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)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

Boeing Co., long-term (investment) activity ratios

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net fixed asset turnover	6.12	8.00	7.37	7.38	7.96
Net fixed asset turnover (including operating lease, right-of-use asset)	5.59	8.00	7.37	7.38	7.96
Total asset turnover	0.57	0.86	1.01	1.05	1.02
Equity turnover	—	298.31	263.08	115.75	15.17

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).

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.’s net fixed asset turnover ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
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.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Boeing Co.’s total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Boeing Co., net fixed asset turnover calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Revenues	76,559	101,127	93,392	94,571	96,114
Property, plant and equipment, net	12,502	12,645	12,672	12,807	12,076
Long-term Activity Ratio
Net fixed asset turnover¹	6.12	8.00	7.37	7.38	7.96
Benchmarks
Net Fixed Asset Turnover, Competitors²
Lockheed Martin Corp.	9.07	8.78	8.84	8.51	8.40
Northrop Grumman Corp.	4.90	4.72	6.11	6.83	7.68
Raytheon Technologies Corp.	6.04	5.41	5.87	6.25	6.42
Net Fixed Asset Turnover, Sector
Aerospace & Defense	6.38	6.72	7.00	7.19	7.56
Net Fixed Asset Turnover, Industry
Industrials	2.44	2.56	2.45	2.41	2.44

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
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= 76,559 ÷ 12,502 = 6.12

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.’s net fixed asset turnover ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Boeing Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Revenues	76,559	101,127	93,392	94,571	96,114

Property, plant and equipment, net	12,502	12,645	12,672	12,807	12,076
Operating lease right-of-use assets	1,182	—	—	—	—
Property, plant and equipment, net (including operating lease, right-of-use asset)	13,684	12,645	12,672	12,807	12,076
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)¹	5.59	8.00	7.37	7.38	7.96
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors²
Lockheed Martin Corp.	7.88	8.78	8.84	8.51	8.40
Northrop Grumman Corp.	4.02	4.72	6.11	6.83	7.68
Raytheon Technologies Corp.	5.02	5.41	5.87	6.25	6.42
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Aerospace & Defense	5.49	6.72	7.00	7.19	7.56
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials	2.29	2.56	2.45	2.41	2.44

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
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 76,559 ÷ 13,684 = 5.59

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.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Boeing Co., total asset turnover calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
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
Long-term Activity Ratio
Total asset turnover¹	0.57	0.86	1.01	1.05	1.02
Benchmarks
Total Asset Turnover, Competitors²
Lockheed Martin Corp.	1.26	1.20	1.10	0.99	0.94
Northrop Grumman Corp.	0.82	0.80	0.74	0.96	0.96
Raytheon Technologies Corp.	0.55	0.50	0.62	0.64	0.64
Total Asset Turnover, Sector
Aerospace & Defense	0.68	0.75	0.85	0.88	0.87
Total Asset Turnover, Industry
Industrials	0.63	0.67	0.62	0.62	0.56

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 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.’s total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Boeing Co., equity turnover calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Revenues	76,559	101,127	93,392	94,571	96,114
Shareholders’ equity	(8,617)	339	355	817	6,335
Long-term Activity Ratio
Equity turnover¹	—	298.31	263.08	115.75	15.17
Benchmarks
Equity Turnover, Competitors²
Lockheed Martin Corp.	19.13	38.57	—	31.27	14.90
Northrop Grumman Corp.	3.84	3.68	3.66	4.66	4.26
Raytheon Technologies Corp.	1.84	1.73	2.02	2.08	2.05
Equity Turnover, Sector
Aerospace & Defense	5.48	5.20	6.33	6.36	5.24
Equity Turnover, Industry
Industrials	3.45	3.55	2.96	2.87	2.49

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
Equity turnover = Revenues ÷ Shareholders’ equity
= 76,559 ÷ -8,617 = —

² Click competitor name to see calculations.

Boeing Co. (NYSE:BA)

Analysis of Long-term (Investment) Activity Ratios

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover