Industrials · Aerospace & Defense · US stock · price as of 16 Oct 2026
Key indicators
Price
$190.21
52-week range
$176.77 – $254.35
Market cap
$150.4B
P/E (trailing)
60.6×
EV / EBITDA
25.9×
Free-cash-flow yield
−0.1%
Dividend yield
0.2%
Revenue (last 12 months)
$94.0B
Revenue growth (3y a year)
10.3%
Operating margin
4.9%
Return on invested capital
12.7%
Net debt / EBITDA
3.8×
Fair value
Blended fair value$95.09 range $89 – $101
Versus priceData under review+0% to fair value
Peer multiples
$89.98
Fundamentals-adjusted multiple
$116.00
10-year DCF (market-scaled)
$79.28
Earnings power value (floor, not blended)
n/m
Model uncertainty
Medium
X-Ray Score
27/ 100 · Medium confidence · ahead of 4% of sector peers
Valuation8
Growth68
Profitability14
Financial health34
Dividends12
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Commercial jetliners, military aircraft, helicopters, satellites and space systems are designed and built by Boeing, an aerospace company that also offers related services. Commercial airplanes are ordered by airlines and aircraft leasing companies, while its defense and space business serves the United States government and allied customers. A global services unit provides parts, maintenance, modifications and training. The company is organised into these three main businesses.
Boeing earns its revenue from aircraft deliveries, defense and space contracts, and recurring services, and the total reached $94.0 billion over the last twelve months. Revenue has grown at 10.3% a year across the last three years. The operating margin is 4.9%, the business earns 13% on the capital invested in it, and net debt is 3.8 times EBITDA. The dividend yield is 0.2%.
StocksXray gives Boeing Co an X-Ray Score of 27 out of 100 (medium confidence), ahead of 4% of the S&P 500 stocks in its sector. Its strongest lens is growth (68) and its weakest is valuation (8).
Our fair value blend is $95.09 (range $89.46 to $101.45). At $190.21 the stock trades 100% above that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Boeing Co (BA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$201.32
$190.49
$260.66
$177.00
$217.12
$190.21
Market cap
$118.3B
$113.3B
$157.9B
$114.5B
$165.5B
$150.4B
P/E
–
–
–
–
87.5×
60.6×
EV / revenue
2.6×
2.3×
2.5×
2.1×
2.1×
1.9×
EV / EBITDA
–
–
178.5×
–
30.5×
25.9×
Price / free cash flow
–
49.5×
35.6×
–
–
–
Free-cash-flow yield
−3.7%
2.0%
2.8%
−12.5%
−1.1%
−0.1%
Price / book
–
–
–
–
30.3×
24.7×
Dividend yield
–
–
–
–
–
0.23%
Fundamentals checklist ● 2 Good · ● 3 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.7%Bad
Free-cash-flow yield−0.1%Bad
Risk models
Altman Z score1.1×Bad
Piotroski F-Score6 of 9Average
Growth
Revenue growth (3y)10.3%Good
Growth consistency60%Bad
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA3.8×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield2.6%Bad
Profitability
Return on invested capital12.7%Average
Operating margin4.9%Bad
Gross profitability2.7%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Boeing Co (BA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
62,286
66,608
77,794
66,517
89,463
93,995
Gross profit
3,049
3,530
7,724
-1,991
4,289
4,397
Operating income
-2,870
-3,519
-773
-10,707
4,281
4,600
Net income
-4,202
-4,935
-2,222
-11,817
2,235
2,435
Diluted EPS ($)
-7.15
-8.30
-3.67
-18.36
2.48
3.14
Free cash flow
-4,396
2,290
4,433
-14,310
-1,877
-210
Gross margin
4.9%
5.3%
9.9%
−3.0%
4.8%
4.7%
Operating margin
−4.6%
−5.3%
−1.0%
−16.1%
4.8%
4.9%
Net margin
−6.7%
−7.4%
−2.9%
−17.8%
2.5%
2.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
138,552
137,100
137,012
156,363
168,235
165,870
Cash
8,052
14,614
12,691
13,801
10,921
7,239
Total debt
58,102
57,001
52,307
53,864
54,098
45,900
Equity
-14,999
-15,883
-17,233
-3,908
5,454
6,100
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.