BA
Boeing · Industrials · Aerospace & Defense
$210.46
52w 176.77 – 254.35
20y monthly, adjusted
Mkt cap
$166.3B
P/E
76.1
P/FCF
—
FCF yield
-1.1%
ROE
41.0%
Shldr yield
0.2%
div 0.2% + bb 0.0%
Historical multiple lens
At its own median P/OCF of 11.3× across 13 years, BA would trade near $15/share (25th–75th percentile: $13–$21); it trades at 156.2× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+10.3%
Rev 5y
+9.0%
Rev 10y
−0.7%
EPS 5y
—
EPS 10y
−10.4%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $24.6B | +8.0% | −$444.0M | — | -0.67 | $1.4B |
| Q1'26 | $22.2B | +14.0% | −$4.0M | — | -0.11 | −$179.0M |
| Q4'25 * | $23.9B | +57.1% | $8.2B | — | 10.70 | $1.3B |
| Q3'25 | $23.3B | +30.4% | −$5.3B | — | -7.14 | $1.1B |
| Q2'25 | $22.7B | +34.9% | −$611.0M | — | -0.92 | $227.0M |
| Q1'25 | $19.5B | +17.7% | −$37.0M | — | -0.16 | −$1.6B |
| Q4'24 * | $15.2B | −30.8% | −$3.9B | — | -5.50 | −$3.5B |
| Q3'24 | $17.8B | −1.5% | −$6.2B | — | -9.97 | −$1.3B |
| Q2'24 | $16.9B | −14.6% | −$1.4B | — | -2.33 | −$3.9B |
| Q1'24 | $16.6B | −7.5% | −$343.0M | — | -0.56 | −$3.4B |
| Q4'23 * | $22.0B | +10.2% | −$23.0M | — | -0.03 | $3.4B |
| Q3'23 | $18.1B | +13.5% | −$1.6B | — | -2.70 | $22.0M |
| Q2'23 | $19.8B | +18.4% | −$149.0M | −177.2% | -0.25 | $2.9B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +10.3% | +9.0% | −0.7% | +2.2% |
| Operating cash flow | −32.8% | −31.7% | −19.5% | −6.6% |
| Free cash flow | −20.1% | −20.1% | −3.1% | −3.5% |
| EPS (diluted) | −24.6% | −24.6% | −10.4% | −3.8% |
| Equity | +48.7% | +48.7% | −1.5% | +4.6% |
| LT debt | −1.8% | −3.2% | +20.0% | +10.9% |
| Diluted shares | +8.6% | +6.0% | +0.9% | +0.2% |
| Stock price | −2.1% | −0.8% | +5.9% | +9.4% |
$100, 3 years ago
$94vs $176 in SPY
-2.1% vs 20.7%/yr
$100, 5 years ago
$96vs $181 in SPY
-0.8% vs 12.6%/yr
$100, 10 years ago
$177vs $412 in SPY
5.9% vs 15.2%/yr
$100, 15 years ago
$387vs $813 in SPY
9.4% vs 15.0%/yr
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
1.8%
OCF ÷ (equity + debt)
OCF / EV yield
0.5%
MC vs 10× OCF
15.96
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$2.3B
OCF − capex − SBC
OE yield
-1.4%
Share count 5y
+0.3%
per year; negative = buybacks
Capital intensity
17.2%
net PP&E ÷ revenue
Sales efficiency
$0.11
new PP&E per $1 new revenue, 5y
Checklist
5 of 20 checks pass · 25%. Checks with structurally missing inputs are excluded.
Growth & Consistency
1/5
- pass
Revenue growth
9.0% · 5y CAGR ≥ 5%
- na
EPS growth
— · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
6 of 9 · up in ≥ 7 of last 10 years
- fail
FCF consistently positive
5 of 10 · positive in ≥ 8 of last 10 years
- fail
Profitable every year
4 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
-31.7% vs 9.0% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
2/7
- fail
Net margin
2.5% · ≥ 8%
- fail
Operating margin
4.8% · ≥ 10%
- pass
Gross margin stable or rising
4.8% vs 5.3% · no drop > 2 pts over 3y
- pass
Return on equity
41.0% · ≥ 12%
- fail
Cash ROIC
1.8% · ≥ 12%
- fail
FCF margin
-2.1% · ≥ 5%
- fail
Earnings back their cash
OCF $1.1B vs NI $2.2B · OCF ≥ net income (latest FY)
Balance Sheet
1/3
- na
Debt payable from cash flow
— · LT debt ≤ 3× FCF
- fail
Cash cushion
20% · cash ≥ 50% of LT debt
- fail
Leverage
9.87 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$5.5B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
1/2
- pass
Share count flat or shrinking
0.3% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- fail
Repurchases are a habit
4 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
0/3
- fail
FCF yield
-1.1% · ≥ 3%
- fail
Earnings multiple
76.1 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
0.2% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 89,463 | 4,289 | 4,281 | 2,235 | 2.48 | 1,065 | 2,942 | -1,877 | 331 | — | 426 | 10,921 | 53,848 | 5,454 | 762 |
| 2024 | 66,517 | -1,991 | -10,707 | -11,817 | -18.36 | -12,080 | 2,230 | -14,310 | — | — | 407 | 13,801 | 53,625 | -3,908 | 647 |
| 2023 | 77,794 | 7,724 | -773 | -2,222 | -3.67 | 5,960 | 1,527 | 4,433 | — | — | 690 | 12,691 | 52,055 | -17,233 | 606 |
| 2022 | 66,608 | 3,530 | -3,519 | -4,935 | -8.30 | 3,512 | 1,222 | 2,290 | — | — | 725 | 14,614 | 56,794 | -15,883 | 595 |
| 2021 | 62,286 | 3,049 | -2,870 | -4,202 | -7.15 | -3,416 | 980 | -4,396 | — | — | 833 | 8,052 | 57,921 | -14,999 | 588 |
| 2020 | 58,158 | -5,685 | -12,767 | -11,873 | -20.88 | -18,410 | 1,303 | -19,713 | 1,158 | — | 250 | 7,752 | 63,380 | -18,316 | 569 |
| 2019 | 76,559 | 4,466 | -1,975 | -636 | -1.12 | -2,446 | 1,834 | -4,280 | 4,630 | 2,651 | 212 | 9,485 | 20,964 | -8,617 | 565 |
| 2018 | 101,127 | 19,637 | 11,987 | 10,460 | 17.85 | 15,322 | 1,722 | 13,600 | 3,946 | 9,000 | 202 | 7,637 | 10,657 | 339 | 586 |
| 2017 | 94,005 | 17,393 | 10,344 | 8,458 | 13.85 | 13,346 | 1,739 | 11,607 | 3,417 | 9,236 | 202 | 8,813 | 9,782 | 1,656 | 610 |
| 2016 | 93,496 | 14,470 | 6,527 | 5,034 | 7.83 | 10,496 | 2,613 | 7,883 | 2,756 | 7,001 | 190 | 8,801 | 9,568 | 817 | 643 |
| 2015 | 96,114 | 14,026 | 7,443 | 5,176 | 7.44 | 9,363 | 2,450 | 6,913 | 2,490 | 6,751 | 189 | 11,302 | 8,730 | 6,335 | 695 |
| 2014 | 90,762 | 14,010 | 7,473 | 5,446 | 7.38 | 8,858 | 2,236 | 6,622 | 2,115 | 6,001 | 195 | 11,733 | 8,141 | 8,665 | 737 |
| 2013 | 86,623 | 13,355 | 6,562 | 4,585 | 5.96 | 8,179 | 2,098 | 6,081 | 1,467 | 2,801 | 206 | 9,088 | 8,072 | 14,875 | 768 |
| 2012 | 81,698 | 13,033 | 6,290 | 3,900 | 5.11 | 7,508 | 1,703 | 5,805 | 1,322 | — | 193 | 10,341 | 8,973 | 5,867 | 762 |
| 2011 | 68,735 | 12,847 | 5,823 | 4,018 | 5.34 | 4,023 | 1,713 | 2,310 | 1,244 | — | 186 | 10,049 | 10,018 | 3,515 | 751 |
| 2010 | 64,306 | 12,463 | 4,971 | 3,307 | 4.45 | 2,952 | 1,125 | 1,827 | 1,253 | — | 215 | 5,359 | 11,473 | 2,766 | 741 |
| 2009 | 68,281 | 11,741 | 2,096 | 1,312 | 1.84 | 5,603 | 1,186 | 4,417 | 1,220 | 50 | 238 | 9,215 | 12,217 | 2,128 | 713 |
| 2008 | 60,909 | 10,557 | 3,950 | 2,672 | 3.67 | -401 | 1,674 | -2,075 | 1,192 | 2,937 | 209 | 3,268 | 6,952 | -1,294 | 729 |
| 2007 | 66,387 | 12,985 | 5,830 | 4,074 | 5.28 | 9,584 | 1,731 | 7,853 | 1,096 | 2,775 | 287 | 7,042 | — | 9,078 | — |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.