Stock Analysis on Net

Boeing Co. (NYSE:BA)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Boeing Co., FCFE calculation

US$ in millions

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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.

Price to FCFE Ratio, Current

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

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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.


Price to FCFE Ratio, Historical

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

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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 price1, 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.