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The Boeing Company BA

NYSEAerospace and defenseFinancials to Jun 30, 2026 · Updated Oct 3, 2026

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BA financials
Moat score
61
ROIC
10.7%
P/E
62.8
Incl. +$9.6B one-offs
EV/EBIT
38.9
Incl. +$9.6B one-offs
FCF yield
-0.1%
Dividend yield
0.2%
Market cap
$153.0B

Moat ranks

Score rankTied #309 of 396
Durabilitydurable
Market structureDuopoly
Pricing powerweak

Balance sheet

6/30/26
$BDec 31Jun 30
Cash10.97.2
Securities18.512.8
Debt54.145.9
Net cash-24.7-25.9
Equity5.56.1
Leverage
Debt / EBITDA
6.75×
Debt / equity
7.52×
Leases (12/31/25)
$2.5B
Capital
Diluted shares
791M
Book value / share
$7.72
Price / book
25.1×
Net cash / share
−$32.73
Market cap
$153.0B
Enterprise value
$178.9B

Per-share record

Fiscal years and TTM
Scale
−$100$0$100$200'16'17'18'19'20'21'22'23'24117.36'25118.89TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth8.0%-26.9 pts
Operating margin0.6%+1.4 pts
FCF margin2.6%+3.4 pts
Capex / revenue3.0%+1.1 pts
Commercial airplane deliveries171+14%
737 program deliveries129+24%
787 program deliveries25+4%
Commercial Airplanes operating profit−$322M+42%
Commercial Airplanes backlog$596.7B+14%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About BA

Boeing sells commercial jets, military aircraft and space systems, then supports aircraft over their service lives. Commercial Airplanes is the largest segment, with 44.8% of H1 2026 segment revenue.

Revenue mix
Commercial Airplanes (BCA) 44.8%Defense, Space & Security (BDS) 32.3%Global Services (BGS) 22.9%
  • Capex Knowhow Scale

    Designing, certifying and producing large jets requires engineering experience, major factories and a qualified supplier base built over decades.

  • Design In Qualification

    An airline that stays within an aircraft family can reuse trained crews, spares, maintenance procedures and ground equipment.

  • Government Contracting Relationships

    Security requirements, prior program experience and systems-integration capability limit the pool of credible defense bidders.

  • Long Term Contracts

    Multi-year aircraft and space contracts give Boeing a place on programs that are hard to transfer during development and production.

Timeline
  1. Dec 31, 2025 · Gain +$9.6B

    Selling the digital aviation businesses raised reported operating earnings. The gain does not recur, and the sold businesses no longer contribute revenue or profit.

  2. Jun 30, 2025 · Legal charge −$445M

    The MAX agreement required additional compensation for crash victims' families, adding a legal charge to operating earnings.

  3. Dec 31, 2024 · Severance charge −$295M

    The workforce-reduction program caused a severance charge as Boeing cut staffing during its recovery.

  4. Jun 30, 2024 · Legal charge −$244M

    Boeing accrued a Justice Department fine related to the MAX criminal case; the fine was separate from normal aircraft production costs.

  5. Jun 30, 2024 · Tax benefit +$490M

    Settlement of the 2018-2020 federal tax audit reduced tax expense. The separate $155 million valuation-allowance expense remains in reported earnings.

Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue145.45154.11172.72135.41102.28106.00111.97128.42102.82117.36118.89-2.4%/yr
Cash flow16.3321.8826.17-4.33-32.38-5.815.909.84-18.671.404.60-23.9%/yr
Earnings7.8313.8717.87-1.12-20.88-7.15-8.30-3.67-18.272.933.08-10.3%/yr
Free cash flow12.2619.0323.23-7.57-34.67-7.483.857.32-22.12-2.46-0.27–
Capex4.072.852.943.242.291.672.052.523.453.864.87-0.6%/yr
Dividends4.295.606.748.192.040.000.000.000.000.430.44-22.5%/yr
Book value1.272.710.58-15.24-32.21-25.53-26.70-28.45-6.047.157.72+21.2%/yr
Diluted shares (M)643610586565569588595606647762791+1.9%/yr
Totals ($B)
Revenue93.594.0101.176.658.262.366.677.866.589.594.0-0.5%/yr
Operating income6.510.312.0-2.0-12.8-2.9-3.5-0.8-10.74.34.6-4.6%/yr
Net income5.08.510.5-0.6-11.9-4.2-4.9-2.2-11.82.22.4-8.6%/yr
Free cash flow7.911.613.6-4.3-19.7-4.42.34.4-14.3-1.9-0.2–
Buybacks7.09.29.02.70.00.00.00.00.00.00.0–
Dividends2.83.43.94.61.20.00.00.00.00.30.3-21.0%/yr
Net cash0.1-1.1-5.3-17.3-38.0-41.9-39.8-36.3-27.6-24.7-25.9−$24.8B
Margins & returns (%)
Gross margin15.518.519.45.8-9.84.95.39.9-3.04.84.7-10.7 pts
Operating margin7.011.011.9-2.6-22.0-4.6-5.3-1.0-16.14.84.9-2.2 pts
Net margin5.49.010.3-0.8-20.4-6.7-7.4-2.9-17.82.52.6-2.9 pts
FCF margin8.412.313.4-5.6-33.9-7.13.45.7-21.5-2.1-0.2-10.5 pts
ROIC–––-16.9-48.1-7.9-10.9-3.0-33.610.510.7–
R&D % of revenue4.93.43.24.24.33.64.34.35.74.03.9-0.9 pts
Stock pay % of revenue0.20.20.20.30.41.31.10.90.60.50.5+0.3 pts
Capex % of revenue2.81.81.72.42.21.61.82.03.43.34.1+0.5 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 25.8% statutory tax rate, as the company's own rate is not meaningful) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score61
Strength
Confidence
Structure
Duopoly
Durability
durable
Trajectory
narrowing
Pricing power
weak
Segments
  • Commercial Airplanes (BCA)44.8%
    2 claims
  • Defense, Space & Security (BDS)32.3%
    2 claims
  • Global Services (BGS)22.9%
    2 claims

Moat claims

Applies to
Commercial Airplanes (BCA)
Confidence
Durability
durable
Trajectory
narrowingas of Oct 3, 2026
Why it holds

Designing, certifying and producing large jets requires engineering experience, major factories and a qualified supplier base built over decades. This limits entry. It does not give Boeing exclusive regulatory rights, and Airbus has comparable capabilities. Boeing's production problems have weakened its ability to turn this barrier into profit.

Why narrowing

Deliveries and FAA permissions improved, but factory economics remain weak. Deferred production costs rose through June, and the CEO said in September that 737 output was still unstable at 47 per month. The entry barrier survives while Boeing's cost advantage remains impaired.

Indicators
  • Commercial airplane deliveries171+14%
  • 737 program deliveries129+24%
  • 787 program deliveries25+4%
  • Commercial Airplanes operating profit−$322M+42%
  • Commercial Airplanes backlog$596.7B+14%
  • 737 deferred production costs$13.1B+19%
  • 787 deferred production costs$14.4B+8%
  • 777X deferred production costs$1.7B+55%
Risks
  • Quality failures can stop deliveries and increase the cost of a large factory base.
  • Suppliers and skilled labor can constrain output even when orders are strong.
  • COMAC can build experience with state support; Airbus already competes at full scale.

Profile change log

  1. Oct 3, 2026 · analyst revision

    Added a direction and dated evidence for all six moat claims, plus the investment debate, management profile, customer and supplier groups, and shared end markets. The case now rests on cash generation and program economics, with services as a support business rather than a software lock-in claim.

  2. Oct 3, 2026 · business change

    Added the MAX 7 certification and return of airworthiness-certificate authority, while retaining the September warning that 737 production was not stable. Added the October 1 SPEEA contract approval. Certification progress reduces obstacles but does not prove profitable production.

  3. Oct 3, 2026 · method change

    Removed the 47.0%-47.5% commercial-aircraft share estimate and HHI of 5,015. Both came from a calculated Airbus-Boeing delivery comparison, rather than a reported share of the defined global market. Boeing and Airbus reported delivery counts now provide the comparison.

  4. Oct 3, 2026 · analyst revision

    Certification requirements are now part of the aircraft engineering and scale barrier, replacing a separate regulated-pipe claim. Boeing has no exclusive regulated commercial-aircraft franchise. Commercial scale strength falls from 4 to 3, and long-contract strength from 3 to 2, because recurring losses limit returns.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianBANOCHEI

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Commercial aircraft manufacturing

As of Oct 3, 2026
OligopolyHigh cyclicality

Global manufacture of commercial passenger and cargo aircraft for airlines and lessors, including large jets, regional jets and turboprops. Boeing sells large jets within this wider market. Player shares below measure the broad commercial-aircraft order book in early 2026, rather than annual revenue or deliveries.

AIR.PA 49.0%BA 38.0%Others 13%
StocksMoatGross m.Op. m.
BA614.7%4.9%
Industry median198020.1%10.7%
Sector median887637.0%17.5%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Fleet replacement and fuel efficiency create long-term demand even when short-term traffic slows. Manufacturer forecasts support a large replacement and expansion need, but do not guarantee timely deliveries.
  • The economic cycle has a strong effect through airline traffic, profits and capacity plans. Long order books buffer immediate demand changes, while acceptance and financing determine near-term cash collection.
  • Interest rates have a strong effect on lessor financing and airlines' ability to fund aircraft. Lower financing costs help deliveries; higher costs can defer orders or acceptance.
  • Fuel prices create two effects: expensive fuel strengthens the case for efficient jets but reduces airline cash available to buy them. The net effect depends on each operator's finances.
  • Certification and production approvals have a strong direct effect on available supply. FAA MAX 7 approval in August 2026 expands Boeing's certified product range, while continued oversight makes quality central to output.
Risks
  • Production scale does not ensure low costs. Engine, material and skilled-labor shortages can hold back deliveries and increase the cash tied up in aircraft inventory.
  • A stronger dollar has a moderate to strong effect on non-US customers because aircraft and financing are commonly priced in dollars. Currency hedges and local revenues only partly buffer the burden.
  • Tariffs, export restrictions and trade disputes can raise parts costs or block delivery to customers. They can also strengthen state-backed local competitors.
  • Safety failures, grounding or certification delays can stop revenue and weaken airline trust. Regulatory permission alone does not prove reliable production.
  • Geopolitical disruption can reduce travel and airline cash. Competition for scarce delivery slots helps order books, but a long delay also gives customers reasons to cancel or change aircraft families.

Bulls & bears

Key question · as of Oct 3, 2026

Can Boeing turn its commercial-aircraft recovery and defense backlog into sustained cash generation, without repeated program losses consuming the services profit?

Arguments

4 forFaded: weakening or settled4 against

What to watch

  1. 1Commercial deliveries, stable 737 and 787 output and FAA findings
  2. 2BCA and BDS quarterly operating profit
  3. 3737, 787 and 777X deferred production costs
  4. 4New fixed-price program losses and certification schedules
  5. 5Operating cash flow, capex and total debt
  6. 6BGS profit and backlog after the digital sale

Next check: October 27, 2026: confirmed Q3 results. Check whether more deliveries improve cash flow and program profit, whether deferred costs stop rising, and whether 737-10 certification and the 2027 777-9 plan remain on schedule.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 2, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 61/100 by <a href="https://www.findmymoat.com/stocks/XNYS:BA">Find My Moat</a> (as of September 2026)

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