Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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GE Aerospace, common-size consolidated balance sheet: liabilities and stockholders’ equity (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), 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).
The capital structure is characterized by a high reliance on liabilities, which consistently represent between 79% and 86% of total liabilities and equity throughout the analyzed period. A gradual increase in the total liability proportion is observed, rising from 85.66% in March 2021 to 85.75% by March 2026, indicating a stable but highly leveraged balance sheet.
- Current Liability Dynamics
- Current liabilities exhibited an upward trend, increasing from 23.53% in March 2021 to a peak of 31.20% in December 2023. A significant accounting reclassification occurred in mid-2024; the "Progress collections and current deferred income (legacy)" item, which had grown to 12.64% by March 2024, was replaced by separate entries for "Progress collections" and "Contract liabilities and deferred income." This shift suggests a refinement in how contract-based obligations are reported, though the aggregate impact on current liabilities remained relatively stable between 26% and 31% in the latter half of the period.
- Non-Current Obligations and Debt Management
- A substantial reduction in long-term borrowings is evident, falling from 27.28% in March 2021 to a stabilized range of 14% to 15% from late 2022 onward. Conversely, insurance liabilities and annuity benefits saw a marked increase, rising from 16.14% in March 2021 to peak at 30.90% in June 2022, eventually settling around 27.79% by March 2026. This shift indicates a transition in the composition of non-current liabilities from financial debt to long-term benefit obligations.
- Equity Composition and Shareholder Returns
- Total equity has remained relatively low, fluctuating between 14% and 21%. A divergent trend is observed within the equity components: retained earnings grew aggressively from 36.41% in March 2021 to 69.35% by March 2026, signaling strong cumulative profitability. However, this growth was largely offset by a significant increase in common stock held in treasury, which moved from -33.26% to -69.83% over the same period. This pattern suggests an active and substantial share repurchase program that has effectively neutralized the growth in retained earnings to keep total equity levels compressed.
- Overall Solvency Profile
- The balance sheet reflects a strategic preference for maintaining high leverage while simultaneously returning capital to shareholders. The stability of total liabilities and the reduction of long-term debt, paired with the growth in retained earnings, suggests a transition toward a more internally funded operation despite the high overall liability ratio.