Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Boeing Co., EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial performance, as indicated by earnings metrics, demonstrates significant volatility over the five-year period. A notable shift from negative to positive earnings is observed towards the end of the period, following several years of losses.
- Overall Earnings Trend
- Net earnings attributable to Boeing shareholders were negative for the first three years of the period, reaching a peak loss in 2022. A substantial loss was recorded in 2024 before a return to profitability in 2025. This pattern is mirrored in Earnings Before Tax (EBT) and Earnings Before Interest and Tax (EBIT).
- EBITDA Performance
- EBITDA exhibited a similar trajectory to the other earnings metrics. It was negative in 2021 and 2022, then positive in 2023, followed by a significant decline in 2024, and a strong recovery in 2025. The magnitude of the negative EBITDA in 2024 was considerably larger than the negative values in the preceding years.
- EBITDA Growth
- From 2022 to 2023, EBITDA increased substantially, indicating improved operational performance or cost management. However, this improvement was reversed in 2024 with a dramatic decrease. The subsequent increase from 2024 to 2025 represents a significant turnaround, with EBITDA reaching its highest value over the observed period.
- Relationship between Earnings Metrics
- The progression from Net Earnings to EBITDA consistently shows the impact of interest, taxes, depreciation, and amortization on the bottom line. The differences between these metrics widened considerably in 2024, suggesting a substantial impact from these non-operating factors during that year. The narrowing of these differences in 2025 suggests a more balanced financial position.
The substantial fluctuations in all earnings metrics highlight a period of considerable instability, culminating in a strong positive shift in the final year. Further investigation would be required to determine the underlying causes of these variations.
Enterprise Value to EBITDA Ratio, Current
Boeing Co., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 210,795) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 7,359) |
| Valuation Ratio | |
| EV/EBITDA | 28.64 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Caterpillar Inc. | 21.70 |
| Eaton Corp. plc | 25.79 |
| GE Aerospace | 27.33 |
| Honeywell International Inc. | 17.61 |
| Lockheed Martin Corp. | 18.07 |
| RTX Corp. | 23.96 |
| EV/EBITDA, Sector | |
| Capital Goods | 30.32 |
| EV/EBITDA, Industry | |
| Industrials | 21.77 |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Boeing Co., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | 208,258) | 159,498) | 165,110) | 166,146) | 158,751) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 7,359) | (7,649) | 2,315) | (510) | (207) | |
| Valuation Ratio | ||||||
| EV/EBITDA3 | 28.30 | — | 71.32 | — | — | |
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Caterpillar Inc. | — | 12.46 | 12.16 | 13.86 | 12.43 | |
| Eaton Corp. plc | — | 21.53 | 24.91 | 19.18 | 17.06 | |
| GE Aerospace | 26.67 | 22.88 | 11.06 | 14.82 | 95.57 | |
| Honeywell International Inc. | — | 15.87 | 15.55 | 18.01 | 15.57 | |
| Lockheed Martin Corp. | 18.43 | 14.23 | 11.71 | 14.98 | 11.97 | |
| RTX Corp. | — | 16.80 | 16.62 | 14.92 | 15.48 | |
| EV/EBITDA, Sector | ||||||
| Capital Goods | — | 21.78 | 16.03 | 19.01 | 19.87 | |
| EV/EBITDA, Industry | ||||||
| Industrials | — | 17.18 | 14.82 | 16.44 | 16.30 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 208,258 ÷ 7,359 = 28.30
4 Click competitor name to see calculations.
The Enterprise Value to EBITDA ratio exhibits significant fluctuation over the observed period. Initial values are unavailable for 2021 and 2022, but the ratio is calculated for subsequent years, revealing a complex pattern. A substantial decrease is noted between 2023 and 2025, accompanied by considerable volatility in the underlying EBITDA figure.
- Enterprise Value (EV)
- Enterprise Value generally increased from 2021 to 2025, with a slight decrease observed between 2022 and 2023. The most significant increase occurred between 2024 and 2025, rising from US$159,498 million to US$208,258 million. This suggests potential changes in market perception of the company’s value or alterations in its capital structure.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA experienced substantial negative values in 2021 and 2022, indicating operational challenges or significant non-cash charges. A positive turnaround occurred in 2023, with EBITDA reaching US$2,315 million. However, this was followed by a significant decline in 2024, resulting in a negative EBITDA of US$7,649 million. EBITDA recovered strongly in 2025, reaching US$7,359 million. This volatility suggests considerable instability in the company’s core earnings.
- EV/EBITDA Ratio
- The EV/EBITDA ratio was 71.32 in 2023. The absence of a value for 2024 is notable, likely due to the negative EBITDA reported for that year, rendering the ratio less meaningful. The ratio decreased substantially to 28.30 in 2025, coinciding with the return to positive EBITDA. This decrease suggests that the market is valuing the company at a lower multiple of its earnings in 2025 compared to 2023, despite the increased Enterprise Value. The initial lack of values and subsequent large fluctuations warrant further investigation into the underlying drivers of EBITDA and Enterprise Value.
The observed trends indicate a period of significant operational and financial change. The dramatic swings in EBITDA heavily influence the EV/EBITDA ratio, making it a less reliable indicator during periods of negative or highly volatile earnings. The increase in Enterprise Value in 2025, coupled with a lower EV/EBITDA ratio, suggests a shift in investor expectations or a re-evaluation of the company’s future prospects.