# The Boeing Company (BA)

> Boeing makes commercial airplanes, military and space equipment, and aircraft services.

- Exchange: NYSE · Sector: Industrials · Industry: Aerospace and Defense
- Headquarters: Arlington, Virginia
- Founded: 1916
- Employees: approximately 182,000 (December 31, 2025)
- SEC CIK: 0000012927 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000012927))
- Full page: https://inspectstocks.com/stocks/ba
- Data as of: price 2026-09-25; newest filing used 2026-07-28; latest fiscal period ended 2026-06-30

## Grade

**C** on the growth-and-cash rubric, 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $94B | $73.6B |
| Revenue growing recently | passed | $94B | $89.5B |
| Free cash flow positive | failed | -$210M |  |
| Free cash flow growing overall | failed | -$210M | $7.8B |
| Free cash flow growing recently | passed | -$210M | -$1.9B |

Business quality (the + / − mark): 2 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 2.6% |  |
| Healthy profit margin | failed | 2.6% |  |
| Strong operating margin | failed | 4.9% |  |
| Good return on equity | passed | 44.6% |  |
| Debt under control | failed | 10.38 |  |
| Turns sales into cash | failed | -0.2% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $94B |
| Net income, trailing twelve months | $2.4B |
| Free cash flow, trailing twelve months | -$210M |
| Net margin | 2.6% |
| Operating margin | 4.9% |
| Return on equity | 44.6% |
| Debt to equity | 10.38 |
| Diluted EPS, trailing twelve months | $2.81 |
| Share price | $198.07 |
| Market value | $156.5B |
| Price / earnings | 70.5x |
| Price / sales | 1.7x |

## What the business does

Boeing designs, builds, and sells passenger and cargo jets to airlines, and military aircraft, weapons, satellites, and related equipment to governments. It also provides maintenance, spare parts, training, upgrades, and other services for commercial and defense aircraft. Its business is organized into Commercial Airplanes, Defense, Space & Security, and Global Services.

### How it makes money

- **Commercial Airplanes** (44.8% (six months ended June 30, 2026)) — Revenue mainly comes from selling commercial jets, with revenue recognized as aircraft are delivered under customer contracts.
- **Defense, Space & Security** (32.2% (six months ended June 30, 2026)) — Revenue comes from building and modifying military aircraft, weapons, defense systems, and satellites, and from providing related services under government and other customer contracts that often run for several years.
- **Global Services** (22.9% (six months ended June 30, 2026)) — Revenue comes from services such as maintenance, engineering, spare parts, aircraft modifications, logistics, and training for commercial and defense customers.

### Products

- **737 commercial jet** — A single-aisle passenger jet sold mainly to airlines for passenger and cargo transport.
- **767, 777, and 787 commercial jets** — Larger, two-aisle passenger and cargo jets sold to airlines and cargo operators.
- **Military aircraft** — Manned and unmanned aircraft, including fighters, trainers, helicopters, tilt-rotor aircraft, tankers, and anti-submarine aircraft.
- **Weapons and defense systems** — Weapons and systems for defense, intelligence, surveillance, communications, and command and control.
- **Satellites and space systems** — Government and commercial satellites and equipment for space exploration.
- **Aircraft services and support** — Maintenance, repairs, spare parts, engineering, upgrades, conversions, logistics, training, and technical materials for aircraft and other aerospace systems.

### Customers

- Commercial airlines buy passenger jets and related parts and services through aircraft orders and service contracts.
- Cargo airlines and other aircraft operators buy freighters, spare parts, maintenance, and modifications.
- The U.S. government, including the Department of Defense and the National Aeronautics and Space Administration, buys military aircraft, weapons, defense systems, satellites, and related services through government contracts.
- Foreign governments and military forces buy aircraft, defense equipment, and support services, sometimes through government-to-government sales.

### Competitors

- Airbus (EADSY) — Commercial passenger and cargo aircraft; Airbus is a division of Airbus SE.
- General Dynamics (GD) — Defense aircraft, systems, and government contracts.
- Lockheed Martin (LMT) — Military aircraft, weapons, space, and defense systems.
- Northrop Grumman (NOC) — Military aircraft, space, and defense systems.
- RTX (RTX) — Defense and aerospace products and services.
- SpaceX — Space and defense-related work.

### What it depends on

- Aircraft production depends on many suppliers and subcontractors; Boeing says some major components are supplied on a sole-source basis.
- Commercial aircraft production rates and new airplane models depend on Federal Aviation Administration oversight, production approvals, and aircraft certification.
- Production depends on skilled workers and labor agreements; work stoppages have disrupted Boeing operations in the past, and engineering union agreements were due to expire in October 2026.
- A significant part of the business depends on commercial airline demand and government contract awards and funding.

### What could go wrong

- If airline demand falls, production is disrupted, or aircraft fail to meet quality requirements or obtain certification on schedule, Boeing could deliver fewer commercial jets or face delays and added costs. Its fixed-price aircraft contracts can also leave it responsible for cost increases that exceed contract price adjustments.
- Supplier shortages, quality problems, financial trouble at suppliers, or labor stoppages at Boeing or its suppliers can interrupt production and delay deliveries.
- Complex defense development programs can run over budget, particularly under fixed-price contracts, while changes to government spending priorities or contract cancellations can reduce or delay defense work.

## More on this company

- [Overview](https://inspectstocks.com/stocks/ba)
- [Financial statements](https://inspectstocks.com/stocks/ba/financials)
- [Competitors](https://inspectstocks.com/stocks/ba/peers)
- [Earnings](https://inspectstocks.com/stocks/ba/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.