The Boeing Company
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because interest coverage is below one: in the first nine months of 2026, operating earnings of $958 million faced $1,789 million of interest expense (0.54), only 0.18 in the third quarter without the HRL divestiture gain, and since 2019 Boeing has never earned its interest from ongoing operations — the 1.55 for 2025 exists only because of the Jeppesen divestiture gain. Backlog, certifications, deliveries and cash argue for yellow, which would be reached once coverage stays above one for a full reporting period without one-off items. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Boeing is selling aircraft better than it has in years: 600 deliveries in 2025 after 348, a record order book of $745 billion as of September 30, 2026, two new 737 certifications and operating cash flow of plus $2,681 million in the first nine months of 2026. The first annual profit since 2018, however, did not come from the factory but from the sale of the Jeppesen business: without that $9,566 million book gain, an operating loss of $5,285 million instead of earnings of $4,281 million — and in the third quarter of 2026, $252 million of $354 million of operating earnings again came from a sale. Underneath sits a very thin balance sheet: $6,547 million of equity against $170,739 million of total assets, $17,778 million of goodwill and nine-month interest coverage of 0.54. Since August 24, 2026 the credit agreements require minimum liquidity of $5 billion. Not investment advice.
Market position and backlog
As of September 30, 2026 orders worth $745 billion sat in the books — the highest in company history, $612 billion of it in Commercial Airplanes and more than 6,300 aircraft; on top, the U.S. Navy selected Boeing for the F/A-XX fighter, which is not yet in backlog. Outside China there are only two serious suppliers of large commercial aircraft; roughly 85 percent of the Commercial Airplanes backlog, in dollar terms, was with customers outside the United States as of December 31, 2025.
Operational recovery
600 aircraft delivered in 2025 after 348 in 2024, and 475 in the first nine months of 2026 after 440. Revenue rose 34.5 percent in 2025 to $89,463 million and 8 percent in the first nine months of 2026 to $70,965 million; operating earnings swung from minus $4,496 million to plus $958 million, operating cash flow from minus $266 million to plus $2,681 million. The 737-7 and 737-10 have been certified since the third quarter and October 2026 respectively, and debt fell from $54.1 billion at year-end 2025 to $45.9 billion.
Quality of earnings
The first annual profit since 2018 came from a disposal: a $9,566 million book gain on the October 31, 2025 sale of Jeppesen, ForeFlight, AerData and OzRunways. Without it, 2025 operating earnings would have stayed deeply negative at minus $5,285 million. In the third quarter of 2026 the pattern repeats on a smaller scale: of $354 million of operating earnings, $252 million came from the sale of HRL Laboratories; without it $102 million would remain.
Balance sheet and equity
As of September 30, 2026 total assets of $170,739 million faced $164,177 million of liabilities — $6,562 million of total equity, $6,547 million of it attributable to shareholders: 3.8 percent of total assets (own calculation). Against that sits $17,778 million of goodwill, 2.7 times as much; on a tangible basis equity is negative at roughly minus $12,500 million. From 2019 through 2024 even reported book equity was negative throughout.
Interest coverage and funding
In the first nine months of 2026, operating earnings of $958 million faced interest and debt expense of $1,789 million — interest coverage of 0.54 (own calculation), 0.62 in the third quarter and 0.18 without the HRL divestiture gain. Since 2019 interest has not once been covered by operating earnings, excluding the one-off 2025 divestiture gain. Since August 24, 2026 all three credit facilities require minimum liquidity of $5,000 million; the annual report for 2025 did not yet know that covenant.
Fixed-price programs and program accounting
The 777X program produced additional reach-forward losses of $4.9 billion in 2025 after $3.5 billion a year earlier; the VC-25B presidential aircraft cost a further $280 million in the second quarter of 2026 alone. For five programs Boeing states verbatim that additional losses are possible. At the same time $2,148 million of deferred 787 costs hang on aircraft nobody has ordered.
Share count and preference
791,896,311 common shares were outstanding as of September 30, 2026 (balance sheet, own calculation); the diluted weighted average was 792.7 million in the third quarter after 759.9 million a year earlier. On October 15, 2027 the 5,750,000 preferred shares convert automatically into 33.5 to 40.2 million further common shares — dilution of 4.2 to 5.1 percent depending on the price. Their $5,750 million liquidation preference equals 88 percent of total equity, and the common stock ranks behind it.
Worth Noting
Boeing reached our research list through the SEC filing stream: the current report (8-K) of August 28, 2026 introduced, for the first time, a minimum liquidity covenant of $5.0 billion in all three credit facilities. No screener hit and no price signal — a change of contract was the reason to look.
Currency of the data (update of October 27, 2026): we evaluated the third-quarter 2026 earnings release (Form 8-K, Item 2.02, Exhibit 99.1) of October 27, 2026 with its income statement, balance sheet and cash flow statement as of September 30, 2026. The Form 10-Q as of September 30, 2026 had not been filed that day; the most recent periodic report filed is therefore the Form 10-Q as of June 30, 2026, filed July 28, 2026, whose notes continue to be cited with that date. Every filing made since has been reviewed: four insider reports (Form 4) dated August 12, 18 and 19 and September 1, 2026, and the current reports of August 21, 2026 (new Controller), August 28, 2026 (credit agreements) and October 27, 2026 (quarterly results). No Form 15, no Form 25, no securities registrations. No transcript of the October 27, 2026 analyst call was available at the time of writing.
On the legal situation: the Form 10-Q as of June 30, 2026 records that the appeals court denied a petition by representatives of certain family members on March 31, 2026 and that those representatives had until late August 2026 to decide on any further appeal. According to the earnings release of October 27, 2026, roughly $0.7 billion of Department of Justice settlement payments went out in the third quarter; whether a further appeal was filed is not apparent from the documents filed so far. Claims arising from the two accidents and from the January 2024 door plug accident remain pending, and Boeing states it cannot reasonably estimate a range of loss beyond amounts already accrued.
On the data basis: all financial figures in this analysis come from SEC filings and the SEC XBRL series. Fundamental data were used only for market capitalisation, price, price history, ownership and analyst consensus (price as of October 26, 2026, other values as of October 27, 2026). Market capitalisation cross-check: 791,896,311 shares per the balance sheet as of September 30, 2026 times $188.31 gives $149.1 billion against $148.8 billion from fundamental data — a difference of 0.2 percent. The platform’s price and key-figure modules carry their own automatically maintained data date; the article itself works from the balance sheet as of September 30, 2026, with note-level details as of June 30, 2026. The SPEEA ratification comes from press reports (Reuters, October 1, 2026), not from an SEC filing.
Risk of confusion: the ticker BA stands for The Boeing Company on the New York Stock Exchange, but for BAE Systems on the London Stock Exchange. The second Boeing security listed on the NYSE, BA-PRA, is neither a stock split nor a second class of common stock but a depositary share representing a one-twentieth interest in a 6.00 percent preferred share.
Stock Watch
This analysis is as of October 27, 2026. Stock Watch will tell you what's changed at BA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 167.10 $ to 252.20 $ · Last price: 171.60 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/31/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Aerospace & Defense
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| The Boeing Company BA | 135.3 | 67.9 | 12.9 | 9.5 | 1.7 | 34.5 | -14.3 |
| Space Exploration Technologies Corp. SPCX | 1,019.9 | – | 187.0 | 56.8 | – | – | – |
| GE Aerospace GE | 314.5 | 39.1 | 26.1 | 30.1 | 20.2 | 18.5 | -2.4 |
| RTX Corporation RTX | 262.5 | 38.0 | 17.7 | 21.1 | 13.2 | 9.7 | 14.3 |
| Lockheed Martin Corporation LMT | 146.9 | 30.7 | 15.5 | 11.7 | 11.0 | 5.7 | 33.4 |
| General Dynamics Corporation GD | 101.2 | 23.8 | 15.7 | 15.4 | 10.5 | 10.1 | 10.1 |
| Howmet Aerospace Inc HWM | 79.7 | 46.6 | 27.7 | 36.6 | 28.2 | 11.1 | -1.1 |
| Northrop Grumman Corporation NOC | 78.3 | 17.5 | 11.6 | 20.0 | 11.7 | 2.2 | -2.1 |
| Transdigm Group Incorporated TDG | 64.1 | 36.6 | 18.4 | 59.8 | 46.7 | 11.2 | -10.7 |
| Median of companies shown | 135.3 | 37.3 | 17.7 | 21.1 | 12.4 | 10.6 | -1.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 93,496 | 6,527 | 5,034 | 7.82 | 10,499 | 877 | 89,997 |
| 2017 | 94,005 | 10,344 | 8,458 | 13.85 | 13,344 | 412 | 92,333 |
| 2018 | 101,127 | 11,987 | 10,460 | 17.84 | 15,322 | 410 | 117,359 |
| 2019 | 76,559 | -1,975 | -636 | -1.12 | -2,446 | -8,617 | 133,625 |
| 2020 | 58,158 | -12,767 | -11,941 | -20.99 | -18,410 | -18,316 | 152,136 |
| 2021 | 62,286 | -2,870 | -4,202 | -7.15 | -3,416 | -14,999 | 138,552 |
| 2022 | 66,608 | -3,509 | -4,935 | -8.29 | 3,512 | -15,883 | 137,100 |
| 2023 | 77,794 | -773 | -2,222 | -3.67 | 5,960 | -17,233 | 137,012 |
| 2024 | 66,517 | -10,824 | -11,817 | -18.27 | -12,080 | -3,908 | 156,363 |
| 2025 | 89,463 | -5,416 | 2,235 | 2.93 | 1,065 | 5,454 | 168,235 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -5.38 | – | 15,242 | -30.80 | -25.40 | -3,450 | -4,098 |
| 2025: Q1 | -0.16 | – | 19,496 | 17.70 | -0.20 | -1,616 | -2,290 |
| 2025: Q2 | -0.92 | – | 22,749 | 34.90 | -2.70 | 227 | -200 |
| 2025: Q3 | -7.05 | – | 23,270 | 30.40 | -22.90 | 1,123 | 1,797 |
| 2025: Q4 | 10.34 | – | 23,948 | 57.10 | 34.30 | 1,331 | -1,184 |
| 2026: Q1 | -0.11 | – | 22,217 | 14.00 | 0.00 | -179 | -1,454 |
| 2026: Q2 | -0.67 | 27.20 | 24,560 | 8.00 | -1.80 | 1,364 | 631 |
| 2026: Q3 | -0.26 | 96.30 | 24,188 | 3.90 | -0.50 | 1,496 | 464 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 1 of our scanner strategies — each hit links to the scanner.
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.85 | -3.16 – -0.71 | 96,739 | -255.6% | 20 |
| 12/31/2027 | 2.57 | 0.86 – 4.32 | 109,503 | 239.0% | 15 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $16.0M |
|---|---|
| Market cap | $135.28B |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den sechs ausgewerteten SEC-Berichten (Geschäftsberichte 10-K für 2025 und 2024, Quartalsberichte 10-Q zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025) kommt künstliche Intelligenz genau einmal je Geschäftsbericht vor — als Angriffstechnik im Cyberrisiko-Kapitel; die vier Quartalsberichte nennen sie überhaupt nicht. Es gibt weder ein KI-Produkt noch einen KI-Umsatz noch einen belegten operativen KI-Einsatz noch eine beschriebene KI-Bedrohung des Geschäftsmodells; das datennächste Geschäft (Jeppesen, ForeFlight, AerData, OzRunways) wurde am 31. Oktober 2025 an Thoma Bravo verkauft. Delta-Prüfung zur Ergebnismitteilung vom 27. Oktober 2026 (8-K, Item 2.02, Anlage 99.1): Auch dort kommt künstliche Intelligenz nicht vor; die Einstufung bleibt unverändert. Der Quartalsbericht 10-Q zum 30.09.2026 war am 27.10.2026 noch nicht eingereicht.
View the full file — quotes, sources, reviewed filings
„In addition, the techniques used in cyberattacks evolve rapidly, including from emerging technologies, such as advanced forms of automation and artificial intelligence."
Zudem entwickeln sich die bei Cyberangriffen verwendeten Techniken rasch weiter, auch durch aufkommende Technologien wie fortgeschrittene Formen der Automatisierung und künstliche Intelligenz.
10-K · 2026-01-30 · View SEC filing
„The sale included Jeppesen, ForeFlight, AerData and OzRunways assets and liabilities and resulted in a gain of $9,566 recorded in Gain on dispositions, net in the Consolidated Statements of Operations."
Der Verkauf umfasste die Vermögenswerte und Verbindlichkeiten von Jeppesen, ForeFlight, AerData und OzRunways und führte zu einem Gewinn von 9.566 Millionen US-Dollar, der in der Gewinn- und Verlustrechnung unter „Gewinn aus Abgängen, netto“ erfasst wurde.
10-K · 2026-01-30 · View SEC filing
Filings Reviewed: 8-K 2026-10-27 · 10-K 2026-01-30 · 10-K 2025-02-03 · 10-Q 2026-07-28 · 10-Q 2026-04-22 · 10-Q 2025-10-29 · 10-Q 2025-07-29
Rated on October 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 10.3%
- More than 10% revenue growth is expected for the coming year 15.0%
- Share count grows by less than 3% a year 8.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 32.4%
- Gross margin at 40% or higher and without meaningful erosion 4.8%
- Goodwill from acquisitions does not grow faster than revenue 10.3%
- Net debt below twice EBITDA 3.4 x EBITDA
- Operating cash flow covers the profits of the last three years 6,749 m
- Return on capital at 15% or higher, or up versus two years ago -9.0%
- Insiders hold at least 10% or are net buyers 0.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -0.5%
- Exp. sales growth 3Y > 5% 10.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -6.3%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -9.0%
- Expected return > 10% -7.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Parker Stephen Kenneth | EVP, Pres. & CEO, BDS | Other | 630 | 209.08 | 131,720 |
| Aug 17, 2026 | Malave Jesus Jr | EVP and CFO | Other | 4,205 | 228.65 | 961,473 |
| Aug 14, 2026 | Raymond David Christopher | EVP, Pres. & CEO, BGS | Other | 907 | 0.00 | – |
| Aug 10, 2026 | Ortberg Robert Kelly | President & CEO | Other | 6,233 | 234.09 | 1,459,083 |
The company
About the Company
The Boeing Company entwickelt, fertigt, verkauft und wartet mit ihren Tochtergesellschaften weltweit zivile Verkehrsflugzeuge, Militärflugzeuge, Satelliten, Raketenabwehr, bemannte Raumfahrt- und Trägersysteme sowie zugehörige Dienste. Das Unternehmen ist in drei Segmenten tätig.
- Employees
- 182,000
- Headquarters
- Arlington, VA
- Address
- 929 Long Bridge Drive, 22202-4208 Arlington, United States
- Phone
- 703-465-3500
- Website
- boeing.com
- IPO Date
- 01/02/1962
- ISIN
- US0970231058
- Stock Split
- 2:1 on 06/09/1997
- Stock Split
- 3:2 on 06/11/1990
- Stock Split
- 3:2 on 06/12/1989
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert K. Ortberg | President, CEO & Director | 1960 |
| Jesus Malave Jr. | Executive VP & CFO | 1969 |
| Brett C. Gerry J.D. | Chief Legal Officer & Executive VP of Global Compliance | 1972 |
| Stephanie F. Pope | Executive VP & President and CEO of Boeing Commercial Airplanes | 1973 |
| Jeffrey S. Shockey | Executive VP of Government Operations, Global Public Policy & Corporate Strategy | – |
| Howard E. McKenzie | Chief Engineer and Executive VP of Engineering, Test & Technology | 1968 |
| Eric Hill | Vice President of Investor Relations | – |
| Tommy Preston Jr. | Chief Compliance Officer & VP of Global Compliance | – |
| Ann M. Schmidt | Chief Communications & Brand Officer and Senior VP of Communications & Brand | 1976 |
| Brad McMullen | Senior Vice President of Commercial Sales & Marketing | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/27/2026 BOEING CO (BA): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/28/2026 BOEING CO (BA): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/21/2026 BOEING CO (BA): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 07/28/2026 BOEING CO (BA): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.