Stock Analysis on Net

Boeing Co. (NYSE:BA)

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Common-Size Balance Sheet: Assets
Quarterly Data

Boeing Co., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents
Short-term and other investments
Accounts receivable, net
Unbilled receivables, net
Current portion of financing receivables, net
Inventories
Other current assets, net
Assets held for sale
Current assets
Financing receivables and operating lease equipment, net
Property, plant and equipment, net of accumulated depreciation
Goodwill
Acquired intangible assets, net
Deferred income taxes
Investments
Other assets, net of accumulated amortization
Long-term assets
Total assets

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets exhibited notable fluctuations over the observed periods. Starting at 10.51% in March 2020, it peaked briefly at 12.27% in June 2020, then declined steadily to a low around 4.57% by June 2025. Periods of moderate recovery were observed, such as in December 2023 at 9.26%, but the overall trend indicated a gradual decrease in liquidity held as cash over time.
Short-term and other investments
Short-term investments as a percentage of total assets increased significantly in early 2020, reaching over 11% by December 2020. Subsequently, a declining trend occurred throughout 2021 and early 2022, dropping to a low point near 0.37% by September 2024. However, a recovery phase started in late 2024, with investments rising back to above 10% by June 2025, indicating a strategic reallocation into short-term assets late in the timeline.
Accounts receivable, net
Accounts receivable showed relative stability with slight oscillations within a narrow range mostly between 1.5% and 2.3%. Although minor peaks and troughs appeared, there was no significant directional trend, suggesting a steady collection and credit policy throughout the period.
Unbilled receivables, net
Unbilled receivables represented a substantial portion of current assets, ranging generally from 5.2% to 7.2%. The percentage remained comparatively stable, with slight variations showing a minor tendency to increase over the earlier years before tapering off gradually toward the end of the period. This stability indicates a consistent level of work-in-progress billed but not yet realized as revenue.
Current portion of financing receivables, net
This component remained minimal throughout the period, fluctuating mostly around 0.05% to 0.13%, with an exceptional rise to 0.33% only once in September 2024. This suggests limited reliance on financing arrangements maturing in the short term within total assets.
Inventories
Inventories consistently constituted the largest share of total assets, generally between 50% and 62%. A gradual increase was evident from mid-2023, peaking at 62.07% by March 2024, followed by moderate declines thereafter. This pattern reflects a sustained high level of inventory investment, potentially signaling production build-ups or inventory accumulation strategies.
Other current assets, net
Other current assets remained relatively stable with modest fluctuations mainly within 1.5% to 3.2%. Despite minor variability, no discernible trend indicated significant shifts in the composition of other current assets.
Current assets
The aggregate current assets as a percentage of total assets hovered around 78–82% across all periods. This marks a consistent asset structure heavily weighted toward current assets, with very slight upward movement noted near the later periods.
Financing receivables and operating lease equipment, net
A declining trend was visible, starting around 1.48% in early 2020 and diminishing steadily to about 0.2% by mid-2025. This indicates a reduced emphasis or disposal of financing receivables and operating leases relative to total assets.
Property, plant and equipment, net
This asset class remained stable between approximately 7.3% and 8.2% throughout the periods. Minor fluctuations within this range suggest consistent investment and maintenance of fixed assets over time.
Goodwill
Goodwill as a portion of total assets ranged from about 4.7% to 6.0%, showing modest increases up to late 2021 and modest declines thereafter. This relatively steady proportion reflects a stable history of acquisitions and intangible asset valuations.
Acquired intangible assets, net
There was a gradual but consistent decline from about 2.3% in early 2020 down to below 1.0% by June 2025. This suggests amortization and/or impairment of such intangible assets over time without significant new acquisitions to offset reductions.
Deferred income taxes
The data for deferred income taxes showed generally low percentages, mostly below 0.1%, with occasional gaps in reporting. No significant trend could be identified due to minimal values and some data absences.
Investments
Longer-term investments remained fairly stable between approximately 0.6% and 0.8% of total assets throughout the periods, indicating consistent asset management in this category.
Other assets, net of accumulated amortization
These assets exhibited moderate fluctuations, ranging between roughly 2.2% and 4.3%. An increasing tendency is noted around 2021–2024, potentially reflecting diversification or additions to other asset categories.
Long-term assets
The overall proportion of long-term assets relative to total assets fluctuated mostly between 17.9% and 22.4%. The trend demonstrates slight downward adjustments towards the latter years, suggesting possible asset reclassifications or disposals.
Summary on asset structure
The asset structure is characterized by a dominant concentration in current assets, principally inventories, which consistently accounted for over half of total assets. Cash and cash equivalents demonstrated volatility but generally decreased as a share of total assets over time. Short-term investments showed a U-shaped curve with high levels early and late in the timeline, separated by a mid-period dip. Long-term assets and intangible holdings showed a gradual decrease in proportional terms. The steady levels in property and equipment alongside the reduction in financing receivables and operating leases imply a cautious approach in capital assets and financing activities.