A Business at a Glance
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BOEING CO
BA
$159.7B
Mkt Cap
$209.52
+0.14%
BOEING CO (BA) has a current P/E ratio of 84.5, compared to its historical median P/E of 19.7. The stock is currently considered Expensive based on its historical valuation range.
BOEING CO (BA) has a 5-year average return on invested capital (ROIC) of -9.3%. This is below average and may indicate limited pricing power.
BOEING CO (BA) has a market capitalization of $212.1B. It is classified as a mega-cap stock.
Yes, BOEING CO (BA) pays a dividend with a trailing twelve-month yield of 0.16%.
Based on historical P/E analysis, BOEING CO (BA) appears expensive. The current P/E of 84.5 is 329% above its historical median of 19.7. The estimated fair value CAGR (P/E method) is -8.3%.
BOEING CO (BA) operates in the Aircraft industry, within the Industrials sector.
BOEING CO (BA) reported annual revenue of $89.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Boeing is one of the world's major aerospace firms organized into three reportable segments: Commercial Airplanes (BCA), which develops, produces and markets commercial jet aircraft including the 737 narrow-body and 767, 777, and 787 wide-body models to airlines worldwide; Defense, Space & Security (BDS), which engages in research, development, production and modification of manned and unmanned military aircraft, weapons systems, strategic defense and intelligence systems, satellite systems, and space exploration products; and Global Services (BGS), which provides a full spectrum of products and services across the lifecycle of defense and commercial aircraft platforms, including supply chain and logistics management, engineering, maintenance and modifications, spare parts, training systems, and digital solutions. The company operates with a project-based business model for commercial and defense aircraft development and production, generating revenue through aircraft deliveries and long-term service contracts, while BGS operates on a more recurring services and spare-parts basis. Boeing maintains significant competitive moats through its established relationships with global airlines and defense customers, extensive intellectual property portfolio, and integrated supply chain capabilities, though it faces intense competition from Airbus and other international competitors in commercial markets and from General Dynamics, Lockheed Martin, Northrop Grumman, RTX, and SpaceX in defense. The company serves commercial airlines globally, the U.S. military and government agencies, and international defense customers, with approximately 182,000 employees as of December 31, 2025, of which 14% are located outside the U.S. and approximately 72,000 are union members represented by nine different unions.
【Record backlog execution focus】 Management is prioritizing the completion of certification work on development programs, particularly the 737-7, 737-10, and 777-9, with the newest 737 MAX family members expected to be certified later in 2026 and 777-9 deliveries anticipated to begin in 2027. The company is executing disciplined production rate increases, targeting 47 per month on the 737 in summer 2026 with plans to activate the 737 North Line in Everett later this year, and expects to increase 787 production to 10 per month later in 2026, supported by factory expansion investments to meet exceptional demand. Management expects progressive margin improvement throughout 2026 and into 2027, with BCA margins turning positive mid-2027, while BDS is expected to progress toward high single-digit operating margins as it executes against its record backlog. The company anticipates positive free cash flow generation in 2026 and beyond, driven by higher commercial deliveries, steady performance improvements at BDS, and continued growth at BGS, with management expressing confidence in the long-term cash generation capability supported by the nearly $700 billion backlog.
| Metric | Target | Period |
|---|---|---|
| Free cash flow | $1 billion–$3 billion | FY2026 |
| 737 production rate | 47 per month | Summer 2026 |
| 787 deliveries | 90–100 airplanes | FY2026 |
| 737-7 and 737-10 certification | 2026 | FY2026 |
| 777-9 first delivery | 2027 | FY2027 |
| 777X production rate | 47 per month | Summer 2026 |
| Capital expenditures | ~$4 billion | FY2026 |
| BCA deliveries | ~500 aircraft | FY2026 |
| 787 deliveries | 90–100 aircraft | FY2026 |
| KC-46 tanker deliveries | ~19 aircraft | FY2026 |
Free cash flow (FY2026): “we continue to expect positive free cash flow of $1 billion-$3 billion this year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 92.2B | 89.5B | 66.5B | 77.8B | 66.6B | 62.3B |
| Net Income | 1.9B | 1.9B | -11.9B | -2.2B | -4.9B | -4.2B |
| EPS | $1.90 | $2.48 | $-18.36 | $-3.67 | $-8.30 | $-7.15 |
| Free Cash Flow | -1.0B | -1.9B | -14.3B | 4.4B | 2.3B | -4.4B |
| ROIC | 11.3% | 13.2% | -30.2% | -6.8% | -12.7% | -9.8% |
| Gross Margin | 4.8% | 4.8% | -3.0% | 9.9% | 5.3% | 4.9% |
| Debt/Equity | 7.89 | 10.33 | -14.32 | -3.14 | -3.69 | -3.98 |
| Dividends/Share | $0.34 | $0.43 | - | - | - | - |
| Operating Income | 4.3B | 4.3B | -10.7B | -773M | -3.5B | -2.9B |
| Operating Margin | 4.6% | 4.8% | -16.1% | -1.0% | -5.3% | -4.6% |
| ROE | 32.1% | 244.5% | 112.3% | 13.4% | 32.0% | 25.2% |
| Shares Outstanding | 1,012M | 762M | 647M | 605M | 595M | 588M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 90.8B | 96.1B | 93.5B | 94.0B | 101.1B | 76.6B | 58.2B | 62.3B | 66.6B | 77.8B | 66.5B | 89.5B | 92.2B |
| Gross Margin | 15.4% | 14.6% | 15.5% | 18.5% | 19.4% | 5.8% | -9.8% | 4.9% | 5.3% | 9.9% | -3.0% | 4.8% | 4.8% |
| R&D | 3.0B | 3.3B | 4.6B | 3.2B | 3.3B | 3.2B | 2.5B | 2.2B | 2.9B | 3.4B | 3.8B | 3.6B | 3.7B |
| SG&A | 3.8B | 3.5B | 3.6B | 4.1B | 4.6B | 3.9B | 4.8B | 4.2B | 4.2B | 5.2B | 5.0B | 6.1B | 6.2B |
| EBIT | 7.5B | 7.4B | 6.5B | 10.3B | 12.0B | -2.0B | -12.8B | -2.9B | -3.5B | -773M | -10.7B | 4.3B | 4.3B |
| Op. Margin | 8.2% | 7.7% | 7.0% | 11.0% | 11.9% | -2.6% | -22.0% | -4.6% | -5.3% | -1.0% | -16.1% | 4.8% | 4.6% |
| Net Income | 5.4B | 5.2B | 5.0B | 8.5B | 10.5B | -636M | -11.9B | -4.2B | -4.9B | -2.2B | -11.9B | 1.9B | 1.9B |
| Net Margin | 6.0% | 5.4% | 5.4% | 9.0% | 10.3% | -0.8% | -20.4% | -6.7% | -7.4% | -2.9% | -17.9% | 2.1% | 2.1% |
| Non-Recurring | 219M | 166M | 83M | 134M | 168M | 1.1B | 612M | 375M | 118M | 48M | 453M | 9.7B | 9.7B |
| Returns on Capital | |||||||||||||
| ROIC | 91.8% | 126.8% | N/M | N/M | 143.7% | -5.7% | -43.2% | -9.8% | -12.7% | -6.8% | -30.2% | 13.2% | 11.3% |
| ROE | 46.3% | 69.0% | 140.8% | 510.7% | 3085.5% | 15.4% | 88.2% | 25.2% | 32.0% | 13.4% | 112.3% | 244.5% | 32.1% |
| ROA | 5.9% | 5.5% | 5.5% | 8.4% | 9.1% | -0.5% | -8.3% | -2.9% | -3.6% | -1.6% | -8.1% | 1.2% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.9B | 9.4B | 10.5B | 13.3B | 15.3B | -2.4B | -18.4B | -3.4B | 3.5B | 6.0B | -12.1B | 1.1B | 2.5B |
| Free Cash Flow | 6.6B | 6.9B | 7.9B | 11.6B | 13.6B | -4.3B | -19.7B | -4.4B | 2.3B | 4.4B | -14.3B | -1.9B | -1.0B |
| Owner Earnings | 6.8B | 7.3B | 8.4B | 11.1B | 13.0B | -4.9B | -20.9B | -6.4B | 808M | 3.4B | -14.3B | -1.3B | -10M |
| CapEx | 2.2B | 2.5B | 2.6B | 1.7B | 1.7B | 1.8B | 1.3B | 980M | 1.2B | 1.5B | 2.2B | 2.9B | 3.5B |
| Maint. CapEx | 1.9B | 1.8B | 1.9B | 2.0B | 2.1B | 2.3B | 2.2B | 2.1B | 2.0B | 1.9B | 1.8B | 2.0B | 2.1B |
| Growth CapEx | 330M | 617M | 724M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 394M | 989M | 1.5B |
| D&A | 1.9B | 1.8B | 1.9B | 2.0B | 2.1B | 2.3B | 2.2B | 2.1B | 2.0B | 1.9B | 1.8B | 2.0B | 2.1B |
| CapEx/OCF | 25.2% | 26.2% | 24.9% | 13.0% | 11.2% | N/A | N/A | N/A | 34.8% | 25.6% | N/A | 276.2% | 141.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.1B | 2.5B | 2.8B | 3.4B | 3.9B | 4.6B | 1.2B | 0 | 0 | 0 | 0 | 331M | 345M |
| Dividend Yield | 2.6% | 2.8% | 3.5% | 2.8% | 2.0% | 2.3% | 1.0% | N/A | N/A | N/A | N/A | 0.2% | 0.2% |
| Share Buybacks | 6.0B | 6.8B | 7.0B | 9.2B | 9.0B | 2.7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 7.1% | 7.5% | 7.5% | 5.4% | 5.0% | 1.4% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 195M | 189M | 190M | 202M | 202M | 212M | 250M | 833M | 725M | 690M | 407M | 426M | 452M |
| Debt Repayment | 1.6B | 885M | 1.4B | 953M | 7.2B | 12.2B | 11.0B | 15.4B | 1.3B | 5.2B | 8.7B | 3.6B | 3.6B |
| Balance Sheet | |||||||||||||
| Net Debt | -4.0B | -2.1B | -77M | 1.7B | 7.2B | 24.6B | 38.0B | 43.4B | 41.4B | 38.2B | 29.7B | 27.0B | 26.3B |
| Cash & Equiv. | 11.7B | 11.3B | 8.8B | 8.8B | 7.6B | 9.5B | 7.8B | 8.1B | 14.6B | 12.7B | 13.8B | 10.9B | 20.9B |
| Long-Term Debt | 8.1B | 8.7B | 9.6B | 9.8B | 10.7B | 20.0B | 61.9B | 56.8B | 51.8B | 47.1B | 52.6B | 45.6B | 44.4B |
| Debt/Equity | 1.05 | 1.57 | 12.18 | 7.08 | 46.44 | -4.02 | -3.47 | -3.98 | -3.69 | -3.14 | -14.32 | 10.33 | 7.89 |
| Interest Coverage | 22.4 | 27.1 | 21.3 | 28.7 | 25.2 | -2.7 | -5.9 | -1.1 | -1.4 | -0.3 | -3.9 | 1.5 | 1.6 |
| Equity | 8.7B | 6.3B | 817M | 1.7B | 339M | -8.6B | -18.3B | -15.0B | -15.9B | -17.2B | -3.9B | 5.5B | 6.0B |
| Total Assets | 92.9B | 94.4B | 90.0B | 112.4B | 117.4B | 133.6B | 152.1B | 138.6B | 137.1B | 137.0B | 156.4B | 168.2B | 164.8B |
| Total Liabilities | 84.1B | 88.0B | 89.1B | 110.6B | 116.9B | 141.9B | 170.2B | 153.4B | 152.9B | 154.2B | 160.3B | 162.8B | 158.8B |
| Intangibles | 2.9B | 2.7B | 2.5B | 2.6B | 3.4B | 3.3B | 2.8B | 2.6B | 2.3B | 2.1B | 2.0B | 1.6B | 1.5B |
| Retained Earnings | 36.2B | 38.8B | 40.7B | 49.6B | 55.9B | 50.6B | 38.6B | 34.4B | 29.5B | 27.3B | 15.4B | 17.3B | 17.2B |
| Working Capital | 19.5B | 17.8B | 12.4B | 10.5B | 6.2B | 4.9B | 34.4B | 26.7B | 19.5B | 13.4B | 30.9B | 20.3B | 18.6B |
| Current Assets | 67.8B | 68.2B | 62.5B | 85.2B | 87.8B | 102.2B | 121.6B | 108.7B | 109.5B | 109.3B | 128.0B | 128.5B | 124.1B |
| Current Liabilities | 48.2B | 50.4B | 50.1B | 74.6B | 81.6B | 97.3B | 87.3B | 82.0B | 90.1B | 95.8B | 97.1B | 108.1B | 105.5B |
| Per Share Data | |||||||||||||
| EPS | 7.38 | 7.44 | 7.83 | 13.85 | 17.85 | -1.12 | -20.88 | -7.15 | -8.30 | -3.67 | -18.36 | 2.48 | 1.90 |
| Owner EPS | 9.16 | 10.55 | 13.09 | 18.17 | 22.19 | -8.68 | -36.77 | -10.88 | 1.36 | 5.63 | -22.14 | -1.72 | -0.01 |
| Book Value | 11.74 | 9.11 | 1.27 | 2.71 | 0.58 | -15.17 | -32.21 | -25.52 | -26.71 | -28.46 | -6.04 | 7.16 | 5.91 |
| Cash Flow/Share | 12.00 | 13.46 | 16.33 | 21.85 | 26.15 | -4.31 | -32.38 | -5.81 | 5.91 | 9.84 | -18.68 | 1.40 | 3.93 |
| Dividends/Share | 3.10 | 3.82 | 4.69 | 5.97 | 7.19 | 8.22 | 2.04 | N/A | N/A | N/A | N/A | 0.43 | 0.34 |
| Shares Out. | 737.9M | 695.7M | 642.9M | 610.7M | 586.0M | 567.9M | 568.6M | 587.7M | 594.6M | 605.4M | 646.8M | 762.1M | 1.0B |
| Valuation | |||||||||||||
| P/E Ratio | 15.6 | 17.4 | 19.0 | 20.4 | 17.2 | N/A | N/A | N/A | N/A | N/A | N/A | 87.3 | 110.3 |
| P/FCF | 12.8 | 13.0 | 11.8 | 14.9 | 13.2 | N/A | N/A | N/A | 48.9 | 35.6 | N/A | N/A | N/A |
| EV/EBIT | 10.7 | 11.7 | 16.0 | 16.9 | 15.7 | N/A | N/A | N/A | N/A | N/A | N/A | 46.3 | 55.9 |
| Price/Book | 9.8 | 14.2 | 113.9 | 104.1 | 531.4 | N/A | N/A | N/A | N/A | N/A | N/A | 30.2 | 35.4 |
| Price/Sales | 0.9 | 0.9 | 0.8 | 1.3 | 1.9 | 2.7 | 1.9 | 2.1 | 1.5 | 1.6 | 1.7 | 1.7 | 2.3 |
| FCF Yield | 7.8% | 7.7% | 8.5% | 6.7% | 7.5% | -2.3% | -16.0% | -3.6% | 2.0% | 2.8% | -12.2% | -1.1% | -0.5% |
| Market Cap | 85.0B | 90.2B | 93.1B | 172.5B | 180.1B | 186.4B | 122.9B | 121.1B | 112.0B | 157.6B | 116.9B | 164.9B | 212.1B |
| Avg. Price | 111.03 | 127.00 | 121.54 | 202.04 | 331.56 | 358.67 | 197.66 | 224.66 | 166.58 | 211.61 | 178.04 | 198.35 | 209.52 |
| Year-End Price | 115.13 | 129.63 | 144.73 | 282.42 | 307.43 | 328.19 | 216.09 | 206.13 | 188.38 | 260.35 | 180.72 | 216.44 | 209.52 |
BOEING CO passes 2 of 9 quality checks, indicating weak fundamentals.
BOEING CO trades at 84.5x trailing earnings, compared to its 15-year median P/E of 19.7x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average gross margin is 4.4%. Total shareholder yield (dividends) is 0.2%. At current prices, the estimated annualized return to fair value is -8.6%.
BOEING CO (BA) has a net profit margin of 2.1%. This is a modest margin.
BOEING CO (BA) generated $-1.9 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
BOEING CO (BA) has a debt-to-equity ratio of 10.33. This indicates higher leverage, which may increase financial risk.
BOEING CO (BA) reported earnings per share (EPS) of $2.48 in its most recent fiscal year.
BOEING CO (BA) has a return on equity (ROE) of 244.5%. This indicates the company generates strong returns for shareholders.
BOEING CO (BA) has a 5-year average gross margin of 4.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for BOEING CO (BA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BOEING CO (BA) has a book value per share of $7.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is prioritizing the completion of certification work on development programs, particularly the 737-7, 737-10, and 777-9, with the newest 737 MAX family members expected to be certified later in 2026 and 777-9 deliveries anticipated to begin in 2027. The company is executing disciplined production rate increases, targeting 47 per month on the 737 in summer 2026 with plans to activate the 737 North Line in Everett later this year, and expects to increase 787 production to 10 per month later in 2026, supported by factory expansion investments to meet exceptional demand. Management expects progressive margin improvement throughout 2026 and into 2027, with BCA margins turning positive mid-2027, while BDS is expected to progress toward high single-digit operating margins as it executes against its record backlog. The company anticipates positive free cash flow generation in 2026 and beyond, driven by higher commercial deliveries, steady performance improvements at BDS, and continued growth at BGS, with management expressing confidence in the long-term cash generation capability supported by the nearly $700 billion backlog.
Based on recent SEC filings and earnings calls, BOEING CO (BA) has provided the following forward guidance: Free cash flow: $1 billion–$3 billion (FY2026); 737 production rate: 47 per month (Summer 2026); 787 deliveries: 90–100 airplanes (FY2026); 737-7 and 737-10 certification: 2026 (FY2026); 777-9 first delivery: 2027 (FY2027), plus 5 additional metrics.
737 production rate (Summer 2026): “We continue to expect a production increase to 47 per month in Renton this summer”
787 deliveries (FY2026): “we still expect to meet our full-year delivery range of 90-100 airplanes”
737-7 and 737-10 certification (FY2026): “We're pleased with the progress so far and remain on plan for the newest members of the 737 MAX family to be certified later this year”
777-9 first delivery (FY2027): “with deliveries expected to start in 2027”
777X production rate (Summer 2026): “plans to increase production to 47 per month this summer”
Capital expenditures (FY2026): “we expect to spend closer to $4 billion this year, including the incorporation of Spirit”
BCA deliveries (FY2026): “Our expectation for deliveries on that program is around 500 aircraft”