NYSE: GE · Aerospace & Defense
GE Aerospace
GE Aerospace (General Electric Company) designs, makes and services jet engines and systems, with the industry’s largest commercial propulsion fleet: an installed base of about 50,000 commercial and 30,000 military engines. Aftermarket services make up about 70% of revenue. Its segments are Commercial Engines & Services (including LEAP and CFM56 engines through CFM International, a 50-50 joint venture with Safran) and Defense & Propulsion Technologies. 2025 was its first full year as a standalone company after spinning off GE HealthCare (2023) and GE Vernova (April 2024): revenue rose 18% to $45,855 million and net income was $8,704 million. In September 2026 it agreed to buy castings maker Consolidated Precision Products for $11.75 billion.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 24, 2026 15:20 (SEC EDGAR) · Source 10-K filed: January 29, 2026
Built on10-K FY2025 · filed 2026-01-2910-Q (quarter ended 2026-09-30) · filed 2026-10-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 16.3%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.98x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 2 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 37.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.21
Higher than 83% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 9% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$322.55close on 2026-11-04
Market cap$338.28B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 37.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 18.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.4%
At FY2025 year-end: 37.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 17.3x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 2.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$12.18B → $14.12B (vs. a year earlier)↑ +15.9%$12.18B → $14.12B (vs. a year earlier)
- Net income$2.16B → $2.29B (vs. a year earlier)↑ +6.1%$2.16B → $2.29B (vs. a year earlier)
- Diluted EPS$2.02 → $2.20 (vs. a year earlier)↑ +8.9%$2.02 → $2.20 (vs. a year earlier)
- Cash$9.35B → $8.76B (vs. previous quarter-end)↓ −6.2%$9.35B → $8.76B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 20, 2026.
Management outlook ↑ Raised
Raised 2026 guidance across the board. Source sentence
We are raising our 2026 guidance across the board, and we now expect 2027 commercial services to grow low-double-digits supported by our over $170 billion commercial services backlog.”
Key changes
CES operating profit now expected at $10.5-$10.6 billion, up from $10.25-$10.35 billion. Source sentence
Operating profit is expected to be in the range of $10.5-$10.6 billion, up from our prior guide of $10.25-$10.35 billion, driven by higher services growth and reduced GE9X impact.
Orders up 49%. Source sentence
Lawrence Culp, Jr., said, “We delivered strong results this quarter as solid demand drove orders up 49%, with strength in commercial services up 23%, total revenue up 18% and EPS up 36%.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- GENERAL ELECTRIC CO
- Headquarters
- EVENDALE, OH
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: GE
- Industry
- Aerospace & Defense
- CIK
- 40545
Workforce (as of FY2025 year-end)
Employees
57,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 22–23 days after quarter end (Jan 22, 2026; Jan 23, 2025; Jan 23, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 16–23 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 20, 2026 (+20 days) | Oct 20, 2026 10-Q (+20 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 16, 2026 (+16 days) | Jul 16, 2026 10-Q (+16 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 21, 2026 (+21 days) | Apr 21, 2026 10-Q (+21 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 22, 2026 (+22 days) | Jan 29, 2026 10-K (+29 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 21, 2025 10-Q (+21 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 17, 2025 (+17 days) | Jul 21, 2025 10-Q (+21 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | Apr 22, 2025 10-Q (+22 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 23, 2025 (+23 days) | Feb 3, 2025 10-K (+34 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 22, 2024 10-Q (+22 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 23, 2024 10-Q (+23 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | Apr 23, 2024 10-Q (+23 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 23, 2024 (+23 days) | Feb 2, 2024 10-K (+33 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Commercial Engines & Services
LEAP and CFM56 (CFM International)
Narrowbody engines sold with Safran through the CFM 50-50 joint venture.
Commercial Engines & Services
Widebody engines
A range of engines for widebody aircraft, including the GE9X.
Commercial Engines & Services
Services
MRO, spare parts and long-term service agreements.
Defense & Propulsion Technologies
Defense engines and systems
Military engines and propulsion technologies for governments and prime contractors.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Commercial jet engines
Commercial propulsion fleet
U.S. share
—
Not disclosedWorldwide share
Industry’s largest fleet
Company-disclosed“GE Aerospace is a global aerospace leader with the industry’s largest and growing commercial propulsion fleet.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $45,855M (+18%) on higher engine deliveries, price, shop visits and spare parts; net income $8,704M.
Source: Form 10-K (FY2025)
Nine months 2026
Revenue $39,859M versus $33,138M; net income attributable to the Company $6,562M versus $6,163M.
Source: Form 10-Q (quarter ended 2026-09-30)
CPP acquisition
Agreed to acquire Consolidated Precision Products, a leading maker of engineered castings and sub-assemblies, for $11.75B; funded with about $7B cash and new debt.
Source: Form 10-Q (quarter ended 2026-09-30)
Governance
Mohamed Ali became CEO of CES on February 1, 2026; Wesley Bush was appointed independent Lead Director on September 21, 2026.
Source: Form 8-K (2026-09-22) — Items 5.02/8.01 Lead Director appointment
Capex ÷ D&A (FY2025)
1.48x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,273M ÷ $863M = 1.48x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
3.4%
formularesearch & development expense ÷ revenue × 100
e.g.$1,580M ÷ $45,855M × 100 = 3.4%
M&A spend (4-year total)
$566M
Latest year: $360M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.37B in FY2022 to $1.27B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Revenue (FY2025)
$45.86B
As reported in the 10-K
Revenue CAGR (3 years)
+16.3%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($45,855M ÷ $29,139M) ^ (1÷3) − 1 = 16.3%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
45.8%▲favorable
4-year average: 26.4%
As reported in the 10-K
P/B (FY2025 end)
17.30x
formulafiscal year-end closing price ÷ book value per share
e.g.$308.03 ÷ $17.81 = 17.30x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +16.3% a year over 3 years (strong growth)
From $29.14B in FY2022 to $45.86B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 14.3% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 26.4% over 4 years (latest: 45.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Safran Aircraft Engines (CFM International)
- Consolidated Precision Products
07 · what it does
Key activities
- Commercial engine design and manufacturing
- Maintenance, repair and overhaul (MRO) and spare parts
- Defense engines and propulsion technologies
06 · what it draws on
Key resources
- About 57,000 employees (30,000 in the U.S.)
- Engine technology (LEAP, GE9X, RISE program)
- Joint venture with Safran (CFM International)
02 · why customers buy
Value propositions
- Commercial and military jet engines (including through CFM International) and the services that keep them flying.
04 · how it keeps them
Customer relationships
- Long-term service agreements on an installed base of about 50,000 commercial and 30,000 military engines.
03 · how it reaches them
Channels
- Direct sales and joint ventures selling to airlines, lessors, airframers and governments.
01 · who it serves
Customer segments
- Airlines and aircraft lessors
- Airframers such as Boeing and Airbus
- Governments and defense prime contractors
09 · where money goes
Cost structure
FY2025, share of revenue ($45.86B)
- Research & development3.4%
- Selling, general & administrative8.9%
Depreciation & amortization (inside the costs above): $863M. Capital spending: $1.27B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Equipment (engine deliveries)
- Services (about 70% of revenue)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells commercial and military engines, often directly or through joint ventures such as CFM International, then earns most revenue from long-term service agreements, spare parts and shop visits over the engines’ lives.
01 what it draws on
Inputs & resources
- About 57,000 employees (30,000 in the U.S.)
- Engine technology (LEAP, GE9X, RISE program)
- Joint venture with Safran (CFM International)
02 what it does
Activities
- Commercial engine design and manufacturing
- Maintenance, repair and overhaul (MRO) and spare parts
- Defense engines and propulsion technologies
03 who it serves
Customers
- Airlines and aircraft lessors
- Airframers such as Boeing and Airbus
- Governments and defense prime contractors
04 how money comes in
How it earns
- Equipment (engine deliveries)
- Services (about 70% of revenue)
How the business makes money
- Installed base of about 50,000 commercial and 30,000 military engines.
- LEAP is expected to overtake the CFM56 as the industry’s largest fleet.
- Non-U.S. revenue was 60% of 2025 revenue.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
GE Aerospace does defense research and design largely under U.S. Government agreements and is subject to export controls.
Government as customer
U.S. Government research agreements
The majority of its research and design agreements for defense products are with the U.S. Government.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
Trade & export rules
Export controls
Subject to U.S. and other export controls.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Commercial Engines & Services
33,314 (73%)Defense & Propulsion Technologies
10,554 (23%)Corporate & Other (incl. eliminations)
1,987 (4%)
Source: Form 10-K (FY2025) Total segment revenue including intersegment amounts; total revenue $45,855M. From 2026 the Aeroderivative business moved from CES to DPT.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
U.S. — 40% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
U.S.
18,194 (40%)Europe
8,603 (19%)Asia
10,819 (24%)Americas (non-U.S.)
3,664 (8%)Middle East and Africa
4,575 (10%)
Source: Form 10-K (FY2025) Revenue by geography.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Safran Aircraft Engines (CFM International)
50-50 non-consolidated joint venture that sells LEAP and CFM56 engines and runs the RISE technology program.
Source: Form 10-K (FY2025)
Pending or recent acquisition
Consolidated Precision Products
Agreement to acquire for $11.75B, expected to close in the second half of 2027 subject to approvals.
Source: Form 8-K (2026-09-08) — Item 8.01 agreement to acquire Consolidated Precision Products
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Airlines, lessors, airframers and governments.
Named by the company
No single customer is named as material.
Suppliers
Suppliers of parts and materials for engine production.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says GE Aerospace competes with other global engine manufacturers in commercial and defense engines and services, and with third-party MRO shops, without naming them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group (17 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Industry and investment peers; no changes for 2025.
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 29,139 | 35,348 | 38,702 | 45,855 |
| Pretax income | 1,522 | 10,441 | 7,620 | 10,000 |
| Net income (attributable) | 336 | 9,482 | 6,556 | 8,704 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 21.3% | 9.5% | 18.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 1.2% | 26.8% | 16.9% | 19.0% |
| Balance sheet ($M) | ||||
| Total assets | 188,851 | 173,300 | 123,140 | 130,169 |
| Total equity | 34,930 | 28,605 | 19,564 | 18,898 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 24,059 | 20,862 | 19,273 | 20,494 |
| Equity ratio | 17.8% | 15.8% | 15.7% | 14.3% |
| ROE | 0.9% | 31.0% | 28.1% | 45.8% |
| Cash flow ($M) | ||||
| Operating CF | 5,917 | 5,189 | 4,710 | 8,537 |
| Investing CF | 2,270 | 3,967 | -1,666 | -1,153 |
| Financing CF | -5,585 | -8,613 | -6,726 | -8,682 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,546 | 4,327 | 3,678 | 7,264 |
| Cash and equivalents | 15,810 | 15,204 | 13,619 | 12,392 |
| Per share & other | ||||
| EPS ($) | 0.05 | 8.36 | 5.99 | 8.14 |
| BVPS ($) | 30.94 | 25.18 | 18.01 | 17.81 |
| Dividend per share ($) | 0.32 | 0.32 | 1.12 | 1.44 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 640.0% | 3.8% | 18.7% | 17.7% |
| P/E (x) | 1,044.1 | 12.2 | 27.8 | 37.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.69 | 4.05 | 9.26 | 17.30 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $14.12B+15.9% | $2.29B+6.1% | $2.20 |
| 2026-06-30 | $13.35B+21.1% | $2.37B+16.9% | $2.26 |
| 2026-03-31 | $12.39B+24.7% | $1.9B-3.7% | $1.81 |
| 2025-12-31 † | $12.72B+17.6% | $2.54B+33.8% | — |
| 2025-09-30 | $12.18B | $2.16B | $2.02 |
| 2025-06-30 | $11.02B | $2.03B | $1.89 |
| 2025-03-31 | $9.94B | $1.98B | $1.83 |
| 2024-12-31 | $10.81B | $1.9B | $1.75 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020, FY2021: Includes GE HealthCare and GE Vernova (later spun off) and is not restated.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.2% − 2.1%
Past FCF growth (FY2022–FY2025)
+16.9%
Compound annual rate, 3 years
Past revenue growth (FY2022–FY2025)
+16.3%
Compound annual rate, 3 years
Inputs (FY2025): free cash flow $7.26B (operating CF − capex); enterprise value $346.38B = market cap $338.28B (latest close, 2026-11-04) + debt $20.49B − cash and short-term investments $12.39B; r = WACC of 11.2% using this page’s default assumptions (β 1.21, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$345.9B
FCF $7.26B ÷ (11.2% − 9.1%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.2% | 10.2% | 11.2% | 12.2% | 13.2% |
|---|---|---|---|---|---|
| 0% | 0.23x | 0.21x | 0.19x | 0.17x | 0.16x |
| 2% | 0.29x | 0.26x | 0.23x | 0.21x | 0.19x |
| 4% | 0.40x | 0.34x | 0.29x | 0.26x | 0.23x |
| 6% | 0.66x | 0.50x | 0.40x | 0.34x | 0.29x |
| 8% | 1.75x | 0.95x | 0.66x | 0.50x | 0.40x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 4.96x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): 0.1%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 186 → 84 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$8,537M ÷ $8,704M = 0.98x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($9,327M + $11,773M) ÷ 2 ÷ $45,855M × 365 = 84 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 79.6%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 20.4%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 313 of 416
- Beta (adjusted)
- 1.21
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 75% of covered companies have more
above 1 = swings more than the market
- 826.4M shares reported by 3,418 13F filers ÷ 1,037.6M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
20
Strengths & weaknessesSite analysis
Strengths
1. Largest commercial fleet
The industry’s largest and growing commercial propulsion fleet, with about 50,000 commercial engines installed.
Evidence: Form 10-K (FY2025)
2. Aftermarket annuity
Services make up about 70% of revenue, supported by the installed base.
Evidence: Form 10-K (FY2025)
3. Strong cash generation
Operating cash flow of $8,537M in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Legacy financial-services exposure
Run-off insurance operations, Bank BPH mortgage litigation in Poland (estimated total losses $1,658M at September 30, 2026) and U.S. tax equity investments remain.
Evidence: Form 10-Q (quarter ended 2026-09-30)
2. Customer concentration
Significant business with, and credit exposure to, some of its largest customers.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
37.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.47%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
18%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.2%
(Operating CF − capex) ÷ market cap
1. Services-led growth
About 70% of revenue is aftermarket services on a large installed base.
- What has to hold
- Flight hours and shop visits keep rising.
- The other side
- Air travel downturns.
Evidence: Form 10-K (FY2025)
2. Capital return
Dividend per share rose from $0.32 (2023) to $1.44 (2025); 11.9 million shares repurchased for $4.0B in 2026.
- What has to hold
- Cash flow funds returns.
- The other side
- CPP deal uses cash.
Evidence: Form 10-Q (quarter ended 2026-09-30)
FY2020–2021 are dropped: they include businesses later separated (GE HealthCare, spun off January 2023, and GE Vernova, spun off April 2024) and are not restated. The 2022 balance sheet still includes GE HealthCare and GE Vernova, and the 2023 balance sheet includes GE Vernova.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
7.3x
$12.39B vs. $1.69B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
5.0x
$7.26B vs. $1.45B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Installed base
About 80,000 engines in the installed base support recurring service revenue.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
GE Aerospace’s main legal exposures are legacy: borrower litigation against its former Polish bank, Bank BPH (estimated total losses $1,658 million at September 30, 2026), shareholder derivative suits and the Mahar securities class action from the former GE’s disclosures. The Sjunde AP-Fonden shareholder case settled in April 2025.
3 open matters (1 flagged as major) · 1 settled or closed
Bank BPH borrower litigation (Poland)
PendingLawsuitMajorCurrent and former borrowers v. Bank BPH
Polish borrowers sue over foreign-currency-indexed mortgage loans; a settlement program was adopted in 2023 with a $1,014M charge. Estimated total losses were $2,334M at December 31, 2025 and $1,658M at September 30, 2026; a $108M pre-tax charge was recorded in Q3 2026.
- Amounts
- $1,658 million estimated total losses
Source: Form 10-K (FY2025) — Note 24, Commitments, Guarantees, Product Warranties and Other Loss Contingencies (Legal Matters) · Form 10-Q (quarter ended 2026-09-30)
Shareholder derivative suits (Lindsey; Priest/Tola)
PendingLawsuitShareholders on behalf of GE v. current and former officers and directors
Derivative suits in New York state court relate to the same facts as the Sjunde AP-Fonden case; Lindsey is stayed and GE moved to dismiss the amended Priest/Tola complaint in October 2024.
Mahar securities class action
PendingClass actionMahar plaintiffs v. GE, former executives and KPMG
Filed July 2018 in New York state court over alleged misstatements on insurance reserves in GE Stock Direct Plan documents; GE’s motion to dismiss was denied and appeals failed in 2021.
Sjunde AP-Fonden shareholder lawsuit
SettledClass actionSjunde AP-Fonden v. GE
Shareholder class action over legacy disclosures settled in April 2025.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note 24, Commitments, Guarantees, Product Warranties and Other Loss Contingencies (Legal Matters), reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Air travel and defense demand
- Company disclosure (summarized from the 10-K)
- Demand for equipment and services follows commercial air travel, freight demand and government defense budgets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Supply chain
Delivery ramp
- Company disclosure (summarized from the 10-K)
- A significant ramp in engine deliveries and services is expected and depends on suppliers and MRO capacity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Engine competition
- Company disclosure (summarized from the 10-K)
- Competes with other global engine manufacturers and third-party MRO shops.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Legacy litigation
- Company disclosure (summarized from the 10-K)
- Shareholder derivative suits, the Mahar class action and Bank BPH borrower lawsuits are pending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5M&A & integration
CPP acquisition
- Company disclosure (summarized from the 10-K)
- The $11.75B CPP deal, funded with about $7B cash and new debt, needs regulatory approvals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We are committed to investing and developing technologies that improve safety, durability, reliability and efficiency for our current engine products over their lifecycle and for the future of flight. Read more
For example, in November 2025, the GEnx high-pressure turbine (HPT) blade, which has improved time-on-wing over 2.5 times in hot and harsh environments, surpassed 4,000 cycles. Additionally, we launched our second dust ingestion test on the GE9X engine, preparing this engine now for what it will experience in various conditions in the years to come. This builds upon over 30,000 cycles of testing, including 9,000 endurance cycles. CFM International's RISE program is advancing a suite of pioneering technologies including Open Fan, compact core, and hybrid electric systems with more than 350 tests completed toward ground and flight tests this decade. In 2025, we began dust ingestion testing…
Beginning in the first quarter of 2025, we changed the terminology used to report our GAAP earnings from “Earnings” to “Net income” and our non-GAAP earnings from "Adjusted earnings" to "Adjusted net income." The change in terminology does not impact the amounts reported in the financial statements.
We support efforts to revitalize domestic manufacturing and invested $1 billion in U.S manufacturing and hired 5,000 U.S workers in 2025. Read more
At the same time, we support promoting free and fair trade that ensures the continued strength of the U.S aerospace industry.
Additionally, we are expanding capacity across our global maintenance, repair and overhaul (MRO) network to support aftermarket demand. Read more
We are investing $1 billion to increase our MRO capacity, including $500 million to increase LEAP MRO capacity by expanding several sites.
As we operate in a highly dynamic tariff environment, we are focused on continuing to deliver our products and services to our customers. Read more
Given our global business, tariffs will result in additional cost for us and our suppliers. We are optimizing operations and leveraging existing programs to reduce the impact from tariffs. In late 2025, the U.S. established a zero-for-zero tariff agreement on aerospace equipment with the EU, UK, Japan and Korea, establishing a mutual elimination of tariffs. Additionally, we are taking measures to control cost and implementing pricing actions to primarily mitigate the remaining impact. We are continuing to monitor the tariff environment, including relevant U.S. Supreme Court rulings.
On January 15, 2026, we announced that our Commercial Engines & Services (CES) segment will expand to include the entire commercial engine lifecycle, including safety and quality, product management, engineering, supply chain, manufacturing and aftermarket services. In addition, our Aeroderivative business, currently reported in CES, will move to our Defense Propulsion & Technologies segment.
For the year ended December 31, 2025 , total revenue increased $7.2 billion, or 18%, compared to the year ended December 31, 2024. Read more
Equipment revenue increased, driven by increased engine deliveries and price. Services revenue increased, primarily due to increased internal shop visit volume and workscopes and higher spare parts volume .
Profit was $10.0 billion, an increase of $2.4 billion. Profit margin was 21.8%, an increase of 210 basis points. Read more
Operating profit* was $9.1 billion, an increase of $1.8 billion. Operating profit margin* was 21.4%, an increase of 70 basis points. Adjusted EPS* was $6.37, an increase of 38%.
No longer in the text (4)
We have been and remain committed to investing in developing and maturing technologies that enable a more sustainable future of flight. Read more
Notably, CFM International's Revolutionary Innovation for Sustainable Engines (RISE) program is a suite of pioneering technologies including Open Fan, compact core and hybrid electric systems for compatibility with alternative fuels. We recently completed more than 250 tests on developing a full-scale Open Fan engine. This is one of several initiatives underway to help invent the future of flight.
Given the significant business we have with airframers and many airlines, challenges affecting the commercial aviation industry or key participants can adversely impact the demand for our products and services, the timing of orders, deliveries and related payments and other factors. We are monitoring the production and other challenges at The Boeing Company, and we continue to align with them on production expectations and assess potential impacts to our business. The Boeing worker's strike, resolved in the fourth quarter of 2024, had no significant impact to our revenue, earnings and cash flows for the year ended December 31, 2024.
For the year ended December 31, 2024 , total revenue increased $3.4 billion, or 9%, compared to the year ended December 31, 2023. Read more
Equipment revenue increased, driven by improved pricing and favorable customer and product mix. Services revenue increased, primarily due to higher spare parts volume, improved pricing and increased internal shop visit workscope .
For the year ended December 31, 2023, total revenue increased $6.2 billion, or 21%, compared to the year ended December 31, 2022. Read more
Equipment revenue increased, driven by higher commercial install and spare engine unit shipments. Services revenue increased, primarily due to increased commercial spare part shipments, higher internal shop visit volume, increased internal shop visit workscope and improved pricing .
249 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jan 29, 2026 ↗ with the 10-K filed Feb 3, 2025 ↗.
26
What to watch going forwardSite analysis
- LEAP deliveries and services revenue growth.
- Closing of the CPP acquisition (expected second half of 2027).
- Bank BPH litigation losses.
- Share repurchases ($4.0B in the first nine months of 2026).
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 24, 2026 15:20 (SEC EDGAR) · Source 10-K filed: January 29, 2026
Built on10-K FY2025 · filed 2026-01-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent GE Aerospace’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.