GE Aerospace, FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings (loss) attributable to the Company	6,556)	9,481)	225)	(6,520)	5,704)
Net (earnings) loss attributable to noncontrolling interests	10)	(38)	67)	(71)	(158)
Net noncash charges	(318)	(5,511)	4,176)	8,381)	(2,575)
Changes in operating working capital	(431)	1,638)	1,396)	(902)	626)
Cash from operating activities	5,817)	5,570)	5,864)	888)	3,597)
Cash paid during the year for interest, net of tax¹	847)	945)	1,035)	2,338)	2,351)
Additions to property, plant and equipment and internal-use software	(1,032)	(1,595)	(1,484)	(1,361)	(3,403)
Dispositions of property, plant and equipment	114)	89)	209)	167)	1,644)
Free cash flow to the firm (FCFF)	5,746)	5,009)	5,624)	2,032)	4,189)

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 See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the GE Aerospace suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	GE Aerospace FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

GE Aerospace, interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	12.60%	11.40%	33.70%	7.80%	21.00%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	969)	1,067)	1,561)	2,536)	2,976)
Less: Cash paid during the year for interest, tax²	122)	122)	526)	198)	625)
Cash paid during the year for interest, net of tax	847)	945)	1,035)	2,338)	2,351)

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 See details »

² 2024 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 969 × 12.60% = 122

Download chart

GE Aerospace, current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	228,933)
Free cash flow to the firm (FCFF)	5,746)
Valuation Ratio
EV/FCFF	39.84
Benchmarks
EV/FCFF, Competitors¹
Boeing Co.	—
Caterpillar Inc.	18.14
Eaton Corp. plc	40.57
Honeywell International Inc.	28.10
Lockheed Martin Corp.	19.74
RTX Corp.	33.43
EV/FCFF, Sector
Capital Goods	26.55
EV/FCFF, Industry
Industrials	28.72

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

¹ Click competitor name to see calculations.

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

GE Aerospace, historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	223,963)	148,093)	97,249)	114,873)	135,492)
Free cash flow to the firm (FCFF)²	5,746)	5,009)	5,624)	2,032)	4,189)
Valuation Ratio
EV/FCFF³	38.98	29.56	17.29	56.53	32.34
Benchmarks
EV/FCFF, Competitors⁴
Boeing Co.	—	25.63	37.53	—	—
Caterpillar Inc.	18.32	16.08	23.54	20.50	23.83
Eaton Corp. plc	—	38.49	33.44	38.16	21.94
Honeywell International Inc.	27.10	29.13	29.82	25.22	26.49
Lockheed Martin Corp.	20.56	17.62	19.69	13.92	14.64
RTX Corp.	34.48	23.86	28.45	27.29	35.26
EV/FCFF, Sector
Capital Goods	—	23.34	25.87	32.16	74.97
EV/FCFF, Industry
Industrials	—	26.17	24.45	28.85	142.47

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 223,963 ÷ 5,746 = 38.98

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	GE Aerospace EV/FCFF ratio increased from 2022 to 2023 and from 2023 to 2024.

GE Aerospace (NYSE:GE)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical