NYSE · Industrials

GE Aerospace

GE · Aerospace & Defense

$280.96

▼ -5.55 (-1.94%)

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Mr. Market is currently offering GE Aerospace at $280.96.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 31.5%

Operating Margin 18.9%

Net Income Margin 19.0%

Fin. Health C

Years to Pay Off Debt 2.4 yrs

Working Capital vs Long-Term Debt -$17.2B

Working Capital $1.6B

Valuation F

Margin of Safety 0.0%

Price-to-Book 15.70x

Cash Flow A

Free Cash Flow $7.3B

CapEx % of Net Income 14.6%

Owner Earnings $11.2B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $293.6B

Enterprise Value $309.9B

P/E (TTM) 34.90

Dividend Yield 0.54%

Exchange NYSE

Key Margins

Gross Profit 31.5%

Operating Margin 18.9%

Net Margin 19.0%

Company Info

Sector Industrials

Industry Aerospace & Defense

Employees 57000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering GE Aerospace at $280.96.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $280.96, the stock trades at a 391% premium to its Graham Number of $57.26. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About GE Aerospace

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and aircraft systems. The company operates through two segments, Commercial Engines & Services, and Defense & Propulsion Technologies. The Commercial Engines & Services segment designs, develops, manufactures, maintenance, repair, and overhaul (MRO) services of jet engines and sale of spare parts for commercial airframes, business aviation, and aeroderivative applications. The Defense & Propulsion Technologies designs, develops, manufactures, and services jet engines and avionics and power systems for governments, militaries, and commercial airframers, as well as MRO of engines and the sale of spare parts. This segment also offers aircraft components and systems, such as small turboprop engines, aeroengine mechanical transmissions, turbines, combustors and controls, additive manufacturing, propeller systems, ignition systems, sensors and engine accessories for fixed wing and rotorcraft applications for commercial and military end users under the Avio Aero, Unison, Dowty Propellers, and Colibrium Additive brands. The company operates in the United States, Europe, Asia, the Americas, the Middle East, and Africa. General Electric Company was incorporated in 1892 and is based in Evendale, Ohio.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	31.5% ▲	30.9%	26.9%	25.9%	N/A
Operating Margin %	18.9% ▲	17.5%	13.3%	12.3%	N/A
Net Income %	19.0% ▲	16.9%	26.8%	1.2%	N/A
Diluted EPS	8.14 ▲	5.99	8.36	0.05	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$130.2B	$123.1B	$173.3B	$188.9B	N/A
Total Debt	$20.5B ↑	$19.3B	$20.5B	$26.1B	N/A
Working Capital	$1.6B ▼	$3.2B	$10.5B	$9.0B	N/A
Years to Pay Debt	2.35	2.94	2.16	77.82	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$7.3B ▲	$3.7B	$4.3B	$5.3B	N/A
Owner Earnings	$11.2B	$8.8B	$11.5B	$2.2B	N/A
CapEx % of Net Income	14.6%	15.7%	9.1%	197.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-11,985	-43,470	449,445	-168,831
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	12,148,000	10,135,000	7,918,000	5,566,000
Total Unusual Items	-85,000	-345,000	4,731,000	-1,521,000
Total Unusual Items Excluding Goodwill	-85,000	-345,000	4,731,000	-1,521,000
Net Income From Continuing Operation Net Minority Interest	8,601,000	6,647,000	9,485,000	1,285,000
Reconciled Depreciation	1,220,000	1,184,000	1,179,000	1,184,000
Reconciled Cost Of Revenue	31,417,000	26,737,000	25,825,000	21,579,000
EBITDA	12,063,000	9,790,000	12,649,000	4,045,000
EBIT	10,843,000	8,606,000	11,470,000	2,861,000
Net Interest Income	103,000	-173,000	-392,000	-873,000
Interest Expense	843,000	986,000	1,029,000	1,339,000
Interest Income	946,000	813,000	637,000	466,000
Normalized Income	8,674,015	6,948,530	5,203,445	2,637,169
Net Income From Continuing And Discontinued Operation	8,704,000	6,556,000	9,482,000	336,000
Total Expenses	37,175,000	31,941,000	30,631,000	25,543,000
Diluted Average Shares	1,069,287	1,094,491	1,099,000	1,096,000
Basic Average Shares	1,061,463	1,085,430	1,089,000	1,096,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	8,704,000	6,556,000	9,188,000	48,000
Net Income Common Stockholders	8,704,000	6,556,000	9,188,000	48,000
Preferred Stock Dividends			295,000	289,000	237,000
Net Income	8,704,000	6,556,000	9,482,000	336,000
Minority Interests	6,000	-11,000	37,000	-67,000
Net Income Including Noncontrolling Interests	8,698,000	6,566,000	9,445,000	403,000
Net Income Discontinuous Operations	103,000	-91,000	-3,000	-949,000
Net Income Continuous Operations	8,595,000	6,657,000	9,448,000	1,353,000
Tax Provision	1,405,000	962,000	994,000	169,000
Pretax Income	10,000,000	7,620,000	10,441,000	1,522,000
Other Income Expense	1,217,000	1,031,000	6,118,000	-1,202,000
Other Non Operating Income Expenses	1,086,000	1,203,000	1,218,000	249,000
Special Income Charges	-85,000	-345,000	4,731,000	-1,521,000
Gain On Sale Of Business	27,000	917,000	5,673,000	85,000
Other Special Charges				465,000	6,524,000
Impairment Of Capital Assets	0	251,000	0	0
Restructuring And Mergern Acquisition	112,000	1,011,000	942,000	1,141,000
Earnings From Equity Interest	216,000	173,000	169,000	70,000
Gain On Sale Of Security			10,000	912,000	1,649,000
Net Non Operating Interest Income Expense	103,000	-173,000	-392,000	-873,000
Interest Expense Non Operating	843,000	986,000	1,029,000	1,339,000
Interest Income Non Operating	946,000	813,000	637,000	466,000
Operating Income	8,680,000	6,761,000	4,717,000	3,596,000
Operating Expense	5,758,000	5,204,000	4,806,000	3,964,000
Research And Development	1,580,000	1,286,000	1,011,000	808,000
Selling General And Administration	4,178,000	3,918,000	3,795,000	3,156,000
General And Administrative Expense	4,178,000	3,918,000	3,795,000	3,156,000
Other Gand A	4,178,000	3,918,000	3,795,000	3,156,000
Insurance And Claims	2,449,000	2,429,000	2,886,000	2,592,000
Gross Profit	14,438,000	11,965,000	9,523,000	7,560,000
Cost Of Revenue	31,417,000	26,737,000	25,825,000	21,579,000
Total Revenue	45,855,000	38,702,000	35,348,000	29,139,000
Operating Revenue	45,855,000	38,702,000	35,348,000	29,139,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number		388,308	373,584	372,892
Preferred Shares Number		40	40
Ordinary Shares Number	1,048,767	1,073,692	1,088,416	1,089,108
Share Issued	1,048,767	1,462,000	1,462,000	1,462,000
Net Debt	8,103,000	5,654,000	5,321,000	8,249,000
Total Debt	20,495,000	19,273,000	20,525,000	26,148,000
Tangible Book Value	5,391,000	6,547,000	13,813,000	14,585,000
Invested Capital	39,172,000	38,615,000	47,928,000	57,749,000
Working Capital	1,614,000	3,243,000	10,454,000	8,954,000
Net Tangible Assets	5,391,000	6,547,000	13,813,000	14,591,000
Capital Lease Obligations			1,973,000	2,089,000	2,848,000
Common Stock Equity	18,677,000	19,342,000	27,403,000	33,690,000
Preferred Stock Equity				6,000	6,000
Total Capitalization	37,486,000	36,576,000	46,820,000	54,016,000
Total Equity Gross Minority Interest	18,898,000	19,565,000	28,605,000	34,912,000
Minority Interest	221,000	223,000	1,202,000	1,216,000
Stockholders Equity	18,677,000	19,342,000	27,403,000	33,696,000
Other Equity Interest	23,598,000	24,266,000	26,961,000	34,173,000
Gains Losses Not Affecting Retained Earnings	-4,798,000	-3,861,000	-6,150,000	-2,272,000
Other Equity Adjustments	-4,798,000	-3,861,000	-6,150,000	-2,272,000
Treasury Stock	87,801,000	81,566,000	79,976,000	81,209,000
Retained Earnings	87,663,000	80,488,000	86,553,000	82,983,000
Capital Stock	15,000	15,000	15,000	21,000
Common Stock	15,000	15,000	15,000	15,000
Preferred Stock		0	0	6,000	6,000
Total Liabilities Net Minority Interest	111,271,000	103,575,000	144,695,000	153,939,000
Total Non Current Liabilities Net Minority Interest	72,290,000	69,183,000	112,593,000	104,511,000
Other Non Current Liabilities	44,170,000	42,584,000	45,332,000	43,360,000
Liabilities Heldfor Sale Non Current	1,413,000	1,317,000	39,213,000	24,474,000
Employee Benefits	6,833,000	7,035,000	7,656,000	10,400,000
Tradeand Other Payables Non Current			2,182,000	2,459,000	3,220,000
Non Current Deferred Liabilities	1,065,000	1,013,000	975,000	1,409,000
Non Current Deferred Revenue	1,065,000	1,013,000	975,000	1,409,000
Long Term Debt And Capital Lease Obligation	18,809,000	17,234,000	19,417,000	22,409,000
Long Term Capital Lease Obligation			1,973,000	2,089,000	2,848,000
Long Term Debt	18,809,000	17,234,000	19,417,000	20,320,000
Current Liabilities	38,981,000	34,392,000	32,102,000	49,428,000
Other Current Liabilities	9,222,000	8,395,000	8,979,000	9,805,000
Current Deferred Liabilities	17,995,000	16,048,000	14,499,000	16,216,000
Current Deferred Revenue	17,995,000	16,048,000	14,499,000	16,216,000
Current Debt And Capital Lease Obligation	1,686,000	2,039,000	1,108,000	3,739,000
Current Debt	1,686,000	2,039,000	1,108,000	3,739,000
Other Current Borrowings	1,686,000	2,039,000	1,108,000	3,739,000
Pensionand Other Post Retirement Benefit Plans Current			4,001,000	3,339,000	4,677,000
Payables And Accrued Expenses	10,078,000	7,910,000	7,516,000	16,329,000
Current Accrued Expenses			323,000	352,000	17,648,000
Interest Payable			323,000	352,000	276,000
Payables	10,078,000	7,910,000	7,516,000	15,977,000
Other Payable	4,344,000	3,345,000	2,226,000	4,925,000
Dueto Related Parties Current	2,553,000	1,689,000
Total Tax Payable			1,057,000	1,019,000	500,000
Accounts Payable	5,734,000	4,565,000	5,290,000	10,033,000
Total Assets	130,169,000	123,140,000	173,300,000	188,851,000
Total Non Current Assets	89,572,000	85,507,000	130,746,000	130,469,000
Other Non Current Assets	17,132,000	15,751,000	59,622,000	33,136,000
Defined Pension Benefit			1,468,000	1,793,000	2,784,000
Non Current Prepaid Assets			608,000	583,000	800,000
Non Current Deferred Assets	7,459,000	7,111,000	7,502,000	10,001,000
Non Current Deferred Taxes Assets	7,459,000	7,111,000	7,502,000	10,001,000
Non Current Accounts Receivable	4,920,000	4,831,000	4,785,000	9,450,000
Investments And Advances	38,788,000	37,741,000	38,000,000	44,208,000
Other Investments			939,000	548,000
Investmentin Financial Assets	38,788,000	37,741,000	38,000,000	36,027,000
Held To Maturity Securities			37,670,000	35,619,000
Available For Sale Securities	38,788,000	37,741,000	38,000,000	36,027,000
Long Term Equity Investment			7,931,000	7,633,000	7,840,000
Investments In Other Ventures Under Equity Method			7,931,000	7,633,000	7,840,000
Goodwill And Other Intangible Assets	13,286,000	12,795,000	13,590,000	19,105,000
Other Intangible Assets	4,226,000	4,257,000	4,642,000	6,106,000
Goodwill	9,060,000	8,538,000	8,948,000	12,999,000
Net PPE	7,987,000	7,278,000	7,247,000	12,193,000
Accumulated Depreciation	-10,419,000	-9,673,000	-9,252,000
Gross PPE	18,406,000	16,951,000	16,499,000	12,193,000
Leases	1,197,000	1,084,000	989,000	1,854,000
Other Properties	1,018,000	1,057,000	1,160,000	1,012,000
Machinery Furniture Equipment	12,757,000	11,533,000	11,160,000	6,163,000
Buildings And Improvements	3,295,000	3,146,000	3,062,000	2,703,000
Land And Improvements	139,000	131,000	128,000	461,000
Current Assets	40,595,000	37,635,000	42,556,000	58,382,000
Other Current Assets	1,052,000	962,000	1,244,000	176,000
Hedging Assets Current			437,000	454,000	684,000
Assets Held For Sale Current		0	541,000	1,374,000	208,000
Restricted Cash				0	76,000
Prepaid Assets	867,000	546,000	401,000	313,000
Inventory	11,868,000	9,763,000	8,284,000	14,891,000
Other Inventories	972,000	932,000	544,000	1,763,000
Finished Goods	1,542,000	1,459,000	1,209,000	3,937,000
Raw Materials	9,354,000	7,372,000	6,531,000	9,191,000
Receivables	14,416,000	11,763,000	11,176,000	17,755,000
Receivables Adjustments Allowances	-94,000	-106,000	-132,000	-859,000
Other Receivables	5,076,000	4,356,000	4,782,000	2,467,000
Taxes Receivable	165,000	128,000	129,000		1,222,000
Accrued Interest Receivable			466,000	457,000	426,000
Accounts Receivable	9,269,000	7,385,000	6,397,000	14,831,000
Gross Accounts Receivable				14,916,000	13,079,000
Cash Cash Equivalents And Short Term Investments	12,392,000	14,601,000	20,910,000	23,419,000
Other Short Term Investments	0	982,000	5,706,000	7,609,000
Cash And Cash Equivalents	12,392,000	13,619,000	15,204,000	15,810,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	7,264,000	3,678,000	4,327,000	5,255,000
Repurchase Of Capital Stock	-7,551,000	-5,827,000	-7,028,000	-1,192,000
Repayment Of Debt	-1,811,000	-788,000	-3,282,000	-11,088,000
Issuance Of Debt	1,985,000	0	0	0
Capital Expenditure	-1,273,000	-1,032,000	-862,000	-662,000
Interest Paid Supplemental Data	882,000	969,000	1,067,000	1,561,000
End Cash Position	13,657,000	14,553,000	15,993,000	14,223,000
Beginning Cash Position	15,880,000	19,755,000	19,092,000	16,859,000
Effect Of Exchange Rate Changes	201,000	-193,000	120,000	-369,000
Changes In Cash	-2,424,000	-5,009,000	-3,219,000	-2,267,000
Cash Flow From Discontinued Operation	-1,126,000	-1,327,000	-3,762,000	-4,868,000
Financing Cash Flow	-8,682,000	-6,726,000	-8,613,000	-5,585,000
Cash From Discontinued Financing Activities	0	-98,000	1,899,000	7,955,000
Cash Flow From Continuing Financing Activities	-8,682,000	-6,628,000	-10,511,000	-13,540,000
Net Other Financing Charges	122,000	993,000	458,000	-663,000
Cash Dividends Paid	-1,452,000	-1,008,000	-589,000	-639,000
Net Preferred Stock Issuance	0	0	-5,795,000	-144,000
Preferred Stock Payments	0	0	-5,795,000	-144,000
Net Common Stock Issuance	-7,551,000	-5,827,000	-1,233,000	-1,048,000
Common Stock Payments	-7,551,000	-5,827,000	-1,233,000	-1,048,000
Net Issuance Payments Of Debt	199,000	-786,000	-3,353,000	-11,046,000
Net Short Term Debt Issuance	25,000	2,000	-71,000	42,000
Net Long Term Debt Issuance	174,000	-788,000	-3,282,000	-11,088,000
Long Term Debt Payments	-1,811,000	-788,000	-3,282,000	-11,088,000
Long Term Debt Issuance	1,985,000	0	0	0
Investing Cash Flow	-1,153,000	-1,666,000	3,967,000	2,270,000
Cash From Discontinued Investing Activities	-377,000	-1,110,000	-3,726,000	-8,099,000
Cash Flow From Continuing Investing Activities	-776,000	-556,000	7,694,000	10,370,000
Net Other Investing Changes	309,000	-4,289,000	518,000	7,052,000
Net Investment Purchase And Sale	425,000	-963,000	-986,000	-876,000
Net Business Purchase And Sale	-360,000	5,614,000	8,963,000	4,702,000
Sale Of Business	0	5,749,000	9,004,000	4,732,000
Purchase Of Business	-360,000	-135,000	-41,000	-30,000
Net Intangibles Purchase And Sale				-113,000	-111,000
Purchase Of Intangibles				-113,000	-111,000
Net PPE Purchase And Sale	-1,150,000	-918,000	-802,000	-509,000
Sale Of PPE	123,000	114,000	60,000	153,000
Purchase Of PPE	-1,273,000	-1,032,000	-862,000	-662,000
Operating Cash Flow	8,537,000	4,710,000	5,189,000	5,917,000
Cash From Discontinued Operating Activities	-6,000	-1,107,000	580,000	1,889,000
Cash Flow From Continuing Operating Activities	8,543,000	5,817,000	4,609,000	4,027,000
Taxes Refund Paid	-739,000	-334,000	-1,041,000	-547,000
Change In Working Capital	-470,000	-697,000	420,000	1,129,000
Change In Other Working Capital	2,466,000	1,331,000	1,265,000	2,309,000
Change In Payables And Accrued Expense	1,993,000	688,000	713,000	1,639,000
Change In Payable	1,993,000	688,000	713,000	1,639,000
Change In Account Payable	1,993,000	688,000	713,000	1,639,000
Change In Inventory	-1,981,000	-1,528,000	-1,321,000	-980,000
Change In Receivables	-2,948,000	-1,188,000	-237,000	-1,839,000
Changes In Account Receivables	-2,437,000	-1,076,000	-210,000	-1,875,000
Other Non Cash Items	136,000	-325,000	742,000	247,000
Asset Impairment Charge	0	251,000	0	0
Deferred Tax	1,405,000	962,000	994,000	169,000
Deferred Income Tax	1,405,000	962,000	994,000	169,000
Depreciation Amortization Depletion	1,220,000	1,184,000	1,179,000	1,184,000
Depreciation And Amortization	1,220,000	1,184,000	1,179,000	1,184,000
Amortization Cash Flow	357,000	350,000	382,000	338,000
Amortization Of Intangibles	357,000	350,000	382,000	338,000
Depreciation	863,000	834,000	797,000	846,000
Operating Gains Losses	-1,604,000	-1,881,000	-7,133,000	494,000
Pension And Employee Benefit Expense	-1,096,000	-1,162,000	-1,287,000	-27,000
Gain Loss On Investment Securities	-508,000	-719,000	-5,846,000	56,000
Gain Loss On Sale Of Business			-5,842,000	113,000	-1,632,000
Net Income From Continuing Operations	8,595,000	6,657,000	9,448,000	1,352,000

These metrics estimate what GE Aerospace is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$57.26

Margin of Safety

Market Cap ÷ Company Value

1.98

P/B Ratio

15.70

Warren's Owner Earnings

$11.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$45.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.04x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.54%

vs Uninterrupted dividends

✅ Earnings Growth

+16180.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

34.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

15.70x P/B (P/E×P/B: 547.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-67.74

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$92.44

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	14.6%	15.7%	9.1%	197.0%	N/A
Repurchase of Capital Stock	-$7.6B	-$5.8B	-$7.0B	-$1.2B	N/A
Free Cash Flow	$7.3B ▲	$3.7B ▼	$4.3B ▼	$5.3B •	N/A •
Warren's Owner Earnings	$11.2B	$8.8B	$11.5B	$2.2B	N/A

Peers & Industry Comparison

Aerospace & Defense — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
GE	$280.96	$293.6B	34.90	31.5%	19.0%	$45.9B
BA Boeing Company (The)	$221.90	$174.9B	88.1	4.8%	2.5%	$92.2B
LMT Lockheed Martin Corporation	$517.66	$119.4B	25.1	9.9%	6.4%	$75.1B
RTX RTX Corporation	$173.35	$233.4B	32.6	20.2%	8.0%	$90.4B
NOC Northrop Grumman Corporation	$570.62	$81.0B	17.9	20.5%	10.8%	$42.4B
GD General Dynamics Corporation	$349.08	$94.4B	22.0	15.2%	8.1%	$53.8B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.31%

Low — management has little skin in the game

Return on Equity (ROE)

46.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

6.7%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$7.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+6.3% YoY

Debt is roughly stable

Leadership Team

Lawrence Culp Jr.

Chairman & CEO

Age 62

Pay: $10,262,962

0.118% of net income

Rahul Ghai

Senior VP & CFO

Age 53

Pay: $3,251,678

0.037% of net income

Mohamed Ali

President & CEO of Commercial Engines and Services

Age 55

Pay: $2,355,842

0.027% of net income

Christoph Pereira

Chief Strategy & Risk Officer and CEO of Aerospace Carbon Solutions, SaaS & Sustainability

Age 52

Ramesh Singaram

President & CEO of GE Gas Power's APAC

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	8.89%	92,731,541
Blackrock Inc.	8.64%	90,162,615
FMR, LLC	5.23%	54,580,865
TCI Fund Management Ltd	4.55%	47,510,431
State Street Corporation	4.34%	45,240,802
Capital International Investors	4.01%	41,885,324
Price (T.Rowe) Associates Inc	2.59%	26,971,268
Geode Capital Management, LLC	2.37%	24,774,942

Risk Analysis

Beta (Market Risk)

1.35

Moderate volatility — moves slightly more than market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.17x

Moderate leverage

Current Ratio

1.01x

Adequate liquidity

52-Week Price Range

Low: $205.65 Current: $280.96 High: $348.48

Currently at 53% of 52-week range

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