Stock Analysis on Net
Stock Analysis on Net
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Boeing Co. (NYSE:BA)

Analysis of Investments

Advanced level

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Boeing Co., adjustment to net earnings (loss) attributable to Boeing Shareholders

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net earnings (loss) attributable to Boeing Shareholders (as reported) (11,873) (636) 10,460  8,197  4,895 
Add: Unrealized gain (loss) on certain investments, net of tax —  (2)
Net earnings (loss) attributable to Boeing Shareholders (adjusted) (11,873) (635) 10,462  8,198  4,893 

Based on: 10-K (filing date: 2021-02-01), 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08).


Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Boeing Co., adjusted profitability ratios

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net Profit Margin
Reported net profit margin -20.42% -0.83% 10.34% 8.78% 5.18%
Adjusted net profit margin -20.42% -0.83% 10.35% 8.78% 5.17%
Return on Equity (ROE)
Reported ROE 3,085.55% 2,309.01% 599.14%
Adjusted ROE 3,086.14% 2,309.30% 598.90%
Return on Assets (ROA)
Reported ROA -7.80% -0.48% 8.91% 8.88% 5.44%
Adjusted ROA -7.80% -0.48% 8.91% 8.88% 5.44%

Based on: 10-K (filing date: 2021-02-01), 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Boeing Co.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Boeing Co.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

Boeing Co., Profitability Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to Boeing Shareholders (11,873) (636) 10,460  8,197  4,895 
Revenues 58,158  76,559  101,127  93,392  94,571 
Profitability Ratio
Net profit margin1 -20.42% -0.83% 10.34% 8.78% 5.18%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to Boeing Shareholders (11,873) (635) 10,462  8,198  4,893 
Revenues 58,158  76,559  101,127  93,392  94,571 
Profitability Ratio
Adjusted net profit margin2 -20.42% -0.83% 10.35% 8.78% 5.17%

Based on: 10-K (filing date: 2021-02-01), 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08).

2020 Calculations

1 Net profit margin = 100 × Net earnings (loss) attributable to Boeing Shareholders ÷ Revenues
= 100 × -11,873 ÷ 58,158 = -20.42%

2 Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to Boeing Shareholders ÷ Revenues
= 100 × -11,873 ÷ 58,158 = -20.42%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Boeing Co.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Equity (ROE)

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to Boeing Shareholders (11,873) (636) 10,460  8,197  4,895 
Shareholders’ equity (deficit) (18,316) (8,617) 339  355  817 
Profitability Ratio
ROE1 3,085.55% 2,309.01% 599.14%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to Boeing Shareholders (11,873) (635) 10,462  8,198  4,893 
Shareholders’ equity (deficit) (18,316) (8,617) 339  355  817 
Profitability Ratio
Adjusted ROE2 3,086.14% 2,309.30% 598.90%

Based on: 10-K (filing date: 2021-02-01), 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08).

2020 Calculations

1 ROE = 100 × Net earnings (loss) attributable to Boeing Shareholders ÷ Shareholders’ equity (deficit)
= 100 × -11,873 ÷ -18,316 =

2 Adjusted ROE = 100 × Adjusted net earnings (loss) attributable to Boeing Shareholders ÷ Shareholders’ equity (deficit)
= 100 × -11,873 ÷ -18,316 =


Adjusted Return on Assets (ROA)

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to Boeing Shareholders (11,873) (636) 10,460  8,197  4,895 
Total assets 152,136  133,625  117,359  92,333  89,997 
Profitability Ratio
ROA1 -7.80% -0.48% 8.91% 8.88% 5.44%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to Boeing Shareholders (11,873) (635) 10,462  8,198  4,893 
Total assets 152,136  133,625  117,359  92,333  89,997 
Profitability Ratio
Adjusted ROA2 -7.80% -0.48% 8.91% 8.88% 5.44%

Based on: 10-K (filing date: 2021-02-01), 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08).

2020 Calculations

1 ROA = 100 × Net earnings (loss) attributable to Boeing Shareholders ÷ Total assets
= 100 × -11,873 ÷ 152,136 = -7.80%

2 Adjusted ROA = 100 × Adjusted net earnings (loss) attributable to Boeing Shareholders ÷ Total assets
= 100 × -11,873 ÷ 152,136 = -7.80%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Boeing Co.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.