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Boeing
(NYSE:BA)
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Rating:49Neutral
Price Target:
$210.00
▲(0.23% Upside)
Action:Reiterated
Date:07/28/26
The score is held down primarily by weak underlying financial quality (thin margins, negative EBIT, volatile free cash flow) and a highly leveraged balance sheet, alongside a technically weak setup (below key moving averages) and a high P/E. Offsetting these risks, the latest earnings call was comparatively constructive, citing strong backlog and delivery momentum with reiterated free-cash-flow guidance and ongoing debt reduction.
Positive Factors
Massive backlog and demand visibility
A $715B consolidated backlog provides multi-year revenue visibility tied to deliveries, reducing near-term demand risk. This deep, diversified order book supports production planning, supplier negotiations and predictable revenue conversion over several years, underpinning long-term cash flow.
Negative Factors
Very high leverage and limited balance sheet cushion
Debt materially exceeds equity, leaving the company highly leveraged and less able to absorb shocks. High interest and principal obligations constrain capital allocation, slow equity rebuilding, and reduce flexibility for investments or unexpected program costs, elevating long-term financial risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Massive backlog and demand visibility
A $715B consolidated backlog provides multi-year revenue visibility tied to deliveries, reducing near-term demand risk. This deep, diversified order book supports production planning, supplier negotiations and predictable revenue conversion over several years, underpinning long-term cash flow.
Read all positive factors
Boeing Key Performance Indicators (KPIs)
Any
Commercial Airplane Deliveries
Tracks the number of aircraft delivered to customers, indicating production efficiency and demand in the commercial aviation market.
Tracks the number of aircraft delivered to customers, indicating production efficiency and demand in the commercial aviation market.
Data provided by:
The Fly
The FlyBoeing (BA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$166.73B
Dividend YieldN/A
Average Volume (3M)5.29M
Price to Earnings (P/E)83.3
Beta (1Y)1.48
Revenue Growth32.74%
EPS GrowthN/A
CountryUS
Employees182,000
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)2.67
Shares Outstanding788,302,300
10 Day Avg. Volume5,136,713
30 Day Avg. Volume5,290,364
Financial Highlights & Ratios
PEG Ratio-0.77
Price to Book (P/B)30.35
Price to Sales (P/S)1.85
P/FCF Ratio-88.18
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$273.08Price Target Upside30.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$97.92B
Boeing Business Overview & Revenue Model
Company Description
The Boeing Company (BA) is a global aerospace and defense manufacturer and services provider. It designs, produces, and supports commercial airplanes, military aircraft, rotorcraft, satellites and space systems, and related defense and security so...
How the Company Makes Money
Boeing makes money primarily by selling aerospace products and by providing aftermarket and support services over the life of those products. A major revenue stream comes from Commercial Airplanes, where Boeing sells jetliners (e.g., 737, 767, 777...
Boeing Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call highlighted clear operational momentum: record commercial deliveries, revenue growth (+8%), positive free cash flow in the quarter, strong backlog and certification progress on several key airplane programs. Management reiterated confidence in meeting annual free cash flow guidance ($1–$3 billion), debt paydown and multi-year margin improvement targets. However, material near-term challenges remain — notably a $280 million VC-25B charge, continued depressed margins in some programs, seat certification lumpiness, engine supply timing for the 787, and labor negotiation risk — that temper the outlook. On balance, progress on production ramps, certification milestones, cash generation and backlog strength outweigh the current program-specific and supply-chain headwinds.Positive Updates
Consolidated Revenue Growth
Consolidated revenue of $24.6 billion, up 8% year-over-year, driven by growth across Commercial Airplanes, Defense & Space, and Global Services.
Negative Updates
VC-25B Program Charge
A $280 million charge was taken in the quarter related to the VC-25B fixed-price development program to add resources and shift to military certification; this drove part of BDS operating results.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Consolidated revenue of $24.6 billion, up 8% year-over-year, driven by growth across Commercial Airplanes, Defense & Space, and Global Services.
Read all positive updates
Company Guidance
Boeing reiterated its 2026 guidance with a number of specific metrics: Q2 revenue was $24.6B (up 8%), operating margin 0.6%, core EPS loss $0.76, and H1 free cash flow $631M; cash and marketable securities were $20B, debt $45.9B (down $1.3B Q/Q and $8.2B YTD) with $10B of undrawn credit. Management expects full‑year free cash flow of $1–3B (Q3 FCF to be positive in the low hundreds after a planned $700M DOJ payment), views $10B FCF as attainable longer term, and cited a record company backlog of $715B (BCA backlog $597B, >6,200 airplanes) and a 20‑year market outlook of ~44,000 new aircraft. Production/delivery guidance included BCA’s 171 airplane Q2 (highest since 2018), 737 deliveries of 129 and on track for 500 in 2026 with a ramp to 47/month this summer and plans for 52/month (and later 57/63), 787 deliveries of 25 and on track for 90–100 in 2026 with stabilized production at 8/month (rate‑10 timing tied to engine recovery), and 777‑9 certification >55% complete with first delivery expected in 2027. Segment detail: BDS revenue $7.5B (up 13%), 35 deliveries, $7B orders, $85B backlog and operating margin -0.2% including a $280M VC‑25B charge (ex‑charge 3.5%); BGS revenue $5.3B (ex‑DAS +8%), 18.1% operating margin, $5B orders and $33B backlog — all underpinning management’s expectation of improving margins and cash flow as deliveries, BDS execution and BGS growth continue.Boeing Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
26
Negative
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 94.00B | 89.46B | 66.52B | 77.79B | 66.61B | 62.29B |
| Gross Profit | 4.40B | 4.29B | -1.99B | 7.72B | 3.53B | 3.05B |
| EBITDA | 6.95B | 7.36B | -7.65B | 2.31B | -482.00M | -175.00M |
| Net Income | 2.44B | 2.23B | -11.82B | -2.22B | -4.93B | -4.20B |
Balance Sheet | ||||||
| Total Assets | 165.87B | 168.24B | 156.36B | 137.01B | 137.10B | 138.55B |
| Cash, Cash Equivalents and Short-Term Investments | 20.02B | 29.40B | 26.28B | 15.96B | 17.22B | 16.24B |
| Total Debt | 45.89B | 54.43B | 54.19B | 52.60B | 57.28B | 58.37B |
| Total Liabilities | 159.75B | 162.78B | 160.28B | 154.24B | 152.95B | 153.40B |
| Stockholders Equity | 6.10B | 5.45B | -3.91B | -17.23B | -15.88B | -15.00B |
Cash Flow | ||||||
| Free Cash Flow | 1.80B | -1.88B | -14.40B | 4.43B | 2.29B | -4.40B |
| Operating Cash Flow | 3.64B | 1.06B | -12.08B | 5.96B | 3.51B | -3.42B |
| Investing Cash Flow | 8.07B | 499.00M | -11.97B | -2.44B | 4.37B | 9.32B |
| Financing Cash Flow | -11.55B | -3.76B | 25.21B | -5.49B | -1.27B | -5.60B |
Boeing Risk Analysis
Boeing disclosed 28 risk factors in its most recent earnings report. Boeing reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Boeing Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $105.24B | 24.41 | 17.41% | 1.60% | 9.35% | 10.49% | |
76 Outperform | $133.86B | 21.33 | 86.24% | 2.34% | 7.20% | 52.79% | |
76 Outperform | $294.38B | 38.01 | 11.79% | 1.30% | 11.84% | 24.93% | |
74 Outperform | $375.19B | 42.67 | 49.03% | 0.47% | 21.69% | 18.42% | |
70 Outperform | $77.79B | 17.41 | 26.58% | 1.73% | 5.90% | 16.00% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
49 Neutral | $166.73B | 83.29 | -8723.08% | ― | 32.74% | ― |
* Industrials Sector Average
BA
Boeing
221.56
-4.52
-2.00%
GD
General Dynamics
393.19
83.95
27.15%
GE
GE Aerospace
363.59
94.65
35.19%
LMT
Lockheed Martin
581.31
172.21
42.10%
NOC
Northrop Grumman
549.22
-15.15
-2.68%
RTX
RTX
218.58
63.93
41.33%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.