Boeing Co. (NYSE:BA)

The long-term investment activity ratios demonstrate varying performance over the observed period. Generally, asset utilization, as measured by turnover ratios, exhibited an increasing trend through much of the period, followed by a more recent deceleration or decline. The availability of equity turnover data is limited, with a single observation at the end of the period.

Net Fixed Asset Turnover

The net fixed asset turnover ratio generally increased from 5.68 in the first quarter of 2022 to a peak of 7.30 in the fourth quarter of 2022. This indicates improving efficiency in generating revenue from fixed assets. However, the ratio subsequently decreased to 5.82 in the fourth quarter of 2025, suggesting a potential slowdown in the efficient use of these assets. Fluctuations were observed in the interim, with a slight dip to 7.15 in the first quarter of 2024 before a further decline.

Total Asset Turnover

The total asset turnover ratio showed a consistent upward trend from 0.45 in the first three quarters of 2022 to 0.57 in the fourth quarter of 2023. This suggests increasing efficiency in utilizing all assets to generate revenue. A subsequent decline is evident, falling to 0.43 in the fourth quarter of 2024 and remaining at 0.53 in the fourth quarter of 2025. This reversal indicates a potential decrease in overall asset utilization efficiency.

Equity Turnover

Equity turnover data is only available for the fourth quarter of 2025, reporting a value of 16.40. This indicates the amount of revenue generated for each dollar of equity. Without historical context, it is difficult to assess the significance of this value or identify any trends. Further investigation into the factors driving this ratio is warranted.

The observed declines in both net fixed asset and total asset turnover ratios towards the end of the period warrant further investigation. Potential contributing factors could include changes in sales volume, asset base, or industry-specific conditions. The limited availability of equity turnover data restricts a comprehensive assessment of the company’s investment activity.

The net fixed asset turnover ratio exhibits a generally increasing trend over the observed period, punctuated by some fluctuations. Initial values indicate a ratio of 5.68 in March 2022, which gradually increased to 6.31 by December 2022. This upward momentum continued into the first half of 2023, peaking at 7.04 in June 2023, before stabilizing around the 7.2 to 7.3 range through September and December 2023.

A slight decline is then observed in the first half of 2024, with the ratio decreasing to 6.70 in June 2024. This downward trend continues through December 2024, reaching 5.83. The ratio experiences a rebound in the first half of 2025, increasing to 6.46 in June 2025 and 6.69 in September 2025. However, the ratio concludes the period with a decrease to 5.82 in December 2025.

Overall Trend

The overall trend suggests improving efficiency in utilizing fixed assets to generate revenue between March 2022 and September 2023. However, the latter portion of the period demonstrates a weakening of this efficiency, with a notable decrease in the ratio from September 2023 to December 2025.

Peak Performance

The highest ratio values are concentrated in the period between March 2023 and September 2023, indicating a period of strong revenue generation relative to the level of fixed assets employed. This suggests effective asset management during this timeframe.

Recent Performance

The decline in the ratio from December 2023 through December 2025 warrants further investigation. This could be attributed to several factors, including increased investment in fixed assets without a corresponding increase in revenue, a decrease in revenue, or a combination of both. The significant increase in Property, plant and equipment, net of accumulated depreciation in December 2025 appears to correlate with the ratio decline.

Fluctuations within the period suggest potential seasonality or cyclicality in the business, or the impact of specific events affecting revenue or asset utilization. Further analysis, incorporating industry benchmarks and internal operational factors, would be necessary to fully understand the drivers behind these observed trends.

The total asset turnover ratio exhibits a generally increasing trend over the observed period, with some fluctuations. Initially, the ratio remained stable at 0.45 for the first three quarters of 2022. A subsequent increase was noted in the final quarter of 2022, reaching 0.49, and this upward momentum continued into 2023.

Trend Analysis (2022-2023)

From March 2022 through December 2023, the ratio demonstrated a consistent climb, peaking at 0.57 in the fourth quarter of 2023. This suggests an improving efficiency in utilizing assets to generate revenue during this timeframe. The ratio increased from 0.45 to 0.57, representing a 26.67% increase over the period.

However, the first half of 2024 saw a slight decline, with the ratio decreasing to 0.52 by June 2024. This decrease could be attributed to a slower growth in revenues relative to the asset base. A more pronounced decrease occurred in the third quarter of 2024, falling to 0.43, before a modest recovery to 0.53 by the end of 2024.

Recent Performance (2024-2025)

The ratio experienced volatility in 2024, indicating potential challenges in maintaining consistent asset utilization. The subsequent quarters of 2025 show a partial recovery, with the ratio reaching 0.54 in September 2025 and stabilizing at 0.53 in December 2025. This suggests a potential stabilization of asset utilization, but remains below the peak observed in late 2023.

Overall, while the long-term trend indicates improved asset turnover, recent performance suggests a degree of instability. Further investigation into the factors influencing revenue growth and asset management would be beneficial to understand the underlying drivers of these fluctuations.

Key Observations

The highest ratio observed was 0.57, occurring in December 2023. The lowest ratio was 0.43, recorded in September 2024. The ratio demonstrates sensitivity to changes in both revenue and total asset levels.

The information presents quarterly financial performance metrics, specifically focusing on revenues and shareholders’ equity, culminating in the calculation of equity turnover. A significant pattern emerges regarding shareholders’ equity, transitioning from a substantial deficit to a positive value over the observed period. This shift directly impacts the equity turnover ratio, which is only calculated for the final period.

Revenues

Revenues demonstrate considerable fluctuation throughout the period. Initial values range from approximately US$14 billion to US$20 billion. A decline is then observed in the first half of 2023, followed by a recovery and subsequent decrease again in early 2024. Revenues appear to stabilize and then increase through the end of the observed period, reaching approximately US$24 billion in the final quarter.

Shareholders’ Equity

Shareholders’ equity begins as a significant deficit, consistently below zero for the majority of the observed period. The deficit fluctuates, reaching a peak negative value of approximately US$17.7 billion. However, a notable change occurs in late 2024 and continues into 2025, with the equity deficit diminishing and ultimately becoming a positive value of US$5.454 billion by the end of the final quarter. This represents a substantial improvement in the company’s equity position.

Equity Turnover

The equity turnover ratio is only available for the final quarter, reporting a value of 16.40. This indicates that for every dollar of equity, the company generated US$16.40 in revenue during that period. Given the prior negative equity values, calculating this ratio for earlier periods is not possible. The positive equity value in the final period allows for this calculation, suggesting a relatively efficient use of equity to generate revenue at that specific point in time. However, without historical equity turnover values, it is difficult to assess whether this represents an improvement or decline in efficiency.

The dramatic shift from a substantial equity deficit to a positive equity position is the most prominent feature of this financial information. This change is critical as it enables the calculation of the equity turnover ratio, providing a measure of how effectively the company utilizes its equity to generate revenue. Further analysis, including comparison to industry peers and historical performance, would be necessary to fully interpret the significance of the final equity turnover ratio.