ランキングに戻る

GE Aerospace (GE)

適正価値
IndustrialsAerospace & DefenseUnited States

ファンダメンタル

51

株価

$312.29

時価総額

$330.19B

パート1 · 企業の価値

概要

GE Aerospace designs, manufactures and services jet and turboprop engines, plus related components and systems, for commercial airlines and for military and other government customers. It is what remains of the old General Electric conglomerate after GE HealthCare and GE Vernova were separated: since 2024 the listed company is a pure aerospace business, with a legacy run-off insurance portfolio still attached to it. Its commercial engine families — CFM56 and LEAP (built through CFM International, a 50/50 joint venture with Safran), GEnx, GE9X — power a large share of the world's narrowbody and widebody fleet, and that installed base is the heart of the company: engines are sold at thin or negative margins and the money is made over decades of spare parts and overhauls. The defence side supplies engines for military aircraft and helicopters and adjacent propulsion technologies.

収益の仕組み

The model is the classic razor-and-blades of aerospace propulsion. Selling an engine places it on an airframe for twenty or thirty years, and the return comes afterwards: maintenance, repair and overhaul (MRO), spare parts, and long-term service agreements under which the airline pays per flight hour, alongside spare-parts agreements and time-and-material contracts. The 10-K states that services were approximately 70% of total revenue in 2025, and that services were about 75% of the Commercial Engines & Services segment. Defence work is contract revenue from governments, chiefly the U.S. Government, and the run-off insurance portfolio contributes premium and investment revenue that has nothing to do with the operating business.

セグメント別売上高

Commercial Engines & Services (CES)73%

Commercial jet and turboprop engines and their aftermarket: spare parts, overhauls and long-term service agreements. Customers are airframers such as Boeing and Airbus, airlines and third-party MRO shops; the 10-K states services were about 75% of this segment in 2025.

Defense & Propulsion Technologies (DPT)23%

Engines and propulsion systems for military aircraft, helicopters and other defence platforms, together with adjacent propulsion and systems technologies, sold largely to the U.S. Government and to allied governments and defence primes.

競争優位性(moat)

スイッチングコスト · 広い

Once an engine is certified on an airframe and an airline has built its maintenance network, spares pool and training around it, changing supplier means re-certification and a fleet decision, not a purchasing decision — so the aftermarket annuity runs for the life of the aircraft. On top of that sit certification and intellectual property barriers: a new entrant needs regulatory type certificates and decades of proven safety data. The installed base and the fact that services are roughly 70% of revenue are what turn those switching costs into cash.

需要を左右する要因

景気循環型

Demand follows the air-traffic cycle, but with a long lag: aircraft orders and engine deliveries track airline profitability and fleet plans years ahead, while the aftermarket follows flight hours almost in real time. When traffic collapses — as in 2020 — airlines park aircraft, defer overhauls and cannibalise spares, and service revenue falls with it; when traffic grows, an installed base that keeps ageing throws off parts and shop visits. Two things soften the swing: services are roughly 70% of revenue and depend on the existing fleet rather than on new orders, and defence demand follows government budgets rather than the commercial cycle.

主なリスク

  • Supply chain shortages and supplier constraints — The company discloses that input shortages, supplier capacity constraints, supplier or customer production disruptions, quality and sourcing issues or price increases have increased operating costs and may continue to do so, and that its supply chains extend across many countries, exposing it to global economic and geopolitical dynamics.
  • Product safety and quality — The filing names design, production or performance failures of its products — or of third-party products into which they are integrated — as a risk, with financial and reputational consequences. Aerospace propulsion leaves no margin for error.
  • Demand for air travel and the financial strength of airlines and airframers — The company lists market developments affecting demand for air travel and the financial strength of airframers and airlines among its risks, together with shifts in defence programmes: its revenue depends on customers whose own cycle it does not control.
  • Operational execution and delivery obligations — Risks disclosed include meeting delivery obligations, ramping production, achieving cost targets and improving shop turnaround times — the practical risk that the order book cannot be converted into shipped engines and completed overhauls.
  • Geopolitics, tariffs and trade controls — The filing cites tariffs, sanctions, trade tensions, wars, terrorist threats and natural disasters, as well as changes in export controls and government contract requirements, as factors that can affect costs and access to markets.
  • Information technology and cybersecurity breaches — The company discloses the risk of information technology, cybersecurity or data security breaches at GE Aerospace itself or at third parties it relies on.
  • Run-off insurance operations — Among the disclosed risks are its insurance operations and the related liquidity and funding needs — a legacy long-term-care and life reinsurance portfolio that remains on the balance sheet and can require capital contributions unrelated to the aerospace business.
  • Research, development and new product introduction — The company flags the risk that its investments in research and development and in new product launches do not deliver the expected returns, in a market where competitors' technology choices can shift the landscape.

顧客集中度

The filing describes the customer base — commercial customers are primarily airframers, including both Boeing and Airbus, airlines and third-party MRO shops, while defence work is sold largely to the U.S. Government — but the pages read do not disclose a percentage of revenue attributable to any single customer. The practical concentration is structural rather than contractual: the commercial engine business depends on two airframers deciding which engines go on which aircraft, and the defence business on U.S. Government programmes.

強気材料

Buyers argue that the installed base is an annuity that is only now starting to pay: the LEAP fleet delivered over the last decade is young, and engines earn most of their aftermarket money at the second and third shop visit, which is still ahead. They point to 2025 as evidence that the ramp is working — total revenue of $45.9 billion, up 18%, with Commercial Engines & Services revenue up 24% and services up 26% — and to an order book that grew faster than revenue. They add that the duopoly structure of large commercial propulsion, the certification barrier and the twenty-year life of an engine placement make those cash flows unusually predictable for an industrial company, and that defence, at roughly a quarter of revenue, runs on a different cycle from the airlines.

弱気材料

Sellers fear that the price already assumes the aftermarket annuity arrives on schedule, leaving nothing for the things the company itself lists as risks: supplier shortages that cap how many engines can be built and how fast shops can turn around, a production ramp that has to be executed year after year, and tariffs or export controls that raise the cost of a supply chain spread across many countries. They note that commercial aerospace demand depends on airlines and two airframers whose own delivery problems set the pace, that a single safety or quality failure on an engine programme can be expensive and durable in reputation, and that the legacy run-off insurance portfolio sits on the balance sheet as a liability unconnected to jet engines. They also point out that services grew faster than equipment in 2025, which is flattering to margins now but depends on a fleet that must keep flying.

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 32.7Score: 76Market cap: $252.92B

Pratt & Whitney's GTF is the only alternative to GE's CFM LEAP on the Airbus A320neo, and the two also bid against each other for military fighter engines and for the decades-long spare-parts and overhaul revenue that follows every installed engine.

P/E: 9.7Score: 61Market cap: $67.12B

Honeywell competes for the business-jet and turboprop propulsion market with the HTF7000 and TFE731 families, and for the avionics and aircraft-systems content that GE Aerospace also sells to airframers.

Rolls-Royce Holdings plcRR

Rolls-Royce is GE Aerospace's direct rival on wide-body aircraft, where its Trent family competes engine-for-engine with the GE90 and GEnx for the same airline fleet decisions and the same long-term service contracts.

MTU Aero Engines AGMTX

MTU runs one of the largest independent engine maintenance networks and takes overhaul work on CFM56, GE90 and GEnx engines that GE Aerospace would otherwise perform in its own shops — the aftermarket that generates most of GE's profit.

Lufthansa Technik AGNot tracked

Lufthansa Technik is the largest independent MRO provider and bids against GE Aerospace for airlines' engine overhaul and total-support contracts, the recurring service revenue that follows each engine through its life.

貸借対照表と流動性

売上高

$50.64B

直近12か月(2026/6/30まで)

純利益

$8.97B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$7.26B

自己資本合計

$18.68B

負債合計

$111.27B

流動比率

0.98

利払い倍率

-

負債/EBITDA

1.76

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$348.00

現在株価

$312.29

安全マージン

+10.3%

適正価値レンジ

$231.19 - $464.81

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$400.05
ディスカウンテッド・キャッシュフロー(DCF):$463.17
利益倍率(P/E):$310.49
グレアムの成長公式:$203.52
収益力価値(EPV):$51.32
正当化されたP/B:$94.93
配当割引モデル(ゴードン):$16.84
P/FFO(運用から生まれる資金):$147.53
中間サイクル利益:$144.30
売上高倍率:$137.54
アナリスト・コンセンサス:強い買い (28B / 3H / 1S)
直近の決算サプライズ:+5.48%

バリュエーション指標

P/E レシオ

36.78

ROE

46.6%

P/B レシオ

18.37

P/FCF

38.59

粗利益率

-

ROIC

-

収益性レーダー

価値創造(経済的モート)

ROIC

-

WACC

11.7%

ROIC − WACC

-

ファンダメンタル分析基準

合格(14)

  • EPS shows upward trend
  • EPS CAGR 7.62%
  • Price CAGR 7.89%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 49.0%
  • Analyst Consensus 88% Buy
  • Earnings Surprise avg 9.0%
  • Earnings Quality (OCF/NI) 1.09
  • Share Dilution -2.3%
  • Piotroski F-Score 5/9

不合格(9)

  • P/FCF 38.59
  • P/B Ratio 18.37
  • Debt/Equity ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y -9.6%
  • PEG Ratio 3.95
  • Net Margin Trend 17.7% vs 19.5%

データなし(5)

  • ROIC NaN%
  • Gross Margin NaN%
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage

Piotroski F-スコア

5/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.09

高品質:利益はキャッシュに裏付けられている

株式希薄化

-2.3%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. H. Lawrence Culp Jr.Chairman & CEO62
Mr. Rahul GhaiSenior VP & CFO53
Mr. John R. Phillips IIISenior VP, General Counsel & Secretary47
Mr. Mohamed AliPresident & CEO of Commercial Engines and Services55
Mr. Robert M. GigliettiVP, Chief Accounting Officer, Controller & Treasurer53
Ms. Blaire ShoorHead of Investor Relations-
Ms. Tara DiJulioVP, Chief Communications Officer & Chief Corporate Affairs Officer of GE Aerospace-
Mr. Christian E. MeisnerSenior VP & Chief Human Resources Officer55
Mr. Christoph A. PereiraChief Strategy & Risk Officer and CEO of Aerospace Carbon Solutions, SaaS & Sustainability52
Mr. Riccardo Procacci Ph.D.President and CEO of Propulsion & Additive Technologies57

監査リスク

9

取締役会リスク

6

報酬リスク

8

株主権利リスク

3

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-01-29

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-16

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-22

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for GE, sourced from Markets Gazette.

  • 22d agoPOSITIVE
    GE to Buy Consolidated Precision Products for $11.75B

    GE Aerospace has announced a definitive agreement to acquire Consolidated Precision Products (CPP) for $11.75 billion. This strategic acquisition from private equity firms Warburg Pincus and Berkshire Partners is poised to substantially enhance GE Aerospace's manufacturing capacity for essential jet engine components. The deal is expected to bolster GE's ability to meet growing demand in the aerospace sector, potentially leading to increased production volumes and improved supply chain resilience. Investors may view this move as a positive step towards strengthening GE's competitive position and long-term growth prospects in the aerospace industry.

  • 8/12/2026POSITIVE
    From Edison to the AI age: inside GE Vernova’s reinvention and 600% stock spike

    GE Vernova, the energy spin-off from General Electric, has seen its stock surge by an astonishing 600% since its separation. This remarkable performance underscores a successful reinvention narrative, transitioning from its industrial conglomerate roots to a focused entity poised for growth in the energy transition and AI sectors. The significant stock appreciation indicates strong investor confidence in GE Vernova's strategic direction and future prospects, driven by innovation and market demand for its specialized solutions.

  • 7/24/2026POSITIVE
    From near-collapse to $689 billion: Inside Larry Culp’s turnaround of GE

    General Electric has completed a remarkable turnaround, with its market capitalization soaring from near collapse to an impressive $689 billion under the leadership of CEO Larry Culp. This dramatic recovery highlights Culp's strategic prowess in restructuring the industrial conglomerate, focusing on core businesses like aviation and power, and divesting non-essential units. The company's financial health has significantly improved, demonstrating resilience and a renewed growth trajectory. Investors are likely to view this turnaround positively, signaling a strong potential for future returns and stability in GE's stock.

  • 7/23/2026POSITIVE
    How GE CEO Larry Culp pulled off the turnaround of the century

    Larry Culp's tenure as CEO of General Electric has culminated in a remarkable turnaround, transforming the conglomerate into three distinct, high-value successor companies. Combined, these entities now command a market capitalization approaching $700 billion, a stark contrast to GE's precarious state prior to Culp's arrival eight years ago. This strategic deconstruction and value realization highlights exceptional leadership and financial engineering, signaling a significant positive outcome for shareholders and validating the company's restructuring strategy.

  • 7/16/2026NEGATIVE
    GE boosts profit outlook, but stock falls as booming order growth cools

    GE Aerospace's stock experienced a decline following its earnings report, despite an improved profit outlook. The primary driver for the sell-off appears to be a deceleration in its order-book growth, a key metric for future revenue. While the company raised its profit guidance, investors are increasingly focused on the sustainability of its expansion. The cooling order growth suggests potential headwinds ahead, overshadowing the short-term earnings beat and prompting a reassessment of the stock's momentum.

  • 6/9/2026NEUTRAL
    Markets Prepare for Arrival of Musk’s AI-Infused Space Conglomerate

    Elon Musk's vision of an AI-infused, multiplanetary conglomerate is drawing parallels to General Electric, a company historically known for its diverse industrial and technological holdings. While the comparison highlights the potential for a similarly broad and impactful business, the news itself is speculative and does not involve a direct transaction or confirmed business combination involving GE. Investors should note that this is a conceptual analogy rather than a concrete financial event impacting GE's current operations or stock performance.

  • 6/8/2026POSITIVE
    GE Aerospace CEO Is Optimistic for More China Deals

    GE Aerospace CEO Larry Culp expressed optimism regarding securing additional aircraft engine orders from China. This positive outlook follows a recent meeting between Presidents Trump and Xi, which paved the way for Boeing to secure initial commitments from Chinese airlines. The potential for more deals suggests continued demand for GE's products in a key global market, which could bolster future revenue streams and reinforce the company's position in the aerospace sector. Investors will monitor upcoming order announcements for confirmation of this optimistic trend.

  • 6/7/2026NEUTRAL
    GE Aerospace Evolves Amid High Aviation Demand

    GE Aerospace CEO Larry Culp discussed the company's recent corporate restructuring and strategic outlook with Bloomberg. The conversation focused on GE's current position within the high-demand aerospace industry. While the interview touched upon the company's evolution and future direction, it did not provide specific financial figures, new product announcements, or explicit forward-looking guidance that would directly impact stock valuation. Investors will likely await further details on the strategic initiatives and their potential financial implications.

  • 6/7/2026POSITIVE
    GE Sees Potential For More China Deals After Trump-Xi Meeting

    GE Aerospace is optimistic about securing further aircraft engine orders from China, following a recent meeting between Presidents Trump and Xi. This positive outlook is bolstered by initial commitments from manufacturing partner Boeing Co. The potential for increased deals suggests a favorable geopolitical climate for GE's international business, which could translate into significant revenue growth. Investors will be watching for concrete order announcements as a key indicator of GE's expanding market share in China.

  • 6/7/2026POSITIVE
    GE Sees Potential For More China Deals After Summit

    GE Aerospace is optimistic about securing additional aircraft engine orders from China, following a recent summit between President Trump and President Xi Jinping. This optimism is further bolstered by initial commitments secured by manufacturing partner Boeing Co. The positive diplomatic developments and early order indications suggest a favorable environment for GE's expansion in the crucial Chinese market. Investors may see this as a sign of sustained growth potential for GE's aerospace division, particularly in international markets.

via Markets Gazette