Rankings Defence, aerospace & space Boeing
Boeing
47
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−9
- Multiples vs own history−9
- FCF yield−6
Strengths
- Deliveries+2
- Cash flow turnaround+1
How the score is built
From 100 to 47, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 175.40 USD
- Median analyst target
- 236.50 USD
- Upside to median
- +34.8%
- Analysts
- 28
- Target range
- 157.00 – 305.00 USD
- 52-week change
- −13%
- P/E (trailing)
- 18.9
- Forward P/E
- 242.0
- PEG
- 2.62
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−18 of −30
- −9MarginGross margin 4.7% and operating margin -5.4% (TTM, operating loss USD 5.1bn); EBITDA is negative at -USD 2.9bn. Commercial Airplanes lost USD 322m in Q2 2026 (about -2.7% margin), and management expects a loss in BCA for all of 2026. Gross margin was 11.2% in 2023.
- −4Future segment777X: USD 15.7bn in write-downs since 2020, first delivery pushed to 2027, the program is expected to burn about USD 2bn in cash through 2027, and Emirates will not take the first 10 777-9s.
- −3Capital allocation and dilutionShare issuance of USD 18.2bn in 2024 and the share count is up 8.7% in a year; no dividend and no buybacks. Shareholders have paid for the recovery.
- −2Return on capitalROIC -12.7% (TTM) vs 1.8% in 2023 and a WACC of 9.6%; ROE of 174% is solely due to a nearly depleted equity base (USD 6.1bn).
Price
Today's multiples against the company's own history and its peers. · 2 findings−15 of −35
- −9Multiples vs own historyNo earnings to price against: forward P/E 213 (2026 EPS expected at -1.10 USD), P/B 24.5 and EV/EBITDA n/a. EV/revenue 1.9 is below 2.2-2.7 in 2021-2025, but on a negative operating margin; the market value of 150bn USD presupposes that the FCF target of about 10bn USD is reached in several years.
- −6FCF yieldFCF -USD 0.2bn (TTM) and -1.9bn in 2025; guidance of USD 1-3bn for 2026 equals an FCF yield of only 0.7-2% of market value.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−19 of −35
- −6DebtGross debt USD 48.4bn and net debt USD 29.1bn; debt/equity 7.9, interest coverage -2.0 and quick ratio 0.30. Debt has only been reduced through divestments (about USD 10bn from the DAS sale).
- −4Production rate and FAAThe 737 MAX is approved for 42 per month; the move to 47 is taking longer than expected according to CEO Ortberg, and the FAA must approve each rate increase based on six quality targets. The cash flow target depends on the pace.
- −3One-off itemsNet income +USD 2.1bn (TTM) and +USD 1.9bn in 2025 despite an operating loss of USD 5.1–5.2bn; the profit comes from the gain on the sale of Digital Aviation Solutions and flatters EPS and P/E.
- −3Quality and Spirit integrationThe FAA proposes an airworthiness directive on inspection of seat tracks on 453 US aircraft, and Boeing must at the same time reintegrate Spirit AeroSystems' Wichita plant (financed by the DAS sale), which supplies most of the 737 fuselage.
- −3Defence contractsDefense, Space & Security produced a net loss of USD 15m on USD 7.5bn in revenue in Q2 2026; the fixed-price contracts have repeatedly caused losses.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Deliveries161 aircraft delivered in Q3 2026 (124 737s) and 475 year to date; the highest 9-month 737 MAX deliveries since 2017.
- +1Cash flow turnaroundPositive FCF of USD 631m in Q2 2026 vs −USD 200m a year earlier; FCF guidance of USD 1–3bn for 2026 confirmed.
Caveats
What the score does not capture, or where the data is weak.
The Q3 2026 report is only due on 27 Oct; only Q3 deliveries (161 aircraft) are known. TTM figures run to 30 Jun 2026. The positive net income for 2025 and TTM is due to the sale of Digital Aviation Solutions (Jeppesen and others) in Q4 2025; operations are loss-making. Trailing and forward P/E are therefore meaningless and have not been used as history. Credit rating, KC-46/T-7 contracts in detail, union agreements and insider trading have not been investigated. 13F purchases give no points.
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