{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","ticker":"GE","updated_at":"2026-07-12T04:40:17.81+00:00","canonical":"https://valuechain.wiki/ge-aerospace","citable":"밸류체인 그래프 기준 GE 에어로스페이스의 직접 연결 기업은 5곳(관계 기준 공급 1·매출 4)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, GE Aerospace is directly linked to 5 companies (1 supply, 4 revenue relationships) and reaches 9 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"항공엔진 · 애프터마켓 어뉴이티(LEAP·CFM)","kicker_en":"Aero engines · aftermarket annuity (LEAP, CFM)","lead":"GE에서 분리된 세계 최대 항공기 엔진 기업으로, 엔진을 원가 근처에 팔고 수십 년 설치기반 정비에서 돈을 버는 '면도날' 모델이다 — 서비스·애프터마켓이 매출의 약 70%다. 좁은 동체 엔진의 승자 LEAP를 사프란과의 50:50 합작 CFM으로 생산해 A320neo 주문의 75%·737 MAX를 차지하니, LEAP 인도 한 대가 곧 수십 년 정비 어뉴이티의 씨앗이 된다. FY2025 매출 약 $45.9B. 재평가 축은 급증한 LEAP 기단이 성숙하며 애프터마켓 이익이 복리로 커지는지다.","lead_en":"The world's largest aircraft-engine maker, split from GE, running a 'razor-and-blade' model — selling engines near cost and earning on decades of installed-base servicing, with services/aftermarket about 70% of revenue. It builds the narrow-body winner LEAP through CFM, its 50/50 JV with Safran, capturing 75% of A320neo orders and the 737 MAX, so every LEAP delivery seeds a multi-decade service annuity. FY2025 revenue was about $45.9B. The re-rating axis is whether aftermarket profit compounds as the surging LEAP fleet matures.","segments":{"fy":2025,"parts":[{"desc":"매출 $333억(외부, 전사 73%). LEAP·GEnx·GE9X 신엔진과 정비 — 서비스가 CES의 75%($250억)로 이익의 본체. CFM(사프란 50:50)로 좁은 동체를 지배.","name":"상업용 엔진·서비스 (CES, 73%)"},{"desc":"매출 $106억(서비스 51%). 군용 엔진·항전·추진, 애디티브. 상업 대비 작고 미 정부 매출 비중 약 10%.","name":"방산·추진 기술 (DPT, 23%)"}],"total":"총매출 $458.6억 (FY2025, +18.5%)·세그먼트이익 $101.6억·순이익 $87억","source":"GE Aerospace 10-K FY2025","concentration":"서비스·애프터마켓 약 70%. 설치기반 상용 ~5만·군용 ~3만 대. LEAP는 CFM(사프란 50:50 JV) 생산. 미 정부 매출 10%."},"segments_en":{"fy":2025,"parts":[{"desc":"Revenue $33.3B (external, 73% of group). New engines (LEAP, GEnx, GE9X) plus servicing — services are 75% of CES ($25.0B), the body of profit. Dominates narrow-body via CFM (Safran 50-50).","name":"Commercial Engines & Services (CES, 73%)"},{"desc":"Revenue $10.6B (services 51%). Military engines, avionics, propulsion and additive; small versus commercial, with US government ~10% of revenue.","name":"Defense & Propulsion Technologies (DPT, 23%)"}],"total":"Total revenue $45.86B (FY2025, +18.5%), segment profit $10.16B, net income $8.7B","source":"GE Aerospace 10-K FY2025","concentration":"Services ~70% of revenue; installed base ~50,000 commercial and ~30,000 military engines; LEAP built via CFM (Safran 50-50 JV); US government 10% of revenue."},"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":2,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":2,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":2,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":1,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":1,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}}],"benefiting":[{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":1,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}}],"analysis":"GE 에어로스페이스의 투자 논점은 '엔진을 심고 수십 년 정비로 거둔다'는 애프터마켓 복리다. 서비스가 매출의 약 70%로, 신규 엔진 판매보다 설치기반 정비가 이익의 본체다 — 좁은 동체의 LEAP(CFM 50:50)가 A320neo 주문 75%·737 MAX를 쥔 만큼, 지금의 인도 사이클이 미래 정비 어뉴이티를 선확정한다. 그래프상 하류로 보잉(737·787·777X GE9X)·에어버스(A320neo)·항공사(카타르·에미레이트·ANA·대한항공 LEAP 선정)로, 상류로 하우멧(고온부 주조·단조, GE가 하우멧 3자매출의 약 11%)에 의존한다. 관건은 LEAP 기단의 성숙 속도와 항공교통 회복이며, 리스크는 하우멧 등 핵심 부품 공급 병목이다.","analysis_en":"GE Aerospace's thesis is aftermarket compounding — 'plant the engine, harvest decades of servicing.' Services are about 70% of revenue, so installed-base maintenance, not new-engine sales, is the body of profit — and with narrow-body LEAP (CFM 50/50) holding 75% of A320neo orders and the 737 MAX, today's delivery cycle pre-commits future service annuities. In the graph it sells downstream to Boeing (737, 787, 777X GE9X), Airbus (A320neo) and airlines (LEAP selections by Qatar, Emirates, ANA, Korean Air), and depends upstream on Howmet (hot-section castings/forgings, with GE ~11% of Howmet's third-party sales). The keys are the pace of LEAP fleet maturation and air-traffic recovery; the risk is supply bottlenecks in critical parts such as Howmet's.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"에어버스","counterparty_slug":"airbus","confidence":"high","metric":{"type":"engine_share","unit":"%","as_of":"2024-12-31","basis":"A320neo 주문 중 LEAP 선택 비율","value":75,"period":"2024","basis_en":"share of A320neo orders selecting LEAP"},"note":"A320neo 계열에 CFM LEAP 엔진 공급(사프란과의 50:50 CFM 합작) — 2024년 A320neo 주문의 75%가 LEAP를 선택해, 좁은 동체 엔진 과점의 승자 지위를 보여준다.","note_en":"Supplies CFM LEAP engines for the A320neo family (50/50 CFM JV with Safran) — 75% of 2024 A320neo orders selected LEAP, showing its winning position in the narrow-body engine duopoly.","sources":[{"stance":"mentions","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-02-01","url":"https://en.wikipedia.org/wiki/CFM_International_LEAP","title":"CFM International LEAP","title_en":"CFM International LEAP","excerpt":"By 2024, the LEAP was selected for 75% of the A320neo orders.","excerpt_en":"By 2024, the LEAP was selected for 75% of the A320neo orders."},{"stance":"confirms","publisher":"GE Aerospace (SEC EDGAR)","publisher_en":"GE Aerospace (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm","title":"GE 에어로스페이스 10-K (FY2025)","title_en":"GE Aerospace Form 10-K (FY2025)","excerpt":"CES customers include both Boeing and Airbus; CFM International (GE-Safran 50-50 JV) powers the Airbus A320neo family via LEAP.","excerpt_en":"CES customers include both Boeing and Airbus; CFM International (GE-Safran 50-50 JV) powers the Airbus A320neo family via LEAP."}]},{"direction":"revenue","counterparty":"항공사 (카타르·에미레이트·ANA·대한항공 등 LEAP 선정)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","basis":"aftermarket services share of total revenue","value":70,"period":"FY2025"},"note":"LEAP를 선정한 항공사들 — 엔진 판매보다 수십 년 정비(MRO·스페어파츠)가 본체다. 애프터마켓 서비스가 전사 매출의 약 70%(CES 서비스 매출은 CES의 75%·$250억)로, 약 5만 대 상용·3만 대 군용 설치기반이 어뉴이티를 만든다. LTSA 청구 $98.9억이 그 반복 매출의 규모를 보여준다.","note_en":"Airlines selecting LEAP — decades of servicing (MRO, spare parts), not engine sales, are the body. Aftermarket services are ~70% of total revenue (CES services are 75% of CES, $25.0B), and an installed base of ~50,000 commercial and ~30,000 military engines generates the annuity; LTSA billings of $9.89B show the scale of that recurring revenue.","sources":[{"stance":"mentions","publisher":"Morgan Stanley (via Investing.com)","publisher_en":"Morgan Stanley (via Investing.com)","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.investing.com/news/analyst-ratings/morgan-stanley-lowers-ge-aerospace-price-target-to-400-on-valuation-93CH-4629674","title":"모건스탠리, GE 에어로스페이스 비중확대·목표가 $400","title_en":"Morgan Stanley Overweight GE Aerospace, PT $400 (Jefferies $455)","excerpt":"Morgan Stanley Overweight, PT $400 (from $425) on valuation; Jefferies $455 — multi-decade growth via CFM LEAP/GEnx/GE9X and aftermarket pricing power.","excerpt_en":"Morgan Stanley Overweight, PT $400 (from $425) on valuation; Jefferies $455 — multi-decade growth via CFM LEAP/GEnx/GE9X and aftermarket pricing power."},{"stance":"confirms","publisher":"GE Aerospace (SEC EDGAR)","publisher_en":"GE Aerospace (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm","title":"GE 에어로스페이스 10-K (FY2025)","title_en":"GE Aerospace Form 10-K (FY2025)","excerpt":"Aftermarket services represent approximately 70% of revenue; CES services were 75% of CES revenue; LTSA billings $9,890M.","excerpt_en":"Aftermarket services represent approximately 70% of revenue; CES services were 75% of CES revenue; LTSA billings $9,890M."}]},{"direction":"investment","counterparty":"CFM International (사프란 50:50 비연결 JV)","counterparty_slug":null,"confidence":"high","metric":{"type":"jv_stake","unit":"%","value":50,"period":"FY2025","equity_income_usd_m":376,"equity_investment_usd_m":1682},"note":"LEAP·CFM56를 생산하는 CFM 인터내셔널은 사프란 항공엔진과의 50:50 비연결 합작으로, GE 좁은 동체 사업의 심장이다 — 지분법 투자잔액 16.8억달러·2025년 지분법이익 3.76억달러가 이 JV에서 나온다. 상호 지분 규칙상 사프란과의 개별 투자 엣지 대신 'CFM 합작' 바스켓으로 표기하며, 좁은 동체 엔진의 리스크·이익·애프터마켓을 사프란과 절반씩 나눠 갖는 구조다.","note_en":"CFM International, which produces LEAP and CFM56, is a 50-50 non-consolidated JV with Safran Aircraft Engines and the heart of GE's narrow-body business — a $1.68B equity-method investment balance and $376M equity-method income (2025) come from it. Per the mutual-stake basket rule it is recorded as a 'CFM JV' basket rather than a separate Safran investment edge; GE and Safran share the risk, profit and aftermarket of narrow-body engines half-and-half.","sources":[{"stance":"confirms","publisher":"GE Aerospace (SEC EDGAR)","publisher_en":"GE Aerospace (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm","title":"GE 에어로스페이스 10-K (FY2025)","title_en":"GE Aerospace Form 10-K (FY2025)","excerpt":"CFM International, a 50-50 non-consolidated joint venture with Safran Aircraft Engines; CES equity-method investment balance $1,682M, equity-method income $376M (2025).","excerpt_en":"CFM International, a 50-50 non-consolidated joint venture with Safran Aircraft Engines; CES equity-method investment balance $1,682M, equity-method income $376M (2025)."},{"stance":"mentions","publisher":"GE Aerospace","publisher_en":"GE Aerospace","kind":"news","lang":"en","published_at":"2025-10-21","url":"https://www.geaerospace.com/news/articles/ge-aerospace-and-cfm-international-continue-expand-mro-capacity","title":"GE·CFM, LEAP MRO 캐파 확장","title_en":"GE Aerospace and CFM International expand LEAP MRO capacity","excerpt":"CFM (GE + Safran JV) is expanding LEAP MRO capacity as LEAP engines come due for services.","excerpt_en":"CFM (GE + Safran JV) is expanding LEAP MRO capacity as LEAP engines come due for services."}]},{"direction":"cost","counterparty":"엔진 소재·정밀단조 (티타늄·니켈 초합금·단조·주조)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"raw_materials_forgings_supply_chain"},"note":"제트엔진의 고온부는 티타늄·니켈 초합금의 정밀 단조·주조에 걸린다 — GE는 이를 글로벌 서플라이체인에서 조달하되 일부는 한정·단독 공급사(하우멧 등)에 의존해, 소재 투입과 인플레가 인도·애프터마켓 처리량의 상류 병목이다. FLIGHT DECK로 소재 투입·원가를 개선하나, 공급 안정성이 LEAP 증산과 MRO 캐파 확대의 실제 제약이다.","note_en":"A jet engine's hot section hinges on precision forgings/castings of titanium and nickel superalloys — GE sources these from a global supply chain but depends in part on limited/sole-source suppliers (such as Howmet), so material input and inflation are the upstream bottleneck on deliveries and aftermarket throughput. It uses FLIGHT DECK to improve material input and cost, but supply stability is the real constraint on the LEAP ramp and MRO-capacity expansion.","sources":[{"stance":"confirms","publisher":"GE Aerospace (SEC EDGAR)","publisher_en":"GE Aerospace (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm","title":"GE 에어로스페이스 10-K (FY2025)","title_en":"GE Aerospace Form 10-K (FY2025)","excerpt":"We rely on a global supply chain for raw materials, commodities, components and MRO services; some of our suppliers are limited- or sole-source suppliers, and our ability to meet obligations depends on their product quality, availability and stability.","excerpt_en":"We rely on a global supply chain for raw materials, commodities, components and MRO services; some of our suppliers are limited- or sole-source suppliers, and our ability to meet obligations depends on their product quality, availability and stability."}]},{"direction":"cost","counterparty":"하우멧 에어로스페이스","counterparty_slug":"howmet-aerospace","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"엔진 고온부의 주조·단조 부품(에어포일 등)을 하우멧에 의존 — 하우멧 10-K 기준 GE가 하우멧 제3자 매출의 약 11%(2025)로 상호 의존이 크고, GE 자신도 10-K에서 일부 부품을 한정·단독 공급사에 의존한다고 밝힌다. 이 핫섹션 부품 공급이 LEAP 증산의 상류 병목이다.","note_en":"Depends on Howmet for engine hot-section castings/forgings (airfoils) — GE was ~11% of Howmet's 2025 third-party sales per Howmet's 10-K, a heavy mutual dependence, and GE's own 10-K states it depends on limited/sole-source suppliers for some parts. This hot-section supply is the upstream bottleneck for the LEAP ramp.","sources":[{"stance":"confirms","publisher":"미국 SEC(하우멧)","publisher_en":"SEC / Howmet Aerospace","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4281/000000428126000012/hwm-20251231.htm","title":"하우멧 에어로스페이스 FY2025 연차보고서(10-K)","title_en":"Howmet Aerospace FY2025 Annual Report (Form 10-K)","excerpt":"In 2025, RTX Corporation and GE Aerospace each represented approximately 11% of the Company's third-party sales.","excerpt_en":"RTX and GE Aerospace each ~11% of Howmet's 2025 third-party sales."},{"stance":"confirms","publisher":"GE Aerospace (SEC EDGAR)","publisher_en":"GE Aerospace (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm","title":"GE 에어로스페이스 10-K (FY2025)","title_en":"GE Aerospace Form 10-K (FY2025)","excerpt":"GE relies on limited- or sole-source suppliers for some parts; Howmet is a key supplier of engine castings/forgings and airfoils.","excerpt_en":"GE relies on limited- or sole-source suppliers for some parts; Howmet is a key supplier of engine castings/forgings and airfoils."}]},{"direction":"revenue","counterparty":"보잉","counterparty_slug":"boeing","confidence":"high","metric":{"type":"qualitative","as_of":"2026-07-04","basis":"787 GEnx·777X GE9X·737 MAX LEAP-1B(CFM) 장착, 조달액 비공개","period":"FY2025","basis_en":"787 GEnx, 777X GE9X, 737 MAX LEAP-1B (CFM); procurement value not disclosed","qualifier":"confirmed_no_disclosed_value"},"note":"보잉 상용기(737·787 등)에 LEAP·GEnx 엔진 공급. 세계 최대 항공기 엔진 제조사.","note_en":"Supplies LEAP and GEnx engines for Boeing commercial aircraft; the world's largest aero-engine maker.","sources":[{"stance":"confirms","publisher":"GE Aerospace (SEC EDGAR)","publisher_en":"GE Aerospace (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://www.sec.gov/Archives/edgar/data/40545/000004054526000008/ge-20251231.htm","title":"GE 에어로스페이스 10-K (FY2025)","title_en":"GE Aerospace Form 10-K (FY2025)","excerpt":"As in the case of some Boeing models, our engines may be the sole source engine for a particular aircraft.","excerpt_en":"As in the case of some Boeing models, our engines may be the sole source engine for a particular aircraft."},{"stance":"confirms","publisher":"GE 에어로스페이스","publisher_en":"GE Aerospace","kind":"ir","lang":"en","published_at":"2025-01-01","url":"https://www.geaerospace.com/commercial/aircraft-engines/cfm-leap","title":"CFM LEAP 엔진(GE·사프란 합작 CFM)","title_en":"CFM LEAP Engine (CFM, GE-Safran JV)","excerpt":"CFM56 and LEAP engines are products of CFM International, a 50-50 joint company between GE Aerospace and Safran Aircraft Engines. ... the engine of choice to power Airbus A320neo family, Boeing 737 MAX, and COMAC C919 aircraft.","excerpt_en":"CFM56 and LEAP engines are products of CFM International, a 50-50 joint company between GE Aerospace and Safran Aircraft Engines. ... the engine of choice to power Airbus A320neo family, Boeing 737 MAX, and COMAC C919 aircraft."},{"stance":"mentions","publisher":"GE 에어로스페이스","publisher_en":"GE Aerospace","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.geaerospace.com/news/articles/product-technology/second-boeing-777x-makes-first-flight-powered-ge9x","title":"두 번째 보잉 777X, GE9X 동력으로 초도비행","title_en":"Second Boeing 777X Makes First Flight Powered by GE9X","excerpt":"Powered by the GE9X engine, the new 777X is the world's largest and most efficient twin-engine jet.","excerpt_en":"Powered by the GE9X engine, the new 777X is the world's largest and most efficient twin-engine jet."}]},{"direction":"revenue","counterparty":"Leonardo","counterparty_slug":"leonardo","confidence":"mid","metric":null,"note":"레오나르도 헬기·항공기 프로그램에 엔진 공급.","note_en":"Supplies engines for Leonardo helicopter and aircraft programs.","sources":[{"stance":"confirms","publisher":"GE에어로스페이스","publisher_en":"GE Aerospace","kind":"news","lang":"en","published_at":"2017-12-06","url":"https://www.geaerospace.com/news/articles/technology/made-venice-how-avio-aero-and-leonardo-elicotteris-collaboration-have-boosted","title":"아비오 아에로와 레오나르도 엘리코테리의 협력","title_en":"How Avio Aero and Leonardo Elicotteri's collaboration boosted military missions","excerpt":"GE 계열 아비오 아에로가 레오나르도 NH90 헬기의 T700/T6E1 터보샤프트 엔진을 공급하며, 이탈리아군 납품분의 60%를 담당한다.","excerpt_en":"GE's Avio Aero supplies the T700/T6E1 turboshaft engines for Leonardo's NH90 helicopter, holding 60% responsibility for engines destined for the Italian government."}]},{"direction":"revenue","counterparty":"한국항공우주산업 (KAI)","counterparty_slug":"kai","confidence":"mid","metric":null,"note":"KAI의 FA-50/T-50에 GE F404-GE-102 터보팬(추력 17,700lbf) 탑재 — 한국 국산 전투기의 심장을 GE 엔진에 의존하는 방산 수출 연결.","note_en":"KAI's FA-50/T-50 are powered by the GE F404-GE-102 turbofan (17,700 lbf thrust) — a defense-export link where Korea's homegrown jets depend on GE for the engine.","sources":[{"stance":"confirms","publisher":"에어포스테크놀로지","publisher_en":"Airforce Technology","kind":"news","lang":"en","published_at":"2023-04-28","url":"https://www.airforce-technology.com/projects/fa-50-light-combat-aircraft-south-korea/","title":"FA-50 Light Combat Aircraft, South Korea","title_en":"FA-50 Light Combat Aircraft, South Korea","excerpt":"FA-50(및 원형인 T-50)은 GE F404-GE-102 터보팬 엔진을 탑재하며, 추력은 17,700lbf다.","excerpt_en":"The FA-50 (and its parent T-50) is powered by the General Electric F404-GE-102 turbofan engine developing 17,700lbf of thrust."}]}]}