Enterprise Value to EBITDA (EV/EBITDA)
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- Income Statement
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Boeing Co., EBITDA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
- Net Loss Attributable to Boeing Shareholders
- The net loss showed a significant improvement from a loss of 11,873 million USD in 2020 to a reduced loss of 2,222 million USD in 2023. However, this positive trend reversed sharply in 2024, when the net loss increased dramatically to 11,817 million USD, nearly returning to the 2020 level. The intermediate years reveal some fluctuations but generally better performance compared to 2020.
- Earnings Before Tax (EBT)
- EBT follows a similar pattern to net loss, starting with a large negative value of 14,476 million USD in 2020, improving to a smaller negative value of 2,005 million USD in 2023, and then worsening substantially again to 12,210 million USD negative in 2024. This indicates considerable volatility and suggests challenges in maintaining profitability before tax in the most recent year.
- Earnings Before Interest and Tax (EBIT)
- EBIT showed a noteworthy recovery trend from 2020 through 2023. Starting with a substantial negative figure of 12,320 million USD in 2020, EBIT losses consistently decreased over time, turning positive at 454 million USD in 2023. Nevertheless, there was a marked deterioration in 2024, with EBIT falling back to a significant loss of 9,485 million USD. The 2023 positive EBIT stands out as a brief period of operating profitability before the downturn.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA improved drastically from 2020 to 2023, moving from a loss of 10,074 million USD to a positive 2,315 million USD. This suggests better operational cash flow and earnings quality leading up to 2023. However, a severe turnaround occurred in 2024 where EBITDA deteriorated to a loss of 7,649 million USD. The data shows a clear successful recovery effort reaching a peak in 2023 but a sharp decline in the subsequent year.
- Overall Trends and Insights
- The financial data across all key earnings metrics reflect a pronounced recovery trend from 2020 to 2023, with year-on-year reduction in losses and even achieving positive EBIT and EBITDA in 2023. This improvement period indicates operational stabilization and better cost management. Nonetheless, 2024 displays a significant reversal in profitability and operating performance, with losses surging back to or near 2020 levels. The volatility may be indicative of external disruptions, one-off charges, or operational challenges arising after 2023. Caution is warranted given the sharp decline following the brief recovery phase.
Enterprise Value to EBITDA Ratio, Current
Boeing Co., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Caterpillar Inc. | |
| Eaton Corp. plc | |
| GE Aerospace | |
| Honeywell International Inc. | |
| Lockheed Martin Corp. | |
| RTX Corp. | |
| EV/EBITDA, Sector | |
| Capital Goods | |
| EV/EBITDA, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| EV/EBITDA, Sector | ||||||
| Capital Goods | ||||||
| EV/EBITDA, Industry | ||||||
| Industrials | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value shows a generally increasing trend from 2020 to 2022, rising from 152,408 million USD in 2020 to 166,146 million USD in 2022. However, it slightly decreased in 2023 to 165,110 million USD and further declined in 2024 to 159,498 million USD. Despite the recent decreases, the overall EV remains elevated compared to the 2020 baseline.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA exhibits significant volatility over the observed years. In 2020, EBITDA was deeply negative at -10,074 million USD, indicating substantial operational challenges. It improved sharply in 2021 and 2022, approaching near breakeven and positive territory, with values of -207 million USD and -510 million USD respectively. In 2023, EBITDA turned positive at 2,315 million USD, showing a period of operational recovery. However, this improvement was not sustained, as EBITDA reverted to a negative figure of -7,649 million USD in 2024, signaling renewed operational difficulties or increased expenses.
- EV/EBITDA Ratio
- The EV/EBITDA ratio is only available for 2023, where it reached a notably high value of 71.32. This elevated ratio suggests that the enterprise value was very high relative to EBITDA, which could imply market expectations of future growth, or reflect the transient nature of earnings during that period. The absence of the ratio for other years, likely due to negative or near-zero EBITDA values, limits the ability to analyze trend changes through this metric over time.