Stock Analysis on Net

General Electric Co. (NYSE:GE)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

General Electric Co., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net earnings (loss) attributable to the Company 9,481 225 (6,520) 5,704 (4,979)
Net (earnings) loss attributable to noncontrolling interests (38) 67 (71) (158) 67
Net noncash charges (5,511) 4,176 8,381 (2,575) 14,667
Changes in operating working capital 1,638 1,396 (902) 626 664
Cash from operating activities 5,570 5,864 888 3,597 10,419
Additions to property, plant and equipment and internal-use software (1,595) (1,484) (1,361) (3,403) (6,095)
Dispositions of property, plant and equipment 89 209 167 1,644 3,718
Net increase (decrease) in borrowings, maturities of 90 days or less (55) 65 (710) (4,168) 280
Newly issued debt, maturities longer than 90 days 11 8,205 364 15,028 2,185
Repayments and other debt reductions, maturities longer than 90 days (3,360) (11,205) (36,521) (29,876) (16,567)
Cash received (paid) for debt extinguishment costs 338 (7,196)
Free cash flow to equity (FCFE) 660 1,992 (44,369) (17,178) (6,060)

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to General Electric Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. General Electric Co. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Price to FCFE Ratio, Current

General Electric Co., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,088,334,304
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 660
FCFE per share 0.61
Current share price (P) 169.91
Valuation Ratio
P/FCFE 280.18
Benchmarks
P/FCFE, Competitors1
Boeing Co.
Caterpillar Inc. 15.74
Cummins Inc. 23.89
Honeywell International Inc. 26.04
Lockheed Martin Corp. 12.94
RTX Corp. 7.14
P/FCFE, Sector
Capital Goods 20.08
P/FCFE, Industry
Industrials 22.54

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

General Electric Co., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 1,088,334,304 1,089,286,553 1,099,321,882 1,095,992,750 1,092,529,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 660 1,992 (44,369) (17,178) (6,060)
FCFE per share3 0.61 1.83 -40.36 -15.67 -5.55
Share price1, 4 136.54 81.29 96.83 93.84 94.88
Valuation Ratio
P/FCFE5 225.15 44.45
Benchmarks
P/FCFE, Competitors6
Boeing Co. 120.43 6.78 19.60
Caterpillar Inc. 14.39 24.03 16.36 25.22 11.07
Cummins Inc. 21.45 9.10 20.97 9.53 10.85
Honeywell International Inc. 26.10 27.59 46.23 12.59 21.75
Lockheed Martin Corp. 13.13 11.63 14.65 15.57 28.62
RTX Corp. 7.05 26.71 35.07 28.09
P/FCFE, Sector
Capital Goods 19.24 23.74 62.05 28.31
P/FCFE, Industry
Industrials 22.16 22.54 45.29 29.07

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 660,000,000 ÷ 1,088,334,304 = 0.61

4 Closing price as at the filing date of General Electric Co. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 136.54 ÷ 0.61 = 225.15

6 Click competitor name to see calculations.