Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Boeing Co., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Shareholders’ equity (deficit)1
Dec 31, 2025 = ÷
Dec 31, 2024 = ÷
Dec 31, 2023 = ÷
Dec 31, 2022 = ÷
Dec 31, 2021 = ÷
Dec 31, 2020 = ÷
Dec 31, 2019 = ÷
Dec 31, 2018 = ÷
Dec 31, 2017 = ÷
Dec 31, 2016 = ÷
Dec 31, 2015 = ÷
Dec 31, 2014 = ÷
Dec 31, 2013 = ÷
Dec 31, 2012 = ÷
Dec 31, 2011 = ÷
Dec 31, 2010 = ÷
Dec 31, 2009 = ÷
Dec 31, 2008 = ÷
Dec 31, 2007 = ÷
Dec 31, 2006 = ÷
Dec 31, 2005 = ÷

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The relationship between total debt and shareholders’ equity exhibited significant fluctuations between 2005 and 2025. Initially, the debt-to-equity ratio was relatively stable, but experienced considerable volatility in subsequent years, culminating in periods of negative equity.

Initial Period (2005-2007)
From 2005 to 2007, the debt-to-equity ratio decreased from 0.97 to 0.91. Total debt declined steadily during this period, while shareholders’ equity initially decreased substantially before recovering. This suggests a period of deleveraging coupled with a recovery in equity value.
Volatility and Increase (2008-2010)
The period from 2008 to 2010 was marked by substantial changes. Shareholders’ equity became negative in 2008, and total debt increased significantly in 2009. Consequently, the debt-to-equity ratio rose dramatically, peaking at 6.07 in 2009 before decreasing to 4.49 in 2010. This indicates a substantial increase in financial leverage and potential financial distress.
Fluctuations and Moderate Leverage (2011-2014)
Between 2011 and 2014, the debt-to-equity ratio fluctuated, decreasing from 3.52 to 0.65. Shareholders’ equity experienced a significant recovery, reaching a peak in 2013, while total debt remained relatively stable. This suggests a period of improved financial health and reduced leverage.
Increasing Leverage and Negative Equity (2015-2019)
From 2015 to 2019, the debt-to-equity ratio increased substantially, reaching 40.85 in 2018. Shareholders’ equity declined sharply, becoming negative in 2019. Total debt increased significantly, particularly in 2019. This period reflects a substantial increase in financial risk and a deterioration in the company’s financial position.
Extreme Leverage and Recovery (2020-2025)
The years 2020 and 2021 show extremely high debt levels and continued negative shareholders’ equity, resulting in an uncalculable debt-to-equity ratio. From 2022 to 2025, the debt-to-equity ratio decreased to 9.92, as shareholders’ equity began to recover from its negative position. Total debt decreased slightly during this period. This suggests a potential stabilization of the financial situation, although leverage remains elevated.

Overall, the period under review demonstrates a cyclical pattern of increasing and decreasing leverage, with a pronounced period of financial distress between 2015 and 2021. The recent recovery in shareholders’ equity offers a potential sign of improvement, but the debt-to-equity ratio remains significantly higher than its levels in the earlier part of the period.

Comparison to Competitors

Boeing Co., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2025
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Dec 31, 2006
Dec 31, 2005

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Capital Goods)

Boeing Co., debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Boeing Co. Capital Goods
Dec 31, 2025
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Dec 31, 2005

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Boeing Co., debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
Boeing Co. Industrials
Dec 31, 2025
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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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).