Stock Analysis on Net

Boeing Co. (NYSE:BA)

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Boeing Co., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net earnings (loss) attributable to Boeing Shareholders (11,873) (636) 10,460  8,197  4,895 
Add: Net income attributable to noncontrolling interest (68) (41) (21) (2) (1)
Add: Income tax expense (2,535) (1,623) 1,144  1,850  673 
Earnings before tax (EBT) (14,476) (2,300) 11,583  10,045  5,567 
Add: Interest and debt expense 2,156  722  475  360  306 
Earnings before interest and tax (EBIT) (12,320) (1,578) 12,058  10,405  5,873 
Add: Depreciation and amortization 2,246  2,271  2,114  2,069  1,910 
Earnings before interest, tax, depreciation and amortization (EBITDA) (10,074) 693  14,172  12,474  7,783 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Boeing Co. EBITDA decreased from 2018 to 2019 and from 2019 to 2020.

Enterprise Value to EBITDA Ratio, Current

Boeing Co., current EV/EBITDA calculation, comparison to benchmarks

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 158,971 
Earnings before interest, tax, depreciation and amortization (EBITDA) (10,074)
Valuation Ratio
EV/EBITDA
Benchmarks
EV/EBITDA, Competitors1
3M Co. 12.40
Caterpillar Inc. 20.66
General Electric Co. 9.55
Honeywell International Inc. 20.15
Illinois Tool Works Inc. 25.16
Lockheed Martin Corp. 11.01
Raytheon Technologies Corp. 48.35
EV/EBITDA, Sector
Capital Goods 23.65
EV/EBITDA, Industry
Industrials 21.91

Based on: 10-K (reporting date: 2020-12-31).

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

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 152,408  196,823  234,122  203,505  100,313 
Earnings before interest, tax, depreciation and amortization (EBITDA)2 (10,074) 693  14,172  12,474  7,783 
Valuation Ratio
EV/EBITDA3 284.02 16.52 16.31 12.89
Benchmarks
EV/EBITDA, Competitors4
3M Co. 12.74 14.42 14.32 15.16 13.21
Caterpillar Inc. 19.87 9.66 9.54 16.29 23.90
General Electric Co. 9.35 13.66 192.96 18.54
Honeywell International Inc. 20.21 14.95 12.69 14.21 12.71
Illinois Tool Works Inc. 21.74 17.39 13.56 16.12 14.66
Lockheed Martin Corp. 9.97 14.86 12.86 15.32 12.94
Raytheon Technologies Corp. 42.00 12.60 12.19 11.02 10.44
EV/EBITDA, Sector
Capital Goods 22.44 16.27 17.85 18.30 14.83
EV/EBITDA, Industry
Industrials 19.88 15.09 15.24 15.16 13.63

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 See details »

2 See details »

3 2020 Calculation
EV/EBITDA = EV ÷ EBITDA
= 152,408 ÷ -10,074 =

4 Click competitor name to see calculations.