Stock Analysis on Net
Stock Analysis on Net

GE Aerospace (NYSE:GE)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

GE Aerospace, adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.29 0.40 0.39 0.36 0.29
Adjusted 0.30 0.42 0.42 0.38 0.30
Liquidity Ratio
Current Ratio
Reported 1.09 1.18 1.16 1.28 1.58
Adjusted 1.13 1.25 1.25 1.38 1.69
Solvency Ratios
Debt to Equity
Reported 1.00 0.77 0.89 0.87 2.11
Adjusted 1.40 1.01 1.06 1.01 2.46
Debt to Capital
Reported 0.50 0.43 0.47 0.47 0.68
Adjusted 0.58 0.50 0.51 0.50 0.71
Financial Leverage
Reported 6.37 5.96 5.16 4.93 7.13
Adjusted 8.00 6.77 5.39 5.04 7.63
Profitability Ratios
Net Profit Margin
Reported 18.67% 14.68% 0.31% -9.17% 7.81%
Adjusted 25.63% 8.82% -3.26% 11.14% 7.39%
Return on Equity (ROE)
Reported 33.90% 34.63% 0.62% -16.17% 16.04%
Adjusted 61.95% 25.16% -7.32% 21.17% 17.11%
Return on Assets (ROA)
Reported 5.32% 5.81% 0.12% -3.28% 2.25%
Adjusted 7.75% 3.72% -1.36% 4.20% 2.24%

Based on: 10-K (reporting date: 2024-12-31), 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. GE Aerospace adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. GE Aerospace adjusted current ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. GE Aerospace adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. GE Aerospace adjusted debt-to-capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 GE Aerospace adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. GE Aerospace adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. GE Aerospace adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. GE Aerospace adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

GE Aerospace, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Sales of equipment and services 35,121 64,565 73,602 71,090 73,022
Total assets 123,140 163,045 187,788 198,874 253,452
Activity Ratio
Total asset turnover1 0.29 0.40 0.39 0.36 0.29
Adjusted
Selected Financial Data (US$ in millions)
Adjusted sales of equipment and services2 35,098 64,504 73,736 71,356 73,538
Adjusted total assets3 116,135 153,117 176,942 189,093 242,535
Activity Ratio
Adjusted total asset turnover4 0.30 0.42 0.42 0.38 0.30

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Sales of equipment and services ÷ Total assets
= 35,121 ÷ 123,140 = 0.29

2 Adjusted sales of equipment and services. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted sales of equipment and services ÷ Adjusted total assets
= 35,098 ÷ 116,135 = 0.30

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. GE Aerospace adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 37,635 59,799 66,234 66,348 88,412
Current liabilities 34,392 50,876 56,947 51,953 56,069
Liquidity Ratio
Current ratio1 1.09 1.18 1.16 1.28 1.58
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 37,741 60,446 67,093 67,422 89,576
Adjusted current liabilities3 33,441 48,252 53,727 49,027 53,115
Liquidity Ratio
Adjusted current ratio4 1.13 1.25 1.25 1.38 1.69

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 37,635 ÷ 34,392 = 1.09

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 37,741 ÷ 33,441 = 1.13

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. GE Aerospace adjusted current ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 19,273 20,964 32,350 35,185 75,066
Shareholders’ equity 19,342 27,378 36,366 40,310 35,552
Solvency Ratio
Debt to equity1 1.00 0.77 0.89 0.87 2.11
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 20,378 22,937 34,743 38,033 78,039
Adjusted total equity3 14,523 22,614 32,847 37,546 31,768
Solvency Ratio
Adjusted debt to equity4 1.40 1.01 1.06 1.01 2.46

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 19,273 ÷ 19,342 = 1.00

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 20,378 ÷ 14,523 = 1.40

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. GE Aerospace adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 19,273 20,964 32,350 35,185 75,066
Total capital 38,615 48,342 68,716 75,495 110,618
Solvency Ratio
Debt to capital1 0.50 0.43 0.47 0.47 0.68
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 20,378 22,937 34,743 38,033 78,039
Adjusted total capital3 34,901 45,551 67,590 75,579 109,807
Solvency Ratio
Adjusted debt to capital4 0.58 0.50 0.51 0.50 0.71

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 19,273 ÷ 38,615 = 0.50

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 20,378 ÷ 34,901 = 0.58

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. GE Aerospace adjusted debt-to-capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 123,140 163,045 187,788 198,874 253,452
Shareholders’ equity 19,342 27,378 36,366 40,310 35,552
Solvency Ratio
Financial leverage1 6.37 5.96 5.16 4.93 7.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 116,135 153,117 176,942 189,093 242,535
Adjusted total equity3 14,523 22,614 32,847 37,546 31,768
Solvency Ratio
Adjusted financial leverage4 8.00 6.77 5.39 5.04 7.63

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 123,140 ÷ 19,342 = 6.37

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 116,135 ÷ 14,523 = 8.00

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 GE Aerospace adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to the Company 6,556 9,481 225 (6,520) 5,704
Sales of equipment and services 35,121 64,565 73,602 71,090 73,022
Profitability Ratio
Net profit margin1 18.67% 14.68% 0.31% -9.17% 7.81%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 8,997 5,689 (2,405) 7,950 5,437
Adjusted sales of equipment and services3 35,098 64,504 73,736 71,356 73,538
Profitability Ratio
Adjusted net profit margin4 25.63% 8.82% -3.26% 11.14% 7.39%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net profit margin = 100 × Net earnings (loss) attributable to the Company ÷ Sales of equipment and services
= 100 × 6,556 ÷ 35,121 = 18.67%

2 Adjusted net earnings (loss). See details »

3 Adjusted sales of equipment and services. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings (loss) ÷ Adjusted sales of equipment and services
= 100 × 8,997 ÷ 35,098 = 25.63%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. GE Aerospace adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to the Company 6,556 9,481 225 (6,520) 5,704
Shareholders’ equity 19,342 27,378 36,366 40,310 35,552
Profitability Ratio
ROE1 33.90% 34.63% 0.62% -16.17% 16.04%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 8,997 5,689 (2,405) 7,950 5,437
Adjusted total equity3 14,523 22,614 32,847 37,546 31,768
Profitability Ratio
Adjusted ROE4 61.95% 25.16% -7.32% 21.17% 17.11%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROE = 100 × Net earnings (loss) attributable to the Company ÷ Shareholders’ equity
= 100 × 6,556 ÷ 19,342 = 33.90%

2 Adjusted net earnings (loss). See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings (loss) ÷ Adjusted total equity
= 100 × 8,997 ÷ 14,523 = 61.95%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. GE Aerospace adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to the Company 6,556 9,481 225 (6,520) 5,704
Total assets 123,140 163,045 187,788 198,874 253,452
Profitability Ratio
ROA1 5.32% 5.81% 0.12% -3.28% 2.25%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 8,997 5,689 (2,405) 7,950 5,437
Adjusted total assets3 116,135 153,117 176,942 189,093 242,535
Profitability Ratio
Adjusted ROA4 7.75% 3.72% -1.36% 4.20% 2.24%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROA = 100 × Net earnings (loss) attributable to the Company ÷ Total assets
= 100 × 6,556 ÷ 123,140 = 5.32%

2 Adjusted net earnings (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings (loss) ÷ Adjusted total assets
= 100 × 8,997 ÷ 116,135 = 7.75%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. GE Aerospace adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.