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$209.82
Market Capi
$166B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
0.5x
P/S 26Ei
1.7x
P/S 28Ei
1.3x
EV/EBIT 26Ei
92x
EV/EBIT 28Ei
18x
P/E 26Ei
-784x
P/E 28Ei
23x
P/S 26Ei
1.7x
EV/EBIT 26Ei
92x
P/E 26Ei
-784x
P/S 28Ei
1.3x
EV/EBIT 28Ei
18x
P/E 28Ei
23x
Revenue
2026E
$98B
Gross Margini
4.8%
Hist. CAGRi
10%
Proj. CAGRi
11%
EBIT
2026E
$2.5B
Op. Margini
-5.8%
Hist. CAGRi
—
Proj. CAGRi
—
Net profit
2026E
$482M
Net Margini
2.5%
Hist. CAGRi
—
Proj. CAGRi
49%
Business Model
Recent Developments
Average Targeti
$273.35+15%
Consensusi
Buy
28 analysts covering
Net debti
$22B
Div. Yieldi
n/a
Dilutioni
1.6%
Market Capi
$166B
P/E 26Ei
-784x
Adj. P/E (fwd.)i
0.5x
Revenue 26E
$98B
Proj. CAGRi
11%
Gross Margini
4.8%
EBIT 26E
$2.5B
Proj. CAGRi
—
Op. Margini
-5.8%
Net Profit 26E
$482M
Proj. CAGRi
49%
Net Margini
2.5%
Average Targeti
$273.35+15%
Consensusi
Buy
28 analysts covering
Profile
Boeing is one of two dominant global manufacturers of commercial jetliners, and one of the largest defense and space contractors in the United States. Its revenue breaks down across three reported segments:
Industry
Boeing's commercial customers are the world's airlines — from large network carriers like United, Delta, and Singapore Airlines to low-cost operators and lessors. Defense revenue flows almost entirely from the U.S. Department of Defense and allied governments, making it a quasi-utility with long-cycle contracts and predictable budget allocations. Geographic revenue skews toward the U.S. (~54%), with Asia (~18%) and Europe (~13%) as the next largest regions. Commercial aviation is deeply cyclical; defense is more stable but subject to federal budget priorities.
Key metrics
Economic moat
Boeing's primary moat is a structural duopoly with Airbus — two companies capable of producing large commercial jets at scale, a barrier that took decades and hundreds of billions in capital to build. Airline fleet standardization creates deep switching costs: once an operator trains pilots and mechanics on a 737 fleet, retraining for an Airbus A320 is expensive and disruptive. In defense, long-term government program relationships and security-cleared facilities create near-impenetrable barriers for new entrants. The aftermarket services business amplifies this — Boeing captures recurring, high-margin revenue from every aircraft it has ever delivered.
Kelly Ortberg
Ortberg took the helm in August 2024, brought in as a turnaround specialist after a career leading complex aerospace programs. He spent over three decades at Rockwell Collins (later Collins Aerospace), including as CEO from 2013 until its acquisition by RTX in 2018. His background is rooted in avionics and systems engineering — notably different from the finance-first leadership that preceded him — and his mandate is unambiguously operational: stabilize production, restore safety culture, and rebuild regulator trust.
Jesus "Jay" Malave
Malave joined as CFO in August 2025, coming from L3Harris Technologies where he had served as CFO since 2020. He brings defense-sector financial discipline to a balance sheet that absorbed years of losses from the 737 MAX crisis and the machinist strike. His near-term focus is deleveraging — Boeing reduced total debt by $6.9 billion in Q1 2026 — and establishing a credible path to sustained positive free cash flow.
Stephanie Pope
Pope leads the commercial division that is central to Boeing's recovery story. She was appointed to run BCA in early 2024, having previously served as CEO of Boeing Global Services. Her promotion came as the company needed a leader who understood both the commercial and services sides of the business to manage the complex interplay between new deliveries and aftermarket operations.
Other key figures
Howard McKenzie (Chief Engineer, since February 2023) leads engineering, test, and technology — a critical role given Boeing's quality control challenges. Steven Mollenkopf has served as Board Chairman since March 2024, bringing semiconductor-industry governance experience from his tenure as Qualcomm CEO to a board that needed credibility rebuilding with regulators and investors.
P/S Ratioi
EV/EBITiEV/EBIT values for 2021, 2022, 2023, and 2024 were omitted from this chart because negative or above 250x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
P/E RatioiP/E values for 2021, 2022, 2023, 2024, and 2026E were omitted from this chart because negative or above 150x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBITEBIT year-over-year growth labels for 2022, 2023, 2025, and 2026E are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 3-yr)i
n/a
CAGR (proj. 3-yr)i
n/a
Net profitNet profit year-over-year growth labels for 2022, 2023, 2024, and 2025 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 3-yr)i
n/a
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2022, 2025, and 2026E are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Second-quarter revenue reached $24.6 billion, up 8% year over year, driven by higher commercial deliveries and growth in defense. Core (non-GAAP) loss per share came in at ($0.76), wider than expected, while GAAP loss per share was ($0.67).
Commercial Airplanes revenue rose 8% to $11.8 billion on 171 aircraft delivered in the quarter, up 14% year over year and including 129 737s and 25 787s. Defense, Space & Security revenue grew a faster 13% to $7.5 billion, while Global Services was roughly flat.
A $280 million charge on the VC-25B (Air Force One replacement) program weighed on the quarter, tied to added production and certification resources, with first delivery now targeted for 2028. Free cash flow was $0.6 billion, and management pointed to more stable operations and on-plan certification programs going forward.
Recent developments
Boeing activated its 737 North Line on July 6, 2026, the first time in more than 50 years that 737 final assembly has taken place outside the Renton, Washington factory, supporting further production-rate increases.
The company raised 737 MAX production toward the 47-per-month level during 2026 with FAA concurrence, after the FAA lifted its post-2024 cap of 38 jets per month, with a stated goal of reaching 53 per month by year-end.
Order activity remained strong: SMBC Aviation Capital ordered 100 737 MAX jets (60 737-10s and 40 737-8s), disclosed around July 20, 2026, and MSC Air Cargo agreed to buy five 777-8 Freighters.
Management reiterated it expects an amended type certificate for the 737 MAX 7 soon, with MAX 10 certification to follow, positioning both variants for first deliveries in 2027. Boeing also agreed with GM to sell their jointly owned HRL Laboratories to IBM.
Debate & sentiment
Bulls point to the record $715 billion backlog, covering more than 6,200 commercial aircraft, as multi-year revenue visibility, alongside accelerating delivery rates and a widening path to positive free cash flow.
Skeptics note that core losses persist and widened versus expectations in the latest quarter, and that program charges — most recently on the VC-25B Air Force One jets — continue to recur even as operations stabilize.
A key swing factor is execution on production ramp: whether Boeing can move from 42 to 47 and eventually 53 monthly 737 units without new quality or supply-chain setbacks, given the scrutiny that followed the 2024 Alaska Airlines incident.
Defense margins remain a separate watch item, since fixed-price legacy programs have been a recurring drag; continued 13% growth in that segment is viewed constructively, but profitability there still lags commercial and services.
Consensusi
Buy
Average targeti
$273.35+15%
Highest targeti
$300.00+26%
Lowest targeti
$246.00+4%
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