Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Analysis of Solvency Ratios
Quarterly Data

Beginner level

Solvency Ratios (Summary)

Boeing Co., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Debt Ratios
Debt to equity 117.95 40.85 10.19 31.32 9.92 113.67 12.18 5.01 18.83 2.46 1.57 1.34 1.44 1.14
Debt to capital 1.24 1.23 1.33 1.46 1.20 1.38 0.99 0.98 1.12 1.13 0.91 0.97 0.91 1.23 0.99 0.92 0.83 0.95 0.71 0.61 0.57 0.59 0.53
Debt to assets 0.38 0.38 0.27 0.20 0.19 0.15 0.12 0.12 0.10 0.11 0.11 0.12 0.12 0.12 0.12 0.11 0.12 0.12 0.11 0.11 0.09 0.09 0.09
Financial leverage 961.67 346.19 92.92 260.09 83.80 943.93 110.16 42.58 153.18 22.64 14.90 14.69 15.66 12.37
Coverage Ratios
Interest coverage -3.83 -3.86 -6.13 -2.19 7.42 10.37 23.33 25.39 26.65 29.22 30.13 28.90 27.52 26.68 19.08 19.19 16.26 18.00 25.21 27.01

Based on: 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-01-31), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Boeing Co.’s debt to capital ratio improved from Q1 2020 to Q2 2020 but then slightly deteriorated from Q2 2020 to Q3 2020.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Boeing Co.’s debt to assets ratio deteriorated from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Boeing Co.’s interest coverage ratio improved from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Debt to Equity

Boeing Co., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt and current portion of long-term debt 3,634  2,922  5,173  7,340  4,354  4,357  3,381  3,190  1,389  1,611  1,981  1,335  988  720  367  384  632  1,168  1,243  1,234  614  112  133 
Long-term debt, excluding current portion 57,325  58,457  33,754  19,962  20,298  14,859  11,363  10,657  10,487  10,507  10,471  9,782  9,780  10,055  10,432  9,568  9,824  9,847  8,721  8,730  8,402  8,904  8,905 
Total debt 60,959  61,379  38,927  27,302  24,652  19,216  14,744  13,847  11,876  12,118  12,452  11,117  10,768  10,775  10,799  9,952  10,456  11,015  9,964  9,964  9,016  9,016  9,038 
 
Shareholders’ equity (11,821) (11,667) (9,665) (8,617) (4,116) (5,322) 125  339  (1,289) (1,441) 1,222  355  1,086  (2,037) 95  817  2,089  585  4,043  6,335  6,740  6,264  7,906 
Solvency Ratio
Debt to equity1 117.95 40.85 10.19 31.32 9.92 113.67 12.18 5.01 18.83 2.46 1.57 1.34 1.44 1.14
Benchmarks
Debt to Equity, Competitors2
Lockheed Martin Corp. 2.56 3.38 3.68 4.05 3.48 4.75 5.65 10.12 15.62 34.20 6.80 11.29 9.63 9.45 6.16 4.94 4.81 4.93 2.99 2.82 2.39
Northrop Grumman Corp. 1.53 1.65 1.78 1.57 1.43 1.56 1.65 1.76 1.58 1.84 1.99 2.17 1.09 1.20 1.27 1.34 1.11 1.12 1.14 1.18 1.15 1.06 0.97
Raytheon Technologies Corp. 0.48 0.49 1.18 1.04 1.10 1.11 1.14 1.18 1.24 0.90 0.90 0.93 0.91 0.94 0.89 0.87 0.78 0.77 0.81 0.75 0.74 0.74 0.77

Based on: 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-01-31), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Q3 2020 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 60,959 ÷ -11,821 =

2 Click competitor name to see calculations.


Debt to Capital

Boeing Co., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt and current portion of long-term debt 3,634  2,922  5,173  7,340  4,354  4,357  3,381  3,190  1,389  1,611  1,981  1,335  988  720  367  384  632  1,168  1,243  1,234  614  112  133 
Long-term debt, excluding current portion 57,325  58,457  33,754  19,962  20,298  14,859  11,363  10,657  10,487  10,507  10,471  9,782  9,780  10,055  10,432  9,568  9,824  9,847  8,721  8,730  8,402  8,904  8,905 
Total debt 60,959  61,379  38,927  27,302  24,652  19,216  14,744  13,847  11,876  12,118  12,452  11,117  10,768  10,775  10,799  9,952  10,456  11,015  9,964  9,964  9,016  9,016  9,038 
Shareholders’ equity (11,821) (11,667) (9,665) (8,617) (4,116) (5,322) 125  339  (1,289) (1,441) 1,222  355  1,086  (2,037) 95  817  2,089  585  4,043  6,335  6,740  6,264  7,906 
Total capital 49,138  49,712  29,262  18,685  20,536  13,894  14,869  14,186  10,587  10,677  13,674  11,472  11,854  8,738  10,894  10,769  12,545  11,600  14,007  16,299  15,756  15,280  16,944 
Solvency Ratio
Debt to capital1 1.24 1.23 1.33 1.46 1.20 1.38 0.99 0.98 1.12 1.13 0.91 0.97 0.91 1.23 0.99 0.92 0.83 0.95 0.71 0.61 0.57 0.59 0.53
Benchmarks
Debt to Capital, Competitors2
Lockheed Martin Corp. 0.72 0.77 0.79 0.80 0.78 0.83 0.85 0.91 0.94 0.97 1.01 1.05 0.87 0.92 0.91 0.90 0.86 0.83 0.83 0.83 0.75 0.74 0.70
Northrop Grumman Corp. 0.61 0.62 0.64 0.61 0.59 0.61 0.62 0.64 0.61 0.65 0.67 0.68 0.52 0.54 0.56 0.57 0.53 0.53 0.53 0.54 0.53 0.51 0.49
Raytheon Technologies Corp. 0.32 0.33 0.54 0.51 0.52 0.53 0.53 0.54 0.55 0.47 0.47 0.48 0.48 0.48 0.47 0.46 0.44 0.44 0.45 0.43 0.43 0.42 0.43

Based on: 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-01-31), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Q3 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 60,959 ÷ 49,138 = 1.24

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Boeing Co.’s debt to capital ratio improved from Q1 2020 to Q2 2020 but then slightly deteriorated from Q2 2020 to Q3 2020.

Debt to Assets

Boeing Co., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Short-term debt and current portion of long-term debt 3,634  2,922  5,173  7,340  4,354  4,357  3,381  3,190  1,389  1,611  1,981  1,335  988  720  367  384  632  1,168  1,243  1,234  614  112  133 
Long-term debt, excluding current portion 57,325  58,457  33,754  19,962  20,298  14,859  11,363  10,657  10,487  10,507  10,471  9,782  9,780  10,055  10,432  9,568  9,824  9,847  8,721  8,730  8,402  8,904  8,905 
Total debt 60,959  61,379  38,927  27,302  24,652  19,216  14,744  13,847  11,876  12,118  12,452  11,117  10,768  10,775  10,799  9,952  10,456  11,015  9,964  9,964  9,016  9,016  9,038 
 
Total assets 161,261  162,872  143,075  133,625  132,598  126,261  120,209  117,359  114,659  113,195  113,549  92,333  91,007  90,036  89,673  89,997  88,950  89,609  91,547  94,408  98,998  98,102  97,775 
Solvency Ratio
Debt to assets1 0.38 0.38 0.27 0.20 0.19 0.15 0.12 0.12 0.10 0.11 0.11 0.12 0.12 0.12 0.12 0.11 0.12 0.12 0.11 0.11 0.09 0.09 0.09
Benchmarks
Debt to Assets, Competitors2
Lockheed Martin Corp. 0.25 0.26 0.26 0.27 0.28 0.28 0.29 0.31 0.32 0.32 0.30 0.31 0.29 0.29 0.29 0.30 0.29 0.29 0.30 0.31 0.21 0.21 0.21
Northrop Grumman Corp. 0.36 0.37 0.37 0.34 0.34 0.36 0.36 0.38 0.38 0.40 0.44 0.44 0.27 0.27 0.28 0.28 0.27 0.27 0.27 0.27 0.27 0.27 0.26
Raytheon Technologies Corp. 0.20 0.20 0.33 0.31 0.32 0.33 0.33 0.34 0.35 0.28 0.28 0.28 0.28 0.28 0.27 0.27 0.25 0.25 0.26 0.23 0.25 0.24 0.24

Based on: 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-01-31), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Q3 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 60,959 ÷ 161,261 = 0.38

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Boeing Co.’s debt to assets ratio deteriorated from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Financial Leverage

Boeing Co., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Total assets 161,261  162,872  143,075  133,625  132,598  126,261  120,209  117,359  114,659  113,195  113,549  92,333  91,007  90,036  89,673  89,997  88,950  89,609  91,547  94,408  98,998  98,102  97,775 
Shareholders’ equity (11,821) (11,667) (9,665) (8,617) (4,116) (5,322) 125  339  (1,289) (1,441) 1,222  355  1,086  (2,037) 95  817  2,089  585  4,043  6,335  6,740  6,264  7,906 
Solvency Ratio
Financial leverage1 961.67 346.19 92.92 260.09 83.80 943.93 110.16 42.58 153.18 22.64 14.90 14.69 15.66 12.37
Benchmarks
Financial Leverage, Competitors2
Lockheed Martin Corp. 10.25 13.22 14.29 15.20 12.66 16.79 19.34 32.19 48.24 108.47 23.33 38.51 32.93 31.64 20.98 16.82 15.79 15.86 14.08 13.36 11.29
Northrop Grumman Corp. 4.28 4.48 4.77 4.66 4.17 4.30 4.55 4.60 4.17 4.54 4.53 4.95 4.08 4.36 4.57 4.87 4.18 4.24 4.26 4.43 4.21 3.98 3.74
Raytheon Technologies Corp. 2.37 2.40 3.54 3.34 3.44 3.41 3.46 3.49 3.58 3.24 3.24 3.27 3.22 3.33 3.28 3.25 3.09 3.08 3.12 3.20 3.02 3.05 3.19

Based on: 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-01-31), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Q3 2020 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 161,261 ÷ -11,821 =

2 Click competitor name to see calculations.


Interest Coverage

Boeing Co., interest coverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to Boeing Shareholders (449) (2,376) (628) (1,010) 1,167  (2,942) 2,149  3,424  2,363  2,196  2,477  3,132  1,853  1,761  1,451  1,631  2,279  (234) 1,219  1,026  1,704  1,110  1,336 
Add: Net income attributable to noncontrolling interest (17) (19) (13) (19) (15) (7) —  (9) (2) (9) (1) (1) —  (1) —  —  (1) (1) (1) (1) —  (1)
Add: Income tax expense (459) (1,028) (862) (1,332) 10  (485) 184  622  (230) 390  362  (160) 794  708  508  472  (76) (245) 522  73  783  513  610 
Add: Interest and debt expense 643  553  262  242  203  154  123  158  106  109  102  93  87  93  87  79  81  73  73  72  67  75  61 
Earnings before interest and tax (EBIT) (282) (2,870) (1,241) (2,119) 1,365  (3,280) 2,456  4,195  2,237  2,686  2,940  3,064  2,734  2,561  2,046  2,182  2,283  (407) 1,815  1,170  2,553  1,698  2,006 
Solvency Ratio
Interest coverage1 -3.83 -3.86 -6.13 -2.19 7.42 10.37 23.33 25.39 26.65 29.22 30.13 28.90 27.52 26.68 19.08 19.19 16.26 18.00 25.21 27.01
Benchmarks
Interest Coverage, Competitors2
Lockheed Martin Corp. 14.16 13.35 12.63 12.09 11.33 10.80 10.39 9.74 10.01 9.74 9.65 9.09 8.46 8.72 8.48 8.37 8.56 9.02 10.23 12.34
Northrop Grumman Corp. 6.07 6.15 5.98 5.83 7.52 7.96 7.78 7.66 8.24 7.94 8.65 9.47 11.34 11.25 11.07 10.71 10.35 10.19 10.18 10.27

Based on: 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-01-31), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-12), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-K (filing date: 2016-02-10), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-22).

1 Q3 2020 Calculation
Interest coverage = (EBITQ3 2020 + EBITQ2 2020 + EBITQ1 2020 + EBITQ4 2019) ÷ (Interest expenseQ3 2020 + Interest expenseQ2 2020 + Interest expenseQ1 2020 + Interest expenseQ4 2019)
= (-282 + -2,870 + -1,241 + -2,119) ÷ (643 + 553 + 262 + 242) = -3.83

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Boeing Co.’s interest coverage ratio improved from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.