Analysis of Geographic Areas
GE Aerospace operates in 5 regions: U.S.; Europe; Asia; Americas; and Other Global.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Area Asset Turnover
GE Aerospace, asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Europe | |||||
| Asia | |||||
| Americas | |||||
| Other Global |
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).
The analysis of the annual geographic area asset turnover ratios reveals distinct trends and noteworthy shifts over the examined period.
- U.S. Market
- The asset turnover ratio in the U.S. shows a gradual increase from 0.24 in 2020 to 0.28 in 2023, indicating a steady improvement in the efficiency of asset usage in this region. However, there is a sharp and significant jump to 3.36 in 2024, which represents an unusually large increase compared to previous years. This spike may warrant further investigation to understand the underlying causes, such as potential changes in asset base, sales volume, or accounting adjustments.
- Europe
- The European region demonstrates a consistent upward trend from 0.27 in 2020 to 0.44 in 2022, followed by a slight decrease to 0.40 in 2023. In 2024, there is another marked rise to 6.66, similar to the U.S., reflecting a substantial and abrupt improvement in asset turnover. The pattern suggests enhanced operational efficiency or a major restructuring effect impacting reported figures.
- Asia
- Asia exhibits a significant increase from 0.79 in 2020 to 1.29 in 2021, maintaining near stable levels around 1.27 to 1.36 through 2023. The ratio then shoots up dramatically to 14.56 in 2024. This prolonged strong performance followed by a sharp increase indicates robust asset utilization over the years with a final exceptional surge that could reflect notable growth in revenue relative to assets or changes in asset accounting.
- Americas
- The Americas region shows a steady increase from 0.44 in 2020, peaking at 0.90 in 2022, before slightly declining to 0.86 in 2023. The year 2024 reveals a considerable ascent to 6.02. This pattern resembles that of Europe and the U.S., pointing to an extraordinary improvement or adjustment in asset turnover ratios in the latest period.
- Other Global
- “Other Global” displays the most volatile pattern, starting at 0.68 in 2020 and increasing substantially to 1.54 in 2021, then stabilizing around 1.55 in 2022. A notable rise to 2.51 occurs in 2023, followed by an unprecedented and extreme increase to 311.17 in 2024. This exceptional outlier indicates either a significant operational change, divestiture of assets, or a non-recurring event impacting asset turnover ratios significantly.
Overall, the data indicates a general trend of improving asset turnover across all geographic segments from 2020 to 2023, reflecting enhanced asset efficiency. However, the figures for 2024 exhibit extraordinary increases across all regions, which are unusually high compared to prior years. These dramatic shifts suggest possible one-time adjustments, changes in asset base valuation, or revenue recognition affecting the ratios, requiring further detailed analysis to confirm their sustainability and underlying drivers.
Area Asset Turnover: U.S.
GE Aerospace; U.S.; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
- Revenues
- The revenues demonstrate a declining trend over the period analyzed. Starting at US$35,314 million in 2020, revenues decreased to US$32,838 million in 2021, followed by a slight increase to US$33,036 million in 2022. Thereafter, a significant decline occurred, with revenues falling to US$29,090 million in 2023 and dropping sharply to US$17,340 million in 2024. This pattern suggests a weakening revenue base particularly in the latter years.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment consistently decreased throughout the period. From US$148,963 million in 2020, the asset base diminished to US$130,956 million in 2021, further to US$126,005 million in 2022, then more sharply to US$105,676 million in 2023, and drastically declined to only US$5,166 million by 2024. This marked reduction in fixed assets indicates substantial asset disposals or impairments over time.
- Area Asset Turnover Ratio
- The area asset turnover ratio follows an upward trend, starting at 0.24 in 2020 and progressively increasing each year to 0.25 in 2021, 0.26 in 2022, and 0.28 in 2023. Notably, in 2024, the ratio surges to 3.36. The rising ratio signals enhanced efficiency in utilizing area assets to generate revenues, with the pronounced jump in 2024 reflecting the significant asset base reduction combined with remaining revenues.
Area Asset Turnover: Europe
GE Aerospace; Europe; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
- Revenues
- Revenues exhibited fluctuations over the five-year period. Starting at 15,733 million US dollars in 2020, they decreased to 14,946 million in 2021. This was followed by an increase to 16,284 million in 2022, then a slight decline to 15,650 million in 2023. A notable sharp drop occurred in 2024, with revenues falling to 7,800 million.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment showed a consistent downward trend from 58,301 million US dollars in 2020 to 36,603 million in 2022. There was a marginal recovery to 38,899 million in 2023, followed by a pronounced reduction to 1,171 million in 2024. This suggests substantial asset divestment or revaluation during the later period.
- Area Asset Turnover
- The ratio of area asset turnover, an indicator of efficiency in using assets to generate revenue, improved from 0.27 in 2020 to 0.44 in 2022, showing increasing efficiency. It slightly declined to 0.4 in 2023 but surged dramatically to 6.66 in 2024. The dramatic increase in 2024 is likely due to the steep reduction in asset base combined with still significant, although reduced, revenues.
Area Asset Turnover: Asia
GE Aerospace; Asia; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial data for the Asia geographic area exhibits notable trends over the five-year period ending December 31, 2024.
- Revenues
- Revenues show a persistent downward trajectory, decreasing each year from US$ 16,216 million in 2020 to US$ 7,236 million in 2024. The decline is most pronounced between 2022 and 2024, where revenues fall from US$ 14,386 million to US$ 7,236 million, indicating a potential contraction in market demand, operational scale, or other external factors affecting sales performance in the region.
- Property, Plant, and Equipment (Net)
- The net value of property, plant, and equipment also portrays a significant reduction over the period. Starting at US$ 20,630 million in 2020, the figure decreases substantially to US$ 497 million by 2024. This sharp decline suggests divestments, asset disposals, impairments, or possibly a strategic shift resulting in a reduced physical asset base in the Asia region.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency of asset utilization in generating revenues, presents an initially moderate increase from 0.79 in 2020 to 1.36 in 2023. However, in 2024, there is an anomalous and extreme spike to 14.56. This dramatic increase correlates with the precipitous drop in net property, plant, and equipment, implying that revenues, though decreasing, are being generated from a significantly reduced asset base. Such an extreme ratio could indicate potential data distortion due to the low asset base or reflect an exceptional improvement in asset utilization efficiency.
In summary, the region demonstrates a significant contraction in both revenues and physical asset base over the analyzed period, accompanied by an unusual surge in asset turnover ratio. These trends may flag restructuring activities or strategic realignment impacting asset holdings and revenue generation capacity in the Asia geographic area.
Area Asset Turnover: Americas
GE Aerospace; Americas; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
- Revenues
- The revenue figures exhibit notable volatility over the observed period. Starting at 4,701 million US dollars in 2020, revenues decreased slightly to 4,476 million in 2021. Subsequently, there was a significant increase to 5,788 million in 2022, followed by a decline to 5,034 million in 2023. The most dramatic change is observed in 2024, with revenues sharply dropping to 2,593 million, representing the lowest level in five years.
- Property, plant and equipment, net
- This asset category shows a consistent and marked downward trend. Beginning at 10,795 million US dollars in 2020, there is a steep decrease to 6,406 million by 2021, remaining almost unchanged in 2022. Following this, there is a further reduction in 2023 to 5,875 million and a significant decrease again in 2024 to just 431 million. This suggests a substantial reduction in investment in property, plant, and equipment or a large asset divestment or write-down over time.
- Area asset turnover
- The area asset turnover ratio, which measures efficiency in using property, plant, and equipment to generate revenues, shows a substantial overall increase. It rose from 0.44 in 2020 to 0.7 in 2021 and improved further to 0.9 in 2022, before a slight dip to 0.86 in 2023. In 2024, the ratio leaps dramatically to 6.02, indicating a significant improvement in generating revenue per unit of asset. This sharp increase is likely influenced by the simultaneous sharp reduction in asset base coupled with the less severe decline in revenue, suggesting improved utilization or efficiency of remaining assets.
Area Asset Turnover: Other Global
GE Aerospace; Other Global; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
- Revenues
- Revenues show a declining trend from 2020 to 2022, decreasing from 7,655 million USD to 7,060 million USD. In 2023, there is a slight recovery to 7,310 million USD, followed by a significant drop in 2024 to 3,734 million USD, indicating volatility and potential challenges in generating sales in the most recent year.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment values experienced a sharp decline over the observed period. Starting at 11,230 million USD in 2020, the amount dropped dramatically to 4,588 million USD by 2021 and continued to decrease steadily to a minimal 12 million USD by 2024. This trend suggests a substantial reduction in tangible asset base or possible disposals and impairments.
- Area Asset Turnover
- Area asset turnover ratio exhibits an increasing trend, rising sharply from 0.68 in 2020 to 2.51 in 2023, implying improved efficiency in utilizing assets to generate revenues. The ratio spikes extraordinarily to 311.17 in 2024, which is an anomalous value likely related to the drastic reduction of net property, plant, and equipment. This outlier indicates that revenues, although reduced, are being generated with an extremely limited asset base, suggesting either an accounting adjustment, reclassification, or significant operational change in asset utilization.
Revenues
GE Aerospace, revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Europe | |||||
| Asia | |||||
| Americas | |||||
| Other Global | |||||
| Non-U.S. | |||||
| Total |
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).
The annual geographic area revenues exhibit notable fluctuations over the analyzed period. Overall, total revenues show a declining trend, decreasing from US$79,619 million in 2020 to US$38,703 million in 2024, reflecting a significant reduction by more than half over five years.
- U.S. Revenue
- Revenues from the U.S. region decrease steadily throughout the period, starting at US$35,314 million in 2020 and falling sharply to US$17,340 million by 2024. The most pronounced drop occurs between 2023 and 2024, where revenue declines by approximately 40%, indicating a substantial contraction in the U.S. market.
- Europe Revenue
- European revenues display some volatility but generally trend downward. After a slight decline from US$15,733 million in 2020 to US$14,946 million in 2021, revenues peak at US$16,284 million in 2022, then decline again to US$7,800 million in 2024. The significant drop between 2023 and 2024 aligns with broader downward trends in other regions.
- Asia Revenue
- Asia revenues also fall consistently from US$16,216 million in 2020 to US$7,236 million in 2024. The decline is steady each year, with a notable reduction after 2022, particularly between 2023 and 2024. This suggests challenges in maintaining revenue levels within the Asian market.
- Americas Revenue
- The Americas region shows fluctuating yet decreasing revenue trends. Initial figures decrease slightly from US$4,701 million in 2020 to US$4,476 million in 2021, followed by an increase to US$5,788 million in 2022. However, a downward trend resumes afterward, ending at US$2,593 million in 2024. The pattern suggests variability but an overall contraction.
- Other Global Regions
- Revenues from other global regions remain relatively stable between 2020 and 2023, fluctuating marginally around the US$7,000 million mark. However, a sharp drop to US$3,734 million occurs in 2024, consistent with the declines observed in other regions.
- Non-U.S. Revenue
- Non-U.S. revenues, the aggregate of Europe, Asia, Americas, and Other Global, follow a downward trajectory similar to total revenues. Starting at US$44,305 million in 2020, revenues peak at US$43,518 million in 2022 before declining substantially to US$21,363 million in 2024. The marked decreases in later years suggest widespread challenges across international markets.
The data indicates a broad-based reduction in revenue across all geographical areas, with the most severe declines occurring between 2023 and 2024. The overall pattern suggests systemic factors affecting revenue performance rather than isolated regional issues. The sustained decreases in key regions such as the U.S., Europe, and Asia highlight potential market contractions, competitive pressures, or operational challenges over the observed timeframe.
Property, plant and equipment, net
GE Aerospace, property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Europe | |||||
| Asia | |||||
| Americas | |||||
| Other Global | |||||
| Non-U.S. | |||||
| Total |
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).
- Overall Trend
- The net property, plant and equipment values have shown a consistent decline across all geographic areas from 2020 through 2024. The total net value decreased significantly from approximately US$249.9 billion in 2020 to around US$7.3 billion in 2024, indicating a substantial reduction in asset base over the period.
- U.S. Segment
- The U.S. segment exhibits the highest values throughout the period but displays a pronounced downward trend. Starting at US$148.96 billion in 2020, the value steadily decreases each year, culminating in a steep drop to US$5.2 billion by 2024. This suggests significant asset disposals, impairments, or transfers.
- Europe Segment
- Europe's net property, plant and equipment also declined from US$58.3 billion in 2020 to just over US$1.2 billion in 2024. The decline appears more volatile, with a minor increase noted between 2022 and 2023 before sharply dropping again in 2024. This may indicate localized fluctuations or restructuring activities.
- Asia Segment
- The Asia region shows a similar downward trajectory, starting at US$20.6 billion in 2020 and decreasing steadily to US$0.5 billion in 2024. The decline is consistent year-over-year, reflecting ongoing asset reductions.
- Americas (Excluding U.S.)
- The Americas segment beyond the U.S. experienced value decreases from approximately US$10.8 billion in 2020 to US$0.4 billion in 2024. The reduction is gradual but persistent, indicating sustained asset shrinkage in this region.
- Other Global
- Values in the Other Global category fell significantly from US$11.2 billion in 2020 to merely US$12 million in 2024, indicating near-total asset divestment or reevaluation in this segment.
- Non-U.S. Total
- The combined non-U.S. net property, plant and equipment values dropped from US$101.0 billion in 2020 to about US$2.1 billion by 2024, mirroring the substantial downtrend observed in individual regions outside the U.S.
- Insights
- The data indicates a strategic shift involving considerable reduction in property, plant and equipment assets across all geographic areas. The most drastic decreases occur in the U.S. and European regions. The sharp declines approaching 2024 suggest either divestitures, impairments, or reclassifications possibly tied to operational restructuring or changes in business focus.