Price to Book Value (P/BV)
since 2005
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Boeing Co. pages available for free this week:
- 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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Calculation
Boeing Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2025 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2024 | = | ÷ | = | ÷ | |||||||
| Jan 27, 2023 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 1, 2021 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Boeing Co. Annual Report.
The price-to-book value (P/BV) ratio exhibits significant fluctuations over the observed period. Initially, the ratio demonstrates an increasing trend from 2006 to 2007, followed by a decline in 2008. A period of volatility follows, with a substantial increase in 2010 and 2011 before decreasing again in 2012 and 2013. The ratio then experiences a dramatic surge in 2017 and 2018, peaking at exceptionally high levels, before declining sharply in subsequent years. Recent years show continued volatility, with negative book values per share impacting the ratio’s calculation and interpretation.
- Initial Period (2006-2008)
- From 2006 to 2007, the P/BV ratio increased from 5.26 to 15.15, indicating growing investor confidence relative to the company’s net asset value. However, this was followed by a decrease to 7.24 in 2008, potentially reflecting early concerns related to broader economic conditions.
- Volatility and Recovery (2009-2013)
- The period from 2009 to 2013 is characterized by instability. The P/BV ratio shows a large increase in 2010 and 2011, reaching 20.59 and 19.33 respectively. This is followed by a decline to 9.78 in 2012 and a further decrease to 6.50 in 2013, suggesting fluctuating investor sentiment and potentially changing perceptions of the company’s asset value.
- Dramatic Increase and Subsequent Decline (2014-2018)
- The P/BV ratio experienced an extraordinary increase between 2014 and 2018, rising from 12.04 to an exceptionally high 569.92. This surge is largely attributable to a combination of increasing share price and a decrease in book value per share. The ratio then declined significantly to 674.83 in 2019.
- Recent Years (2020-2026)
- From 2020 onwards, the P/BV ratio demonstrates considerable volatility and is often difficult to interpret due to negative book values per share. The book value per share became negative, resulting in undefined or unreliable P/BV ratios for 2020 and 2021. While the book value per share becomes positive again in 2025, the P/BV ratio remains relatively moderate at 33.65.
The substantial fluctuations in the P/BV ratio suggest that investor perception of the company’s value relative to its book value has been highly dynamic over the period. The recent negative book values per share raise concerns about the company’s financial health and the reliability of this ratio as a valuation metric.
Comparison to Competitors
Boeing Co., P/BV, long-term trends, comparison to competitors
| Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | |||||||
| Feb 3, 2025 | |||||||
| Jan 31, 2024 | |||||||
| Jan 27, 2023 | |||||||
| Jan 31, 2022 | |||||||
| Feb 1, 2021 | |||||||
| Jan 31, 2020 | |||||||
| Feb 8, 2019 | |||||||
| Feb 12, 2018 | |||||||
| Feb 8, 2017 | |||||||
| Feb 10, 2016 | |||||||
| Feb 12, 2015 | |||||||
| Feb 14, 2014 | |||||||
| Feb 11, 2013 | |||||||
| Feb 9, 2012 | |||||||
| Feb 9, 2011 | |||||||
| Feb 8, 2010 | |||||||
| Feb 9, 2009 | |||||||
| Feb 15, 2008 | |||||||
| Feb 16, 2007 | |||||||
| Feb 28, 2006 |
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., P/BV, long-term trends, comparison to sector (capital goods)
| Boeing Co. | Capital Goods | |
|---|---|---|
| Jan 30, 2026 | ||
| Feb 3, 2025 | ||
| Jan 31, 2024 | ||
| Jan 27, 2023 | ||
| Jan 31, 2022 | ||
| Feb 1, 2021 | ||
| Jan 31, 2020 | ||
| Feb 8, 2019 | ||
| Feb 12, 2018 | ||
| Feb 8, 2017 | ||
| Feb 10, 2016 | ||
| Feb 12, 2015 | ||
| Feb 14, 2014 | ||
| Feb 11, 2013 | ||
| Feb 9, 2012 | ||
| Feb 9, 2011 | ||
| Feb 8, 2010 | ||
| Feb 9, 2009 | ||
| Feb 15, 2008 | ||
| Feb 16, 2007 | ||
| Feb 28, 2006 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Boeing Co. | Industrials | |
|---|---|---|
| Jan 30, 2026 | ||
| Feb 3, 2025 | ||
| Jan 31, 2024 | ||
| Jan 27, 2023 | ||
| Jan 31, 2022 | ||
| Feb 1, 2021 | ||
| Jan 31, 2020 | ||
| Feb 8, 2019 | ||
| Feb 12, 2018 | ||
| Feb 8, 2017 | ||
| Feb 10, 2016 | ||
| Feb 12, 2015 | ||
| Feb 14, 2014 | ||
| Feb 11, 2013 | ||
| Feb 9, 2012 | ||
| Feb 9, 2011 | ||
| Feb 8, 2010 | ||
| Feb 9, 2009 | ||
| Feb 15, 2008 | ||
| Feb 16, 2007 | ||
| Feb 28, 2006 |
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).