BOEING CO
$171.50
−0.05 (−0.03%) · delayed · Nov 13, 2026
Five-year price
52w $165.01 to $254.35
- Market cap
- $135.9B
- Enterprise value
- $187.3B
- P/E
- 69.2×
- EV / EBIT
- 43.7×
- FCF yield
- −1.4%
- ROIC
- 6.4%
- Debt / equity
- 11.42
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC -6.7%
- ●ROE > 15% (5y avg)5y avg ROE 41.0%
- ○Stable operating marginsMargin volatility 6.8% (σ, 5y)
- ○Earnings convert to cashFCF / net income -84% (5y avg)
- ●Growing revenueRevenue CAGR 5y 9.0%
- ○Shrinking share countDiluted shares 34.1% over 5y
Value
0
- ○P/E below 15P/E 69.2
- ○EV/EBIT below 12EV/EBIT 43.7
- ○FCF yield above 6%FCF yield -1.4%
- ○Price below Graham NumberGraham Number $19.60
- ○P/B below 3P/B 24.9
Safety
25
- ○Debt / equity below 0.5D/E 11.42
- ○Debt payable in < 4 yrs of earningsNet debt $51.4B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.19
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
20
- ●Adequate size (revenue > $2B)Revenue $89.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.19
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -149%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
Starting cash flow
Net debt $51.4B · 792M shares · 5y revenue CAGR 9.0%
Intrinsic value
$-24.33
Price
$171.50
Margin of safety
805%
What the price implies
The market is paying for 33.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 93,496 | 94,005 | 101,127 | 76,559 | 58,158 | 62,286 | 66,608 | 77,794 | 66,517 | 89,463 |
| Gross profit | 14,470 | 17,393 | 19,637 | 4,466 | (5,685) | 3,049 | 3,530 | 7,724 | (1,991) | 4,289 |
| Operating income | 6,527 | 10,344 | 11,987 | (1,975) | (12,767) | (2,870) | (3,519) | (773) | (10,707) | 4,281 |
| Operating margin | 7.0% | 11.0% | 11.9% | -2.6% | -22.0% | -4.6% | -5.3% | -1.0% | -16.1% | 4.8% |
| Pre-tax income | 5,783 | 10,107 | 11,604 | (2,259) | (14,476) | (5,033) | (5,022) | (2,005) | (12,210) | 2,635 |
| Income tax | 749 | 1,649 | 1,144 | (1,623) | (2,535) | (743) | 31 | 237 | (381) | 397 |
| Net income | 5,034 | 8,458 | 10,460 | (636) | (11,873) | (4,202) | (4,935) | (2,222) | (11,817) | 2,235 |
| EPS (diluted) | 7.83 | 13.85 | 17.85 | -1.12 | -20.88 | -7.15 | -8.30 | -3.67 | -18.36 | 2.48 |
| Diluted shares | 643 | 610 | 586 | 565 | 569 | 588 | 595 | 606 | 647 | 762 |
Who owns it