Common-Size Balance Sheet: Assets
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of assets exhibited several notable shifts between 2021 and 2025. Current assets initially increased as a percentage of total assets, peaking in 2023, before declining in 2024 and stabilizing in 2025. Conversely, non-current assets decreased from 2021 to 2023, then increased significantly in 2024, before leveling off in 2025. Within these broad categories, specific asset components demonstrated distinct trends.
- Liquidity & Current Assets
- Cash and cash equivalents consistently increased as a percentage of total assets from 7.93% in 2021 to 11.06% in 2024, before decreasing slightly to 9.52% in 2025. Current receivables showed an increase from 7.85% to 9.57% between 2021 and 2022, followed by a slight decrease and then a return to 9.04% in 2025. Inventories also increased between 2021 and 2023, peaking at 10.14%, then decreased to 9.12% in 2025. Current contract assets decreased significantly between 2021 and 2023, but experienced a modest increase in both 2024 and 2025. Overall, current assets represented a larger portion of the asset base through 2023, then decreased in 2024, stabilizing in 2025.
- Investment Securities
- Investment securities experienced a substantial decrease as a percentage of total assets, particularly in the period between 2021 and 2024. The proportion of total assets held as investment securities fell from 27.4% in 2021 to just 0.80% in 2024, with no value reported for 2025. This suggests a strategic shift away from liquid investments.
- Long-Term Assets
- Property, plant, and equipment, net, remained relatively stable as a percentage of total assets between 2021 and 2023, but decreased to 5.05% in 2024, before a slight increase to 5.35% in 2025. Goodwill decreased significantly from 13.17% in 2021 to 6.96% in 2025, indicating potential impairment or divestitures. Other intangible assets also showed a declining trend over the period. Deferred income taxes remained a consistent component of non-current assets, fluctuating between 5.46% and 6.49% of total assets.
- Assets Held for Sale & Discontinued Operations
- Assets of businesses held for sale appeared in 2022 and 2023, representing 0.73% and 1.22% of total assets respectively, suggesting potential restructuring activities. Assets of discontinued operations remained relatively stable, representing approximately 1.5% of total assets throughout the period.
- Other Assets
- “All other assets” increased steadily from 9.57% in 2021 to 11.74% in 2025, representing a growing portion of the asset base. Contract and other deferred assets also showed a consistent increase over the period.
In summary, the asset composition shifted from a greater reliance on investment securities and goodwill towards a larger proportion of current assets and other assets. The changes suggest a potential strategic refocusing of the business, including liquidity management and restructuring activities.