GE Aerospace (GE) vs Space Exploration Technologies Corp. (SPCX)

GE Aerospace and Space Exploration Technologies Corp. are both Aerospace & Defense companies. Space Exploration Technologies Corp. is the larger, with a market value of $1.95T against $323.5B — 6.0× the size. Space Exploration Technologies Corp. has negative trailing earnings, so its P/E is not meaningful; GE Aerospace trades at 35.2×. GE Aerospace has the higher net margin (17.7% vs −34.0%) and the higher return on invested capital (26.5% vs −2.84%). Both pay a dividend; Space Exploration Technologies Corp. yields more (2.66% vs 0.59%). Across the 18 metrics below, GE Aerospace leads on 12 and Space Exploration Technologies Corp. on 6.

Valuation

Metric GE SPCX Aerospace & Defense median
P/E 35.16 n/m 32.30
P/S 6.18 38.37 3.38
P/B 17.52 6.23 2.87
Price to free cash flow 45.67 n/m 31.68
EV/EBITDA 24.87 139.87 18.91
EV/Sales 6.38 35.44 3.33
Earnings yield 2.84% (1.40%) 0.95%
Free cash flow yield 2.19% (5.35%) (0.02%)

Profitability

Metric GE SPCX Aerospace & Defense median
Gross margin 35.38% 50.95% 25.48%
Operating margin 23.20% (14.67%) 2.45%
Net margin 17.72% (34.02%) 1.96%
Free cash flow margin 16.89% (205.24%) 0.00%
Return on equity 48.22% 0.00% 4.20%
Return on assets 7.09% (7.29%) 1.29%
Return on invested capital 26.53% (2.84%) 0.25%

Growth

Metric GE SPCX Aerospace & Defense median
Revenue growth (TTM) 21.69% — 18.08%
EPS growth (last fiscal year) 35.89% (93,838.89%) 24.80%
Revenue growth, 5-year CAGR (9.57%) — 9.73%
Net income growth, 5-year CAGR 10.72% — 0.00%

Health

Metric GE SPCX Aerospace & Defense median
Debt to equity 1.07 0.31 0.20
Current ratio 0.98 5.12 2.85
Net debt to EBITDA 0.65 (0.44) 1.32

Dividend

Metric GE SPCX Aerospace & Defense median
Dividend yield 0.59% 2.66% 1.00%
Payout ratio 0.21 — 0.32

Size

Metric GE SPCX Aerospace & Defense median
Market cap 323.49b 1.95t 2.17b

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