BOEING CO (BA)

Price—Loading quote

AI: Overvalued

Price checkThe shares look expensive because today’s price assumes a nearly complete cash recovery.

At $231.67 on August 14, Google Finance showed a $183.1 billion market value and trailing earnings near 92 times. The supplied history shows 2025 net income of $2.24 billion, but the filing says that year included a $9.57 billion gain from selling digital assets. Free cash flow, meaning cash left after operations and capital spending, was negative $1.88 billion. Even $10 billion of durable annual free cash flow would cost 18.3 times today’s market value, while net debt remains $34.1 billion. That supports an overvalued verdict.

Big pictureRevenue has recovered sharply, but profits and cash still swing with deliveries and disruptions.

Revenue rose to $89.5 billion in 2025 from $66.5 billion in 2024, yet operating cash was only $1.07 billion against $2.94 billion of capital spending. The business is cyclical because customers make large payments when aircraft are delivered. Operating cash moved from positive $5.96 billion in 2023 to negative $12.08 billion during 2024’s production and labor disruption. Second-quarter 2026 free cash flow improved to $631 million, but the first half still used $823 million. The recovery is real, but not reliably self-funding.

Business strengthExceptional demand and profitable services support recovery, but the repaired balance sheet remains stretched.

Demand is not Boeing’s problem: second-quarter backlog reached a record $715 billion, including more than 6,200 commercial aircraft, and Global Services earned an 18.1% operating margin. Supplied June data show current assets of $124.6 billion versus current liabilities of $109.6 billion, alongside $41.3 billion debt, $7.2 billion cash, and only $6.1 billion equity. Balance-sheet repair relied partly on issuing 112.5 million common shares and $5 billion of 6% preferred stock that converts by 2027. No buybacks appear in the history, while debt and preferred claims constrain future distributions.

What could change the storyConsistent annual cash near $10 billion would justify more of the market’s optimism.

At a $183.1 billion market value, annual free cash flow of $10 billion implies an 18.3-times price; $12 billion lowers that to 15.3 times. The bull case requires stable 737 output, timely 737-10 and 777X certification, and delivery payments turning backlog into cash while services remain profitable. Evidence would strengthen after four consecutive cash-positive quarters and net debt below $30 billion. The bear case is renewed production disruption or further fixed-price defense losses; the latest $280 million Air Force One charge shows that risk remains active.

$231.67 price considered

AI: News

Second-quarter cash progressQuarterly cash turned positive, but another defense charge showed the recovery remains uneven.

On July 28, Boeing reported second-quarter revenue of $24.56 billion, up 8%, on 171 commercial deliveries. Operating cash reached $1.36 billion and free cash flow was $631 million, versus a $200 million outflow a year earlier. However, the core loss was $0.76 per share and defense absorbed a new $280 million Air Force One charge. Reuters-linked reporting said shares rose about 5%; the exact cause cannot be proven, though stronger cash conversion likely outweighed the earnings miss.

MAX 7 certificationRegulatory approval removed a long-running barrier to producing Boeing’s smallest new 737 model.

On August 3, the Federal Aviation Administration certified the 737 MAX 7 after nearly a decade of review and authorized Boeing to begin production. Required changes covered flight-control software, pilot alerts, and engine anti-ice protection. Boeing had planned first delivery for 2027, so approval removes a major schedule barrier rather than creating immediate revenue. Reuters-linked reporting showed shares gaining roughly 5% that day; timing supports, but does not prove, that certification drove the move.

Certification authority restoredRegulators returned an important approval role, signaling confidence in Boeing’s recent production checks.

On July 17, the Federal Aviation Administration said Boeing could again issue final airworthiness certificates for all 737 MAX and 787 aircraft after months of safety review. That authority had been withdrawn for MAX aircraft in 2019 and 787s in 2022. Government factory oversight continues. Reuters displayed a 3.29% Boeing gain alongside the announcement; attribution is uncertain. The potential benefit is smoother final inspections and delivery payments, but this decision does not itself authorize unlimited production increases.

Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$89.46B	$66.52B	$77.79B	$66.61B	$62.29B	$58.16B	$76.56B	$101.13B	$94.00B	$93.50B	$96.11B	$90.76B	$86.62B	$81.70B	$68.73B	$64.31B	$68.28B	$60.91B	$66.39B
Gross profit	$4.29B	−$1.99B	$7.72B	$3.53B	$3.05B	−$5.68B	$4.47B	$19.64B	$17.39B	$14.47B	$14.03B	$14.01B	$13.36B	$13.03B	$12.85B	$12.46B	$11.74B	$10.56B	$12.98B
Research & development	$3.62B	$3.81B	$3.38B	$2.85B	$2.25B	$2.48B	$3.22B	$3.27B	$3.18B	$4.63B	$3.33B	$3.05B	$3.07B	$3.30B	$3.92B	$4.12B	$6.51B	$3.77B	$3.85B
Operating income	$4.28B	−$10.71B	−$773.0M	−$3.52B	−$2.87B	−$12.77B	−$1.98B	$11.99B	$10.34B	$6.53B	$7.44B	$7.47B	$6.56B	$6.29B	$5.82B	$4.97B	$2.10B	$3.95B	$5.83B
EBITDAderived	$6.23B	−$8.87B	$1.09B	−$1.54B	−$726.0M	−$10.52B	$296.0M	$14.10B	$12.39B	$8.42B	$9.28B	$9.38B	$8.41B	$8.10B	$7.50B	$6.72B	$3.16B	$4.96B	$7.32B
Net income	$2.23B	−$11.82B	−$2.22B	−$4.93B	−$4.20B	−$11.87B	−$636.0M	$10.46B	$8.46B	$5.03B	$5.18B	$5.45B	$4.58B	$3.90B	$4.02B	$3.31B	$1.31B	$2.67B	$4.07B
Basic EPSper diluted share	$2.49	-$18.36	-$3.67	-$8.30	-$7.15	-$20.88	-$1.12	$18.05	$14.03	$7.92	$7.52	$7.47	$6.03	$5.15	$5.39	$4.49	$1.86	$3.70	$5.38
Diluted EPSper diluted share	$2.48	-$18.36	-$3.67	-$8.30	-$7.15	-$20.88	-$1.12	$17.85	$13.85	$7.83	$7.44	$7.38	$5.96	$5.11	$5.34	$4.45	$1.84	$3.67	$5.28

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$1.40M disclosed value

Sells (SEC code S)14$12.48M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 20, 2026Form 4	TILDEN BRADLEY DDirector	BuyCommon Stock	1.4K	$218.50	$299.3K	1.4K
Mar 3, 2026Form 4	Buckley Mortimer JDirector	BuyCommon Stock	2.2K	$224.20	$500.0K	4.4K
Feb 24, 2026Form 4	Amuluru Uma MEVP and Chief HR Officer	SellCommon Stock	1.5K	$233.79	$351.5K	19.0K
Feb 17, 2026Form 4	Schmidt Ann MSVP, Chief Com & Brand Officer	SellCommon Stock	6.3K	$243.37	$1.53M	14.0K
Feb 5, 2026Form 4	McKenzie Howard EChief Engineer & EVP, ET&T	SellCommon Stock	10.5K	$233.99	$2.46M	14.7K

Review ownership filings at SEC.gov ↗

BOEING CO (BA)

Financial charts

Financial statements

Insider buys & sells