Microsoft Excel LibreOffice Calc

Boeing Co. (NYSE:BA)


Adjusted Financial Ratios

Advanced level


Adjusted Financial Ratios (Summary)

Boeing Co., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Activity Ratio
Total Asset Turnover
Reported 0.57 0.86 1.01 1.05 1.02
Adjusted 0.58 0.85 1.00 1.04 1.01
Liquidity Ratio
Current Ratio
Reported 1.05 1.08 1.16 1.25 1.35
Adjusted 1.07 1.09 1.18 1.28 1.40
Solvency Ratios
Debt to Equity
Reported 40.85 31.32 12.18 1.57
Adjusted 5.01 3.82 3.29 1.10
Debt to Capital
Reported 1.46 0.98 0.97 0.92 0.61
Adjusted 1.34 0.83 0.79 0.77 0.52
Financial Leverage
Reported 346.19 260.09 110.16 14.90
Adjusted 38.91 29.25 27.02 9.44
Profitability Ratios
Net Profit Margin
Reported -0.83% 10.34% 8.78% 5.18% 5.39%
Adjusted -3.81% 10.53% 9.25% 3.44% 6.25%
Return on Equity (ROE)
Reported 3,085.55% 2,309.01% 599.14% 81.70%
Adjusted 349.47% 271.38% 96.70% 59.49%
Return on Assets (ROA)
Reported -0.48% 8.91% 8.88% 5.44% 5.48%
Adjusted -2.19% 8.98% 9.28% 3.58% 6.30%

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Boeing Co.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Boeing Co.’s adjusted current ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Boeing Co.’s adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Boeing Co.’s adjusted debt-to-capital ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Boeing Co.’s adjusted financial leverage ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Boeing Co.’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Boeing Co.’s adjusted ROE improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Boeing Co.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.

Boeing Co., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Revenues 76,559  101,127  93,392  94,571  96,114 
Total assets 133,625  117,359  92,333  89,997  94,408 
Activity Ratio
Total asset turnover1 0.57 0.86 1.01 1.05 1.02
Adjusted
Selected Financial Data (US$ in millions)
Revenues 76,559  101,127  93,392  94,571  96,114 
Adjusted total assets2 133,015  118,531  93,093  90,837  95,392 
Activity Ratio
Adjusted total asset turnover3 0.58 0.85 1.00 1.04 1.01

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
Total asset turnover = Revenues ÷ Total assets
= 76,559 ÷ 133,625 = 0.57

2 Adjusted total assets. See details »

3 2019 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 76,559 ÷ 133,015 = 0.58

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Boeing Co.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Current assets 102,229  87,830  65,161  62,488  68,234 
Current liabilities 97,312  81,590  56,269  50,134  50,412 
Liquidity Ratio
Current ratio1 1.05 1.08 1.16 1.25 1.35
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 102,302  87,887  65,223  62,553  68,328 
Adjusted current liabilities3 96,045  80,463  55,058  48,720  48,927 
Liquidity Ratio
Adjusted current ratio4 1.07 1.09 1.18 1.28 1.40

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 102,229 ÷ 97,312 = 1.05

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 102,302 ÷ 96,045 = 1.07

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Boeing Co.’s adjusted current ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt 27,302  13,847  11,117  9,952  9,964 
Shareholders’ equity (8,617) 339  355  817  6,335 
Solvency Ratio
Debt to equity1 40.85 31.32 12.18 1.57
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 28,532  15,246  12,156  11,059  11,119 
Adjusted total equity3 (7,230) 3,046  3,183  3,362  10,103 
Solvency Ratio
Adjusted debt to equity4 5.01 3.82 3.29 1.10

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 27,302 ÷ -8,617 =

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 28,532 ÷ -7,230 =

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Boeing Co.’s adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt 27,302  13,847  11,117  9,952  9,964 
Total capital 18,685  14,186  11,472  10,769  16,299 
Solvency Ratio
Debt to capital1 1.46 0.98 0.97 0.92 0.61
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 28,532  15,246  12,156  11,059  11,119 
Adjusted total capital3 21,302  18,292  15,339  14,421  21,222 
Solvency Ratio
Adjusted debt to capital4 1.34 0.83 0.79 0.77 0.52

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 27,302 ÷ 18,685 = 1.46

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 28,532 ÷ 21,302 = 1.34

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Boeing Co.’s adjusted debt-to-capital ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total assets 133,625  117,359  92,333  89,997  94,408 
Shareholders’ equity (8,617) 339  355  817  6,335 
Solvency Ratio
Financial leverage1 346.19 260.09 110.16 14.90
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 133,015  118,531  93,093  90,837  95,392 
Adjusted total equity3 (7,230) 3,046  3,183  3,362  10,103 
Solvency Ratio
Adjusted financial leverage4 38.91 29.25 27.02 9.44

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 133,625 ÷ -8,617 =

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 133,015 ÷ -7,230 =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Boeing Co.’s adjusted financial leverage ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) related to parent (636) 10,460  8,197  4,895  5,176 
Revenues 76,559  101,127  93,392  94,571  96,114 
Profitability Ratio
Net profit margin1 -0.83% 10.34% 8.78% 5.18% 5.39%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 (2,914) 10,645  8,638  3,251  6,010 
Revenues 76,559  101,127  93,392  94,571  96,114 
Profitability Ratio
Adjusted net profit margin3 -3.81% 10.53% 9.25% 3.44% 6.25%

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
Net profit margin = 100 × Net earnings (loss) related to parent ÷ Revenues
= 100 × -636 ÷ 76,559 = -0.83%

2 Adjusted net earnings (loss). See details »

3 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings (loss) ÷ Revenues
= 100 × -2,914 ÷ 76,559 = -3.81%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Boeing Co.’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) related to parent (636) 10,460  8,197  4,895  5,176 
Shareholders’ equity (8,617) 339  355  817  6,335 
Profitability Ratio
ROE1 3,085.55% 2,309.01% 599.14% 81.70%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 (2,914) 10,645  8,638  3,251  6,010 
Adjusted total equity3 (7,230) 3,046  3,183  3,362  10,103 
Profitability Ratio
Adjusted ROE4 349.47% 271.38% 96.70% 59.49%

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
ROE = 100 × Net earnings (loss) related to parent ÷ Shareholders’ equity
= 100 × -636 ÷ -8,617 =

2 Adjusted net earnings (loss). See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted ROE = 100 × Adjusted net earnings (loss) ÷ Adjusted total equity
= 100 × -2,914 ÷ -7,230 =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Boeing Co.’s adjusted ROE improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) related to parent (636) 10,460  8,197  4,895  5,176 
Total assets 133,625  117,359  92,333  89,997  94,408 
Profitability Ratio
ROA1 -0.48% 8.91% 8.88% 5.44% 5.48%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 (2,914) 10,645  8,638  3,251  6,010 
Adjusted total assets3 133,015  118,531  93,093  90,837  95,392 
Profitability Ratio
Adjusted ROA4 -2.19% 8.98% 9.28% 3.58% 6.30%

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 2019 Calculation
ROA = 100 × Net earnings (loss) related to parent ÷ Total assets
= 100 × -636 ÷ 133,625 = -0.48%

2 Adjusted net earnings (loss). See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted ROA = 100 × Adjusted net earnings (loss) ÷ Adjusted total assets
= 100 × -2,914 ÷ 133,015 = -2.19%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Boeing Co.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.