Price to Book Value (P/BV)
since 2005
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Boeing Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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.
- Share Price Trend
- The share price experienced significant fluctuations over the observed periods. Initially, it rose from $72.69 in 2006 to a peak exceeding $404 by early 2019. This represents a substantial increase in market valuation over approximately 13 years. However, starting in 2020, there was a sharp decline in share price, dropping to around $195 by 2021, with modest recovery to approximately $211 in 2022 and 2023, followed by another decline to about $176 in early 2025. This pattern suggests heightened market volatility and potential external or internal challenges impacting investor confidence from 2020 onwards.
- Book Value Per Share (BVPS) Pattern
- The BVPS showed considerable instability throughout the timeline. Early values varied, with positive figures around $13.82 in 2006, declining to negative values intermittently, including a pronounced negative dip to -$15.3 by 2020 and even more negative values such as -$31.42 in 2021. Although there were recoveries to positive BVPS levels in the initial years, the trend from 2018 onward clearly indicates a consistent negative book value. This decline in net asset value per share signals potential financial distress or substantial asset impairments in recent years.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio demonstrated extreme volatility, especially in later periods. Early ratios ranged from approximately 5.26 in 2006 to as high as 20.59 in 2010. From 2017 onwards, P/BV ratios soared to exceptionally high levels, with values exceeding 100 in 2017 and escalating dramatically to values over 600 in 2018 and 2019. Such inflated ratios indicate that market prices vastly exceeded the book values, largely due to the denominator (BVPS) turning negative or near zero, thus magnifying the ratio. The absence of P/BV values in recent years likely reflects the negative book value making the ratio non-meaningful or undefined.
- Summary and Insights
- The combined data points reveal a company that experienced significant market appreciation and investor enthusiasm through the mid-2010s, driven by rising share prices. However, this positive market sentiment was not matched by fundamentals, as evidenced by volatile and ultimately negative book values per share, indicating underlying financial weakness. The exceedingly high P/BV ratios in the latter years suggest that market valuations were detached from the company's net asset base, possibly reflecting speculative behavior or expectations of recovery that were not supported by accounting measures. The negative book values in recent years and the drop in share price since 2019 may indicate operational or financial challenges impacting company valuation and investor confidence.
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. | |
|---|---|---|---|---|---|---|---|
| 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: 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 | |
|---|---|---|
| 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: 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 | |
|---|---|---|
| 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: 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).