Boeing Co. (NYSE:BA)

The financial data reveals fluctuating profitability margins for the periods analyzed. The gross profit margin shows an initial increase from a negative value of -9.78% in 2020 to positive territory, peaking at 9.93% in 2023, before declining sharply to -2.99% in 2024. This pattern suggests a temporary improvement in cost management or pricing strategies which was not sustained in the latest period.

Operating profit margin follows a similar trend but remains negative throughout all periods, indicating persistent challenges in controlling operating expenses or achieving operational efficiency. The margin improves from -21.95% in 2020 to -0.99% in 2023, which signifies reduced operating losses, but sharply deteriorates again to -16.10% in 2024. This volatility may point to inconsistent operational performance or external factors affecting operating costs and revenues.

The net profit margin mirrors the trends of both gross and operating margins, remaining negative across all years. It improves from -20.42% in 2020 to -2.86% in 2023, suggesting a reduction in overall losses, but then worsens to -17.77% in 2024. This decline could be influenced by increased expenses, non-operating losses, or other factors impacting the bottom line negatively in the most recent period.

Return on assets (ROA) also indicates ongoing profitability difficulties. Though there is an improvement from -7.8% in 2020 to -1.62% in 2023, the metric declines again to -7.56% in 2024. The pattern is consistent with other profitability measures, showing temporary recovery followed by regression.

Return on equity (ROE) data is unavailable for all periods, limiting the ability to assess shareholder returns and how efficiently equity capital is being utilized.

Overall, the trends suggest that the company experienced some recovery in profitability metrics through 2023 but faced renewed financial pressures in 2024, resulting in deteriorated margins and asset returns. The consistent negative margins highlight ongoing operational and financial challenges to achieving sustained profitability.

Gross Profit (Loss)

The gross profit exhibited significant fluctuations over the five-year period. It began with a substantial loss of US$ -5,685 million at the end of 2020, reflecting challenging financial conditions during that year. This was followed by a recovery phase with gross profit turning positive in 2021 and continuing to improve slightly in 2022, reaching US$ 3,502 million. The year 2023 marked a notable increase to US$ 7,724 million, the highest value in the dataset, indicating enhanced operational efficiency or revenue quality. However, 2024 saw a reversal with a gross loss of US$ -1,991 million, suggesting emerging difficulties or increased costs that surpassed revenues at the gross profit level.

Revenues

Revenue trends showed steady growth from US$ 58,158 million at the end of 2020 to US$ 77,794 million in 2023, indicating consistent expansion in sales or service delivery. However, in 2024, revenues declined to US$ 66,517 million, representing a notable decrease compared to the previous year. Despite growth over the earlier years, the decline in the final year potentially signals market challenges, reduced demand, or competitive pressures.

Gross Profit Margin

The gross profit margin mirrored the fluctuations observed in gross profit. Starting with a negative margin of -9.78% at the end of 2020, it moved to positive territory in 2021 at 4.84%, with minor improvement in 2022 to 5.26%. The margin peaked in 2023 at 9.93%, reflecting improved cost control or pricing strategies. Nonetheless, it decreased sharply in 2024, falling to -2.99%, which suggests that cost or expense increases outpaced revenue, negatively impacting profitability.

Revenue Trends

The revenues demonstrate a generally positive trajectory from 2020 through 2023, increasing from approximately 58.2 billion US dollars in 2020 to a peak of nearly 77.8 billion US dollars in 2023. However, a decline is observed in 2024, with revenues falling back to approximately 66.5 billion US dollars. This indicates a recovery and growth phase post-2020 followed by a setback or market challenge in the latest year.

Loss from Operations

The loss from operations shows substantial volatility. In 2020, the loss was severe at approximately 12.8 billion US dollars, then it was significantly reduced to around 2.9 billion in 2021, signaling effective cost controls or operational improvements. Losses increased again in 2022 to about 3.5 billion and decreased markedly in 2023 to under 0.8 billion, suggesting better operational efficiency or improved conditions. However, the loss worsens dramatically in 2024, increasing to approximately 10.7 billion US dollars, which could indicate operational challenges or extraordinary expenses impacting profitability.

Operating Profit Margin

The operating profit margin follows a similar pattern to the operational losses, starting from a deeply negative margin of -21.95% in 2020. It improves steadily to around -0.99% in 2023, nearly achieving break-even operational performance. In contrast, 2024 sees a sharp deterioration in the margin to -16.1%, highlighting considerable operational difficulties or decreased efficiency during that year.

Summary of Insights

The data depicts a company struggling with operational profitability throughout the five-year period, with significant losses in the first and last years. The middle years indicate attempts at recovery and operational stabilization, reflected by improved margins and reduced losses alongside revenue growth. The deterioration in 2024 suggests external pressures or internal disruptions reversing previous improvements. Further analysis into cost structures, market conditions, and one-time events of 2024 would be necessary to clarify the causes behind this decline.

Revenues

Revenues demonstrate an overall upward trend from 2020 to 2023, increasing from 58,158 million US dollars in 2020 to a peak of 77,794 million US dollars in 2023. However, there is a noticeable decline in revenues in 2024, dropping to 66,517 million US dollars, which represents a significant decrease from the previous year but remains above the 2020 level.

Net Loss Attributable to Shareholders

The net loss attributable to shareholders shows substantial fluctuations across the years. The highest loss is reported in 2020 at 11,873 million US dollars, followed by a marked reduction in losses in the subsequent years, reaching the lowest point in 2023 at 2,222 million. However, the loss increases sharply again in 2024, nearly reaching the level observed in 2020, indicating considerable volatility in profitability outcomes.

Net Profit Margin

Net profit margins consistently remain negative, reflecting ongoing unprofitability. The margin improves significantly from -20.42% in 2020 to -2.86% in 2023, signaling a trend toward reduced losses relative to revenues during this period. In 2024, however, the margin deteriorates again to -17.77%, paralleling the sharp increase in net loss and decline in revenue, suggesting a deterioration in operational profitability.

Summary Insights

The data reveals a pattern of recovery and improvement in financial performance from 2020 through 2023, with increasing revenues, reducing net losses, and improving profit margins. Despite this positive progression, 2024 marks a reversal, with revenues declining significantly, losses increasing substantially, and profit margins worsening. This indicates underlying challenges impacting both top-line and bottom-line results in the most recent year analyzed.

Net Loss Attributable to Boeing Shareholders

The net loss shows a fluctuating trend over the observed periods. Starting from a significant loss of -11,873 million US dollars in 2020, it improved to -4,202 million in 2021. However, the losses increased again to -4,935 million in 2022, then decreased to -2,222 million in 2023, indicating some recovery. Despite this, the loss sharply increased again to nearly the 2020 level at -11,817 million in 2024. This pattern indicates volatility in profitability with no consistent improvement or stabilization.

Shareholders’ Deficit

The shareholders' deficit, reflecting the negative net worth, shows a general improvement trend through most of the period, moving from -18,316 million US dollars in 2020 to -14,999 million in 2021. It then worsened slightly in 2022 to -15,883 million and further to -17,233 million in 2023, before significantly improving to -3,908 million in 2024. The substantial reduction in shareholders' deficit in the final year suggests a notable improvement in financial position or equity recapitalization.

Return on Equity (ROE)

Data for ROE is not provided, limiting the ability to directly assess profitability relative to shareholder equity. This omission suggests either lack of calculation due to negative equity or unavailability of reliable figures.

Overall Analysis

The financial figures reveal considerable instability in both profitability and equity position over the five-year span. Although net losses fluctuate without clear improvement, the shareholders’ deficit shows a marked drop in the final year, which could indicate corrective financial actions or restructuring efforts. The pronounced net losses and negative equity reflect ongoing challenges, potentially affecting financial sustainability. The absence of ROE data implies the company has struggled to generate positive shareholder returns during this period.

Net loss attributable to Boeing shareholders

The net loss showed significant volatility over the five-year period. In 2020, the company reported a substantial loss of $11,873 million. This loss decreased markedly in 2021 to $4,202 million and remained at a similar magnitude in 2022 with a slight increase to $4,935 million. The net loss further decreased in 2023 to $2,222 million, reflecting an improvement. However, in 2024 the net loss sharply increased again to $11,817 million, nearing the level seen in 2020.

Total assets

Total assets exhibited a declining trend from 2020 to 2023, decreasing from $152,136 million in 2020 to approximately $137,012 million in 2023. However, in 2024 total assets rebounded significantly to $156,363 million, reaching the highest level within the period analyzed.

Return on Assets (ROA)

The return on assets followed a pattern consistent with the net loss observations. Starting at -7.8% in 2020, ROA improved steadily through 2023, reaching its best point at -1.62%. Nevertheless, in 2024, ROA deteriorated sharply back to -7.56%, nearly matching the initial year's poor performance. This trend indicates fluctuations in asset profitability correlating with the variations in net loss.