Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
GE Aerospace, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of the valuation ratios reveals a significant expansion in market multiples beginning in early 2024, indicating a fundamental shift in the valuation profile of the equity. While early periods show relatively conservative multiples, subsequent quarters demonstrate a marked increase in the premiums attributed to earnings, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained relatively stable between 12.72 and 16.18 throughout 2023. A sharp inflection point occurred on March 31, 2024, where the ratio spiked to 52.90. Following this peak, the multiple corrected and stabilized, fluctuating primarily between 28.84 and 40.12 through September 30, 2026. This suggests a transition to a higher valuation baseline compared to the 2023 period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited a more gradual and consistent upward trajectory. Starting at 17.08 in March 2022, the ratio climbed steadily to peak at 31.04 in June 2026. Unlike the P/E ratio, the P/OP did not experience a singular volatile spike, reflecting a more linear expansion in the multiple applied to operating earnings.
- Price to Sales (P/S) Ratio
- A strong upward trend is evident in revenue multiples. The P/S ratio grew from a range of 1.10 to 1.25 in early 2022 to a peak of 8.02 by September 30, 2025. The most rapid acceleration occurred between December 31, 2023 (2.30) and June 30, 2024 (3.63), ultimately resulting in a valuation multiple that is several times higher than the initial 2022 levels.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows the most aggressive expansion of all tracked metrics. Initial values hovered around 2.26 in mid-2022 but rose significantly to 5.43 by the end of 2023. A substantial increase followed in 2024, with the ratio surpassing 10.00 by June. The trend continued upward to a peak of 20.34 in June 2026, indicating a dramatic increase in the market premium over the accounting book value.
Overall, the concurrent rise across all valuation metrics suggests a systemic rerating of the stock. The most pronounced changes are seen in the P/BV and P/S ratios, implying that the market has shifted toward valuing the entity based on growth expectations and intangible assets rather than historical book values or current revenue streams.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Price to Earnings (P/E)
GE Aerospace, historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,033,351,921 | 1,037,562,513 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 1,060,439,387 | 1,066,386,643 | 1,073,290,505 | 1,082,294,004 | 1,084,311,016 | 1,094,606,676 | 1,088,334,304 | 1,088,386,043 | 1,088,378,193 | 1,088,960,029 | 1,089,286,553 | 1,092,668,140 | 1,096,553,102 | 1,100,664,978 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders (in millions) | 2,288) | 2,370) | 1,904) | 2,541) | 2,157) | 2,028) | 1,978) | 1,899) | 1,852) | 1,266) | 1,539) | 1,591) | 258) | (23) | 7,360) | 2,125) | (238) | (857) | (1,094) | ||||||
| Earnings per share (EPS)2 | 8.81 | 8.65 | 8.27 | 8.30 | 7.64 | 7.31 | 6.56 | 6.11 | 5.77 | 4.29 | 3.07 | 8.44 | 8.93 | 8.47 | 7.70 | -0.06 | -5.57 | -4.24 | -4.52 | ||||||
| Share price1, 3 | 299.87 | 345.73 | 286.73 | 298.86 | 306.63 | 262.86 | 189.18 | 204.11 | 176.66 | 172.00 | 162.62 | 136.54 | 113.62 | 117.16 | 98.44 | 81.29 | 73.00 | 71.51 | 80.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 34.04 | 39.98 | 34.66 | 36.01 | 40.12 | 35.93 | 28.84 | 33.42 | 30.60 | 40.07 | 52.90 | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | 83.79 | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 36.92 | 45.28 | 40.55 | 28.80 | 21.23 | 15.18 | 15.65 | 18.85 | 14.35 | 14.40 | 15.55 | 12.95 | 17.55 | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | ||||||
| Eaton Corp. plc | — | 42.13 | 39.99 | 35.55 | 37.36 | 35.35 | 29.79 | 30.00 | 34.78 | 32.49 | 37.41 | 35.88 | 27.72 | 32.23 | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | ||||||
| Honeywell International Inc. | 9.82 | 9.50 | 33.12 | 32.62 | 22.86 | 24.93 | 23.88 | 23.10 | 23.93 | 22.74 | 21.95 | 22.73 | 21.44 | 23.92 | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | ||||||
| Lockheed Martin Corp. | 20.92 | 20.87 | 25.49 | 28.55 | 26.97 | 22.81 | 19.67 | 20.18 | 20.49 | 17.74 | 16.29 | 15.35 | 15.71 | 16.11 | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | ||||||
| RTX Corp. | 31.05 | 36.43 | 34.74 | 39.61 | 35.20 | 32.49 | 33.04 | 36.25 | 35.41 | 66.73 | 38.75 | 38.31 | 35.32 | 22.79 | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income (loss) attributable to common shareholdersQ3 2026
+ Net income (loss) attributable to common shareholdersQ2 2026
+ Net income (loss) attributable to common shareholdersQ1 2026
+ Net income (loss) attributable to common shareholdersQ4 2025)
÷ No. shares of common stock outstanding
= (2,288,000,000 + 2,370,000,000 + 1,904,000,000 + 2,541,000,000)
÷ 1,033,351,921 = 8.81
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 299.87 ÷ 8.81 = 34.04
5 Click competitor name to see calculations.
The valuation profile exhibits a transition from negative earnings to a period of significant price appreciation and valuation expansion. Between March 2022 and December 2022, the absence of a price-to-earnings ratio was due to negative earnings per share (EPS), which reached a near-zero point by the end of 2022. A fundamental shift occurred in March 2023, when the company returned to profitability, establishing a baseline P/E ratio in the 12 to 16 range through the end of 2023.
- Earnings Performance and Recovery
- EPS demonstrated significant volatility during the transition period, peaking at 8.93 in September 2023 before experiencing a sharp decline to 3.07 in March 2024. Following this dip, a consistent upward trajectory is observed, with earnings growing sequentially from 4.29 in June 2024 to 8.81 by September 2026.
- Valuation Expansion and P/E Volatility
- The P/E ratio experienced a dramatic spike in March 2024, reaching 52.90. This peak coincides with the lowest point of positive EPS during the observed period, suggesting that the market maintained high expectations for the stock despite a temporary contraction in earnings. Subsequently, the ratio moderated and stabilized, fluctuating between 28.84 and 40.12 from March 2024 through September 2026.
- Share Price Correlation
- Share prices exhibited a strong bullish trend, rising from 80.59 in March 2022 to a peak of 345.73 in June 2026. While the P/E ratio began to normalize after the 2024 spike, the share price continued to climb, supported by the steady recovery and growth of EPS. This indicates a market valuation that has shifted to a higher multiple compared to the initial recovery phase in 2023.
The overall trend indicates that the market has re-rated the company, moving from a value-based multiple of approximately 13 in 2023 to a growth-oriented multiple averaging between 30 and 40 in the subsequent years. The convergence of rising share prices and recovering earnings suggests sustained investor confidence in the long-term earnings trajectory.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Price to Operating Profit (P/OP)
GE Aerospace, historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,033,351,921 | 1,037,562,513 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 1,060,439,387 | 1,066,386,643 | 1,073,290,505 | 1,082,294,004 | 1,084,311,016 | 1,094,606,676 | 1,088,334,304 | 1,088,386,043 | 1,088,378,193 | 1,088,960,029 | 1,089,286,553 | 1,092,668,140 | 1,096,553,102 | 1,100,664,978 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | 3,447) | 3,050) | 2,891) | 2,858) | 2,756) | 2,750) | 2,653) | 2,424) | 1,881) | 2,220) | 1,654) | 1,633) | 1,573) | 1,297) | 979) | 1,569) | 932) | 1,778) | 175) | ||||||
| Operating profit per share2 | 11.85 | 11.14 | 10.79 | 10.50 | 10.03 | 9.15 | 8.61 | 7.62 | 6.83 | 6.53 | 5.62 | 5.04 | 4.98 | 4.39 | 4.83 | 4.09 | 4.65 | 5.29 | 4.72 | ||||||
| Share price1, 3 | 299.87 | 345.73 | 286.73 | 298.86 | 306.63 | 262.86 | 189.18 | 204.11 | 176.66 | 172.00 | 162.62 | 136.54 | 113.62 | 117.16 | 98.44 | 81.29 | 73.00 | 71.51 | 80.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 25.30 | 31.04 | 26.58 | 28.45 | 30.56 | 28.71 | 21.98 | 26.78 | 25.88 | 26.34 | 28.91 | 27.11 | 22.82 | 26.69 | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | 38.07 | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 30.58 | 36.63 | 32.30 | 23.39 | 17.41 | 12.44 | 12.92 | 15.15 | 11.63 | 11.78 | 12.40 | 10.25 | 13.99 | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | ||||||
| Eaton Corp. plc | — | 30.34 | 30.80 | 27.89 | 29.06 | 28.37 | 24.29 | 24.57 | 29.21 | 27.36 | 31.13 | 29.72 | 22.55 | 25.61 | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | ||||||
| Honeywell International Inc. | 15.48 | 14.95 | 25.50 | 27.68 | 20.62 | 19.89 | 18.61 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | ||||||
| Lockheed Martin Corp. | 14.63 | 14.34 | 16.46 | 18.53 | 18.58 | 16.10 | 14.72 | 15.35 | 15.88 | 14.04 | 12.99 | 12.49 | 12.87 | 13.18 | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | ||||||
| RTX Corp. | 23.09 | 26.89 | 25.67 | 28.67 | 26.32 | 24.00 | 22.67 | 26.47 | 26.63 | 52.96 | 35.67 | 34.37 | 35.06 | 20.81 | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (3,447,000,000 + 3,050,000,000 + 2,891,000,000 + 2,858,000,000)
÷ 1,033,351,921 = 11.85
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 299.87 ÷ 11.85 = 25.30
5 Click competitor name to see calculations.
An analysis of the valuation metrics indicates a significant expansion in the Price to Operating Profit (P/OP) multiple over the observed period. While both the share price and operating profit per share exhibited positive trajectories, the growth in the share price consistently outpaced the growth in operating profits, resulting in a higher valuation premium.
- Share Price and Operating Profit Trajectory
- The share price grew from 80.59 US$ in March 2022 to a peak of 345.73 US$ in June 2026. Concurrently, operating profit per share increased from 4.72 US$ to 11.85 US$ over the same timeframe. This represents a substantial increase in fundamental earnings power, although the market valuation of these earnings shifted upward more aggressively than the profits themselves.
- P/OP Ratio Trends
- The P/OP ratio experienced three distinct phases. From March 2022 to December 2022, the ratio remained relatively contained, fluctuating between 13.51 and 19.88. A period of rapid expansion occurred throughout 2023, with the ratio climbing from 20.39 in March to 27.11 by December. From 2024 through September 2026, the ratio generally stabilized at a higher plateau, oscillating between a low of 21.98 and a peak of 31.04.
- Valuation Insights
- The transition from a mid-teen multiple in 2022 to a high-twenties multiple by 2026 suggests a fundamental shift in market sentiment or increased expectations regarding future growth. The peak P/OP ratio of 31.04 recorded in June 2026 marks the highest valuation premium relative to operating performance within the analyzed period, followed by a moderate contraction to 25.30 by September 2026.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Price to Sales (P/S)
GE Aerospace, historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,033,351,921 | 1,037,562,513 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 1,060,439,387 | 1,066,386,643 | 1,073,290,505 | 1,082,294,004 | 1,084,311,016 | 1,094,606,676 | 1,088,334,304 | 1,088,386,043 | 1,088,378,193 | 1,088,960,029 | 1,089,286,553 | 1,092,668,140 | 1,096,553,102 | 1,100,664,978 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales of equipment and services (in millions) | 13,285) | 12,633) | 11,614) | 11,866) | 11,306) | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | ||||||
| Sales per share2 | 47.80 | 45.70 | 43.07 | 40.35 | 38.24 | 35.81 | 33.80 | 32.72 | 40.43 | 47.33 | 53.85 | 59.32 | 61.62 | 63.39 | 65.22 | 67.57 | 65.97 | 65.16 | 64.55 | ||||||
| Share price1, 3 | 299.87 | 345.73 | 286.73 | 298.86 | 306.63 | 262.86 | 189.18 | 204.11 | 176.66 | 172.00 | 162.62 | 136.54 | 113.62 | 117.16 | 98.44 | 81.29 | 73.00 | 71.51 | 80.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 6.27 | 7.56 | 6.66 | 7.41 | 8.02 | 7.34 | 5.60 | 6.24 | 4.37 | 3.63 | 3.02 | 2.30 | 1.84 | 1.85 | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | 1.86 | 1.98 | 2.05 | 2.01 | 2.27 | 1.87 | 1.98 | 1.32 | 1.60 | 1.32 | 1.66 | 1.42 | 1.91 | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | ||||||
| Caterpillar Inc. | — | 5.64 | 6.37 | 5.63 | 4.37 | 3.36 | 2.52 | 2.75 | 3.23 | 2.51 | 2.54 | 2.52 | 1.86 | 2.37 | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | ||||||
| Eaton Corp. plc | — | 5.37 | 5.59 | 5.29 | 5.51 | 5.34 | 4.63 | 4.58 | 5.33 | 4.91 | 5.38 | 4.98 | 3.67 | 3.96 | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | ||||||
| Honeywell International Inc. | 2.06 | 2.05 | 3.61 | 4.12 | 3.71 | 3.74 | 3.55 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | ||||||
| Lockheed Martin Corp. | 1.72 | 1.70 | 1.63 | 1.91 | 1.54 | 1.33 | 1.51 | 1.52 | 1.92 | 1.68 | 1.59 | 1.57 | 1.62 | 1.69 | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | ||||||
| RTX Corp. | 2.72 | 3.01 | 2.79 | 3.01 | 2.70 | 2.39 | 1.86 | 2.14 | 2.11 | 2.08 | 1.90 | 1.78 | 1.68 | 1.80 | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Sales of equipment and servicesQ3 2026
+ Sales of equipment and servicesQ2 2026
+ Sales of equipment and servicesQ1 2026
+ Sales of equipment and servicesQ4 2025)
÷ No. shares of common stock outstanding
= (13,285,000,000 + 12,633,000,000 + 11,614,000,000 + 11,866,000,000)
÷ 1,033,351,921 = 47.80
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 299.87 ÷ 47.80 = 6.27
5 Click competitor name to see calculations.
The analysis of the valuation metrics reveals a significant expansion in the Price to Sales (P/S) ratio over the period from March 2022 through September 2026. The ratio evolved from a stable baseline of approximately 1.10 to 1.25 in 2022 to a peak of 8.02 in mid-2025, indicating a substantial shift in market valuation relative to revenue generation.
- Share Price Trajectory
- A consistent and aggressive upward trend in share price is observed. Starting at 80.59 USD in March 2022, the price experienced steady growth through 2023 and accelerated throughout 2024 and 2025, reaching a maximum of 345.73 USD in June 2026. This trajectory suggests strong market confidence or a significant re-rating of the equity.
- Sales per Share Performance
- Sales per share exhibited a non-linear pattern. After maintaining a range between 64.55 USD and 67.57 USD through late 2022, a prolonged decline occurred, reaching a trough of 32.72 USD in December 2024. Following this low point, a recovery phase is evident, with sales per share steadily increasing to 47.80 USD by September 2026.
- P/S Ratio Dynamics
- The P/S ratio underwent three distinct phases. First, a period of stability occurred between March 2022 and December 2022, with the ratio remaining near 1.20. Second, a phase of rapid expansion took place from March 2023 to June 2025, where the ratio climbed from 1.51 to 8.02. This surge was driven by share price appreciation that far outpaced the simultaneous decline in sales per share. Third, a stabilization and slight correction phase is observed from June 2025 to September 2026, as the ratio moderated to 6.27 while sales per share recovered.
The divergence between the declining sales per share and the rising share price throughout 2023 and 2024 created a mathematical amplification of the P/S ratio. The subsequent peak in the ratio during mid-2025 reflects a valuation high that preceded a period of revenue recovery and price consolidation.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Price to Book Value (P/BV)
GE Aerospace, historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,033,351,921 | 1,037,562,513 | 1,043,337,235 | 1,048,813,612 | 1,054,813,911 | 1,060,439,387 | 1,066,386,643 | 1,073,290,505 | 1,082,294,004 | 1,084,311,016 | 1,094,606,676 | 1,088,334,304 | 1,088,386,043 | 1,088,378,193 | 1,088,960,029 | 1,089,286,553 | 1,092,668,140 | 1,096,553,102 | 1,100,664,978 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ equity (in millions) | 17,522) | 17,640) | 18,057) | 18,677) | 18,812) | 19,135) | 19,251) | 19,342) | 18,874) | 18,598) | 29,855) | 27,378) | 28,665) | 31,194) | 31,652) | 36,366) | 31,475) | 34,649) | 39,005) | ||||||
| Book value per share (BVPS)2 | 16.96 | 17.00 | 17.31 | 17.81 | 17.83 | 18.04 | 18.05 | 18.02 | 17.44 | 17.15 | 27.27 | 25.16 | 26.34 | 28.66 | 29.07 | 33.39 | 28.81 | 31.60 | 35.44 | ||||||
| Share price1, 3 | 299.87 | 345.73 | 286.73 | 298.86 | 306.63 | 262.86 | 189.18 | 204.11 | 176.66 | 172.00 | 162.62 | 136.54 | 113.62 | 117.16 | 98.44 | 81.29 | 73.00 | 71.51 | 80.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 17.68 | 20.34 | 16.57 | 16.78 | 17.19 | 14.57 | 10.48 | 11.33 | 10.13 | 10.03 | 5.96 | 5.43 | 4.31 | 4.09 | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | 28.71 | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 20.65 | 22.88 | 16.90 | 12.93 | 10.74 | 8.35 | 8.66 | 10.38 | 9.22 | 9.18 | 8.25 | 5.76 | 8.05 | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | ||||||
| Eaton Corp. plc | — | 7.96 | 8.09 | 7.48 | 7.79 | 7.46 | 6.34 | 6.16 | 6.85 | 6.17 | 6.60 | 6.07 | 4.52 | 4.87 | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | ||||||
| Honeywell International Inc. | 3.09 | 4.21 | 9.99 | 11.09 | 8.35 | 8.86 | 7.78 | 7.08 | 7.81 | 7.76 | 7.64 | 8.11 | 6.74 | 7.54 | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | ||||||
| Lockheed Martin Corp. | 13.54 | 14.97 | 16.31 | 21.31 | 18.33 | 17.98 | 16.20 | 17.00 | 19.00 | 19.35 | 16.60 | 15.54 | 11.80 | 12.31 | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | ||||||
| RTX Corp. | 3.77 | 4.25 | 3.80 | 4.09 | 3.60 | 3.20 | 2.47 | 2.88 | 2.73 | 2.56 | 2.23 | 2.05 | 1.62 | 1.75 | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 17,522,000,000 ÷ 1,033,351,921 = 16.96
3 Closing price as at the filing date of GE Aerospace Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 299.87 ÷ 16.96 = 17.68
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio demonstrates a substantial and accelerating upward trend over the period from March 2022 through September 2026. The ratio expanded from an initial 2.27 to a high of 20.34, reflecting a significant increase in market valuation relative to the accounting value of the equity.
- Share Price Performance
- A strong growth pattern is evident in the share price, which rose from 80.59 USD in March 2022 to a peak of 345.73 USD in June 2026. Despite periodic fluctuations, the overall trajectory remained positive, contributing primarily to the expansion of the P/BV ratio.
- Book Value Per Share (BVPS) Dynamics
- The book value per share experienced a consistent decline throughout the observed period, falling from 35.44 USD in March 2022 to 16.96 USD by September 2026. A particularly sharp contraction occurred between March 2024 and June 2024, where the BVPS dropped from 27.27 USD to 17.15 USD.
- P/BV Ratio Correlation and Expansion
- The P/BV ratio's growth was characterized by three distinct phases. Between March 2022 and December 2022, the ratio remained relatively stable between 2.26 and 2.53. In 2023, a moderate increase was observed, ending the year at 5.43. Starting in 2024, the ratio entered a phase of rapid acceleration, jumping from 5.96 in March to 10.03 in June, and eventually peaking at 20.34 in June 2026. This suggests a widening divergence between the market price and the net asset value, indicating that the valuation is increasingly driven by factors beyond the company's tangible book value.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?