Stock Analysis on Net

General Electric Co. (NYSE:GE)

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

General Electric Co., profit margin by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 19.25% 18.33% 13.52% 5.58% 20.75%
Renewable Energy -9.55% -17.26% -5.06% -4.56% -4.34%
Power 8.17% 7.48% 4.30% 1.56% 2.07%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Segment profitability ratio Reportable segment The company
Segment profit margin Aerospace Aerospace segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Renewable Energy Renewable Energy segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Power Power segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: Aerospace

General Electric Co.; Aerospace; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment profit (loss) 6,115 4,775 2,882 1,229 6,820
Revenues 31,770 26,050 21,310 22,042 32,875
Segment Profitability Ratio
Segment profit margin1 19.25% 18.33% 13.52% 5.58% 20.75%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Revenues
= 100 × 6,115 ÷ 31,770 = 19.25%

Segment profitability ratio Reportable segment The company
Segment profit margin Aerospace Aerospace segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: Renewable Energy

General Electric Co.; Renewable Energy; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment profit (loss) (1,437) (2,240) (795) (715) (666)
Revenues 15,050 12,977 15,697 15,666 15,337
Segment Profitability Ratio
Segment profit margin1 -9.55% -17.26% -5.06% -4.56% -4.34%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Revenues
= 100 × -1,437 ÷ 15,050 = -9.55%

Segment profitability ratio Reportable segment The company
Segment profit margin Renewable Energy Renewable Energy segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment Profit Margin: Power

General Electric Co.; Power; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment profit (loss) 1,449 1,217 726 274 386
Revenues 17,731 16,262 16,903 17,589 18,625
Segment Profitability Ratio
Segment profit margin1 8.17% 7.48% 4.30% 1.56% 2.07%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Revenues
= 100 × 1,449 ÷ 17,731 = 8.17%

Segment profitability ratio Reportable segment The company
Segment profit margin Power Power segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Return on Assets (Segment ROA)

General Electric Co., ROA by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 15.29% 12.17% 7.53% 3.18% 16.38%
Renewable Energy -9.02% -14.25% -5.37% -4.49% -4.18%
Power 6.23% 5.49% 3.08% 1.12% 1.44%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Segment profitability ratio Reportable segment The company
Segment ROA Aerospace Aerospace segment ROA improved from 2021 to 2022 and from 2022 to 2023.
Renewable Energy Renewable Energy segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Power Power segment ROA improved from 2021 to 2022 and from 2022 to 2023.

Segment ROA: Aerospace

General Electric Co.; Aerospace; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment profit (loss) 6,115 4,775 2,882 1,229 6,820
Assets 39,985 39,243 38,298 38,634 41,647
Segment Profitability Ratio
Segment ROA1 15.29% 12.17% 7.53% 3.18% 16.38%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Assets
= 100 × 6,115 ÷ 39,985 = 15.29%

Segment profitability ratio Reportable segment The company
Segment ROA Aerospace Aerospace segment ROA improved from 2021 to 2022 and from 2022 to 2023.

Segment ROA: Renewable Energy

General Electric Co.; Renewable Energy; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment profit (loss) (1,437) (2,240) (795) (715) (666)
Assets 15,936 15,719 14,804 15,927 15,935
Segment Profitability Ratio
Segment ROA1 -9.02% -14.25% -5.37% -4.49% -4.18%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Assets
= 100 × -1,437 ÷ 15,936 = -9.02%

Segment profitability ratio Reportable segment The company
Segment ROA Renewable Energy Renewable Energy segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment ROA: Power

General Electric Co.; Power; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Segment profit (loss) 1,449 1,217 726 274 386
Assets 23,255 22,173 23,569 24,453 26,731
Segment Profitability Ratio
Segment ROA1 6.23% 5.49% 3.08% 1.12% 1.44%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Assets
= 100 × 1,449 ÷ 23,255 = 6.23%

Segment profitability ratio Reportable segment The company
Segment ROA Power Power segment ROA improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover

General Electric Co., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 0.79 0.66 0.56 0.57 0.79
Renewable Energy 0.94 0.83 1.06 0.98 0.96
Power 0.76 0.73 0.72 0.72 0.70

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Segment activity ratio Reportable segment The company
Segment asset turnover Aerospace Aerospace segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Renewable Energy Renewable Energy segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Power Power segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Aerospace

General Electric Co.; Aerospace; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 31,770 26,050 21,310 22,042 32,875
Assets 39,985 39,243 38,298 38,634 41,647
Segment Activity Ratio
Segment asset turnover1 0.79 0.66 0.56 0.57 0.79

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 31,770 ÷ 39,985 = 0.79

Segment activity ratio Reportable segment The company
Segment asset turnover Aerospace Aerospace segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Renewable Energy

General Electric Co.; Renewable Energy; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 15,050 12,977 15,697 15,666 15,337
Assets 15,936 15,719 14,804 15,927 15,935
Segment Activity Ratio
Segment asset turnover1 0.94 0.83 1.06 0.98 0.96

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 15,050 ÷ 15,936 = 0.94

Segment activity ratio Reportable segment The company
Segment asset turnover Renewable Energy Renewable Energy segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment Asset Turnover: Power

General Electric Co.; Power; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 17,731 16,262 16,903 17,589 18,625
Assets 23,255 22,173 23,569 24,453 26,731
Segment Activity Ratio
Segment asset turnover1 0.76 0.73 0.72 0.72 0.70

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 17,731 ÷ 23,255 = 0.76

Segment activity ratio Reportable segment The company
Segment asset turnover Power Power segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation

General Electric Co., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 0.67 0.52 0.41 0.65 0.90
Renewable Energy 1.00 0.67 0.81 0.73 1.07
Power 0.73 0.42 0.27 0.33 0.31

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Aerospace Aerospace segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.
Renewable Energy Renewable Energy segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Power Power segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Aerospace

General Electric Co.; Aerospace; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Property, plant and equipment additions 734 543 445 737 1,031
Depreciation and amortization 1,089 1,037 1,074 1,142 1,150
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.67 0.52 0.41 0.65 0.90

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment capital expenditures to depreciation = Property, plant and equipment additions ÷ Depreciation and amortization
= 734 ÷ 1,089 = 0.67

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Aerospace Aerospace segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Renewable Energy

General Electric Co.; Renewable Energy; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Property, plant and equipment additions 389 275 349 302 455
Depreciation and amortization 388 412 432 413 425
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.00 0.67 0.81 0.73 1.07

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment capital expenditures to depreciation = Property, plant and equipment additions ÷ Depreciation and amortization
= 389 ÷ 388 = 1.00

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Renewable Energy Renewable Energy segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Capital Expenditures to Depreciation: Power

General Electric Co.; Power; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Property, plant and equipment additions 348 210 189 245 277
Depreciation and amortization 478 506 692 749 880
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.73 0.42 0.27 0.33 0.31

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Segment capital expenditures to depreciation = Property, plant and equipment additions ÷ Depreciation and amortization
= 348 ÷ 478 = 0.73

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Power Power segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Revenues

General Electric Co., revenues by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 31,770 26,050 21,310 22,042 32,875
Renewable Energy 15,050 12,977 15,697 15,666 15,337
Power 17,731 16,262 16,903 17,589 18,625
HealthCare 18,461 17,725 18,009 19,942
Capital 7,245 8,741
Corporate 3,403 2,805 2,561 (932) (306)
Total 67,954 76,555 74,196 79,619 95,214

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Segment profit (loss)

General Electric Co., segment profit (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 6,115 4,775 2,882 1,229 6,820
Renewable Energy (1,437) (2,240) (795) (715) (666)
Power 1,449 1,217 726 274 386
HealthCare 2,705 2,966 3,060 3,896
Capital (1,710) (530)
Total 6,127 6,457 5,779 2,138 9,906

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Assets

General Electric Co., assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 39,985 39,243 38,298 38,634 41,647
Renewable Energy 15,936 15,719 14,804 15,927 15,935
Power 23,255 22,173 23,569 24,453 26,731
HealthCare 26,070 24,770 22,229 30,514
Capital 113,526 117,546
Corporate 82,175 81,691 94,256 35,151 29,566
Total 161,351 184,896 195,697 249,920 261,939

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Property, plant and equipment additions

General Electric Co., property, plant and equipment additions by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 734 543 445 737 1,031
Renewable Energy 389 275 349 302 455
Power 348 210 189 245 277
HealthCare 310 278 256 395
Capital 1,765 3,830
Corporate 22 33 25 (53) (175)
Total 1,493 1,371 1,286 3,252 5,813

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Depreciation and amortization

General Electric Co., depreciation and amortization by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Aerospace 1,089 1,037 1,074 1,142 1,150
Renewable Energy 388 412 432 413 425
Power 478 506 692 749 880
HealthCare 640 641 628 702
Capital 2,590 2,083
Corporate 125 948 170 496 355
Total 2,080 3,543 3,009 6,018 5,595

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).