Boeing Co (BA)

Industrials · Aerospace & Defense · US stock · S&P 500 component

$187.55 ▼ -4.73 (2.46%)

At close 22 Oct 2026 · USD · Volume 6,472,719

Compare with GD

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueUndervalued

$227 +21.1% to fair value

$114fair band $193–$275$341

Day's range

$186.77 – $193.19

52-week range

$176.77 – $254.35

Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution

About Boeing Co

Commercial jetliners, military aircraft, helicopters, satellites and space systems are designed and built by Boeing, an aerospace company that also offers related services. Commercial airplanes are ordered by airlines and aircraft leasing companies, while its defense and space business serves the United States government and allied customers. A global services unit provides parts, maintenance, modifications and training. The company is organised into these three main businesses.

Boeing earns its revenue from aircraft deliveries, defense and space contracts, and recurring services, and the total reached $94.0 billion over the last twelve months. Revenue has grown at 10.3% a year across the last three years. The operating margin is 4.9%, the business earns 13% on the capital invested in it, and net debt is 3.8 times EBITDA. The dividend yield is 0.2%. On the site's X-Ray Score it receives 35 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $176.77 – $254.35Volume 6,472,719Daily, split-adjusted

Vitals

Market cap$148.3B

52-week range$176.77 – $254.35

Volume (last day)6,472,719

P/E (TTM)59.7

EBIT / EV yield2.6%

Free-cash-flow yield-0.1%

Dividend yield0.2%

Revenue (TTM)$94.0B

Net income (TTM)$2.4B

Operating margin4.9%

Return on capital12.7%

Debt incl. leases$45.9B

Cash & securities$20.0B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$227middle half of models $188 – $230

Undervalued +21.1% to fair value

Average of the 9 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $188

Undervalued < $193Fair $193 – $275Overvalued > $275

P/E multiple

$188

P/B multiple

$170

P/S multiple

$203

EV/EBITDA multiple

$368

EV/EBIT multiple

$159

EV/revenue multiple

$205

10-year DCF, EBITDA exit

$312

5-year DCF, EBITDA exit · not used

$383

10-year DCF, revenue exit

$208

5-year DCF, revenue exit

$230

10-year DCF, growth exit · not used

$39

5-year DCF, growth exit · not used

$51

Dividend discount, stable · not used

$29

Dividend discount, multi-stage · not used

$31

Growth the price implies

24.6%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, but the price is low

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 24 The price is not above fair value $227 fair value Debt looks manageable 3.8× EBITDA Revenue has been growing 10.3% a year Profits are backed by cash There are no red flags 5 raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

42/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield2.6%

Free-cash-flow yield-0.1%

Fair value vs price1.2×

Growth Fair

68/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)10.3%

Growth consistency60%

Profitability Weak

14/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital12.7%

Operating margin4.9%

Gross profitability2.7%

Financial health Weak

34/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA3.8×

Interest coverNo interest cost

Dividends Weak

10/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield0.2%

Quarterly results: last 6 quarters

+17.7%

Mar '25

+34.9%

Jun '25

+30.4%

Sep '25

+57.1%

Dec '25

+14.0%

Mar '26

+8.0%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $24.6B, diluted EPS $-0.67.

Compare with peers

GD General Dynamics Corp70 TXT Textron Inc65 LHX L3harris Technologies,...60 TDG TransDigm Group INC57

Other Aerospace & Defense companies by X-Ray Score.

SWOT analysis: Boeing Co

Strengthsinside the company

Revenue has grown 10.3% a year over three years (median 9.9% for industry peers).
Operating profit covers interest 50x, so debt costs are a small drag.

Weaknessesinside the company

Operating margin of 4.9% is thin against 10.7% for industry peers.
Free cash flow is negative, so spending or debt has to be financed from outside.
Net debt is 3.8x EBITDA, above the 3x level that lenders usually watch.
Altman Z-score of 1.1 is in the zone linked with financial distress in past studies.

Opportunitiesvaluation and setting

Revenue growth picked up to 34.5% last year from 10.3% a year over three years.
The price is 21% below our fair value estimate, with the gap larger than the margin we allow for error.

Threatsvaluation and setting

Heavy debt makes profits sensitive to interest rates and refinancing conditions.
Trades at 60.9x earnings, 140% above the 25.4x median of industry peers, so the price already assumes better results.
Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
The price trend is down on the daily and weekly signals.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare BA with peers and sector

Medians of 11 Aerospace & Defense peers and of 80 Industrials stocks in our universe. Largest peers (X-Ray Score): GE 49, RTX 51, LMT 55, GD 70, NOC 49, HWM 55.

Metric	BA	Peers	Sector
X-Ray Score (out of 100)	35	55	51
Valuation	42	61	48
Growth	68	58	50
Profitability	14	45	51
Financial health	34	55	49
Dividends	10	54	53

Sector leaders: highest X-Ray Score in Industrials

BA ranks #72 of 81 in Industrials and #11 of 12 in Aerospace & Defense by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 GD General Dynamics Corp	70
#2 EME EMCOR Group, Inc.	69
#3 PAYX Paychex Inc	69
#4 LDOS Leidos Holdings, Inc.	67
#5 SNA Snap-on Inc	66
…
#72 BA Boeing Co (this stock)	35

Metric	BA	Peers	Sector
P/E ratio	60.9x	25.4x	28.5x
PEG ratio	–	1.67	2.36
Price / book	24.3x	4.2x	6.2x
Price / sales	1.6x	1.8x	3.6x
EV / EBITDA	25.6x	16.7x	18.3x
Price / free cash flow	–	22.4x	25.5x
Dividend yield	0.2%	1.8%	1.3%
Gap to our fair value	+21.1%	+3.7%	−8.9%

Metric	BA	Peers	Sector
Price change, 1 month	−5.1%	+2.6%	+2.5%
Price change, 3 months	−10.1%	−5.5%	−2.3%
Price change, 6 months	−18.9%	−3.9%	−1.2%
Price change, 1 year	−13.4%	−0.9%	+11.9%

Metric	BA	Peers	Sector
Market value	$148.3B	$77.7B	$47.5B
Revenue (last 12 months)	$94.0B	$39.1B	$14.7B
EBITDA (last 12 months)	$6.8B	$5.2B	$2.5B
Net income (last 12 months)	$2.4B	$2.1B	$1.5B
Free cash flow (last 12 months)	−$210M	$2.8B	$1.7B

Metric	BA	Peers	Sector
Revenue growth, last year	+34.5%	+9.9%	+4.5%
Revenue growth, 3 years a year	+10.3%	+9.9%	+5.6%
EPS growth, 3 years a year	–	+8.4%	+5.7%
Free cash flow growth, 3 years a year	–	+14.4%	+14.5%
Dividend growth	–	+4.9%	+6.8%

Metric	BA	Peers	Sector
Gross margin	4.7%	42.5%	38.1%
EBITDA margin	7.2%	13.4%	20.4%
Operating margin	4.9%	10.7%	17.5%
Net margin	2.6%	8.2%	12.8%
Return on invested capital	12.7%	14.6%	15.0%
Return on equity	39.9%	14.5%	23.3%

Metric	BA	Peers	Sector
Net debt / EBITDA	3.8x	1.9x	1.8x
Interest cover	50.0x	50.0x	21.1x
Current ratio	1.1x	1.2x	1.3x
Piotroski F-score (0 to 9)	6	8	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for BA

Each factor is rated by where BA stands among the 81 Industrials stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 6 Good · 4 Average · 10 Bad of 20 Growth: 2 · 0 · 0 Profitability: 1 · 1 · 3 Financial strength: 1 · 2 · 1 Valuation: 1 · 0 · 4 Cash flow: 0 · 1 · 2 Efficiency: 1 · 0 · 0

Factor	BA	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+10.3%	Good beats 83%	+5.6%	–	–
Revenue growth, last year	+34.5%	Good beats 98%	+4.5%	+7.1%	▲ Better
Profitability
Gross margin	4.7%	Bad beats 1%	38.0%	4.9%	≈ In line
Operating margin	4.9%	Bad beats 6%	17.5%	-4.6%	▲ Better
Net margin	2.6%	Bad beats 6%	12.8%	-6.7%	▲ Better
Return on invested capital	12.7%	Average beats 35%	14.9%	–	–
Return on equity	39.9%	Good beats 82%	23.7%	–	–
Financial strength
Net debt / EBITDA	3.8x	Bad beats 3%	1.8x	–	–
Interest cover	50.0x	Good beats 76%	21.4x	–	–
Current ratio	1.14	Average beats 35%	1.25	1.22	≈ In line
Piotroski F-score	6 / 9	Average beats 41%	6 / 9	–	–
Valuation
P/E ratio	60.9x	Bad beats 7%	28.9x	–	–
Price / book	24.3x	Bad beats 5%	6.2x	–	–
Price / sales	1.6x	Good beats 83%	3.5x	1.9x	≈ In line
EV / EBITDA	25.6x	Bad beats 17%	18.5x	–	–
Free cash flow yield	-0.1%	Bad beats 3%	3.8%	-1.1%	≈ In line
Cash flow
Free cash flow margin	-0.2%	Bad beats 3%	13.8%	-2.1%	▲ Better
Cash from operations / net income	1.49	Average beats 60%	1.39	–	–
Accruals (lower is better)	−0.7%	Bad beats 10%	−3.2%	–	–
Efficiency
Days sales outstanding	14 days	Good beats 96%	57 days	14 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 3 Good · ● 3 Average · ● 8 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldBad

Risk models

Altman Z''Bad

Piotroski F-ScoreAverage

Growth

Revenue growth (3y)Good

Growth consistencyBad

Balance sheet

Current ratioAverage

Net debt / EBITDABad

Interest coverGood

Valuation

Fair value vs priceGood

EBIT / EV yieldBad

Profitability

Return on invested capitalAverage

Operating marginBad

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 32/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$62.3B	$66.6B	$77.8B	$66.5B	$89.5B
Operating income	−$2.9B	−$3.5B	−$773M	−$10.7B	$4.3B
Net income	−$4.2B	−$4.9B	−$2.2B	−$11.8B	$2.2B
Operating cash flow	−$3.4B	$3.5B	$6.0B	−$12.1B	$1.1B
Operating margin	-4.6%	-5.3%	-1.0%	-16.1%	4.8%
Free cash flow	−$4.4B	$2.3B	$4.4B	−$14.3B	−$1.9B
Diluted EPS	$-7.15	$-8.30	$-3.67	$-18.36	$2.48

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bearish

0 bullish · 4 neutral · 12 bearish

Weekly

Strongly bearish

0 bullish · 1 neutral · 11 bearish

Monthly

Strongly bearish

1 bullish · 1 neutral · 6 bearish

Moving averages (daily)

SMA 10	189.2	Bearish
EMA 10	189.7	Bearish
SMA 20	189.6	Bearish
EMA 20	191.7	Bearish
SMA 50	202.0	Bearish
EMA 50	199.7	Bearish
SMA 100	211.3	Bearish
EMA 100	207.2	Bearish
SMA 200	218.8	Bearish
EMA 200	211.5	Bearish

Oscillators (daily)

RSI (14)	41.02	Neutral
MACD (12, 26)	-3.38	Bearish
Momentum (12)	-1.20	Bearish
Stochastic %K (14)	35.19	Neutral
Williams %R (14)	-64.81	Neutral
CCI (20)	-19.05	Neutral

Pivot points (classic, last session)

178.7

182.8

185.1

Pivot

189.2

191.6

195.6

198.0

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

0.00 USD

Yield on today's price

–

Frequency

None in the last year

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
13 Feb 2020	2.0550
7 Nov 2019	2.0550
8 Aug 2019	2.0550
9 May 2019	2.0550
7 Feb 2019	2.0550

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold BA

ETF	Share of the fund
ITA iShares U.S. Aerospace & Defense	8.90%
PPA Invesco Aerospace & Defense	6.87%
DFEN Daily Aerospace & Defense Bull 3X	5.88%
XLI Industrial Select Sector SPDR	2.96%
XAR SPDR S&P Aerospace & Defense	2.67%
VIS Vanguard Industrials	2.57%
FIDU Fidelity MSCI Industrials Index	2.30%
MFSV MFS Active Value	2.11%

The eight funds with the largest weight in BA among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.