 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 | 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 | 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. | 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. | 3.47 | 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. | 1.51 | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
Sales per share
= (Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024
+ Sales of equipment and servicesQ2 2024)
÷ No. shares of common stock outstanding
= (9,000,000,000 + 9,879,000,000 + 8,943,000,000 + 8,223,000,000)
÷ 1,066,386,643 = 33.80
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 189.18 ÷ 33.80 = 5.60
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility over the observed period. Initially, it remained relatively stable around the low 50s USD from March to June 2020, then increased substantially to peak near 108 USD by March 2021. This was followed by a notable decline to about 71.51 USD in June 2022. Subsequent quarters saw a recovery and robust growth, culminating in a peak of 204.11 USD by December 2024 before a slight drop to 189.18 USD in March 2025. Overall, the share price demonstrated a strong upward trajectory in the latter periods, more than tripling from mid-2022 to late 2024.
- Sales Per Share Trends
- Sales per share were reported starting from March 2021. From that point, the sales per share displayed a gradual declining trend, starting at 66.63 USD and falling steadily across the quarters to 32.72 USD by March 2025. This consistent reduction indicates a sustained decrease in sales per share over the four-year timeframe examined, suggesting possible challenges in revenue generation or dilution effects impacting this metric.
- Price-to-Sales (P/S) Ratio
- The P/S ratio began at 1.41 in March 2021 and showed fluctuating patterns with an initial increase to 1.85 by June 2023, followed by a period of stability near this level until March 2024. After that, the ratio surged sharply, reaching a high of 6.24 in December 2024 before a slight retreat to 5.6 in March 2025. This rising P/S ratio, especially towards the end of the period, indicates that the share price appreciated at a faster rate than sales per share, reflecting potentially heightened market valuation multiples relative to sales.
- Overall Insights
- The data reveals a mismatch between share price growth and decreasing sales per share, resulting in a sharply increasing P/S ratio. This pattern may indicate elevated investor expectations or market optimism despite declining sales performance. It is critical to assess underlying factors such as profitability, market conditions, or strategic developments that may justify such valuation trends. The divergence between fundamentals and market price warrants further investigation to understand sustainability and potential risks.
Price to Book Value (P/BV)
GE Aerospace, historical P/BV calculation (quarterly data)
| 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 | 1,066,386,643 | 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) | 19,251) | 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 | 18.05 | 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 | 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 | 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. | 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. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 19,251,000,000 ÷ 1,066,386,643 = 18.05
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 189.18 ÷ 18.05 = 10.48
5 Click competitor name to see calculations.
The financial data reveals a notable evolution in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods, reflecting significant market dynamics and underlying equity values.
- Share Price Trends
- The share price exhibited considerable volatility and an overall upward trajectory. Starting at $52.64 in March 2020, it showed a marked increase reaching as high as $136.54 by December 2023. This represents more than a doubling of the share price over this near four-year span. After this peak, the price continued to climb, peaking at $204.11 in December 2024 before slightly declining to $189.18 in March 2025. The mid-2020 period saw a steady recovery from around $52 to nearly $108 by early 2021, followed by fluctuations but a consistent upward movement thereafter. These changes suggest growing investor confidence or market revaluation despite some interim volatility.
- Book Value Per Share (BVPS) Analysis
- BPS demonstrated a decreasing trend over time, contrasting with the rising share price. Initially, it was relatively stable, hovering around $30 to $32 from March 2020 through early 2021. Subsequently, a downward trend emerged, with BVPS dropping from $36.67 in December 2021 to a low near $17.15 by June 2024. The data shows minor fluctuations, but the overall shift indicates either deterioration in net asset value per share or structural changes affecting book equity. By March 2025, the BVPS slightly improved to $18.05 but remained significantly lower than earlier levels.
- Price-to-Book Value (P/BV) Ratio Insights
- The P/BV ratio reflects substantial increase, signaling the market's premium valuation relative to book value. Starting at 1.63 in March 2020, the ratio climbed progressively with some oscillations, crossing 3.0 by early 2021 and reaching values above 5.0 towards the end of 2023. A sharp escalation occurred moving into late 2024 and early 2025, with the ratio exceeding 10.0, peaking at 11.33 in September 2024 before decreasing slightly to 10.48 in March 2025. This pattern suggests heightened market optimism or expectations exceeding the company's tangible equity base, potentially indicating strong growth prospects or intangible asset valuation.
In summary, the share price has grown substantially despite a declining book value per share, causing the P/BV ratio to reach historically high levels. This divergence might indicate increasing investor confidence, possibly driven by anticipated future earnings growth or strategic positioning, rather than purely reflecting the company's recorded book equity. The data points to a market environment where equity valuations are increasingly driven by factors beyond traditional book-based measures.