Debt to Equity
since 2005
Calculation
Boeing Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | — | = | 53,864) | ÷ | (3,908) |
| Dec 31, 2023 | — | = | 52,307) | ÷ | (17,233) |
| Dec 31, 2022 | — | = | 57,001) | ÷ | (15,883) |
| Dec 31, 2021 | — | = | 58,102) | ÷ | (14,999) |
| Dec 31, 2020 | — | = | 63,583) | ÷ | (18,316) |
| Dec 31, 2019 | — | = | 27,302) | ÷ | (8,617) |
| Dec 31, 2018 | 40.85 | = | 13,847) | ÷ | 339) |
| Dec 31, 2017 | 31.32 | = | 11,117) | ÷ | 355) |
| Dec 31, 2016 | 12.18 | = | 9,952) | ÷ | 817) |
| Dec 31, 2015 | 1.57 | = | 9,964) | ÷ | 6,335) |
| Dec 31, 2014 | 1.05 | = | 9,070) | ÷ | 8,665) |
| Dec 31, 2013 | 0.65 | = | 9,635) | ÷ | 14,875) |
| Dec 31, 2012 | 1.77 | = | 10,409) | ÷ | 5,867) |
| Dec 31, 2011 | 3.52 | = | 12,371) | ÷ | 3,515) |
| Dec 31, 2010 | 4.49 | = | 12,421) | ÷ | 2,766) |
| Dec 31, 2009 | 6.07 | = | 12,924) | ÷ | 2,128) |
| Dec 31, 2008 | — | = | 7,512) | ÷ | (1,294) |
| Dec 31, 2007 | 0.91 | = | 8,217) | ÷ | 9,004) |
| Dec 31, 2006 | 2.01 | = | 9,538) | ÷ | 4,739) |
| Dec 31, 2005 | 0.97 | = | 10,727) | ÷ | 11,059) |
Based on: 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 data presents a financial overview reflecting notable fluctuations in debt, equity, and leverage ratios over the period from 2005 to 2024.
- Total Debt
- Total debt initially declined from 10,727 million USD in 2005 to 7,512 million USD by 2008, indicating a reduction in leverage or debt repayments during this period. From 2009 onward, debt levels began to increase markedly, reaching a peak of 63,583 million USD in 2020. Following this peak, there was a gradual decline across subsequent years, ending at approximately 53,864 million USD by 2024. The dramatic increase in debt starting in 2009 suggests a period of substantial borrowing or financing activities, possibly to support growth or cover operational costs.
- Shareholders’ Equity
- Equity figures exhibited significant volatility, with initial levels at 11,059 million USD in 2005 decreasing sharply to a negative value of -1,294 million USD in 2008. After 2008, equity rebounded to positive territory and peaked at 14,875 million USD in 2013, reflecting improved profitability or capital infusion during those years. However, from 2014 onwards, equity steadily declined once again, turning negative by 2019 at -8,617 million USD and worsening to -3,908 million USD by 2024. The negative equity in recent years highlights potential accumulated losses or substantial liabilities exceeding assets.
- Debt to Equity Ratio
- The debt to equity ratio illustrates considerable volatility, reflecting the changes in both debt and equity. Initially, the ratio stood at 0.97 in 2005, increased sharply to 2.01 in 2006, fell back to 0.91 in 2007, and was not reported in 2008 due to negative equity. Thereafter, the ratio surged dramatically with a peak of 40.85 in 2018, indicating extreme leverage and financial risk during that period. The absence of data beyond 2018 may be due to persistent negative equity, making this ratio less meaningful or undefined in those later years.
Overall, the financial trends denote a period of relatively stable or improving conditions through about 2013, followed by increased borrowing and persistent equity deficiency. The substantial increase in debt coupled with negative equity and soaring debt to equity ratios in the latter years suggest heightened financial risk and leverage, which may warrant close monitoring and strategic financial management to restore balance sheet strength.
Comparison to Competitors
Boeing Co., debt to equity, long-term trends, comparison to competitors
| Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | — | 1.97 | 0.50 | 1.00 | 1.67 | 3.20 | 0.69 |
| Dec 31, 2023 | — | 1.94 | 0.49 | 0.77 | 1.29 | 2.55 | 0.73 |
| Dec 31, 2022 | — | 2.33 | 0.51 | 0.89 | 1.17 | 1.68 | 0.44 |
| Dec 31, 2021 | — | 2.29 | 0.52 | 0.87 | 1.06 | 1.07 | 0.43 |
| Dec 31, 2020 | — | 2.42 | 0.54 | 2.11 | 1.28 | 2.02 | 0.44 |
| Dec 31, 2019 | — | 2.58 | 0.52 | 3.21 | 0.87 | 4.05 | 1.04 |
| Dec 31, 2018 | 40.85 | 2.60 | 0.47 | 3.55 | 0.89 | 9.04 | 1.18 |
| Dec 31, 2017 | 31.32 | 2.55 | 0.45 | 2.09 | 1.04 | — | 0.93 |
| Dec 31, 2016 | 12.18 | 2.80 | 0.56 | 1.80 | 0.81 | 9.45 | 0.87 |
| Dec 31, 2015 | 1.57 | 2.57 | 0.56 | 2.02 | 0.66 | 4.62 | 0.75 |
| Dec 31, 2014 | 1.05 | 2.35 | 0.57 | 2.85 | 0.49 | 1.81 | 0.63 |
| Dec 31, 2013 | 0.65 | 1.81 | 0.57 | 2.93 | 0.51 | 1.25 | 0.64 |
| Dec 31, 2012 | 1.77 | 2.29 | 0.72 | 3.37 | 0.58 | 157.90 | 0.90 |
| Dec 31, 2011 | 3.52 | 2.69 | 0.51 | 3.89 | 0.70 | 6.45 | 0.47 |
| Dec 31, 2010 | 4.49 | 2.63 | 0.47 | 4.02 | 0.62 | 1.35 | 0.48 |
| Dec 31, 2009 | 6.07 | 3.62 | 0.51 | 4.35 | 0.86 | 1.22 | 0.49 |
| Dec 31, 2008 | — | 5.84 | 0.68 | 5.00 | 1.17 | 1.24 | 0.72 |
| Dec 31, 2007 | 0.91 | 3.20 | 0.66 | 4.45 | 0.83 | 0.44 | 0.43 |
| Dec 31, 2006 | 2.01 | 3.98 | 0.63 | 3.85 | 0.52 | 0.64 | 0.46 |
| Dec 31, 2005 | 0.97 | 3.05 | 0.65 | 3.39 | 0.45 | 0.61 | 0.48 |
Based on: 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)
| Boeing Co. | Capital Goods | |
|---|---|---|
| Dec 31, 2024 | — | 1.54 |
| Dec 31, 2023 | — | 1.54 |
| Dec 31, 2022 | — | 1.33 |
| Dec 31, 2021 | — | 1.26 |
| Dec 31, 2020 | — | 1.75 |
| Dec 31, 2019 | — | 2.08 |
| Dec 31, 2018 | 40.85 | 2.03 |
| Dec 31, 2017 | 31.32 | 1.74 |
| Dec 31, 2016 | 12.18 | 1.60 |
| Dec 31, 2015 | 1.57 | 1.64 |
| Dec 31, 2014 | 1.05 | 2.06 |
| Dec 31, 2013 | 0.65 | 2.00 |
| Dec 31, 2012 | 1.77 | 2.56 |
| Dec 31, 2011 | 3.52 | 3.04 |
| Dec 31, 2010 | 4.49 | 3.10 |
| Dec 31, 2009 | 6.07 | 3.46 |
| Dec 31, 2008 | — | 4.19 |
| Dec 31, 2007 | 0.91 | 3.21 |
| Dec 31, 2006 | 2.01 | 3.02 |
| Dec 31, 2005 | 0.97 | 2.53 |
Based on: 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)
| Boeing Co. | Industrials | |
|---|---|---|
| Dec 31, 2024 | — | 1.38 |
| Dec 31, 2023 | — | 1.52 |
| Dec 31, 2022 | — | 1.42 |
| Dec 31, 2021 | — | 1.37 |
| Dec 31, 2020 | — | 1.82 |
| Dec 31, 2019 | — | 1.82 |
| Dec 31, 2018 | 40.85 | 1.85 |
| Dec 31, 2017 | 31.32 | 1.65 |
| Dec 31, 2016 | 12.18 | 1.54 |
| Dec 31, 2015 | 1.57 | 1.51 |
| Dec 31, 2014 | 1.05 | 1.89 |
| Dec 31, 2013 | 0.65 | 1.79 |
| Dec 31, 2012 | 1.77 | 2.29 |
| Dec 31, 2011 | 3.52 | 2.60 |
| Dec 31, 2010 | 4.49 | 2.68 |
| Dec 31, 2009 | 6.07 | 3.01 |
| Dec 31, 2008 | — | 3.54 |
| Dec 31, 2007 | 0.91 | 2.73 |
| Dec 31, 2006 | 2.01 | 2.49 |
| Dec 31, 2005 | 0.97 | 2.42 |
Based on: 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).