Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Boeing Co., long-term (investment) activity ratios
Based on: 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Boeing Co. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Boeing Co. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Boeing Co. total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Net Fixed Asset Turnover
Boeing Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 62,286 | 58,158 | 76,559 | 101,127 | 93,392 | |
| Property, plant and equipment, net | 10,918 | 11,820 | 12,502 | 12,645 | 12,672 | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 5.70 | 4.92 | 6.12 | 8.00 | 7.37 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| 3M Co. | 3.75 | 3.42 | 3.44 | 3.75 | 3.57 | |
| Caterpillar Inc. | 3.99 | 3.15 | 3.93 | 3.82 | 3.01 | |
| General Electric Co. | 5.47 | 1.75 | 2.02 | 2.24 | 2.10 | |
| Honeywell International Inc. | 6.18 | 5.86 | 6.89 | 7.89 | 6.84 | |
| Lockheed Martin Corp. | 8.83 | 9.07 | 9.07 | 8.78 | 8.84 | |
| Raytheon Technologies Corp. | 4.30 | 3.78 | 6.04 | 5.41 | 5.87 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Capital Goods | 5.20 | 3.46 | 4.09 | 4.22 | 3.88 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | 1.97 | 1.59 | 1.97 | 2.09 | 2.01 | |
Based on: 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).
1 2021 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= 62,286 ÷ 10,918 = 5.70
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Boeing Co. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Boeing Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 62,286 | 58,158 | 76,559 | 101,127 | 93,392 | |
| Property, plant and equipment, net | 10,918 | 11,820 | 12,502 | 12,645 | 12,672 | |
| Operating lease right-of-use assets | 1,437 | 1,252 | 1,182 | — | — | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 12,355 | 13,072 | 13,684 | 12,645 | 12,672 | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 5.04 | 4.45 | 5.59 | 8.00 | 7.37 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| 3M Co. | 3.44 | 3.13 | 3.15 | 3.75 | 3.57 | |
| Caterpillar Inc. | 3.79 | 3.00 | 3.75 | 3.82 | 3.01 | |
| General Electric Co. | 4.55 | 1.63 | 1.89 | 2.24 | 2.10 | |
| Honeywell International Inc. | 5.28 | 5.15 | 6.12 | 7.89 | 6.84 | |
| Lockheed Martin Corp. | 7.54 | 7.96 | 7.88 | 8.78 | 8.84 | |
| Raytheon Technologies Corp. | 3.80 | 3.36 | 5.02 | 5.41 | 5.87 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Capital Goods | 4.59 | 3.18 | 3.74 | 4.22 | 3.88 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | 1.72 | 1.42 | 1.81 | 2.01 | 2.01 | |
Based on: 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).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 62,286 ÷ 12,355 = 5.04
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Boeing Co. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Total Asset Turnover
Boeing Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 62,286 | 58,158 | 76,559 | 101,127 | 93,392 | |
| Total assets | 138,552 | 152,136 | 133,625 | 117,359 | 92,333 | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.45 | 0.38 | 0.57 | 0.86 | 1.01 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| 3M Co. | 0.75 | 0.68 | 0.72 | 0.90 | 0.83 | |
| Caterpillar Inc. | 0.58 | 0.50 | 0.65 | 0.66 | 0.55 | |
| General Electric Co. | 0.36 | 0.29 | 0.33 | 0.37 | 0.30 | |
| Honeywell International Inc. | 0.53 | 0.51 | 0.63 | 0.72 | 0.68 | |
| Lockheed Martin Corp. | 1.32 | 1.29 | 1.26 | 1.20 | 1.10 | |
| Raytheon Technologies Corp. | 0.40 | 0.35 | 0.55 | 0.50 | 0.62 | |
| Total Asset Turnover, Sector | ||||||
| Capital Goods | 0.51 | 0.44 | 0.55 | 0.59 | 0.55 | |
| Total Asset Turnover, Industry | ||||||
| Industrials | 0.56 | 0.47 | 0.62 | 0.66 | 0.62 | |
Based on: 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).
1 2021 Calculation
Total asset turnover = Revenues ÷ Total assets
= 62,286 ÷ 138,552 = 0.45
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Boeing Co. total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Equity Turnover
Boeing Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 62,286 | 58,158 | 76,559 | 101,127 | 93,392 | |
| Shareholders’ equity (deficit) | (14,999) | (18,316) | (8,617) | 339 | 355 | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | — | — | — | 298.31 | 263.08 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| 3M Co. | 2.35 | 2.50 | 3.19 | 3.34 | 2.74 | |
| Caterpillar Inc. | 2.92 | 2.55 | 3.48 | 3.69 | 3.12 | |
| General Electric Co. | 1.76 | 2.05 | 3.09 | 3.66 | 1.76 | |
| Honeywell International Inc. | 1.85 | 1.86 | 1.98 | 2.30 | 2.35 | |
| Lockheed Martin Corp. | 6.12 | 10.87 | 19.13 | 38.57 | — | |
| Raytheon Technologies Corp. | 0.88 | 0.78 | 1.84 | 1.73 | 2.02 | |
| Equity Turnover, Sector | ||||||
| Capital Goods | 2.40 | 2.53 | 3.90 | 4.08 | 3.18 | |
| Equity Turnover, Industry | ||||||
| Industrials | 2.88 | 2.92 | 3.71 | 3.74 | 3.07 | |
Based on: 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).
1 2021 Calculation
Equity turnover = Revenues ÷ Shareholders’ equity (deficit)
= 62,286 ÷ -14,999 = —
2 Click competitor name to see calculations.