Common-Size Income Statement
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- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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GE Aerospace, common-size consolidated income statement
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 common-size income statement reveals a significant transformation in financial performance over the five-year period. Initially, the company experienced challenges, but demonstrated substantial improvement towards the end of the analyzed timeframe. A key trend is the shifting composition of revenue sources and a marked improvement in profitability.
- Revenue Composition
- Sales of equipment as a percentage of total sales decreased consistently from 48.11% in 2021 to 28.73% in 2025. Conversely, sales of services increased steadily, rising from 51.89% in 2021 to 71.27% in 2025. This indicates a strategic shift towards a service-oriented business model.
- Cost Structure
- The cost of equipment and services sold remained relatively stable as a percentage of sales, fluctuating between -75.81% and -68.45%. However, the cost of services sold increased from -31.65% to -39.19% over the period, likely reflecting the growing proportion of service revenue. Gross profit from sales experienced volatility, declining to 21.95% in 2023 before recovering to 31.55% in 2025.
- Operating Performance
- Operating income demonstrated a dramatic improvement. Starting at 8.58% in 2021, it fell to a low of 6.05% in 2022, then increased substantially to 26.03% in 2025. This improvement was supported by decreasing selling, general and administrative expenses, which fell from -16.47% to -9.66%. Separation costs were present in 2022, 2023, and 2024, but diminished over time.
- Non-Operating Items & Profitability
- Non-operating benefit income (cost) fluctuated, with a positive impact in 2022, 2023, 2024, and 2025. Other income also contributed positively, with a notable increase in 2023. The combined effect of these items, alongside improved operating performance, drove a significant increase in income from continuing operations before income taxes, rising from -5.18% in 2021 to 23.63% in 2025. Net income attributable to the company followed a similar trajectory, moving from -9.17% to 20.57%.
- Specific Expense Items
- Debt extinguishment costs were significant in 2021 and 2022, but disappeared in subsequent years, suggesting debt restructuring efforts. Insurance losses, annuity benefits and other costs remained relatively consistent, though increased in 2024 before decreasing in 2025. Goodwill impairments were only present in 2024.
- Net Income Attributable to Common Shareholders
- Net income attributable to common shareholders showed the most substantial improvement, increasing from -9.50% in 2021 to 20.57% in 2025. This indicates a significant turnaround in profitability for common shareholders.
Overall, the financial performance exhibited a clear positive trend. The company successfully transitioned its revenue mix, improved operational efficiency, and benefited from favorable non-operating items, resulting in substantial gains in net income.