Stock Analysis on Net

Boeing Co. (NYSE:BA)

Analysis of Short-term (Operating) Activity Ratios

Microsoft Excel

Short-term Activity Ratios (Summary)

Boeing Co., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Turnover Ratios
Inventory turnover 0.88 0.81 0.75 0.78 0.94
Receivables turnover 29.37 26.46 23.58 29.75 23.44
Payables turnover 5.86 6.18 6.40 4.94 4.63
Working capital turnover 5.78 3.42 2.34 1.69 15.57
Average No. Days
Average inventory processing period 415 452 486 467 388
Add: Average receivable collection period 12 14 15 12 16
Operating cycle 427 466 501 479 404
Less: Average payables payment period 62 59 57 74 79
Cash conversion cycle 365 407 444 405 325

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Boeing Co. inventory turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Boeing Co. receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Boeing Co. payables turnover ratio decreased from 2021 to 2022 and from 2022 to 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Boeing Co. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Boeing Co. number of days of inventory outstanding improved from 2021 to 2022 and from 2022 to 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Boeing Co. number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Boeing Co. operating cycle improved from 2021 to 2022 and from 2022 to 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Boeing Co. number of days of payables outstanding increased from 2021 to 2022 and from 2022 to 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Boeing Co. cash conversion cycle improved from 2021 to 2022 and from 2022 to 2023.

Inventory Turnover

Boeing Co., inventory turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of products and services 70,070 63,078 59,237 63,800 72,031
Inventories 79,741 78,151 78,823 81,715 76,622
Short-term Activity Ratio
Inventory turnover1 0.88 0.81 0.75 0.78 0.94
Benchmarks
Inventory Turnover, Competitors2
Caterpillar Inc. 2.58 2.54 2.53 2.55 3.25
Cummins Inc. 4.55 3.81 4.21 4.36 5.05
General Electric Co. 3.05 3.19 3.40 3.80 4.74
Honeywell International Inc. 3.72 4.04 4.29 4.94 5.51
Lockheed Martin Corp. 18.87 18.68 19.45 16.01 14.22
RTX Corp. 4.83 5.03 5.65 5.11 5.21
Inventory Turnover, Sector
Capital Goods 2.35 2.30 2.29 2.27 2.62
Inventory Turnover, Industry
Industrials 3.92 3.98 3.87 3.60 3.95

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Inventory turnover = Cost of products and services ÷ Inventories
= 70,070 ÷ 79,741 = 0.88

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Boeing Co. inventory turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Receivables Turnover

Boeing Co., receivables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 77,794 66,608 62,286 58,158 76,559
Accounts receivable, net 2,649 2,517 2,641 1,955 3,266
Short-term Activity Ratio
Receivables turnover1 29.37 26.46 23.58 29.75 23.44
Benchmarks
Receivables Turnover, Competitors2
Caterpillar Inc. 6.86 6.39 5.68 5.33 5.92
Cummins Inc. 6.10 5.40 6.02 5.19 6.42
General Electric Co. 4.17 4.09 4.55 4.37 5.22
Honeywell International Inc. 4.87 4.77 5.04 4.78 4.90
Lockheed Martin Corp. 31.69 26.34 34.15 33.06 25.59
RTX Corp. 6.36 7.36 6.66 6.11 5.70
Receivables Turnover, Sector
Capital Goods 7.73 7.34 7.55 7.20 7.41
Receivables Turnover, Industry
Industrials 8.16 7.79 7.59 7.42 7.67

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Receivables turnover = Revenues ÷ Accounts receivable, net
= 77,794 ÷ 2,649 = 29.37

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Boeing Co. receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Payables Turnover

Boeing Co., payables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of products and services 70,070 63,078 59,237 63,800 72,031
Accounts payable 11,964 10,200 9,261 12,928 15,553
Short-term Activity Ratio
Payables turnover1 5.86 6.18 6.40 4.94 4.63
Benchmarks
Payables Turnover, Competitors2
Caterpillar Inc. 5.41 4.76 4.36 4.75 6.15
Cummins Inc. 6.06 5.02 6.07 5.29 6.94
General Electric Co. 3.27 2.98 3.32 3.67 4.20
Honeywell International Inc. 3.36 3.53 3.40 3.86 4.25
Lockheed Martin Corp. 25.56 27.25 74.34 64.48 40.16
RTX Corp. 5.31 5.40 5.93 5.56 5.28
Payables Turnover, Sector
Capital Goods 5.52 5.24 5.67 5.51 5.64
Payables Turnover, Industry
Industrials 7.80 7.56 7.79 7.38 7.40

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Payables turnover = Cost of products and services ÷ Accounts payable
= 70,070 ÷ 11,964 = 5.86

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Boeing Co. payables turnover ratio decreased from 2021 to 2022 and from 2022 to 2023.

Working Capital Turnover

Boeing Co., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current assets 109,275 109,523 108,666 121,642 102,229
Less: Current liabilities 95,827 90,052 81,992 87,280 97,312
Working capital 13,448 19,471 26,674 34,362 4,917
 
Revenues 77,794 66,608 62,286 58,158 76,559
Short-term Activity Ratio
Working capital turnover1 5.78 3.42 2.34 1.69 15.57
Benchmarks
Working Capital Turnover, Competitors2
Caterpillar Inc. 5.23 4.62 3.54 2.84 4.04
Cummins Inc. 14.84 9.27 4.60 3.56 7.54
General Electric Co. 7.24 7.93 4.94 2.26 7.03
Honeywell International Inc. 7.39 7.03 5.86 3.64 5.92
Lockheed Martin Corp. 18.85 12.93 11.52 12.01 19.15
RTX Corp. 41.62 20.15 9.75 7.52 26.47
Working Capital Turnover, Sector
Capital Goods 8.78 6.84 4.75 3.19 9.09
Working Capital Turnover, Industry
Industrials 11.98 9.68 6.57 4.40 10.12

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Working capital turnover = Revenues ÷ Working capital
= 77,794 ÷ 13,448 = 5.78

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Boeing Co. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Average Inventory Processing Period

Boeing Co., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Inventory turnover 0.88 0.81 0.75 0.78 0.94
Short-term Activity Ratio (no. days)
Average inventory processing period1 415 452 486 467 388
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Caterpillar Inc. 141 144 144 143 112
Cummins Inc. 80 96 87 84 72
General Electric Co. 120 114 107 96 77
Honeywell International Inc. 98 90 85 74 66
Lockheed Martin Corp. 19 20 19 23 26
RTX Corp. 76 73 65 71 70
Average Inventory Processing Period, Sector
Capital Goods 155 158 159 161 139
Average Inventory Processing Period, Industry
Industrials 93 92 94 101 92

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 0.88 = 415

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Boeing Co. number of days of inventory outstanding improved from 2021 to 2022 and from 2022 to 2023.

Average Receivable Collection Period

Boeing Co., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Receivables turnover 29.37 26.46 23.58 29.75 23.44
Short-term Activity Ratio (no. days)
Average receivable collection period1 12 14 15 12 16
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Caterpillar Inc. 53 57 64 68 62
Cummins Inc. 60 68 61 70 57
General Electric Co. 87 89 80 83 70
Honeywell International Inc. 75 77 72 76 75
Lockheed Martin Corp. 12 14 11 11 14
RTX Corp. 57 50 55 60 64
Average Receivable Collection Period, Sector
Capital Goods 47 50 48 51 49
Average Receivable Collection Period, Industry
Industrials 45 47 48 49 48

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 29.37 = 12

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Boeing Co. number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023.

Operating Cycle

Boeing Co., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 415 452 486 467 388
Average receivable collection period 12 14 15 12 16
Short-term Activity Ratio
Operating cycle1 427 466 501 479 404
Benchmarks
Operating Cycle, Competitors2
Caterpillar Inc. 194 201 208 211 174
Cummins Inc. 140 164 148 154 129
General Electric Co. 207 203 187 179 147
Honeywell International Inc. 173 167 157 150 141
Lockheed Martin Corp. 31 34 30 34 40
RTX Corp. 133 123 120 131 134
Operating Cycle, Sector
Capital Goods 202 208 207 212 188
Operating Cycle, Industry
Industrials 138 139 142 150 140

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 415 + 12 = 427

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Boeing Co. operating cycle improved from 2021 to 2022 and from 2022 to 2023.

Average Payables Payment Period

Boeing Co., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Payables turnover 5.86 6.18 6.40 4.94 4.63
Short-term Activity Ratio (no. days)
Average payables payment period1 62 59 57 74 79
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Caterpillar Inc. 67 77 84 77 59
Cummins Inc. 60 73 60 69 53
General Electric Co. 112 123 110 100 87
Honeywell International Inc. 109 103 107 95 86
Lockheed Martin Corp. 14 13 5 6 9
RTX Corp. 69 68 62 66 69
Average Payables Payment Period, Sector
Capital Goods 66 70 64 66 65
Average Payables Payment Period, Industry
Industrials 47 48 47 49 49

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.86 = 62

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Boeing Co. number of days of payables outstanding increased from 2021 to 2022 and from 2022 to 2023.

Cash Conversion Cycle

Boeing Co., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 415 452 486 467 388
Average receivable collection period 12 14 15 12 16
Average payables payment period 62 59 57 74 79
Short-term Activity Ratio
Cash conversion cycle1 365 407 444 405 325
Benchmarks
Cash Conversion Cycle, Competitors2
Caterpillar Inc. 127 124 124 134 115
Cummins Inc. 80 91 88 85 76
General Electric Co. 95 80 77 79 60
Honeywell International Inc. 64 64 50 55 55
Lockheed Martin Corp. 17 21 25 28 31
RTX Corp. 64 55 58 65 65
Cash Conversion Cycle, Sector
Capital Goods 136 138 143 146 123
Cash Conversion Cycle, Industry
Industrials 91 91 95 101 91

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 415 + 1262 = 365

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Boeing Co. cash conversion cycle improved from 2021 to 2022 and from 2022 to 2023.