Boeing (BA)
Industrials · $159B market cap · SEC CIK 0000012927
fundamentals score out of 100
Next reports on Oct 27, 2026, before the open, with analysts expecting $-0.15 in earnings per share.
The case for BA
- Revenue up 24.8% on the year.
The case against
- Very expensive at 65.3× earnings. Years of growth are already in the price.
- Burned $1.9B of free cash in FY2025.
- Long-term debt of $53.8B would take 51 years of operating cash flow to repay.
- Return on assets of only 1.5%.
- Net margin of 2.6% leaves very little room for error.
- The price trend is weak (31/100): -6.7% over a year, -9.7% over three months, 27% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 19 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 74 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 12 |
| Momentumhow the price has behaved lately | 31 |
| Stabilityhow violently it moves, what it owes and what it pays you | 23 |
- Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 65.3× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 1.7× |
| Revenue growth (YoY) | +24.8% |
| EPS growth (YoY) | — |
| Gross margin | 5% |
| Operating margin | 5% |
| Net margin | 3% |
| Return on assets | 1.5% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 1.14 |
| Dividend yield | 0.22% |
| Beta | 1.33 |
| 52-week range | $176.77 – $254.35 |
| Position in that range | 27% of the way up |
| 3-month return | -9.7% |
| 1-year return | -6.7% |
Five years of financials, as filed
Pulled from Boeing's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $89.5B | $66.5B | $77.8B | $66.6B | $62.3B |
| Gross profit | $4.3B | -$2.0B | $7.7B | $3.5B | $3.0B |
| Operating income | $4.3B | -$10.7B | -$773M | -$3.5B | -$2.9B |
| Net income | $2.2B | -$11.8B | -$2.2B | -$4.9B | -$4.2B |
| Operating cash flow | $1.1B | -$12.1B | $6.0B | $3.5B | -$3.4B |
| Capital expenditure | $2.9B | $2.2B | $1.5B | $1.2B | $980M |
| Total assets | $168B | $156B | $137B | $137B | $139B |
| Total liabilities | $163B | $160B | $154B | $153B | $153B |
| Shareholder equity | $5.5B | -$3.9B | -$17.2B | -$15.9B | -$15.0B |
| Cash | $10.9B | $13.8B | $12.7B | $14.6B | $8.1B |
| Long-term debt | $53.8B | $53.6B | $52.1B | $56.8B | $57.9B |
| Free cash flow | -$1.9B | -$14.3B | $4.4B | $2.3B | -$4.4B |
| Gross margin | 4.8% | -3.0% | 9.9% | 5.3% | 4.9% |
| Operating margin | 4.8% | -16.1% | -1.0% | -5.3% | -4.6% |
| Net margin | 2.5% | -17.8% | -2.9% | -7.4% | -6.7% |
| Diluted shares | 762M | 647M | 606M | 595M | 588M |
Share count is up 29.7% over 4 years. Your slice has been diluted.
What Boeing says it does
The Boeing Company, together with its subsidiaries (herein referred to as "Boeing," the "Company," "we," "us," "our"), is one of the world’s major aerospace firms. We are organized based on the products and services we offer. We operate in three reportable segments: • Commercial Airplanes (BCA); • Defense, Space & Security (BDS); • Global Services (BGS). Commercial Airplanes Segment This segment develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. We are a leading producer of commercial aircraft and offer a family of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements of airlines. This family of commercial jet aircraft in production includes the 737 narrow-body model and the 767, 777 and 787 wide-body models. Development continues on the 777X program and the 737-7 and 737-10 derivatives. Defense, Space & Security…
Risk factors BA lists in its 10-K
- Pension and Other Postretirement Benefits
- Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share
- Reconciliation of Non-GAAP Measures to GAAP Measures
- (Dollars in millions, except per share data)
- Deferred Income Taxes – Valuation Allowance
- Foreign Currency Exchange Rate Risk
- The Boeing Company and Subsidiaries
- Consolidated Statements of Operations
- Earnings/(loss) before income taxes
- Net earnings/(loss) attributable to Boeing shareholders
- Net earnings/(loss) attributable to Boeing common shareholders
- Consolidated Statements of Comprehensive Income
- Other comprehensive income/(loss), net of tax
- Comprehensive income/(loss) attributable to Boeing Shareholders