GE Aerospace, FCFE calculation

US$ in millions

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).

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

GE Aerospace, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,082,294,004
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	660)
FCFE per share	0.61
Current share price (P)	177.98
Valuation Ratio
P/FCFE	291.86
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Caterpillar Inc.	16.49
Eaton Corp. plc	41.52
Honeywell International Inc.	29.92
Lockheed Martin Corp.	15.67
RTX Corp.	9.13
P/FCFE, Sector
Capital Goods	23.18
P/FCFE, Industry
Industrials	24.27

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.

GE Aerospace, historical P/FCFE calculation, comparison to benchmarks

	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 price^1, 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
Eaton Corp. plc	33.65	28.68	24.43	25.59	11.12
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	20.26	25.94	—	74.91	27.54
P/FCFE, Industry
Industrials	22.81	23.85	—	49.40	28.48

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 GE Aerospace 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.

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GE Aerospace (NYSE:GE)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical