Boeing Co., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net earnings (loss) attributable to Boeing Shareholders	(4,202)	(11,873)	(636)	10,460)	8,197)
Net loss attributable to noncontrolling interest	(88)	(68)	(41)	(21)	(2)
Net noncash charges	7,851)	10,866)	2,860)	2,599)	2,654)
Changes in assets and liabilities	(6,977)	(17,335)	(4,629)	2,284)	2,495)
Net cash provided (used) by operating activities	(3,416)	(18,410)	(2,446)	15,322)	13,344)
Payments to acquire property, plant and equipment	(980)	(1,303)	(1,834)	(1,722)	(1,739)
Proceeds from disposals of property, plant and equipment	529)	296)	334)	120)	92)
Purchase of distribution rights	—)	—)	(127)	(69)	(131)
New borrowings	9,795)	47,248)	25,389)	8,548)	2,077)
Debt repayments	(15,371)	(10,998)	(12,171)	(7,183)	(953)
Free cash flow to equity (FCFE)	(9,443)	16,833)	9,145)	15,016)	12,690)

Based on: 10-K (reporting date: 2021-12-31), 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).

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Boeing Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Boeing Co. FCFE increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Boeing Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	595,983,192
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(9,443)
FCFE per share	-15.84
Current share price (P)	211.17
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Caterpillar Inc.	20.63
General Electric Co.	—
Honeywell International Inc.	50.44
Lockheed Martin Corp.	11.63
Northrop Grumman Corp.	45.69
Raytheon Technologies Corp.	36.12

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Boeing Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	582,999,765	582,996,860	563,152,208	564,985,109	588,490,313
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(9,443)	16,833)	9,145)	15,016)	12,690)
FCFE per share³	-16.20	28.87	16.24	26.58	21.56
Share price^1, 4	200.24	195.84	318.27	404.91	343.80
Valuation Ratio
P/FCFE⁵	—	6.78	19.60	15.23	15.94
Benchmarks
P/FCFE, Competitors⁶
Caterpillar Inc.	16.36	25.22	11.07	11.89	44.45
General Electric Co.	—	—	—	—	469.44
Honeywell International Inc.	46.23	12.59	21.75	26.34	18.13
Lockheed Martin Corp.	14.65	15.57	28.62	49.82	—
Northrop Grumman Corp.	—	12.16	28.00	259.84	—
Raytheon Technologies Corp.	35.07	—	28.09	6.94	14.93
P/FCFE, Sector
Capital Goods	—	61.96	29.74	35.08	—
P/FCFE, Industry
Industrials	—	32.46	23.59	24.28	—

Based on: 10-K (reporting date: 2021-12-31), 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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -9,443,000,000 ÷ 582,999,765 = -16.20

⁴ Closing price as at the filing date of Boeing Co. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 200.24 ÷ -16.20 = —

⁶ Click competitor name to see calculations.

Boeing Co. (NYSE:BA)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical