Boeing Co., current enterprise value calculation

Current share price (P)	$201.02
No. shares of common stock outstanding	760,095,468
US$ in millions
Common equity (market value)¹	152,794)
Add: Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 (per books)	6)
Add: Noncontrolling interests (per books)	(6)
Total equity	152,794)
Add: Short-term debt and current portion of long-term debt (per books)	1,278)
Add: Long-term debt, excluding current portion (per books)	52,586)
Total equity and debt	206,658)
Less: Cash and cash equivalents	13,801)
Less: Short-term and other investments	12,481)
Enterprise value (EV)	180,376)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 201.02 × 760,095,468

Boeing Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$175.87	$211.04	$211.17	$200.24	$195.84
No. shares of common stock outstanding¹	750,074,411	610,135,205	598,239,585	582,999,765	582,996,860
US$ in millions
Common equity (market value)³	131,916)	128,763)	126,330)	116,740)	114,174)
Add: Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 (book value)	6)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	(6)	5)	35)	153)	241)
Total equity	131,916)	128,768)	126,365)	116,893)	114,415)
Add: Short-term debt and current portion of long-term debt (book value)	1,278)	5,204)	5,190)	1,296)	1,693)
Add: Long-term debt, excluding current portion (book value)	52,586)	47,103)	51,811)	56,806)	61,890)
Total equity and debt	185,780)	181,075)	183,366)	174,995)	177,998)
Less: Cash and cash equivalents	13,801)	12,691)	14,614)	8,052)	7,752)
Less: Short-term and other investments	12,481)	3,274)	2,606)	8,192)	17,838)
Enterprise value (EV)	159,498)	165,110)	166,146)	158,751)	152,408)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Boeing Co. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 175.87 × 750,074,411

Common Equity (Market Value): The common equity, measured in US dollars, exhibited a steady increase over the five-year period. It rose from $114,174 million at the end of 2020 to $131,916 million by the end of 2024, indicating consistent growth in the market valuation of the company’s equity base.
Total Equity: Total equity followed a comparable upward trend, starting at $114,415 million in 2020 and increasing to $131,916 million by 2024. The close alignment of total equity figures with common equity values suggests minimal changes in other components of equity during these years.
Total Equity and Debt: The combined total of equity and debt displayed some fluctuations but generally increased from $177,998 million at the end of 2020 to $185,780 million by 2024. There was a slight dip in 2021 and 2023, but overall the aggregate capital base expanded over the period under review.
Enterprise Value (EV): Enterprise value showed a rising trend from $152,408 million in 2020 to a peak of $166,146 million in 2022. However, subsequent years saw a decline, with EV dropping to $159,498 million by the end of 2024. This trend may reflect changing market perceptions or variations in debt and cash levels affecting valuation.

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Boeing Co. (NYSE:BA)

Enterprise Value (EV)