For such a huge company, that's already a brilliant return on investment. However, the significant outperformance of BAE shares highlights how stock-picking has the potential to be far more profitable. Why have BAE shares been on fire? Based on analyst estimates, BAE shares now trade at a forecast price-to-earnings (P/E) ratio of 25. Long-term holdTellingly, BAE shares moved just 1.5% on the day those (brilliant) results were announced (30 July).