Boeing Co BA

IndustrialsAerospace & DefenseUnited States of America

Last close 171.55 USD on Nov 1, 2026, −21.0% year to date

Quant rating

Quant rating D Rank 349 of 486 in Industrials

Growth A 24 of 486
Valuation C 237 of 486
Quality B 146 of 486
Revisions D 432 of 486
Momentum D 412 of 486

Wall Street consensus Buy (1.72)Average target 238.40 USD +39.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 135.9B
Enterprise value: 161.2B
52-week range: 165.01 – 254.20
3-year range: 136.59 – 264.27
Dividend yield: –
Beta (5 years): 1.33
Shares outstanding: 792M
Next earnings: Jan 27, 2027

About the company

The Boeing Company is an aerospace company. Its segments include Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS). Its BCA segment develops, produces and markets commercial jet aircraft principally for the commercial airline industry worldwide. Its family of commercial jet aircraft in production includes the 737 narrow-body model and the 767, 777 and 787 wide-body models. Its BDS segment is engaged in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility. Its BGS segment provides services to its commercial and defense customers worldwide. It sustains aerospace platforms and systems with a range of products and services, including supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training systems and services, technical and maintenance documents, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	89,463	66,517	77,794	66,608	62,286	–
Revenue growth	34.5%	−14.5%	16.8%	6.9%	6.2%	8.8%
EPS (basic, normalized)	−6.54	−20.38	−5.81	−11.06	−9.44	–
EPS growth	–	–	–	–	–	–
Gross margin	4.8%	−3.0%	9.9%	5.3%	4.9%	4.4%
Net margin	2.1%	−17.9%	−2.9%	−7.4%	−6.7%	−6.6%
ROE	289.1%	–	–	–	–	289.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	20,714
Current ratio	1.13x
Long-term debt (mil)	41,351
Net debt (mil)	25,227
Total equity (mil)	6,547
Net debt / equity	3.85x
Net debt / EBITDA	4.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	89,463	+34.5%	1.8x	6,234	+198.9%	25.9x	−6.54	+67.9%	−26.2x
2026	96,647	+8.0%	1.7x	3,353	−46.2%	48.1x	−2.02	+69.0%	−84.7x
2027	108,855	+12.6%	1.5x	5,749	+71.5%	28.0x	0.83	+140.9%	207.3x
2028	121,474	+11.6%	1.3x	9,970	+73.4%	16.2x	5.27	+537.3%	32.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	96,647	−1.4%	−1.1%	−1.4%	−2.02	−117.8%	−153.0%	−549.8%
2027	108,855	−3.4%	−3.0%	−2.9%	0.83	−77.6%	−77.5%	−80.3%
2028	121,474	−1.6%	−1.0%	−0.7%	5.27	−32.3%	−33.2%	−33.3%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	16,569	16,866	17,840	15,242	19,496	22,749	23,270	23,948	22,217	24,560
Sales mean (mil)	16,228	17,231	17,815	16,210	19,451	21,844	21,972	22,597	21,779	24,245
Surprise	+2.1%	−2.1%	+0.1%	−6.0%	+0.2%	+4.1%	+5.9%	+6.0%	+2.0%	+1.3%
EPS reported	−1.13	−2.90	−10.44	−5.90	−0.49	−1.24	−7.47	−1.12	−0.20	−0.76
EPS mean	−1.76	−1.97	−10.52	−3.00	−1.29	−1.48	−4.59	−0.39	−0.83	−0.30
Surprise	+35.9%	−47.1%	+0.8%	−96.8%	+62.1%	+16.2%	−62.7%	−187.4%	+76.0%	−149.4%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
AIR Airbus SE	170.4B	0.51x	7.1%	5.68x	26.1x	22.3x	14.6x	12.7x
SAF Safran SA	128.9B	–	23.0%	7.88x	26.7x	22.1x	14.2x	12.6x
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
Mean		1.81x	10.9%	11.76x	8.6x	54.6x	22.5x	17.7x
Median		1.54x	7.4%	11.22x	26.0x	23.5x	16.1x	14.9x

Technical analysis

1M−7.0%
3M−22.6%
1Y−23.2%
3Y−4.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Boeing Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	89,463	66,517	77,794	66,608	62,286	58,656
Cost of revenue	85,174	68,508	70,070	63,078	59,237	63,843
Gross profit	4,289	−1,991	7,724	3,530	3,049	−5,187
Selling, general & administrative expenses	6,090	5,021	5,168	4,187	4,157	4,817
Research & development	3,615	3,812	3,377	2,852	2,249	2,476
Interest expense (income), operating	−25.0	−71.0	−46.0	16.0	−210	−9.0
Unusual expense (income)	−9,672	−46.0	−2.0	−6.0	−277	296
Other operating expenses	0	0	0	0	0	0
Operating income	4,281	−10,707	−773	−3,519	−2,870	−12,767
Net interest income (expense)	−2,771	−2,725	−2,459	−2,561	−2,714	−2,156
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1,125	1,222	1,227	1,058	551	447
Net income before taxes	2,635	−12,210	−2,005	−5,022	−5,033	−14,476
Provision for taxes	397	−381	237	31.0	−743	−1,360
Minority interest	−3.0	12.0	20.0	118	88.0	68.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,235	−11,817	−2,222	−4,935	−4,202	−13,048
Extraordinary items	–	–	–	–	–	1,175
Net income	2,235	−11,817	−2,222	−4,935	−4,202	−11,873
EBIT, normalized	−5,371	−6,190	752	−1,644	−3,357	−6,551
EBITDA, normalized	−3,418	−4,354	2,613	335	−1,213	−4,305
Basic EPS, normalized	−6.54	−20.38	−5.81	−11.06	−9.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Boeing Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	29,400	26,282	15,965	17,220	16,244	25,590
Receivables	12,079	11,201	11,065	11,305	11,378	10,051
Total inventory	84,679	87,550	79,741	78,151	78,823	81,715
Prepaid expenses	–	–	–	–	–	–
Other current assets	2,301	2,965	2,504	2,847	2,221	4,286
Total current assets	128,459	127,998	109,275	109,523	108,666	121,642
Property, plant & equipment	17,725	13,636	12,351	12,001	12,355	13,072
Goodwill	17,275	8,084	8,093	8,057	8,068	8,081
Intangibles	1,567	1,957	2,094	2,311	2,562	2,843
Long-term investments	1,048	999	1,035	983	975	1,016
Note receivable	–	74.0	860	1,450	1,695	1,936
Other long-term assets	2,161	3,615	3,304	2,775	4,231	3,546
Total assets	168,235	156,363	137,012	137,100	138,552	152,136
Liabilities
Accounts payable	13,109	11,364	11,964	10,200	9,261	12,928
Payable/accrued	–	–	–	–	–	–
Accrued expenses	27,141	24,103	22,331	21,581	18,450	22,128
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	8,461	1,278	5,204	5,190	1,296	1,693
Other current liabilities	59,404	60,333	56,328	53,081	52,985	50,531
Total current liabilities	108,115	97,078	95,827	90,052	81,992	87,280
Long-term debt	45,637	52,586	47,103	51,811	56,806	61,890
Minority interest	3.0	−6.0	5.0	35.0	153	241
Other liabilities	9,026	10,613	11,310	11,085	14,600	21,041
Total liabilities	162,781	160,271	154,245	152,983	153,551	170,452
Shareholders' equity
Preferred stock	6.0	6.0	–	–	–	–
Common stock	5,061	5,061	5,061	5,061	5,061	5,061
Additional paid-in capital	21,441	18,964	10,309	9,947	9,052	7,787
Retained earnings (accumulated deficit)	17,252	15,362	27,251	29,473	34,408	38,610
Treasury stock	−28,029	−32,386	−49,549	−50,814	−51,861	−52,641
Other equity	−10,277	−10,915	−10,305	−9,550	−11,659	−17,133
Total equity	5,454	−3,908	−17,233	−15,883	−14,999	−18,316
Total liabilities & shareholders' equity	168,235	156,363	137,012	137,100	138,552	152,136

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Boeing Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,238	−11,829	−2,242	−5,053	−4,290	−11,941
Depreciation, depletion & amortization	1,953	1,836	1,861	1,979	2,144	2,246
Deferred taxes	–	–	–	–	–	–
Non-cash items	−2,124	6,681	2,252	2,447	5,707	8,620
Changes in working capital	−1,002	−8,768	4,089	4,139	−6,977	−17,335
Cash from operations	1,065	−12,080	5,960	3,512	−3,416	−18,410
Investing activities
Capital expenditures	−2,951	−2,318	−1,527	−1,222	−980	−1,303
Other investing cash flows	3,450	−9,655	−910	5,592	10,304	−17,063
Cash from investing	499	−11,973	−2,437	4,370	9,324	−18,366
Financing activities
Financing cash flow items	24.0	−136	−391	−40.0	−66.0	−173
Cash dividends paid	−331	–	–	–	–	−1,158
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,456	25,345	−5,096	−1,226	−5,534	36,286
Cash from financing	−3,763	25,209	−5,487	−1,266	−5,600	34,955
Foreign exchange effects	40.0	−47.0	30.0	−73.0	−39.0	85.0
Net change in cash	−2,159	1,109	−1,934	6,543	269	−1,736
Free cash flow	−1,886	−14,398	4,433	2,290	−4,396	−19,713

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.