NYSE · Industrials

The Boeing Company

BA · Aerospace & Defense

$233.44

▲ 17.31 (8.01%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

D⤢

Years to Pay Off Debt -11802.2 yrs

Working Capital vs Long-Term Debt -$25.8B

Working Capital $18.6B

Valuation

F⤢

Price-to-Book 30.85x

Cash Flow

C⤢

Free Cash Flow -$1.5B

Owner Earnings $1.8B

Financial Health

Years to Pay Off Debt -11802.2 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$25.8B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $18.6B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

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

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.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $184.5B

Enterprise Value $199.9B

P/E (TTM) 83.67

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Industrials

Industry Aerospace & Defense

Employees 182000

Country United States

Visit website

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025
Gross Profit %	N/A•	7.6%
Operating Margin %	N/A•	-3.4%
Net Income %	N/A•	34.3%
Diluted EPS	-0.67▼	10.23

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$164.8B	$168.2B	N/A
Total Debt	$47.2B▼	$54.4B•	N/A
Working Capital	$18.6B▼	$20.3B•	N/A
Years to Pay Debt	-11,802.25	6.62	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$1.5B▼	$366M•	N/A
Owner Earnings	$1.8B	$9.7B	N/A
CapEx % of Net Income	N/A	11.7%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items		114,149
Tax Rate For Calcs		0
Normalized EBITDA		-78,000
Total Unusual Items		9,592,000
Total Unusual Items Excluding Goodwill		9,592,000
Net Income From Continuing Operation Net Minority Interest		8,220,000
Reconciled Depreciation		536,000
Reconciled Cost Of Revenue		22,136,000
EBITDA		9,514,000
EBIT		8,978,000
Net Interest Income		-659,000
Interest Expense		659,000
Normalized Income		-1,257,851
Net Income From Continuing And Discontinued Operation		8,220,000
Total Expenses		24,763,000
Total Operating Income As Reported		8,777,000
Diluted Average Shares	790,600	803,800
Basic Average Shares	790,600	768,083
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		7,874,000
Net Income Common Stockholders		7,874,000
Preferred Stock Dividends
Net Income		8,220,000
Minority Interests		0
Net Income Including Noncontrolling Interests		8,220,000
Net Income Continuous Operations		8,220,000
Tax Provision		99,000
Pretax Income		8,319,000
Other Income Expense		9,793,000
Other Non Operating Income Expenses		201,000
Special Income Charges		9,609,000
Gain On Sale Of Ppe		9,609,000
Gain On Sale Of Security		-17,000
Net Non Operating Interest Income Expense		-659,000
Interest Expense Non Operating		659,000
Operating Income		-815,000
Operating Expense		2,627,000
Research And Development		964,000
Selling General And Administration		1,663,000
General And Administrative Expense		1,663,000
Other Gand A		1,663,000
Gross Profit		1,812,000
Cost Of Revenue		22,136,000
Total Revenue		23,948,000
Operating Revenue		23,948,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	224,344	227,563
Ordinary Shares Number	787,917	784,698
Share Issued	1,012,261	1,012,261
Net Debt	37,768,000	42,927,000
Total Debt	47,209,000	54,433,000
Tangible Book Value	-13,169,000	-13,394,000
Invested Capital	53,190,000	59,296,000
Working Capital	18,594,000	20,344,000
Net Tangible Assets	-13,163,000	-13,388,000
Capital Lease Obligations		585,000	563,000
Common Stock Equity	5,981,000	5,448,000
Preferred Stock Equity	6,000	6,000
Total Capitalization	50,341,000	50,952,000
Total Equity Gross Minority Interest	5,987,000	5,457,000
Minority Interest		3,000	-6,000
Stockholders Equity	5,987,000	5,454,000
Gains Losses Not Affecting Retained Earnings	-10,266,000	-10,277,000
Other Equity Adjustments	-10,266,000	-10,277,000
Treasury Stock	27,647,000	28,029,000
Retained Earnings	17,162,000	17,252,000
Additional Paid In Capital	21,671,000	21,441,000
Capital Stock	5,067,000	5,067,000
Common Stock	5,061,000	5,061,000
Preferred Stock	6,000	6,000
Total Liabilities Net Minority Interest	158,800,000	162,778,000
Total Non Current Liabilities Net Minority Interest	53,253,000	54,663,000
Other Non Current Liabilities	2,405,000	2,432,000
Employee Benefits	6,257,000	6,378,000
Non Current Pension And Other Postretirement Benefit Plans	6,257,000	6,378,000
Non Current Deferred Liabilities	237,000	216,000
Non Current Deferred Taxes Liabilities	237,000	216,000
Long Term Debt And Capital Lease Obligation	44,354,000	45,637,000
Long Term Capital Lease Obligation		139,000	153,000
Long Term Debt	44,354,000	45,498,000
Current Liabilities	105,547,000	108,115,000
Other Current Liabilities		6,711,000	7,634,000
Current Deferred Liabilities	62,591,000	59,404,000
Current Deferred Revenue	62,591,000	59,404,000
Current Debt And Capital Lease Obligation	2,855,000	8,796,000
Current Capital Lease Obligation		446,000	410,000
Current Debt	2,855,000	8,350,000
Other Current Borrowings		8,350,000	1,192,000
Pensionand Other Post Retirement Benefit Plans Current		7,906,000	6,562,000
Current Provisions		2,797,000	2,133,000
Payables And Accrued Expenses	40,101,000	22,501,000
Current Accrued Expenses	26,388,000	9,392,000
Interest Payable		877,000	796,000
Payables	13,713,000	13,109,000
Accounts Payable	13,713,000	13,109,000
Total Assets	164,787,000	168,235,000
Total Non Current Assets	40,646,000	39,776,000
Other Non Current Assets	4,160,000	4,177,000
Non Current Deferred Assets	136,000	107,000
Non Current Deferred Taxes Assets	136,000	107,000
Investments And Advances	1,048,000	1,048,000
Goodwill And Other Intangible Assets	19,150,000	18,842,000
Other Intangible Assets	1,517,000	1,567,000
Goodwill	17,633,000	17,275,000
Net PPE	16,152,000	15,602,000
Accumulated Depreciation	-23,961,000	-23,613,000
Gross PPE	40,113,000	39,215,000
Construction In Progress		3,631,000	2,339,000
Other Properties	40,113,000	241,000
Machinery Furniture Equipment		18,335,000	16,660,000
Buildings And Improvements		16,565,000	14,985,000
Land And Improvements		443,000	353,000
Current Assets	124,141,000	128,459,000
Other Current Assets	2,733,000	2,301,000
Assets Held For Sale Current
Inventory	87,225,000	84,679,000
Finished Goods	73,068,000	70,785,000
Raw Materials	14,157,000	13,894,000
Receivables	13,278,000	12,079,000
Receivables Adjustments Allowances		-76,000	-92,000
Other Receivables	9,793,000	9,382,000
Accounts Receivable	3,485,000	2,773,000
Allowance For Doubtful Accounts Receivable	-71,000
Gross Accounts Receivable	3,556,000
Cash Cash Equivalents And Short Term Investments	20,905,000	29,400,000
Other Short Term Investments	11,464,000	18,479,000
Cash And Cash Equivalents	9,441,000	10,921,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-1,454,000	366,000
Repayment Of Debt	-6,950,000	-2,900,000
Issuance Of Debt	24,000	27,000
Capital Expenditure	-1,275,000	-965,000
End Cash Position	9,441,000	10,921,000
Other Cash Adjustment Outside Changein Cash	-727,000	-33,000
Beginning Cash Position	11,663,000	6,173,000
Effect Of Exchange Rate Changes	1,000	1,000
Changes In Cash	-1,496,000	4,780,000
Financing Cash Flow	-7,028,000	-2,951,000
Cash Flow From Continuing Financing Activities	-7,028,000	-2,951,000
Net Other Financing Charges	-16,000	9,000	-78,000
Cash Dividends Paid	-86,000	-87,000
Preferred Stock Dividend Paid	-86,000	-87,000
Net Issuance Payments Of Debt	-6,926,000	-2,873,000
Net Long Term Debt Issuance	-6,926,000	-2,873,000
Long Term Debt Payments	-6,950,000	-2,900,000
Long Term Debt Issuance	24,000	27,000
Investing Cash Flow	5,711,000	6,400,000
Cash Flow From Continuing Investing Activities	5,711,000	6,400,000
Net Other Investing Changes	-7,000	-367,000
Net Investment Purchase And Sale	6,991,000	-1,647,000
Sale Of Investment	16,256,000	13,954,000
Purchase Of Investment	-9,265,000	-15,601,000
Net Business Purchase And Sale		9,302,000	124,000
Sale Of Business		10,550,000
Net PPE Purchase And Sale	-1,273,000	-879,000
Sale Of PPE	2,000	77,000
Purchase Of PPE	-1,275,000	-956,000
Operating Cash Flow	-179,000	1,331,000
Cash Flow From Continuing Operating Activities	-179,000	1,331,000
Change In Working Capital	-1,414,000	1,541,000
Change In Other Working Capital	3,174,000	1,355,000
Change In Other Current Liabilities	-49,000	-52,000
Change In Other Current Assets	-418,000	-72,000
Change In Payables And Accrued Expense	-187,000	952,000
Change In Accrued Expense	-1,260,000	767,000
Change In Payable	1,073,000	185,000
Change In Account Payable	1,073,000	185,000
Change In Inventory	-2,634,000	-1,385,000
Change In Receivables	-1,300,000	743,000
Changes In Account Receivables	-509,000	741,000
Other Non Cash Items	511,000	404,000
Stock Based Compensation	161,000	83,000
Asset Impairment Charge	9,000	13,000
Depreciation Amortization Depletion	573,000	536,000
Depreciation And Amortization	573,000	536,000
Operating Gains Losses	-12,000	-9,466,000
Gain Loss On Investment Securities		143,000	1,073,000
Net Income From Continuing Operations	-7,000	8,220,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.18x current ratio

vs ≥ 2.0x

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$1.5B

vs Positive

Operating Cash Flow

-$179M

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

30.8x

Net Assets: $6.0B

Peers & Industry Comparison

Aerospace & Defense — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BA	$233.44	$184.5B	83.67	N/A	N/A	N/A
LMT Lockheed Martin Corporation	$586.22	$135.3B	21.6	11.8%	8.2%	$77.0B
RTX RTX Corporation	$216.63	$292.0B	38.1	20.3%	8.3%	$93.5B
NOC Northrop Grumman Corporation	$548.47	$77.9B	17.4	20.1%	10.5%	$42.9B
GD General Dynamics Corporation	$382.44	$103.5B	23.3	15.4%	8.2%	$54.9B

"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

0.06%

Low — management has little skin in the game

Debt Trend YoY

-13.3% YoY

Debt is declining — management is deleveraging

Leadership Team

Robert Ortberg

President, CEO & Director

Age 65

Pay: $6,081,612

Jesus Malave Jr.

Executive VP & CFO

Age 56

Pay: $10,683,114

Stephanie Pope

Executive VP & President and CEO of Boeing Commercial Airplanes

Age 52

Pay: $4,241,939

Eric Hill

Vice President of Investor Relations

Brad McMullen

Senior Vice President of Commercial Sales & Marketing

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	7.36%	58,192,341
FMR, LLC	7.20%	56,876,382
Vanguard Capital Management LLC	6.45%	51,005,657
State Street Corporation	4.74%	37,424,293
Newport Trust Company, LLC	3.63%	28,664,824
Capital World Investors	3.26%	25,727,803
Geode Capital Management, LLC	2.22%	17,573,729
LOOMIS SAYLES & CO L P	1.78%	14,061,954

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.22

Moderate volatility — moves slightly more than market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

7.91x

High leverage — significant financial risk

Current Ratio

1.14x

Adequate liquidity

52-Week Price Range

Low: $176.77 Current: $233.44 High: $254.35

Currently at 73% of 52-week range