Analysis of Investments
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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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
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Reported net earnings attributable to Boeing shareholders demonstrate significant volatility over the five-year period. Initial values reflect losses in both 2021 and 2022, followed by a reduced loss in 2023. A substantial loss is then recorded in 2024, before a return to profitability in 2025.
- Net Earnings Trend
- The reported net earnings attributable to Boeing shareholders moved from a loss of US$4.202 billion in 2021 to a loss of US$4.935 billion in 2022, representing a worsening financial performance. The loss decreased to US$2.222 billion in 2023, indicating some improvement. However, 2024 saw a significant increase in the loss, reaching US$11.817 billion. Finally, the company reported a profit of US$2.235 billion in 2025, reversing the prior year’s substantial loss.
- Adjustment Impact
- The adjusted net earnings attributable to Boeing shareholders closely mirror the reported net earnings attributable to Boeing shareholders across all reported periods. The difference between the reported and adjusted figures is consistently minimal, indicating that adjustments related to mark-to-market available-for-sale securities have a negligible impact on the overall net earnings attributable to Boeing shareholders.
The consistency between reported and adjusted net earnings suggests that fluctuations in the value of available-for-sale securities do not materially affect the company’s bottom line during this period. The primary drivers of net earnings appear to be factors other than changes in the market value of these securities.
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
Boeing Co., adjusted profitability ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The reported and adjusted profitability ratios demonstrate significant fluctuations over the observed period. Initial years exhibit negative profitability, followed by a substantial improvement in the final year presented. The consistency between reported and adjusted figures suggests that mark-to-market adjustments on available-for-sale securities do not materially impact the overall profitability picture.
- Net Profit Margin
- Both the reported and adjusted net profit margins are negative from 2021 through 2023, ranging from -7.41% to -6.75%. A marked decline is observed in 2024, with the margin reaching -17.77%. A significant positive shift occurs in 2025, with the net profit margin rising to 2.50%. This indicates a substantial turnaround in profitability during the final year.
- Return on Equity (ROE)
- ROE figures are unavailable for the years 2021 through 2024. A substantial ROE of 40.98% is reported for 2025 for both reported and adjusted values. The absence of prior year ROE values limits comparative analysis, but the 2025 figure suggests a highly efficient use of equity capital in that year.
- Return on Assets (ROA)
- ROA mirrors the trend observed in net profit margin. Negative ROA values are recorded from 2021 to 2023, ranging from -3.60% to -1.62%. A significant decrease is seen in 2024, with ROA falling to -7.56%. A positive shift occurs in 2025, with ROA reaching 1.33%, indicating improved asset utilization and profitability.
The consistent values for reported and adjusted ratios across all periods suggest that changes in the market value of available-for-sale securities have a minimal effect on the reported profitability metrics. The substantial improvement in all profitability ratios in 2025 warrants further investigation to understand the underlying drivers of this positive change.
Boeing Co., Profitability Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 Net profit margin = 100 × Net earnings (loss) attributable to Boeing shareholders ÷ Revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to Boeing shareholders ÷ Revenues
= 100 × ÷ =
The period under review demonstrates significant volatility in profitability metrics. Both reported and adjusted net earnings attributable to Boeing shareholders fluctuate considerably across the five years, culminating in a positive result in the final year after a series of substantial losses. This pattern is mirrored in the corresponding net profit margins.
- Reported Net Profit Margin
- The reported net profit margin exhibits a declining trend from 2021 to 2023, moving from -6.75% to -2.86%. A dramatic decrease is then observed in 2024, reaching -17.77%, before a substantial recovery to 2.50% in 2025. The magnitude of the loss in 2024 is considerably larger than in prior loss-making years.
- Adjusted Net Profit Margin
- The adjusted net profit margin follows an identical trajectory to the reported net profit margin. From 2021 to 2023, the margin declines from -6.75% to -2.85%. A significant drop occurs in 2024, reaching -17.77%, followed by a recovery to 2.50% in 2025. The consistency between reported and adjusted figures suggests that adjustments are not materially impacting the overall profitability picture.
The substantial losses experienced in 2022, 2023, and particularly 2024, warrant further investigation to determine the underlying causes. The subsequent return to profitability in 2025 is a positive development, but the sustainability of this improvement requires additional scrutiny. The lack of differentiation between reported and adjusted net profit margins indicates that the core operational performance is driving the observed fluctuations.
- Overall Trend
- The overall trend is characterized by initial decline, significant loss, and eventual recovery. The period highlights a substantial degree of business risk and sensitivity to external factors, or internal operational challenges, given the scale of the profit swings.
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 ROE = 100 × Net earnings (loss) attributable to Boeing shareholders ÷ Shareholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings (loss) attributable to Boeing shareholders ÷ Shareholders’ equity (deficit)
= 100 × ÷ =
The financial performance, as reflected by reported and adjusted net earnings attributable to Boeing shareholders, demonstrates significant volatility over the observed period. Initial years exhibit substantial net losses, culminating in a particularly large loss in 2024 before a return to profitability in 2025. Notably, reported and adjusted net earnings are identical across all reported years.
- Adjusted Return on Equity (ROE)
- Adjusted ROE is only available for the final year, 2025, registering at 40.98%. The absence of ROE figures for prior years limits the ability to assess trends. However, the substantial shift from net losses to net earnings in 2025 directly drives the reported ROE value. The consistency between reported and adjusted ROE suggests that adjustments to net earnings did not materially impact the overall return calculation for the year presented.
The lack of historical ROE figures prevents a comprehensive trend analysis. The significant losses preceding 2025 indicate potential challenges in generating shareholder returns during those periods. The positive ROE in 2025, while substantial, is based on a single year’s performance and requires further investigation to determine its sustainability and underlying drivers.
Further analysis should include a review of the factors contributing to the large losses in 2021 through 2024, as well as a detailed examination of the adjustments made to net earnings to understand their impact on the reported financial picture. A comparison of Boeing’s ROE to industry peers would also provide valuable context.
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 ROA = 100 × Net earnings (loss) attributable to Boeing shareholders ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings (loss) attributable to Boeing shareholders ÷ Total assets
= 100 × ÷ =
The period under review demonstrates significant volatility in profitability as measured by both reported and adjusted return on assets (ROA). Initial years exhibit negative returns, culminating in a substantial loss before a return to positive profitability in the final year.
- Reported and Adjusted Net Earnings
- Reported net earnings attributable to Boeing shareholders are negative for the first four years of the period, ranging from a loss of US$4.202 billion in 2021 to a loss of US$11.817 billion in 2024. A positive net earnings figure of US$2.235 billion is recorded in 2025. Adjusted net earnings mirror these results exactly, indicating that adjustments did not materially impact the bottom line during this period.
- Reported ROA Trend
- Reported ROA begins at -3.03% in 2021 and declines to -3.60% in 2022. A slight improvement to -1.62% is seen in 2023, but a substantial decrease occurs in 2024, reaching -7.56%. The final year shows a significant positive shift, with ROA reaching 1.33% in 2025.
- Adjusted ROA Trend
- Adjusted ROA follows the exact same pattern as reported ROA throughout the period. Starting at -3.03% in 2021, it decreases to -3.60% in 2022, improves to -1.62% in 2023, declines sharply to -7.56% in 2024, and then recovers to 1.33% in 2025. The consistency between reported and adjusted ROA suggests that the adjustments applied do not significantly alter the overall profitability picture.
The substantial loss in 2024 is a key feature of this period, resulting in the lowest ROA values. The subsequent recovery in 2025 indicates a potential turnaround, though further monitoring is needed to confirm the sustainability of this improvement.