# The Boeing Company (BA)

> Source: Nexqual · https://nexqual.com/BA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Boeing Company (BA), nexqual.com/BA" · informational, not investment advice.

**Price:** USD 187.55 (-2.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 192.28 · day 186.77–193.19 · 52w 176.77–254.35 · market cap $148B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $94.0B, net income $2.44B (2.6% margin), free cash flow -$210M (SEC filings).
- Valuation: P/E 60.9x (avg 74.1x at the last 1 fiscal year-ends), EV/EBITDA 26.2x, net debt $30.1B.
- Earnings quality: non-operating income $750M vs operating income $4.60B over the last four quarters; P/E excluding non-operating income ≈83.5x (estimate: non-operating income taxed at the company's 12% effective rate).
- 6 of 80 tracked superinvestors hold BA (13F, Q2 2026): 1 new, 3 added, 2 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $299K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.90 on a 1–5 scale) (29 analysts), mean target USD 267.22 (range 206–305).
- Total return with dividends: 1Y -13.9% vs S&P 500 +14.9%; 5Y -11.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD -0.2, revenue estimate $24.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $62.3B | $66.6B | $77.8B | $66.5B | $89.5B | $94.0B |
| Gross profit | $3.05B | $3.53B | $7.72B | -$1.99B | $4.29B | — |
| Operating income | -$2.87B | -$3.52B | -$773M | -$10.7B | $4.28B | $4.60B |
| Net income | -$4.20B | -$4.93B | -$2.22B | -$11.8B | $2.23B | $2.44B |
| EPS (diluted) | -$7.15 | -$8.30 | -$3.67 | -$18.36 | $2.48 | — |
| Free cash flow | -$4.40B | $2.29B | $4.43B | -$14.3B | -$1.88B | -$210M |
| Gross margin | 4.9% | 5.3% | 9.9% | -3.0% | 4.8% | — |
| Operating margin | -4.6% | -5.3% | -1.0% | -16.1% | 4.8% | 4.9% |
| Net margin | -6.7% | -7.4% | -2.9% | -17.8% | 2.5% | 2.6% |
| Revenue growth | +7.1% | +6.9% | +16.8% | -14.5% | +34.5% | — |
| Cash + short-term investments | $16.2B | $17.2B | $16.0B | $26.3B | $29.4B | — |
| Total debt | $59.2B | $62.0B | $57.3B | $54.9B | $62.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 60.9x · P/E ex non-operating (est.) ≈83.5x · P/S 1.6x · EV/EBITDA 26.2x · EV/Sales 1.9x · P/B 24.3x · FCF yield -0.14% · Earnings yield 1.64% · Dividend yield (paid, TTM) 0.23% · Net debt $30.1B · EV $178B
P/E at fiscal year-ends: Dec 2025 74.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold BA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 3.38% | $4.7M | Reduced -3.4% |
| Harry Burn | Sound Shore | 2.71% | $88.1M | Added +14.7% |
| David Tepper | Appaloosa Management | 2.32% | $173M | New position |
| Viking Global | Viking Global Investors | 2.02% | $709M | Added +2.5% |
| Sarah Ketterer | Causeway Capital Management | 0.73% | $67.8M | Reduced -0.3% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $574K | Added +2.0% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $299K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-20 | Tilden Bradley D | Director | 1,370 | $299K | 218.5 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 29 analysts; mean target USD 267.22 (low 206, high 305).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target lowered | Equal-Weight | $250 → $225 |
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $265 → $235 |
| 2026-10-12 | Bernstein | Target lowered | Outperform | $298 → $278 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $250 → $240 |
| 2026-10-09 | Barclays | Initiated | Overweight | $300 |
| 2026-09-21 | Jefferies | Target lowered | Buy | $295 → $265 |
| 2026-09-18 | B of A Securities | Reiterated | Buy | $270 |
| 2026-08-11 | Argus Research | Upgrade | Hold → Buy | $265 |
| 2026-08-06 | Tigress Financial | Target raised | Buy | $295 → $305 |
| 2026-08-03 | BNP Paribas | Upgrade | Underperform → Outperform | $230 → $300 |
| 2026-07-29 | JP Morgan | Target raised | Overweight | $270 → $290 |
| 2026-07-29 | RBC Capital | Target lowered | Outperform | $275 → $265 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -13.9% | -11.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -13.9% | -2.5% |
| Volatility (annualized) | 34.1% | 38.0% |
| Max drawdown | -26.9% (Jan 2026→Sep 2026) | -48.3% (Dec 2023→Mar 2025) |

## Peers (Aerospace & Defense)
LMT (Lockheed Martin Corporation) USD 589.91 +6.96% · GD (General Dynamics Corporation) USD 350.79 +1.76% · RTX (RTX Corporation) USD 194.71 +1.62% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42% · GE (GE Aerospace) USD 293.54 -0.79%

## More
Full page: https://nexqual.com/BA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BA's own 10-K filed 2026-01-30 (https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Airbus | "BCA faces aggressive international competitors who are intent on increasing their market share, such as Airbus and entrants from China." |
| Competitor | Lockheed Martin (LMT) | "BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX." |
| Competitor | RTX (Raytheon) (RTX) | "BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX." |
| Competitor | SpaceX | "BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX." |

Other companies that name BA in their own reports (relationship from BA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | AAR CORP (AIR) | 10-K 2026-07-22 | "Our Repair, Engineering, and Software segment primarily supports narrow-body Airbus, Boeing and Embraer regional aircraft for customers, as well as U.S. government defense agencies." |
| competitor | FREQUENCY ELECTRONICS INC (FEIM) | 10-K 2026-07-17 | "Company's principal competition for space products is the in-house capability of its major customers such as Boeing, Northrop Grumman" |
| competitor | AeroVironment Inc (AVAV) | 10-K 2026-06-29 | "Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boein…" |
| partner | RYANAIR HOLDINGS PLC (RYAAY) | 20-F 2026-06-22 | "In May 2023, Ryanair announced that it had entered into a purchase agreement with Boeing (the "2023 Boeing Contract") to purchase up to 300 Boeing 737 MAX-10 series aircraft (of which 150 are firm ord…" |
| supplier | GRAHAM CORP (GHM) | 10-K 2026-06-08 | "A representative list of our customers include: 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, …" |
| competitor | VIASAT INC (VSAT) | 10-K 2026-05-29 | "We may also compete directly with the largest defense prime contractors, including Boeing, Lockheed Martin, Northrop Grumman and Raytheon Technologies Corporation." |
| supplier | RBC Bearings INC (RBC) | 10-K 2026-05-15 | "largest Aerospace & Defense customers include the DOD, Boeing, Airbus, Newport News Shipbuilding, Lockheed Martin, Northrop Grumman," |
| supplier | Central North Airport Group (OMAB) | 20-F 2026-04-30 | "On January 6, 2024, the Federal Aviation Administration (FAA) ordered the temporary grounding of 171 Boeing 737-9 MAX aircraft worldwide, affecting Aeromexico, which is one of our main airline custome…" |
| customer | Grupo Aeromexico, S.A.B. de C.V. (AERO) | 20-F 2026-04-30 | "These increased costs could affect our cost structure, particularly in connection with aircraft and spare parts sourced from international manufacturers such as Boeing and other U.S.-based suppliers." |
| partner | Starfighters Space, Inc. (FJET) | 10-K 2026-04-15 | "1. companies providing dedicated and rideshare launch vehicles to deliver small payloads to generic and custom planes/inclinations and altitude trajectories, such as Northrop Grumman, SpaceX, United L…" |
| competitor | AZUL SA (AZUL) | 20-F 2026-04-03 | "Additionally, we believe that markets with a history of underserved demand, typically located in less populated areas of the country, cannot be profitably served by the larger aircraft in the Boeing 7…" |
| competitor | Intuitive Machines, Inc. (LUNR) | 10-K 2026-03-19 | "Competitors of the Company's recently acquired subsidiary, Lanteris, include, with respect to civil space missions various companies including BAE Systems, Blue Origin, Boeing, Lockheed Martin, Northr…" |
| supplier | TAT TECHNOLOGIES LTD (TATT) | 20-F 2026-03-18 | "customers worldwide, including OEMs and tier one players in their respective markets such as Boeing, Embraer, Lockheed Martin Corporation" |
| competitor | ELBIT SYSTEMS LTD (ESLT) | 20-F 2026-03-17 | "Our main competitors include divisions and subsidiaries of Northrop Grumman, Raytheon, General Dynamics, BAE Systems, L3Harris, Thales, Airbus, Leonardo, Saab, Textron, Teledyne Technologies, Boeing, …" |
| supplier | CID Holdco, Inc. (DAIC) | 10-K 2026-03-11 | "While at Boeing, Mr. Skowronski instituted new risk management, customer relations and investor outreach programs." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Commercial Airplanes | $11.75B | 47.8% | +8.1% | -$322.0M | -2.7% |
| Defense, Space & Security | $7.48B | 30.5% | +13.1% | -$15.0M | -0.2% |
| Global Services | $5.34B | 21.8% | +1.2% | $968.0M | 18.1% |
| Total revenue | $24.56B | 100% | — | $156.0M | 0.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $21.37B | 87.0% | +11.7% |
| Service | $3.19B | 13.0% | -11.9% |
| Total revenue | $24.56B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $48.08B | 53.7% | +32.9% |
| Total non-U.S. revenues | $41.38B | 46.3% | +34.4% |
| — Asia (part of Total non-U.S. revenues) | $16.47B | 18.4% | +37.3% |
| — Europe (part of Total non-U.S. revenues) | $11.42B | 12.8% | +30.7% |
| — Middle East (part of Total non-U.S. revenues) | $7.02B | 7.9% | +51.5% |
| — Canada (part of Total non-U.S. revenues) | $1.78B | 2.0% | +21.0% |
| — Africa (part of Total non-U.S. revenues) | $1.63B | 1.8% | +42.2% |
| — Oceania (part of Total non-U.S. revenues) | $1.59B | 1.8% | +1.4% |
| — Latin America (part of Total non-U.S. revenues) | $1.48B | 1.7% | +18.7% |
| Total revenue | $89.46B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "The company continues to anticipate certification in 2026 and first delivery in 2027 for both variants."
- "The company continues to anticipate first delivery in 2027."
- "The company continues to anticipate first delivery in 2028."
- "(10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.20 | $-0.11 | +80.9% | $24.37B | 21 |
| Next quarter (ends 2026-12-31) | $0.01 | $0.05 | -80.4% | $26.33B | 20 |
| Current fiscal year (ends 2026-12-31) | $-1.10 | $-0.50 | +121.5% | $97.50B | 23 |
| Next fiscal year (ends 2027-12-31) | $3.76 | $4.10 | -8.5% | $111.92B | 20 |