Boeing Co. (NYSE:BA)

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrates an overall upward trajectory from the beginning of the observed period to late 2023, starting at 4.85 and peaking at 7.3 by December 2023. This indicates an improved efficiency in using fixed assets to generate revenue over this timeframe. Following the peak, a noticeable decline ensues through 2024, dropping to 5.83 by December 2024, suggesting a reduction in asset utilization efficiency. However, the ratio recovers gradually in early 2025, reaching 6.69 by September 2025. The fluctuations observed indicate cyclical changes in operational efficiency related to fixed assets within the company.

Total Asset Turnover

The total asset turnover ratio exhibits a steady increase from 0.38 in March 2021 to 0.57 at the end of 2023, reflecting an enhanced capacity to generate sales from total assets over time. A minor decrease is noted during 2024, with the ratio falling to approximately 0.43 by December 2024, suggesting some temporary inefficiency or asset base expansion without proportional sales growth. This metric shows signs of recovery in 2025, ending at 0.54 in September 2025. The general trend implies improved effectiveness in asset utilization, albeit with some periods of softness.

Equity Turnover

No data is available for equity turnover across the periods presented. This absence precludes any analysis or insights related to this ratio.

Revenue Trends

The revenue figures exhibit noticeable fluctuations across the analyzed quarters. Starting at approximately $15,217 million in March 2021, there was an upward trend peaking at $16,998 million in June 2021, followed by a dip in the subsequent quarter. Revenues maintained a generally upward trajectory through late 2022, reaching a high of $22,018 million in December 2022. However, 2023 saw periodic volatility with substantial increases and decreases, ending with a revenue of $22,018 million. The first quarters of 2024 and 2025 show varied performance, with revenues decreasing to $16,569 million in March 2024 but rising again to $23,270 million by September 2025, indicating a recovery and growth phase towards the end of the period.

Property, Plant, and Equipment (Net)

The net value of property, plant, and equipment shows a gradual but consistent decline from $11,643 million in March 2021 down to $10,493 million by March 2023. This downward trend reverses thereafter, with incremental increases observed from June 2023 onwards, reaching $12,078 million by September 2025. This suggests a period of asset divestment or depreciation initially, followed by reinvestment or capital expenditure leading to asset base growth in later periods.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, calculated as revenues divided by net fixed assets, shows a general upward trend in the earlier periods. Starting from 4.85 in March 2021, it steadily rises to a peak of 7.30 by December 2023, indicating improved efficiency in the use of fixed assets to generate revenues. This suggests enhanced operational productivity or more effective asset utilization during this period. Post-December 2023, the ratio experiences a decline, falling to 5.83 by December 2024, then recovering moderately to 6.69 by September 2025. This fluctuation could reflect varying degrees of asset utilization efficiency linked to the changes in asset base and revenue volatility observed in the same periods.

Summary of Insights

The analyzed financial data illustrate dynamic interactions between revenue generation and fixed asset management. Revenue shows cyclicality with phases of growth and contraction, possibly influenced by market or operational factors. The net fixed assets initially decrease, which may indicate depreciation outpacing new investment, followed by a renewal phase as asset values rise later. The asset turnover ratio supports these observations by reflecting efficiency gains until late 2023, then a period of relative inefficiency or asset expansion that temporarily outpaces revenue growth, before a moderate recovery in asset utilization. Overall, the financial patterns suggest active management of fixed assets aligned with fluctuating revenues, implying strategic adjustments in capacity or operational focus over time.

Revenue Trends

Revenues exhibited notable fluctuations over the examined periods. Starting at 15,217 million USD in the first quarter of 2021, revenues rose to a peak of 19,980 million USD by the fourth quarter of 2022. This upward trajectory continued into 2023, with revenues alternating between approximately 18,000 and 22,000 million USD per quarter. However, from the first quarter of 2024 through mid-2025, revenues showed moderate volatility, ranging from roughly 15,200 million USD to a high of 23,270 million USD in the third quarter of 2025, indicating periods of both contraction and expansion. Overall, the data suggest a recovery and growth trend post-2021 with intermittent dips.

Total Assets Movement

Total assets demonstrated a declining trend from 150,035 million USD in the first quarter of 2021 to a low around 134,281 million USD at the third quarter of 2023. This contraction suggests asset reduction or divestment during this period. Subsequently, from late 2023 through mid-2025, total assets increased again, peaking around 156,494 million USD mid-2025, before retreating slightly to 150,023 million USD at the third quarter of 2025. This pattern reflects an initial consolidation followed by asset growth and slight stabilization.

Total Asset Turnover Analysis

The total asset turnover ratio started at 0.38 in early 2021 and consistently improved through to the end of 2023, peaking at approximately 0.57, indicating enhanced efficiency in generating revenue from assets. The ratio plateaued for a short duration around late 2023 to early 2024, followed by a decline to approximately 0.43 by the first quarter of 2025. Subsequently, the ratio improved again to reach 0.54 towards the third quarter of 2025. This fluctuation reflects phases of varying operational efficiency, with periods of resource optimization and occasional decline.

Overall Insights

The interplay between revenues, total assets, and asset turnover suggests a dynamic business environment. Revenue growth, particularly after 2021, combined with a generally increasing asset turnover ratio until late 2023, indicates improved asset utilization and business expansion. However, the subsequent dips in both revenues and asset turnover in early 2025 raise considerations about operational challenges or market fluctuations impacting efficiency. The asset base contraction followed by growth highlights strategic actions in asset management, potentially aligning with changing business priorities or investment cycles.

The financial data exhibits fluctuations in revenues over the observed periods. Revenues initially increased from $15,217 million in the first quarter of 2021 to $16,998 million by mid-2021, before experiencing slight variations and a decline at the beginning of 2022. A notable increase occurred in the fourth quarter of 2022, reaching $19,980 million, followed by continued growth into 2023 with revenues peaking at $22,018 million in the last quarter of 2023. In 2024 and early 2025, revenues show some variability but generally maintain a higher level compared to the earlier quarters of the period.

Regarding the shareholders’ deficit, the figures reflect a consistently negative equity position throughout the timeline. The deficit narrowed from -$18,058 million at the start of 2021 to approximately -$14,440 million by the third quarter of 2021, indicating some improvement. However, this improvement was not sustained consistently; the deficit increased again in subsequent quarters, fluctuating notably. A significant reduction in the deficit occurred in the last quarter of 2024, where the figure dropped sharply to -$3,908 million, but this was followed by a slight increase again in 2025. These movements suggest periods of both financial improvement and considerable challenges regarding equity stability.

The missing data for equity turnover ratio precludes analysis of operational efficiency related to the use of shareholders’ equity. However, the trends in revenues and shareholders’ deficit suggest a complex financial environment with mixed signals of growth and financial restructuring or equity impacts.

Revenues

Showed cyclical fluctuations with an overall upward trend post-2021, reaching peak values towards the end of 2023 and maintaining relatively high levels through 2024 and early 2025.

Shareholders’ Deficit

Consistently negative, with an initial trend of reduction followed by increased volatility. A notable and temporary improvement occurred in late 2024, indicating possible financial restructuring or other equity affecting events.

Equity Turnover Ratio

Not available; no assessment of operational efficiency relative to shareholders’ equity could be conducted.