Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
GE Aerospace, long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 long-term activity ratios exhibit a period of initial stability followed by significant volatility throughout 2024, concluding with a sustained recovery trend through the final quarters of 2026.
- Net Fixed Asset Turnover
- An initial upward trend is observed from March 2022 at 4.73, peaking at 5.84 in March 2023. The ratio then experienced significant volatility, characterized by a sharp spike to 7.23 in June 2024 followed by a rapid decline to 4.83 by December 2024. From March 2025, a consistent and gradual improvement is evident, with the ratio climbing to 5.93 by September 2026, suggesting an increase in the efficiency of fixed asset utilization relative to revenue generation.
- Total Asset Turnover
- This ratio remained relatively range-bound between 0.37 and 0.43 during the first two years of the period. A contraction phase occurred starting in late 2023, reaching a low of 0.29 in December 2024 and March 2025. A steady recovery trend followed, returning to 0.39 by September 2026. The significant gap between total asset turnover and net fixed asset turnover indicates that a substantial portion of the asset base consists of non-fixed assets that operate at a lower turnover rate.
- Equity Turnover
- Equity utilization improved from 1.82 in March 2022 to 2.36 by December 2023. The metric mirrored the volatility of the net fixed asset turnover in 2024, reaching a peak of 2.76 in June 2024 before dropping back to 1.82 by December 2024. A strong recovery phase began in 2025, with the ratio increasing linearly to reach a period high of 2.82 by September 2026.
The synchronized movement of all three ratios, particularly the shared spike in June 2024 and the subsequent trough in December 2024, suggests that these fluctuations were driven by broad revenue shifts or significant structural changes in the balance sheet. The data indicates an overall trajectory toward higher operational efficiency in the deployment of assets and equity by the end of the analyzed period.
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Net Fixed Asset Turnover
GE Aerospace, net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales of equipment and services | 13,285) | 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) | ||||||
| Property, plant and equipment, net | 8,333) | 8,135) | 7,973) | 7,987) | 7,608) | 7,523) | 7,426) | 7,277) | 7,254) | 7,095) | 12,345) | 12,494) | 12,203) | 12,374) | 12,170) | 14,478) | 14,295) | 14,790) | 15,036) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.93 | 5.83 | 5.64 | 5.30 | 5.30 | 5.05 | 4.85 | 4.83 | 6.03 | 7.23 | 4.77 | 5.17 | 5.50 | 5.58 | 5.84 | 5.08 | 5.04 | 4.83 | 4.73 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 5.69 | 5.76 | 5.85 | 5.82 | 6.69 | 6.46 | 6.06 | 5.83 | 6.52 | 6.70 | 7.15 | 7.30 | 7.23 | 7.04 | 6.72 | 6.31 | 5.85 | 5.72 | 5.68 | ||||||
| Caterpillar Inc. | — | 4.54 | 4.40 | 4.23 | 4.27 | 4.29 | 4.45 | 4.59 | 4.85 | 5.01 | 5.08 | 5.04 | 5.17 | 5.10 | 4.91 | 4.70 | 4.62 | 4.36 | 4.18 | ||||||
| Eaton Corp. plc | — | 6.39 | 6.24 | 6.36 | 6.55 | 6.45 | 6.72 | 6.67 | 6.63 | 6.70 | 6.65 | 6.57 | 6.77 | 6.75 | 6.67 | 6.59 | 6.80 | 6.50 | 6.38 | ||||||
| Honeywell International Inc. | 12.42 | 8.28 | 8.07 | 8.09 | 5.65 | 5.94 | 6.17 | 6.22 | 6.50 | 6.49 | 6.48 | 6.48 | 6.64 | 6.59 | 6.57 | 6.48 | 6.54 | 6.45 | 6.27 | ||||||
| Lockheed Martin Corp. | 6.87 | 6.76 | 6.66 | 8.46 | 8.41 | 8.29 | 8.24 | 8.14 | 8.43 | 8.47 | 8.34 | 8.07 | 8.41 | 8.46 | 8.33 | 8.27 | 8.48 | 8.48 | 8.70 | ||||||
| RTX Corp. | 5.57 | 5.51 | 5.37 | 5.25 | 5.27 | 5.16 | 5.07 | 5.02 | 4.98 | 4.61 | 4.54 | 4.38 | 4.37 | 4.61 | 4.53 | 4.42 | 4.50 | 4.43 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover
= (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
÷ Property, plant and equipment, net
= (13,285 + 12,633 + 11,614 + 11,866)
÷ 8,333 = 5.93
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover ratio reveals three distinct phases of operational efficiency and asset utilization. The initial period is characterized by steady growth in efficiency, followed by a period of significant structural volatility in 2024, and concluding with a consistent recovery and upward trend through 2026.
- Sales Performance and Revenue Trends
- Revenue from equipment and services showed a general upward trajectory throughout 2022, peaking at 21,012 million US$ in December 2022. A notable contraction occurred in early 2024, with sales dropping to 8,076 million US$ in March. However, a recovery trend is evident from mid-2024 onward, with quarterly revenues climbing steadily to reach 13,285 million US$ by September 2026.
- Net Property, Plant, and Equipment (PPE) Dynamics
- The asset base remained relatively stable between 14,000 million US$ and 15,000 million US$ during 2022, before settling around 12,000 million US$ in 2023. A critical structural shift occurred between March 31, 2024, and June 30, 2024, where net PPE decreased sharply from 12,345 million US$ to 7,095 million US$. Following this reduction, the asset base entered a phase of gradual expansion, reaching 8,333 million US$ by the end of the period.
- Net Fixed Asset Turnover Ratio Analysis
- The turnover ratio increased from 4.73 in March 2022 to a peak of 5.84 in March 2023, indicating improved asset productivity. The ratio experienced significant volatility in 2024; a sharp spike to 7.23 in June 2024 was observed, which was primarily driven by the drastic reduction in the net PPE denominator rather than an increase in sales. Following this anomaly, the ratio normalized to 4.83 by December 2024.
- Long-term Efficiency Projection
- From January 2025 through September 2026, the net fixed asset turnover exhibits a consistent positive correlation with rising sales. The ratio improved steadily from 4.85 to 5.93. This suggests that the leaner asset base established in 2024 is being utilized more efficiently to generate revenue, indicating an optimization of the company's long-term investment strategy.
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Total Asset Turnover
GE Aerospace, total asset turnover calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales of equipment and services | 13,285) | 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) | ||||||
| Total assets | 127,195) | 127,672) | 128,445) | 130,169) | 128,243) | 125,256) | 124,123) | 123,140) | 126,698) | 123,190) | 163,942) | 163,045) | 156,662) | 163,006) | 164,472) | 187,788) | 180,877) | 185,540) | 191,961) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.39 | 0.37 | 0.35 | 0.33 | 0.31 | 0.30 | 0.29 | 0.29 | 0.35 | 0.42 | 0.36 | 0.40 | 0.43 | 0.42 | 0.43 | 0.39 | 0.40 | 0.39 | 0.37 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.56 | 0.57 | 0.56 | 0.53 | 0.54 | 0.49 | 0.44 | 0.43 | 0.53 | 0.52 | 0.57 | 0.57 | 0.56 | 0.55 | 0.52 | 0.49 | 0.45 | 0.45 | 0.45 | ||||||
| Caterpillar Inc. | — | 0.69 | 0.70 | 0.65 | 0.65 | 0.66 | 0.70 | 0.70 | 0.72 | 0.76 | 0.76 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.66 | 0.63 | 0.61 | ||||||
| Eaton Corp. plc | — | 0.53 | 0.52 | 0.67 | 0.66 | 0.64 | 0.65 | 0.65 | 0.63 | 0.61 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 | 0.59 | 0.59 | 0.56 | 0.56 | ||||||
| Honeywell International Inc. | 0.63 | 0.49 | 0.51 | 0.51 | 0.47 | 0.49 | 0.51 | 0.51 | 0.52 | 0.54 | 0.56 | 0.60 | 0.59 | 0.58 | 0.60 | 0.57 | 0.58 | 0.55 | 0.54 | ||||||
| Lockheed Martin Corp. | 1.23 | 1.23 | 1.27 | 1.25 | 1.22 | 1.22 | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.29 | 1.19 | 1.18 | 1.21 | 1.25 | 1.24 | 1.24 | 1.28 | ||||||
| RTX Corp. | 0.54 | 0.54 | 0.53 | 0.52 | 0.51 | 0.50 | 0.50 | 0.50 | 0.48 | 0.45 | 0.44 | 0.43 | 0.41 | 0.44 | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Total asset turnover
= (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
÷ Total assets
= (13,285 + 12,633 + 11,614 + 11,866)
÷ 127,195 = 0.39
2 Click competitor name to see calculations.
The analysis of the long-term investment activity reveals a period of significant volatility in asset utilization, characterized by a peak in efficiency during 2023, a sharp decline in 2024, and a projected steady recovery through 2026.
- Revenue Dynamics
- Sales of equipment and services exhibited strong growth through 2022, peaking at 21,012 million US$ in December 2022. A substantial contraction occurred in the first quarter of 2024, where revenue dropped to 8,076 million US$. Following this low point, a consistent upward trajectory is observed, with revenues projected to climb steadily to 13,285 million US$ by September 2026.
- Asset Base Evolution
- Total assets showed a phased reduction over the analyzed period. After maintaining levels around 180,000 to 190,000 million US$ in 2022, the asset base shifted downward to approximately 160,000 million US$ in 2023. A more pronounced reduction occurred in June 2024, with assets falling to 123,190 million US$. From mid-2024 through 2026, the asset base remains relatively stable, fluctuating within a narrow range between 123,000 and 130,000 million US$.
- Total Asset Turnover Performance
- The total asset turnover ratio reflects the impact of the diverging trends between revenue and asset levels. Efficiency improved through 2022 and 2023, reaching a peak of 0.43. However, the sharp decline in revenue during 2024 outpaced the reduction in total assets, causing the turnover ratio to plummet to a minimum of 0.29 by the end of 2024. Since that trough, a gradual recovery is evident, with the ratio climbing back to 0.39 by September 2026, indicating a returning trend toward historical efficiency levels.
The overall trend suggests a systemic reset in the business model during 2024, resulting in a lower asset base and temporarily diminished revenue generation. The subsequent recovery in the turnover ratio indicates that the entity is successfully increasing its revenue output relative to its leaner asset structure.
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Equity Turnover
GE Aerospace, equity turnover calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales of equipment and services | 13,285) | 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) | ||||||
| Shareholders’ equity | 17,522) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 2.82 | 2.69 | 2.49 | 2.27 | 2.14 | 1.98 | 1.87 | 1.82 | 2.32 | 2.76 | 1.97 | 2.36 | 2.34 | 2.21 | 2.24 | 2.02 | 2.29 | 2.06 | 1.82 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 14.50 | 15.41 | 15.40 | 16.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 3.66 | 3.59 | 3.00 | 2.96 | 3.19 | 3.31 | 3.15 | 3.21 | 3.68 | 3.61 | 3.28 | 3.10 | 3.39 | 3.24 | 3.57 | 3.45 | 3.26 | 2.92 | ||||||
| Eaton Corp. plc | — | 1.48 | 1.45 | 1.41 | 1.41 | 1.40 | 1.37 | 1.35 | 1.29 | 1.26 | 1.23 | 1.22 | 1.23 | 1.23 | 1.23 | 1.22 | 1.26 | 1.21 | 1.19 | ||||||
| Honeywell International Inc. | 1.50 | 2.05 | 2.77 | 2.69 | 2.25 | 2.36 | 2.19 | 2.07 | 2.17 | 2.20 | 2.24 | 2.31 | 2.11 | 2.09 | 2.13 | 2.12 | 1.97 | 1.96 | 1.87 | ||||||
| Lockheed Martin Corp. | 7.86 | 8.78 | 10.03 | 11.17 | 11.87 | 13.47 | 10.75 | 11.22 | 9.90 | 11.51 | 10.47 | 9.89 | 7.30 | 7.29 | 6.86 | 7.12 | 5.41 | 5.61 | 6.57 | ||||||
| RTX Corp. | 1.39 | 1.41 | 1.36 | 1.36 | 1.33 | 1.34 | 1.33 | 1.34 | 1.29 | 1.23 | 1.17 | 1.15 | 0.96 | 0.97 | 0.94 | 0.92 | 0.94 | 0.93 | 0.89 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Equity turnover
= (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
÷ Shareholders’ equity
= (13,285 + 12,633 + 11,614 + 11,866)
÷ 17,522 = 2.82
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a transition in capital efficiency, characterized by a significant reduction in the equity base coupled with a recovering revenue stream over the observed period.
- Sales Performance Trends
- Revenue exhibits a recurring seasonal pattern with peaks typically occurring in the fourth quarter of each year. A notable contraction was recorded in the first quarter of 2024, with sales dropping to 8.08 billion USD. However, a sustained growth trajectory followed this low point, with sales increasing steadily to reach 13.29 billion USD by September 2026.
- Shareholders' Equity Evolution
- A consistent downward trajectory in shareholders' equity is evident. A gradual decline occurred between March 2022 and March 2024, followed by a sharp contraction in June 2024, where equity fell from 29.86 billion USD to 18.60 billion USD. Following this correction, the equity base remained relatively stable with a slight further decline, ending at 17.52 billion USD in September 2026.
- Equity Turnover Analysis
- The equity turnover ratio demonstrates increased volatility during 2024, reaching a peak of 2.76 in June 2024, primarily driven by the abrupt decrease in shareholders' equity. From December 2024 through September 2026, the ratio shows a consistent upward trend, rising from 1.82 to 2.82. This progression indicates an improvement in asset utilization efficiency, as the entity is generating progressively higher sales volumes relative to a smaller equity investment.
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