Price to FCFE (P/FCFE)
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Free Cash Flow to Equity (FCFE)
Boeing Co., FCFE 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).
- Operating Activities Cash Flow
- The net cash provided or used by operating activities exhibited significant variability over the analyzed period. Initially, there was a substantial cash outflow of approximately 18.4 billion US dollars in 2020, reflecting challenging operational conditions. This outflow notably decreased in 2021 to about 3.4 billion US dollars, indicating some improvement in operational cash generation. The trend then reversed positively in 2022 and 2023, with cash inflows of approximately 3.5 billion and 6.0 billion US dollars respectively, demonstrating enhanced operational efficiency or profitability during these years. However, in 2024, the figure again showed a marked decline to a considerable outflow of approximately 12.1 billion US dollars, suggesting renewed operational difficulties or significant cash demands within that period.
- Free Cash Flow to Equity (FCFE)
- The Free Cash Flow to Equity also presented a fluctuating pattern over the five years. In 2020, the FCFE was positive and substantial at about 16.8 billion US dollars, indicating a strong capacity to generate cash available to equity shareholders after capital expenditures and debt servicing. This positive position shifted dramatically in 2021, with a negative FCFE of around 9.4 billion US dollars, showing constraints on cash available to equity holders. A modest recovery occurred in 2022, with FCFE returning to positive levels near 1.0 billion US dollars. However, this was followed by a decline back into negative territory in 2023 and 2024, with FCFE values of approximately -0.7 billion and -12.9 billion US dollars respectively. This downward trend in the latter years points to increasing challenges in maintaining free cash flow available to equity holders, potentially due to higher capital expenditures, debt servicing costs, or operational difficulties.
- Summary of Financial Cash Flow Trends
- Overall, the data indicates considerable volatility in the company’s cash flows over the five-year period. The initial years (2020–2021) depict severe cash outflows transitioning into moderate inflows by 2022 and 2023, followed by a significant decline again in 2024. Free Cash Flow to Equity exhibits a similar pattern of substantial initial positivity, severe disruptions, brief recovery, and subsequent deterioration. The fluctuations suggest external or internal challenges impacting operational performance and capital allocation decisions, with cash generation and free cash flow capacity being unstable across the observed timeframe.
Price to FCFE Ratio, Current
Boeing Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Caterpillar Inc. | |
| Eaton Corp. plc | |
| GE Aerospace | |
| Honeywell International Inc. | |
| Lockheed Martin Corp. | |
| RTX Corp. | |
| P/FCFE, Sector | |
| Capital Goods | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Boeing Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/FCFE, Sector | ||||||
| Capital Goods | ||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Boeing Co. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price displayed a generally upward trend from 195.84 US$ at the end of 2020 to a peak of 211.17 US$ at the end of 2022. There was a marginal decline to 211.04 US$ in 2023, followed by a more pronounced decrease to 175.87 US$ by the end of 2024, indicating a loss in market value during the most recent year.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share experienced significant volatility over the period. It was strongly positive at 28.87 US$ in 2020, then shifted to a substantial negative value of -16.2 US$ in 2021. A recovery was seen in 2022 with a slight positive amount of 1.75 US$, but this was followed by two consecutive years of negative FCFE per share, at -1.12 US$ in 2023 and worsening further to -17.15 US$ in 2024. This pattern suggests fluctuations in cash flow available to equity holders with notable declines in recent years.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio was 6.78 at the end of 2020, then no data was reported for 2021. An unusually high value of 120.43 appeared in 2022, likely reflecting the combination of a modest positive FCFE per share and a relatively stable share price, which inflated the ratio. Data for subsequent years is missing, probably due to negative FCFE values rendering the ratio non-meaningful or not calculable.
- Overall Insights
- The share price trend suggested initial growth followed by a decline in the latest year, potentially reflecting market concerns. FCFE per share volatility, including the shift from positive to negative values, indicates financial challenges affecting free cash flow generation in recent periods. The extreme P/FCFE ratio in 2022 underlines the instability in cash flow relative to price, and lack of data in later years reinforces the impact of negative cash flows on standard valuation metrics.