Boeing vs GE Aerospace

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The short version

Boeing is the larger business, with $89.5B of revenue in fiscal 2025 against $45.9B for GE Aerospace, about 2.0 times as much.
Boeing grew revenue faster (34.5%, against 18.5%).
GE Aerospace turned more of its sales into free cash flow (15.8% FCF margin, against −2.1%).
GE Aerospace earned a higher return on the capital invested in it (35.8%, against 13.5%).
Investors pay more for each dollar of Boeing’s earnings: a P/E of 67.0x against 33.0x for GE Aerospace.

Latest fiscal year	BA · FY25	GE · FY25
Size
Market cap	$148.9B	$297.4B
Revenue	$89.5B	$45.9B
Free cash flow	−$1.9B	$7.3B
Net income	$2.2B	$8.7B
Growth
Revenue growth	34.5%	18.5%
5-year growth	9.0%	−9.6%
Share count change	17.8%	−2.4%
Profitability
Gross margin	4.8%	—
Operating margin	4.8%	—
Net margin	2.5%	19.0%
FCF margin	−2.1%	15.8%
Return on capital	13.5%	35.8%
Return on equity	—	45.8%
Balance sheet
Net debt	$24.7B	$8.1B
Net debt / EBITDA	4.0x	0.7x
Dividends and buybacks	$331M	$9.0B
Valuation & quality
P/E	67.0x	33.0x
Piotroski F-score	6	5

Revenue

FY16

BA $93.5B

GE $119.5B

FY17

BA $94.0B

GE $99.3B

FY18

BA $101.1B

GE $97.0B

FY19

BA $76.6B

GE $90.2B

FY20

BA $58.2B

GE $75.8B

FY21

BA $62.3B

GE $56.5B

FY22

BA $66.6B

GE $29.1B

FY23

BA $77.8B

GE $35.3B

FY24

BA $66.5B

GE $38.7B

FY25

BA $89.5B

GE $45.9B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BA GE

Operating margin

FY16

BA 7.0%

GE —

FY17

BA 11.0%

GE —

FY18

BA 11.9%

GE —

FY19

BA −2.6%

GE —

FY20

BA −22.0%

GE —

FY21

BA −4.6%

GE —

FY22

BA −5.3%

GE —

FY23

BA −1.0%

GE —

FY24

BA −16.1%

GE —

FY25

BA 4.8%

GE —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BA GE

Free cash flow

FY16

BA $7.9B

GE −$6.0B

FY17

BA $11.6B

GE −$88.0M

FY18

BA $13.6B

GE −$1.6B

FY19

BA −$4.3B

GE $6.5B

FY20

BA −$19.7B

GE $2.0B

FY21

BA −$4.4B

GE $2.2B

FY22

BA $2.3B

GE $4.5B

FY23

BA $4.4B

GE $4.3B

FY24

BA −$14.3B

GE $3.7B

FY25

BA −$1.9B

GE $7.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BA GE

Return on capital

FY16

BA —

GE 6.7%

FY17

BA —

GE −3.5%

FY18

BA —

GE −9.1%

FY19

BA —

GE 3.1%

FY20

BA —

GE 11.2%

FY21

BA —

GE —

FY22

BA −11.0%

GE —

FY23

BA −2.9%

GE 28.3%

FY24

BA −39.8%

GE 25.2%

FY25

BA 13.5%

GE 35.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BA GE

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.