# GE Aerospace (GE)

> Source: Nexqual · https://nexqual.com/GE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, GE Aerospace (GE), nexqual.com/GE" · informational, not investment advice.

**Price:** USD 293.54 (-0.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 295.88 · day 285.51–294.4 · 52w 268.91–388.84 · market cap $305B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $52.6B, net income $9.10B (17.3% margin), free cash flow $8.02B (SEC filings).
- Valuation: P/E 33.5x (avg 25.8x at the last 3 fiscal year-ends), net debt $10.6B.
- 10 of 80 tracked superinvestors hold GE (13F, Q2 2026): 1 new, 1 added, 4 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $7.2M; 3 not under a Rule 10b5-1 plan ($7.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (23 analysts), mean target USD 384.95 (range 280–435).
- Total return with dividends: 1Y -3.7% vs S&P 500 +14.9%; 5Y +364.1% vs S&P 500 +80.3%.
- Next earnings: 2027-01-21, EPS estimate USD 2.36, revenue estimate $13.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $56.5B | $29.1B | $35.3B | $38.7B | $45.9B | $52.6B |
| Net income | -$6.34B | $336M | $9.48B | $6.56B | $8.70B | $9.10B |
| EPS (diluted) | -$4.79 | $0.05 | $8.36 | $5.99 | $8.14 | — |
| Free cash flow | $2.23B | $4.55B | $4.33B | $3.68B | $7.26B | $8.02B |
| Net margin | -11.2% | 1.2% | 26.8% | 16.9% | 19.0% | 17.3% |
| Revenue growth | -25.5% | -48.4% | +21.3% | +9.5% | +18.5% | — |
| Cash + short-term investments | $15.8B | $15.8B | $15.2B | $13.6B | $12.4B | — |
| Total debt | $35.2B | $24.1B | $22.0B | $21.3B | $22.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 33.5x · P/S 5.8x · EV/Sales 6.0x · P/FCF 38.0x · P/B 17.4x · FCF yield 2.63% · Earnings yield 2.99% · Buyback yield (TTM) 2.79% · Net debt $10.6B · EV $315B
P/E at fiscal year-ends: Dec 2025 37.8x, Dec 2024 27.8x, Dec 2023 11.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold GE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Nelson Peltz | Trian Fund Management | 35.61% | $1.51B | Unchanged |
| Chris Hohn | TCI Fund Management | 33.59% | $17.7B | Reduced -0.2% |
| AKO Capital |  | 6.72% | $288M | Reduced -22.6% |
| Polen Capital | Polen Capital Management | 2.22% | $258M | New position |
| Torray Funds |  | 0.55% | $4.1M | Added +4.4% |
| Christopher Bloomstran | Semper Augustus | 0.40% | $3.5M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | 0.12% | $224M | Reduced -19.0% |
| Van Den Berg Management I |  | 0.06% | $292K | Reduced -0.5% |
| Mairs & Power | Mairs & Power Funds | 0.03% | $2.8M | Unchanged |
| Richard Pzena | Pzena Investment Management | <0.01% | $275K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Giglietti Robert M. | Vice President | 10,242 | $3.8M | 33.6% | No | Too little history (no open-market trades in 2023) |
| 2026-07-24 | Ali Mohamed | Senior Vice President | 8,096 | $2.9M | 28.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-23 | Procacci Riccardo | Senior Vice President | 1,517 | $528K | 4.5% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 23 analysts; mean target USD 384.95 (low 280, high 435).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | UBS | Target raised | Buy | $377 → $380 |
| 2026-10-21 | BNP Paribas | Target lowered | Underperform | $305 → $280 |
| 2026-10-21 | JP Morgan | Target lowered | Overweight | $400 → $375 |
| 2026-10-21 | Susquehanna | Target lowered | Positive | $430 → $400 |
| 2026-10-21 | RBC Capital | Target lowered | Outperform | $400 → $375 |
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $400 → $375 |
| 2026-09-30 | Wells Fargo | Target lowered | Overweight | $390 → $380 |
| 2026-09-23 | Jefferies | Target lowered | Buy | $455 → $435 |
| 2026-07-23 | Bernstein | Target raised | Outperform | $405 → $421 |
| 2026-07-20 | JP Morgan | Target raised | Overweight | $335 → $400 |
| 2026-07-17 | RBC Capital | Reiterated | Outperform | $400 |
| 2026-07-17 | UBS | Target raised | Buy | $426 → $435 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.7% | +364.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.7% | +35.8% |
| Volatility (annualized) | 33.1% | 32.1% |
| Max drawdown | -22.9% (Aug 2026→Oct 2026) | -42.8% (Nov 2021→Sep 2022) |

## Peers (Aerospace & Defense)
RTX (RTX Corporation) USD 194.71 +1.62% · BA (Boeing Company (The)) USD 187.55 -2.46% · LMT (Lockheed Martin Corporation) USD 589.91 +6.96% · GD (General Dynamics Corporation) USD 350.79 +1.76% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14%

## More
Full page: https://nexqual.com/GE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GE's own 10-K filed 2026-01-29 (https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | GE Vernova (GEV) | "To support GE Vernova in selling products and services globally, we often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the performance of what…" |
| Customer | Boeing (BA) | "Our CES customers for equipment and services consist primarily of airframers and airlines, including both Boeing and Airbus, and third-party MRO shops, to whom we sell spare parts and license MRO technology." |
| Customer | Airbus | "Our CES customers for equipment and services consist primarily of airframers and airlines, including both Boeing and Airbus, and third-party MRO shops, to whom we sell spare parts and license MRO technology." |

Other companies that name GE in their own reports (relationship from GE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | PARK AEROSPACE CORP (PKE) | 10-K 2026-05-29 | "During the Company's 2026, 2025, and 2024 fiscal years, 39.3%, 39.8%, and 37.7%, respectively, of the Company's total worldwide net sales were to affiliate and non-affiliate subtier suppliers of GE Ae…" |
| partner | Starfighters Space, Inc. (FJET) | 10-K 2026-04-15 | "Additionally, the Company's collaborative efforts with other contractors and partners in the HyCAT program, such as GE Aerospace and Spectre Propulsion, indicate a strong potential for joint ventures …" |
| partner | BETA Technologies, Inc. (BETA) | 10-K 2026-03-09 | "•our exposure to adverse effects from our GE Aerospace partnership and future alliances;" |
| customer | BERKSHIRE HATHAWAY INC (BRK-B) | 10-K 2026-03-02 | "PCC has several significant customers, including aerospace original equipment manufacturers ("OEMs") (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt…" |
| customer | StandardAero, Inc. (SARO) | 10-K 2026-02-26 | "Aircraft engine OEMs, including GE Aerospace, CFM International, Rolls-Royce, Honeywell, Pratt & Whitney and Safran in addition to providing authorizations to service the engines they manufacture, are…" |
| partner | KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (KTOS) | 10-K 2026-02-23 | "•During 2024 we entered into a Memorandum of Understanding (MOU) with GE Aerospace to partner on the development and production of small affordable engines that could potentially power unmanned aerial…" |
| supplier | AerCap Holdings N.V. (AER) | 20-F 2026-02-12 | "We have longstanding relationships and contractual commitments with approximately 150 customers, including the two largest manufacturers of commercial aviation engines, GE Aerospace and CFMI, to which…" |
| customer | Baker Hughes Co (BKR) | 10-K 2026-02-05 | "In particular, Baker Hughes has: i) an intellectual property cross-license agreement with GE Aerospace, GE Vernova, and GE HealthCare that allows all parties to have continued rights to commercially u…" |
| competitor | INNOVATIVE SOLUTIONS & SUPPORT INC (IA) | 10-K 2025-12-23 | "With respect to our products, the Company's principal competitors include Honeywell Aerospace, Collins Aerospace, GE Aerospace, Thales Defense & Security, Inc., Elbit Systems and Garmin Ltd." |
| partner | Woodward, Inc. (WWD) | 10-K 2025-11-25 | "plans and expectations relating to the performance of our joint venture with GE Aerospace;" |
| customer | CHINA SOUTHERN AIRLINES CO LTD (CHKIF) | 20-F 2023-04-27 | "The jet engines used in our aircraft fleet are manufactured by General Electric Corporation, Rolls-Royce plc, United Technologies International, Inc., CFM International, Inc. International Aviation En…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Commercial Engines & Services | $10.34B | 74.9% | +21.4% | $2.89B | 27.9% |
| Defense & Propulsion Technologies | $3.47B | 25.1% | +6.7% | $475.0M | 13.7% |
| Total revenue | $13.81B | 100% | — | $3.36B | 24.3% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Services | $9.36B | 67.8% | +15.0% |
| Equipment | $3.92B | 28.4% | +24.1% |
| Total revenue | $13.81B | 100% | — |
The lines above cover 96.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $27.66B | 60.3% | +29.5% |
| — Asia (part of Non Us) | $10.82B | 23.6% | +49.5% |
| — Europe (part of Non Us) | $8.60B | 18.8% | +10.3% |
| — Middle East & Africa (part of Non Us) | $4.58B | 10.0% | +22.5% |
| — Americas Excluding U.S. (part of Non Us) | $3.66B | 8.0% | +41.3% |
| United States | $18.19B | 39.7% | +4.9% |
| Total revenue | $45.85B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-01-29).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.36 | $2.24 | +5.4% | $13.26B | 8 |
| Next quarter (ends 2027-03-31) | $2.09 | $2.09 | +0.4% | $12.85B | 9 |
| Current fiscal year (ends 2026-12-31) | $8.11 | $7.92 | +2.5% | $50.68B | 21 |
| Next fiscal year (ends 2027-12-31) | $9.95 | $9.75 | +2.1% | $56.47B | 11 |