Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows an increasing trend from the first available data point in December 2020 at 4.92, reaching a peak of 7.30 in March 2024. This upward trajectory suggests improving efficiency in utilizing fixed assets to generate revenue over this period. After the peak, there is a slight decline, with the ratio falling to 5.83 by September 2024, followed by a moderate recovery to 6.06 in March 2025. Overall, the ratio’s movement indicates strengthening operational efficiency with some recent volatility.
- Total Asset Turnover
- Total asset turnover begins at 0.38 in December 2020 and gradually rises to 0.57 in March 2024, indicating a steady improvement in the company’s ability to generate sales from its total assets. The ratio maintains relative stability at 0.57 through June 2024 before declining to 0.43 in September 2024. It shows a minor uptick to 0.44 by March 2025. This trend also reflects enhanced asset utilization until mid-2024, with some subsequent weakening towards early 2025.
- Equity Turnover
- No data is available for equity turnover across the periods presented, so no analysis can be conducted on this measure.
Net Fixed Asset Turnover
Boeing Co., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 19,496) | 15,242) | 17,840) | 16,866) | 16,569) | 22,018) | 18,104) | 19,751) | 17,921) | 19,980) | 15,956) | 16,681) | 13,991) | 14,793) | 15,278) | 16,998) | 15,217) | 15,304) | 14,139) | 11,807) | 16,908) | |||||||
| Property, plant and equipment, net of accumulated depreciation | 11,459) | 11,412) | 11,236) | 10,976) | 10,696) | 10,661) | 10,484) | 10,455) | 10,493) | 10,550) | 10,508) | 10,617) | 10,755) | 10,918) | 11,113) | 11,341) | 11,643) | 11,820) | 11,969) | 12,182) | 12,405) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 6.06 | 5.83 | 6.52 | 6.70 | 7.15 | 7.30 | 7.23 | 7.04 | 6.72 | 6.31 | 5.85 | 5.72 | 5.68 | 5.70 | 5.65 | 5.44 | 4.85 | 4.92 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 4.45 | 4.59 | 4.85 | 5.01 | 5.08 | 5.04 | 5.17 | 5.10 | 4.91 | 4.70 | 4.62 | 4.36 | 4.18 | 3.99 | 3.84 | 3.59 | 3.32 | 3.15 | — | — | — | |||||||
| Eaton Corp. plc | 6.72 | 6.67 | 6.63 | 6.70 | 6.65 | 6.57 | 6.77 | 6.75 | 6.67 | 6.59 | 6.80 | 6.50 | 6.38 | 6.41 | 6.45 | 6.25 | 6.08 | 6.02 | — | — | — | |||||||
| GE Aerospace | 4.85 | 4.83 | 6.03 | 7.23 | 4.77 | 5.17 | 5.50 | 5.58 | 5.84 | 5.08 | 5.04 | 4.83 | 4.73 | 4.55 | 4.53 | 4.45 | 4.33 | 1.63 | — | — | — | |||||||
| Honeywell International Inc. | 6.31 | 6.22 | 6.50 | 6.49 | 6.48 | 6.48 | 6.64 | 6.59 | 6.57 | 6.48 | 6.54 | 6.45 | 6.27 | 6.18 | 6.28 | 6.15 | 5.88 | 5.86 | — | — | — | |||||||
| Lockheed Martin Corp. | 8.24 | 8.14 | 8.43 | 8.47 | 8.34 | 8.07 | 8.41 | 8.46 | 8.33 | 8.27 | 8.48 | 8.48 | 8.70 | 8.83 | 9.05 | 9.17 | 9.15 | 9.07 | — | — | — | |||||||
| RTX Corp. | 5.07 | 5.02 | 4.98 | 4.61 | 4.54 | 4.38 | 4.37 | 4.61 | 4.53 | 4.42 | 4.50 | 4.43 | 4.37 | 4.30 | 4.39 | 4.25 | 4.10 | 3.78 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Property, plant and equipment, net of accumulated depreciation
= (19,496 + 15,242 + 17,840 + 16,866)
÷ 11,459 = 6.06
2 Click competitor name to see calculations.
- Revenues
- Revenues have shown significant fluctuations over the period analyzed. Starting at 16,908 million USD in the first quarter of 2020, there was a noticeable decline mid-year 2020, with the lowest point at 11,807 million USD in the second quarter of 2020. Following this decrease, revenues generally recovered, reaching peaks of 22,018 million USD in the fourth quarter of 2023 and 19,980 million USD in the fourth quarter of 2022. Revenue figures tend to exhibit a somewhat cyclical quarterly pattern with higher values typically observed in the last quarter of each year, except for the pronounced dip observed in 2020 during the early stages of the timeline. The most recent figures till the first quarter of 2025 show moderate variability, with revenues at 19,496 million USD, indicating a partial rebound after a decline in previous quarters.
- Property, Plant and Equipment, Net of Accumulated Depreciation
- This asset value shows a persistent but gradual downward trend from 12,405 million USD at the start of 2020 to 10,450–10,600 million USD through 2022 and up to around 11,459 million USD by the first quarter of 2025. There is a slight recovery in this asset base starting in mid-2023, reversing a prior decline. The overall pattern indicates steady asset depreciation or disposal over time, with small periods of reinvestment or additions reflected in slight increases from 2023 onwards.
- Net Fixed Asset Turnover
- Available data shows a clear upward trend in net fixed asset turnover ratio over time. Starting at 4.92 in the third quarter of 2020, this ratio steadily increased to peak at 7.30 in the fourth quarter of 2023, indicating improving efficiency in generating revenues from fixed assets. After reaching this peak, the ratio slightly declined to 5.83 in the third quarter of 2024 but rebounded to 6.06 by the first quarter of 2025. This pattern suggests that the company became more effective at utilizing its fixed assets to generate revenue during the period but experienced some recent volatility or operational adjustments affecting asset utilization efficiency.
- Summary of Trends and Insights
- Revenues experienced a sharp decline early in the timeline, likely due to external challenges around 2020, followed by recovery and growth through 2023. Property, plant, and equipment net values decreased steadily, indicating asset depreciation or disposals, though slight asset additions or improvements occurred starting 2023. The net fixed asset turnover ratio improved significantly, reflecting better asset utilization efficiency, despite some recent fluctuations. Overall, the data points to a company that faced revenue challenges initially but adapted over time, improving operational efficiency in terms of asset use, while managing its asset base conservatively with signs of cautious reinvestment in recent periods.
Total Asset Turnover
Boeing Co., total asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 19,496) | 15,242) | 17,840) | 16,866) | 16,569) | 22,018) | 18,104) | 19,751) | 17,921) | 19,980) | 15,956) | 16,681) | 13,991) | 14,793) | 15,278) | 16,998) | 15,217) | 15,304) | 14,139) | 11,807) | 16,908) | |||||||
| Total assets | 156,494) | 156,363) | 137,695) | 142,720) | 134,484) | 137,012) | 134,281) | 134,774) | 136,347) | 137,100) | 137,558) | 135,479) | 135,801) | 138,552) | 146,846) | 148,935) | 150,035) | 152,136) | 161,261) | 162,872) | 143,075) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | 0.44 | 0.43 | 0.53 | 0.52 | 0.57 | 0.57 | 0.56 | 0.55 | 0.52 | 0.49 | 0.45 | 0.45 | 0.45 | 0.45 | 0.43 | 0.41 | 0.38 | 0.38 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 0.70 | 0.70 | 0.72 | 0.76 | 0.76 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.66 | 0.63 | 0.61 | 0.58 | 0.57 | 0.53 | 0.50 | 0.50 | — | — | — | |||||||
| Eaton Corp. plc | 0.65 | 0.65 | 0.63 | 0.61 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 | 0.59 | 0.59 | 0.56 | 0.56 | 0.58 | 0.57 | 0.52 | 0.52 | 0.56 | — | — | — | |||||||
| GE Aerospace | 0.29 | 0.29 | 0.35 | 0.42 | 0.36 | 0.40 | 0.43 | 0.42 | 0.43 | 0.39 | 0.40 | 0.39 | 0.37 | 0.36 | 0.30 | 0.30 | 0.29 | 0.29 | — | — | — | |||||||
| Honeywell International Inc. | 0.52 | 0.51 | 0.52 | 0.54 | 0.56 | 0.60 | 0.59 | 0.58 | 0.60 | 0.57 | 0.58 | 0.55 | 0.54 | 0.53 | 0.54 | 0.53 | 0.51 | 0.51 | — | — | — | |||||||
| Lockheed Martin Corp. | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.29 | 1.19 | 1.18 | 1.21 | 1.25 | 1.24 | 1.24 | 1.28 | 1.32 | 1.28 | 1.28 | 1.28 | 1.29 | — | — | — | |||||||
| RTX Corp. | 0.50 | 0.50 | 0.48 | 0.45 | 0.44 | 0.43 | 0.41 | 0.44 | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | 0.40 | 0.40 | 0.39 | 0.38 | 0.35 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Total assets
= (19,496 + 15,242 + 17,840 + 16,866)
÷ 156,494 = 0.44
2 Click competitor name to see calculations.
The data reveals discernible trends in revenues, total assets, and total asset turnover over the period analyzed.
- Revenues
- Revenues show a fluctuating but generally increasing trend from March 2020 to March 2025. Starting at approximately 16.9 billion USD in the first quarter of 2020, revenues declined sharply to a low around 11.8 billion USD by the second quarter of 2020. This initial drop may indicate a temporary downturn. Afterward, revenues gradually recovered through 2021 and 2022, reaching nearly 20.0 billion USD by the fourth quarter of 2022. Revenues continued to experience variability with several peaks and troughs, with a notable high of approximately 22.0 billion USD in the fourth quarter of 2023, followed by another dip below 15.3 billion USD in the first quarter of 2025. Overall, this pattern suggests cycles of growth and contractions but a positive recovery relative to the 2020 lows.
- Total Assets
- Total assets decreased moderately from around 143.1 billion USD in March 2020 to approximately 134.3 billion USD by December 2021. In subsequent quarters, total assets remained relatively stable with minor fluctuations, ranging mostly between 134 and 157 billion USD. A gradual increase is observable toward the end of the series, reaching above 156 billion USD by early 2025. The asset base's stabilization after the initial decline indicates consolidation or cautious management of asset utilization following earlier reductions.
- Total Asset Turnover
- Available data for total asset turnover starts in September 2020 at 0.38 and demonstrates a generally upward trend, increasing consistently to reach a peak of 0.57 by December 2023. This improvement reflects enhanced efficiency in utilizing total assets to generate revenues during that period. However, from late 2023 to the first quarter of 2025, turnover ratios display a decline, dropping to approximately 0.43–0.44. This decrease suggests a relative reduction in asset utilization efficiency or changes in asset composition versus revenue generation.
In summary, revenues have recovered and generally increased following a significant downturn early in the period. Total assets decreased initially but stabilized afterward, with a mild upward trend toward recent periods. Efficiency in asset usage improved markedly after 2020 but showed signs of decline in the latest period analyzed. These dynamics may reflect a shift in operational or strategic factors affecting asset deployment and revenue generation efficiency over time.
Equity Turnover
Boeing Co., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues | 19,496) | 15,242) | 17,840) | 16,866) | 16,569) | 22,018) | 18,104) | 19,751) | 17,921) | 19,980) | 15,956) | 16,681) | 13,991) | 14,793) | 15,278) | 16,998) | 15,217) | 15,304) | 14,139) | 11,807) | 16,908) | |||||||
| Shareholders’ deficit | (3,325) | (3,908) | (23,552) | (17,976) | (17,009) | (17,233) | (16,729) | (15,517) | (15,508) | (15,883) | (17,699) | (14,888) | (15,398) | (14,999) | (14,440) | (16,682) | (18,058) | (18,316) | (11,821) | (11,667) | (9,665) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 3.31 | 3.15 | 3.21 | 3.68 | 3.61 | 3.28 | 3.10 | 3.39 | 3.24 | 3.57 | 3.45 | 3.26 | 2.92 | 2.92 | 2.74 | 2.57 | 2.43 | 2.55 | — | — | — | |||||||
| Eaton Corp. plc | 1.37 | 1.35 | 1.29 | 1.26 | 1.23 | 1.22 | 1.23 | 1.23 | 1.23 | 1.22 | 1.26 | 1.21 | 1.19 | 1.20 | 1.22 | 1.24 | 1.18 | 1.20 | — | — | — | |||||||
| GE Aerospace | 1.87 | 1.82 | 2.32 | 2.76 | 1.97 | 2.36 | 2.34 | 2.21 | 2.24 | 2.02 | 2.29 | 2.06 | 1.82 | 1.76 | 1.92 | 2.15 | 2.10 | 2.05 | — | — | — | |||||||
| Honeywell International Inc. | 2.25 | 2.07 | 2.17 | 2.20 | 2.24 | 2.31 | 2.11 | 2.09 | 2.13 | 2.12 | 1.97 | 1.96 | 1.87 | 1.85 | 1.94 | 1.89 | 1.81 | 1.86 | — | — | — | |||||||
| Lockheed Martin Corp. | 10.75 | 11.22 | 9.90 | 11.51 | 10.47 | 9.89 | 7.30 | 7.29 | 6.86 | 7.12 | 5.41 | 5.61 | 6.57 | 6.12 | 6.89 | 10.24 | 10.46 | 10.87 | — | — | — | |||||||
| RTX Corp. | 1.33 | 1.34 | 1.29 | 1.23 | 1.17 | 1.15 | 0.96 | 0.97 | 0.94 | 0.92 | 0.94 | 0.93 | 0.89 | 0.88 | 0.89 | 0.88 | 0.84 | 0.78 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Shareholders’ deficit
= (19,496 + 15,242 + 17,840 + 16,866)
÷ -3,325 = —
2 Click competitor name to see calculations.
The financial data reveals several noteworthy patterns across the periods analyzed. Revenues have demonstrated significant fluctuation with an overall upward trend over the long term, despite interim periods of volatility. The initial quarters in 2020 show a decline likely influenced by external factors affecting the market, with revenues dipping from 16,908 million USD in March 2020 down to 11,807 million USD in June 2020. Subsequently, there is a gradual recovery trend where revenues increase again, peaking at 22,018 million USD by December 2023. This recovery trend is marked by some short-term decreases and variability, such as the decline observed in March 2022 and March 2025.*
Regarding the shareholders’ deficit, the data indicates persistent negative equity values throughout the timeline, signaling an ongoing shareholders' deficit. The deficit deepens sharply between March 2020 and December 2020, moving from -9,665 million USD to -18,316 million USD. After this trough, there is a partial recovery phase where the shareholders’ deficit narrows somewhat, but it remains substantial and fluctuates around high negative values with the exception of pronounced improvement towards the end of the period, particularly after December 2024. Especially notable is the sharp improvement in shareholders’ deficit from -23,552 million USD in September 2024 to -3,325 million USD in March 2025, indicating a significant positive shift in financial structure or recapitalization activities.*
The equity turnover ratio data is missing, which limits the ability to assess the effectiveness of equity utilization over the reporting periods.*
- Revenues
- Show variability with an overall recovery and growth trajectory from a low in mid-2020 through early 2025, peaking near the end of 2023.
- Shareholders’ Deficit
- Continuous negative values illustrate persistent equity deficits, with the worst phase during the end of 2020, followed by a partial improvement and a remarkable recovery by early 2025.
- Equity Turnover
- Data unavailable, restricting analysis of capital efficiency related to equity.