MeritValue

BOEING CO

BAdata completeness 100%19 fiscal years on file

Data notes: no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

The thesis, from the filings

BOEING CO earns about -10% on invested capital, but has diluted owners by 30% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$62.3B1$66.6B2$77.8B3$66.5B3$89.5B3
Net income−$4.2B4−$4.94B5−$2.22B6−$11.8B6$2.24B6
Operating cash flow−$3.42B7$3.51B8$5.96B9−$12.1B9$1.07B9
Capital expenditure$980M10$1.22B11$1.53B12$2.23B12$2.94B12
Free cash flow (derived)−$4.4B7$2.29B8$4.43B9−$14.3B9−$1.88B9
Total debt$59.2B13$62B14$57.3B15$54.9B16$62.3B16
Cash & equivalents$8.05B17$14.6B18$12.7B19$13.8B19$10.9B19
Diluted shares587.6M594.9M605.8M646.9M762.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$71.55
your share of equity
Profit it earned you last year
$29.32
Free cash flow it threw off
−$24.62
Debt you’d be carrying
$817.38

10 shares is a claim on $71.55 of net worth that earned you $29.32 and generated −$24.62 of cash last year, against $817.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 -11%FY22 -13%FY23 -6%FY24 -26%FY25 4%

It earned an average -10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+30% shares · 5y

Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$17.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000012927-24-000010 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000012927-25-000015 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-004357 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000012927-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000012927-25-000015 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-004357 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000012927-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000012927-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-004357 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000012927-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000012927-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-004357 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000012927-23-000007 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000012927-24-000010 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000012927-25-000015 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-004357 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000012927-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000012927-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-004357 (CashAndCashEquivalentsAtCarryingValue)