NYSE · Industrials

The Boeing Company

BA · Aerospace & Defense

$222.00

▼ -5.38 (-2.37%)

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Mr. Market is currently offering The Boeing Company at $222.00.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 4.8%

Operating Margin -6.1%

Net Income Margin 2.5%

Fin. Health D

Years to Pay Off Debt 24.4 yrs

Working Capital vs Long-Term Debt -$25.2B

Working Capital $20.3B

Valuation F

Margin of Safety 0.0%

Price-to-Book 32.12x

Cash Flow F

Free Cash Flow -$1.9B

CapEx % of Net Income 132.0%

Owner Earnings $7.1B

1/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $175.0B

Enterprise Value $208.7B

P/E (TTM) 88.10

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 4.8%

Operating Margin -6.1%

Net Margin 2.5%

Company Info

Sector Industrials

Industry Aerospace & Defense

Employees 182000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Boeing Company at $222.00.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

At $222.00, the stock trades at a 1030% premium to its Graham Number of $19.64. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About The Boeing Company

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through three segments: Commercial Airplanes; Defense, Space & Security; and Global Services. The Commercial Airplanes segment develops, produces, and markets commercial jet aircraft for passenger and cargo requirements. The Defense, Space & Security segment engages in the research, development, production, and modification of manned and unmanned military aircraft and weapons systems; strategic defense and intelligence systems, which include strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance, cyber and information solutions, and intelligence systems; and satellite systems, such as government and commercial satellites, and space exploration. The Global Services segment offers 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 data analytics and digital services to commercial and defense customers. The Boeing Company was incorporated in 1916 and is based in Arlington, Virginia.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	4.8% ▲	-3.0%	9.9%	5.3%
Operating Margin %	-6.1% ▲	-16.3%	-1.1%	-5.3%
Net Income %	2.5% ▲	-17.8%	-2.9%	-7.4%
Diluted EPS	2.48 ▲	-18.36	-3.67	-8.30

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$168.2B	$156.4B	$137.0B	$137.1B	N/A
Total Debt	$54.4B ↑	$54.2B	$52.6B	$57.3B	N/A
Working Capital	$20.3B ▼	$30.9B	$13.4B	$19.5B	N/A
Years to Pay Debt	24.35	-4.59	-23.67	-11.61	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$1.9B ▲	-$14.4B	$4.4B	$2.3B	N/A
Owner Earnings	$7.1B	-$7.7B	$1.2B	-$1.7B	N/A
CapEx % of Net Income	132.0%	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	1,460,990	3,651	10,080	-2,100
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	-2,338,000	-7,766,000	2,267,000	-472,000
Total Unusual Items	9,697,000	117,000	48,000	-10,000
Total Unusual Items Excluding Goodwill	9,697,000	117,000	48,000	-10,000
Net Income From Continuing Operation Net Minority Interest	2,235,000	-11,817,000	-2,222,000	-4,935,000
Reconciled Depreciation	1,953,000	1,836,000	1,861,000	1,979,000
Reconciled Cost Of Revenue	85,174,000	68,508,000	70,070,000	63,078,000
EBITDA	7,359,000	-7,649,000	2,315,000	-482,000
EBIT	5,406,000	-9,485,000	454,000	-2,461,000
Net Interest Income	-2,771,000	-2,725,000	-2,459,000	-2,561,000
Interest Expense	2,771,000	2,725,000	2,459,000	2,561,000
Normalized Income	-6,001,010	-11,930,349	-2,259,920	-4,927,100
Net Income From Continuing And Discontinued Operation	2,235,000	-11,817,000	-2,222,000	-4,935,000
Total Expenses	94,879,000	77,341,000	78,615,000	70,117,000
Total Operating Income As Reported	4,281,000	-10,707,000	-773,000	-3,519,000
Diluted Average Shares	762,300	647,200	606,100	595,200
Basic Average Shares	759,036	643,627	605,450	594,578
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,889,000	-11,875,000	-2,222,000	-4,935,000
Net Income Common Stockholders	1,889,000	-11,875,000	-2,222,000	-4,935,000
Otherunder Preferred Stock Dividend	1,000
Preferred Stock Dividends	345,000	58,000
Net Income	2,235,000	-11,817,000	-2,222,000	-4,935,000
Minority Interests	-3,000	12,000	20,000	118,000
Net Income Including Noncontrolling Interests	2,238,000	-11,829,000	-2,242,000	-5,053,000
Net Income Continuous Operations	2,238,000	-11,829,000	-2,242,000	-5,053,000
Tax Provision	397,000	-381,000	237,000	31,000
Pretax Income	2,635,000	-12,210,000	-2,005,000	-5,022,000
Other Income Expense	10,822,000	1,339,000	1,275,000	1,048,000
Other Non Operating Income Expenses	1,125,000	1,222,000	1,227,000	1,058,000
Special Income Charges	9,672,000	46,000	2,000	6,000
Gain On Sale Of Ppe	9,672,000	46,000	2,000	6,000
Gain On Sale Of Security	25,000	71,000	46,000	-16,000
Net Non Operating Interest Income Expense	-2,771,000	-2,725,000	-2,459,000	-2,561,000
Interest Expense Non Operating	2,771,000	2,725,000	2,459,000	2,561,000
Operating Income	-5,416,000	-10,824,000	-821,000	-3,509,000
Operating Expense	9,705,000	8,833,000	8,545,000	7,039,000
Research And Development	3,615,000	3,812,000	3,377,000	2,852,000
Selling General And Administration	6,090,000	5,021,000	5,168,000	4,187,000
General And Administrative Expense	6,090,000	5,021,000	5,168,000	4,187,000
Other Gand A	6,090,000	5,021,000	5,168,000	4,187,000
Gross Profit	4,289,000	-1,991,000	7,724,000	3,530,000
Cost Of Revenue	85,174,000	68,508,000	70,070,000	63,078,000
Total Revenue	89,463,000	66,517,000	77,794,000	66,608,000
Operating Revenue	89,463,000	66,517,000	77,794,000	66,608,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	227,563	263,045	402,746	414,671
Ordinary Shares Number	784,698	749,216	609,515	597,590
Share Issued	1,012,261	1,012,261	1,012,261	1,012,261
Net Debt	42,927,000	39,824,000	39,363,000	42,181,000
Total Debt	54,433,000	54,188,000	52,603,000	57,277,000
Tangible Book Value	-13,394,000	-13,955,000	-27,420,000	-26,251,000
Invested Capital	59,296,000	49,711,000	34,821,000	40,912,000
Working Capital	20,344,000	30,920,000	13,448,000	19,471,000
Net Tangible Assets	-13,388,000	-13,949,000	-27,420,000	-26,251,000
Capital Lease Obligations	585,000	563,000	549,000	482,000
Common Stock Equity	5,448,000	-3,914,000	-17,233,000	-15,883,000
Preferred Stock Equity	6,000	6,000
Total Capitalization	50,952,000	48,525,000	29,694,000	35,787,000
Total Equity Gross Minority Interest	5,457,000	-3,914,000	-17,228,000	-15,848,000
Minority Interest	3,000	-6,000	5,000	35,000
Stockholders Equity	5,454,000	-3,908,000	-17,233,000	-15,883,000
Gains Losses Not Affecting Retained Earnings	-10,277,000	-10,915,000	-10,305,000	-9,550,000
Other Equity Adjustments	-10,277,000	-10,915,000	-10,305,000	-9,550,000
Foreign Currency Translation Adjustments			-134,000	-167,000	-105,000
Minimum Pension Liabilities			-10,185,000	-9,359,000	-11,561,000
Treasury Stock	28,029,000	32,386,000	49,549,000	50,814,000
Retained Earnings	17,252,000	15,362,000	27,251,000	29,473,000
Additional Paid In Capital	21,441,000	18,964,000	10,309,000	9,947,000
Capital Stock	5,067,000	5,067,000	5,061,000	5,061,000
Common Stock	5,061,000	5,061,000	5,061,000	5,061,000
Preferred Stock	6,000	6,000
Total Liabilities Net Minority Interest	162,778,000	160,277,000	154,240,000	152,948,000
Total Non Current Liabilities Net Minority Interest	54,663,000	63,199,000	58,413,000	62,896,000
Other Non Current Liabilities	2,432,000	2,318,000	2,332,000	2,211,000
Employee Benefits	6,378,000	8,173,000	8,749,000	8,644,000
Non Current Pension And Other Postretirement Benefit Plans	6,378,000	8,173,000	8,749,000	8,644,000
Non Current Deferred Liabilities	216,000	122,000	229,000	230,000
Non Current Deferred Taxes Liabilities	216,000	122,000	229,000	230,000
Long Term Debt And Capital Lease Obligation	45,637,000	52,586,000	47,103,000	51,811,000
Long Term Capital Lease Obligation	139,000	153,000	176,000	141,000
Long Term Debt	45,498,000	52,433,000	46,927,000	51,670,000
Current Liabilities	108,115,000	97,078,000	95,827,000	90,052,000
Other Current Liabilities	6,711,000	7,634,000	4,699,000	4,060,000
Current Deferred Liabilities	59,404,000	60,333,000	56,328,000	53,081,000
Current Deferred Revenue	59,404,000	60,333,000	56,328,000	53,081,000
Current Debt And Capital Lease Obligation	8,796,000	1,602,000	5,500,000	5,466,000
Current Capital Lease Obligation	446,000	410,000	373,000	341,000
Current Debt	8,350,000	1,192,000	5,127,000	5,125,000
Other Current Borrowings	8,350,000	1,192,000	5,127,000	5,125,000
Pensionand Other Post Retirement Benefit Plans Current	7,906,000	6,562,000	7,194,000	6,845,000
Current Provisions	2,797,000	2,133,000	2,448,000	2,275,000
Payables And Accrued Expenses	22,501,000	18,814,000	19,658,000	18,325,000
Current Accrued Expenses	9,392,000	7,450,000	7,694,000	8,125,000
Interest Payable	877,000	796,000	652,000	599,000
Payables	13,109,000	11,364,000	11,964,000	10,200,000
Total Tax Payable					5,000
Income Tax Payable					5,000
Accounts Payable	13,109,000	11,364,000	11,964,000	10,200,000
Total Assets	168,235,000	156,363,000	137,012,000	137,100,000
Total Non Current Assets	39,776,000	28,365,000	27,737,000	27,577,000
Other Non Current Assets	4,177,000	5,414,000	4,935,000	4,163,000
Non Current Deferred Assets	107,000	185,000	59,000	63,000
Non Current Deferred Taxes Assets	107,000	185,000	59,000	63,000
Non Current Accounts Receivable				1,450,000	1,695,000
Investments And Advances	1,048,000	999,000	1,035,000	983,000
Goodwill And Other Intangible Assets	18,842,000	10,041,000	10,187,000	10,368,000
Other Intangible Assets	1,567,000	1,957,000	2,094,000	2,311,000
Goodwill	17,275,000	8,084,000	8,093,000	8,057,000
Net PPE	15,602,000	11,726,000	11,521,000	12,000,000
Accumulated Depreciation	-23,613,000	-22,925,000	-22,245,000	-21,442,000
Gross PPE	39,215,000	34,651,000	33,766,000	33,442,000
Construction In Progress	3,631,000	2,339,000	1,679,000	1,368,000
Other Properties	241,000	314,000	860,000	1,450,000
Machinery Furniture Equipment	18,335,000	16,660,000	16,055,000	15,844,000
Buildings And Improvements	16,565,000	14,985,000	14,795,000	14,404,000
Land And Improvements	443,000	353,000	377,000	376,000
Current Assets	128,459,000	127,998,000	109,275,000	109,523,000
Other Current Assets	2,301,000	2,965,000	2,504,000	2,847,000
Inventory	84,679,000	87,550,000	79,741,000	78,151,000
Finished Goods	70,785,000	75,192,000	68,683,000	67,702,000
Work In Process				9,073,000	9,845,000
Raw Materials	13,894,000	12,358,000	11,058,000	10,449,000
Receivables	12,079,000	11,201,000	11,065,000	11,305,000
Receivables Adjustments Allowances	-76,000	-92,000	-89,000	-116,000
Other Receivables	9,382,000	8,576,000	8,441,000	8,793,000
Accounts Receivable	2,773,000	2,717,000	2,713,000	2,628,000
Cash Cash Equivalents And Short Term Investments	29,400,000	26,282,000	15,965,000	17,220,000
Other Short Term Investments	18,479,000	12,481,000	3,274,000	2,606,000
Cash And Cash Equivalents	10,921,000	13,801,000	12,691,000	14,614,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-1,886,000	-14,398,000	4,433,000	2,290,000
Repayment Of Debt	-3,621,000	-8,673,000	-5,216,000	-1,310,000
Issuance Of Debt	165,000	10,161,000	75,000	34,000
Issuance Of Capital Stock		23,857,000
Capital Expenditure	-2,951,000	-2,318,000	-1,527,000	-1,222,000
End Cash Position	10,921,000	13,801,000	12,691,000	14,614,000
Other Cash Adjustment Outside Changein Cash	-742,000	-21,000	-22,000	-33,000
Beginning Cash Position	13,822,000	12,713,000	14,647,000	8,104,000
Effect Of Exchange Rate Changes	40,000	-47,000	30,000	-73,000
Changes In Cash	-2,199,000	1,156,000	-1,964,000	6,616,000
Financing Cash Flow	-3,763,000	25,209,000	-5,487,000	-1,266,000
Cash Flow From Continuing Financing Activities	-3,763,000	25,209,000	-5,487,000	-1,266,000
Net Other Financing Charges	24,000	-136,000	-391,000	-40,000
Proceeds From Stock Option Exercised			45,000	50,000	42,000
Cash Dividends Paid	-331,000
Preferred Stock Dividend Paid	-331,000
Net Preferred Stock Issuance		5,657,000
Preferred Stock Issuance		5,657,000
Net Common Stock Issuance		18,200,000
Common Stock Issuance		18,200,000
Net Issuance Payments Of Debt	-3,456,000	1,488,000	-5,141,000	-1,276,000
Net Long Term Debt Issuance	-3,456,000	1,488,000	-5,141,000	-1,276,000
Long Term Debt Payments	-3,621,000	-8,673,000	-5,216,000	-1,310,000
Long Term Debt Issuance	165,000	10,161,000	75,000	34,000
Investing Cash Flow	499,000	-11,973,000	-2,437,000	4,370,000
Cash Flow From Continuing Investing Activities	499,000	-11,973,000	-2,437,000	4,370,000
Net Other Investing Changes	-659,000	-665,000	-158,000	-11,000
Net Investment Purchase And Sale	-5,310,000	-9,113,000	-709,000	5,568,000
Sale Of Investment	46,628,000	4,743,000	15,739,000	10,619,000
Purchase Of Investment	-51,938,000	-13,856,000	-16,448,000	-5,051,000
Net Business Purchase And Sale	9,337,000	74,000	-70,000		-6,000
Sale Of Business	10,585,000	124,000
Purchase Of Business	-1,248,000	-50,000	-70,000		-6,000
Net Intangibles Purchase And Sale	-9,000	-88,000
Purchase Of Intangibles	-9,000	-88,000
Net PPE Purchase And Sale	-2,860,000	-2,181,000	-1,500,000	-1,187,000
Sale Of PPE	82,000	49,000	27,000	35,000
Purchase Of PPE	-2,942,000	-2,230,000	-1,527,000	-1,222,000
Operating Cash Flow	1,065,000	-12,080,000	5,960,000	3,512,000
Cash Flow From Continuing Operating Activities	1,065,000	-12,080,000	5,960,000	3,512,000
Change In Working Capital	-1,002,000	-8,768,000	4,089,000	4,139,000
Change In Other Working Capital	-877,000	2,745,000	2,479,000	384,000
Change In Other Current Liabilities	-346,000	-329,000	-313,000	-158,000
Change In Other Current Assets	155,000	-16,000	389,000	-591,000
Change In Payables And Accrued Expense	2,065,000	770,000	2,451,000	3,794,000
Change In Accrued Expense	1,341,000	1,563,000	779,000	2,956,000
Change In Payable	724,000	-793,000	1,672,000	838,000
Change In Account Payable	724,000	-793,000	1,672,000	838,000
Change In Prepaid Assets					2,505,000
Change In Inventory	-1,501,000	-12,353,000	-1,681,000	420,000
Change In Receivables	-498,000	415,000	764,000	290,000
Changes In Account Receivables	-95,000	-37,000	-128,000	142,000
Other Non Cash Items	1,794,000	2,129,000	1,518,000	1,616,000
Stock Based Compensation	426,000	407,000	690,000	725,000
Asset Impairment Charge	45,000	112,000	46,000	112,000
Depreciation Amortization Depletion	1,953,000	1,836,000	1,861,000	1,979,000
Depreciation And Amortization	1,953,000	1,836,000	1,861,000	1,979,000
Operating Gains Losses	-4,389,000	4,033,000	-2,000	-6,000
Gain Loss On Investment Securities	5,283,000	4,079,000			3,460,000
Net Income From Continuing Operations	2,238,000	-11,829,000	-2,242,000	-5,053,000

These metrics estimate what The Boeing Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$19.64

Margin of Safety

Market Cap ÷ Company Value

9.34

P/B Ratio

32.12

Warren's Owner Earnings

$7.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

1/6 — Speculative Investor

✅ Adequate Size

$89.5B

vs > $1.5B revenue

❌ Strong Financial Condition

1.19x

vs Current Ratio > 2.0x

❌ Earnings Stability

3 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Moderate P/E Ratio

88.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

32.12x P/B (P/E×P/B: 2829.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-43.54

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$-76.34

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	132.0%	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$1.9B ▲	-$14.4B ▼	$4.4B ▲	$2.3B •	N/A •
Warren's Owner Earnings	$7.1B	-$7.7B	$1.2B	-$1.7B	N/A

Peers & Industry Comparison

Aerospace & Defense — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BA	$222.00	$175.0B	88.10	4.8%	2.5%	$89.5B
LMT Lockheed Martin Corporation	$517.58	$119.3B	25.1	9.9%	6.4%	$75.1B
RTX RTX Corporation	$173.29	$233.4B	32.6	20.2%	8.0%	$90.4B
NOC Northrop Grumman Corporation	$570.19	$81.0B	17.9	20.5%	10.8%	$42.4B
GD General Dynamics Corporation	$348.76	$94.3B	22.0	15.2%	8.1%	$53.8B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.05%

Low — management has little skin in the game

Return on Equity (ROE)

41.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

1.3%

Poor — assets are not generating adequate returns

Debt Trend YoY

+0.5% YoY

Debt is roughly stable

Leadership Team

Robert Ortberg

President, CEO & Director

Age 65

Pay: $6,081,612

0.272% of net income

Jesus Malave Jr.

Executive VP & CFO

Age 56

Pay: $10,683,114

0.478% of net income

Stephanie Pope

Executive VP & President and CEO of Boeing Commercial Airplanes

Age 52

Pay: $4,241,939

0.190% of net income

Eric Hill

Vice President of Investor Relations

Brad McMullen

Senior Vice President of Commercial Sales & Marketing

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.01%	70,989,438
Blackrock Inc.	6.85%	53,968,134
FMR, LLC	6.72%	53,012,948
State Street Corporation	4.71%	37,091,750
Newport Trust Company, LLC	3.74%	29,485,294
Capital World Investors	3.45%	27,189,639
Geode Capital Management, LLC	2.16%	17,025,435
LOOMIS SAYLES & CO L P	1.80%	14,160,059

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.21

Moderate volatility — moves slightly more than market

Short Interest

0.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

8.29x

High leverage — significant financial risk

Current Ratio

1.18x

Adequate liquidity

52-Week Price Range

Low: $176.77 Current: $222.00 High: $254.35

Currently at 58% of 52-week range

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