US · NYSE · BA
Boeing (BA) stock analysis: valuation and financials
Industrials · Aerospace
$190.95 +0.8% Price as of Oct 13, 2026
Duopoly franchise, narrow eroding moat: FY2025 revenue +34.5% yet FCF -$1.9B and net debt $30.1B; $190.95 discounts a full cash recovery. Bottom line: hold.
- Market cap
- $150.9B
- P/E
- 62.0x
- EV/Sales
- 1.9x
- FCF yield
- -0.1%
- 52-week range
- $179.12 – $252.15
- Next earnings
- Oct 27, 2026
Research as of Oct 13, 2026
Business quality scorecard
- Growth71
- Profitability15
- Cash flow50
- Balance sheet43
- Capital allocation41
- Innovation10
- Valuation0
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Airlines and governments pay Boeing for commercial jets, defense and space systems, and aftermarket services; FY2025 revenue split roughly 46% Commercial Airplanes / 30% Defense, Space & Security / 23% Global Services, and Global Services is the profit engine (profit mix 2.15, 64.4% margin, boosted by a $10.55B divestiture gain) while Commercial Airplanes lost money (-17.1% margin).
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $62.3B | $66.6B | $77.8B | $66.5B | $89.5B |
| Revenue growth | +7.1% | +6.9% | +16.8% | -14.5% | +34.5% |
| Gross margin | 4.9% | 5.3% | 9.9% | -3.0% | 4.8% |
| Operating margin | -4.6% | -5.3% | -1.0% | -16.1% | 4.8% |
| Net income | -$4.2B | -$4.9B | -$2.2B | -$11.8B | $2.2B |
| Free cash flow | -$4.4B | $2.3B | $4.4B | -$14.3B | -$1.9B |
| FCF margin | -7.1% | 3.4% | 5.7% | -21.5% | -2.1% |
Amounts in USD · What is free cash flow?
Margins FY2025 gross margin 4.8% vs -3.0% in FY2024 (+7.8pp), operating margin 4.8% vs -16.1% (+20.9pp), driven by 34.5% revenue growth; TTM 4.7% and 4.9%. Q4 FY2025's 36.7% operating margin was lifted by the BGS divestiture gain.
- Cash flow WatchFY2025 operating cash flow of $1,065M was 0.48x net income of $2,235M, but TTM OCF of $3,639M exceeds TTM net income of $2,435M (1.49x) as deliveries recovered.
- Debt ElevatedNet debt $30,140M; net debt/EBITDA 4.43x and debt/equity 8.2x on FY2025 equity of $5,454M. Total debt $50,160M TTM versus $62,310M at FY2025 year-end.
Balance sheet Leverage · High
- Cash & short-term investments
- $20.0B
- Total debt
- $50.2B
- Net debt
- $30.1B
- Net debt / EBITDA
- 4.4x
- Current ratio
- 1.1x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management AdequateFY2025 swung to net income of $2.24B (2.5% net margin), operating margin 4.8% and ROIC 9.5% versus -34.2% in FY2024; ROIC improved 19.1pp over three years.
- Credibility MediumProduction-rate commitments were kept: 737 reached 38 per month by Q3 FY2025 and 42 per month in Q4 FY2025, matching the April and October 2025 plans.
Valuation range
Implied value per share · Price when researched: $190.95
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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