Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Boeing Co. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Current Valuation Ratios
Boeing Co., current price multiples
| Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | Capital Goods | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||
| Current share price (P) | ||||||||||||
| No. shares of common stock outstanding | ||||||||||||
| Earnings per share (EPS) | ||||||||||||
| Operating profit per share | ||||||||||||
| Sales per share | ||||||||||||
| Book value per share (BVPS) | ||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||
| Price to sales (P/S) | ||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Boeing Co., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Sales (P/S) Ratio Analysis
- The Price to Sales ratio demonstrates some fluctuation over the five-year period. Beginning at 1.96 in 2020, it slightly decreased to 1.87 in 2021, followed by a modest increase to 1.9 in 2022. The ratio then noticeably declined to 1.66 in 2023, representing the lowest point in the interval observed. However, by the end of 2024, this ratio rebounded to 1.98, surpassing the initial 2020 level. This variability suggests periodic shifts in market valuation relative to sales, potentially reflecting changing investor sentiment or variations in sales performance and expectations.
- Other Valuation Ratios
- The Price to Earnings (P/E), Price to Operating Profit (P/OP), and Price to Book Value (P/BV) ratios were not reported or available for the time periods shown. The absence of these key valuation metrics limits further comprehensive comparative analysis on profitability and book value trends.
- Overall Observations
- The available data indicates a fluctuating but generally resilient valuation relative to sales over the analyzed years. The P/S ratio's dip in 2023 may correlate with operational challenges or market pressures during that year, with a subsequent recovery in 2024 signaling restored confidence or improved sales dynamics. Without complementary data on earnings, operating profit, and book value, drawing definitive conclusions on overall valuation or financial health trends remains constrained.
Price to Earnings (P/E)
Boeing Co., historical P/E 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$) | ||||||
| Net loss attributable to Boeing common shareholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/E Ratio, 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.
2 2024 Calculation
EPS = Net loss attributable to Boeing common shareholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an overall upward trend from 2020 to 2022, increasing from $195.84 to $211.17. The price remained relatively stable from 2022 to 2023 with a negligible decrease to $211.04. However, in 2024, there was a notable decline to $175.87, representing a significant pullback in market valuation.
- Earnings Per Share (EPS) Trends
- Earnings per share showed persistent negative values throughout the reported years, indicating consistent losses. Although the magnitude of loss reduced from -$20.37 in 2020 to -$3.64 in 2023, there was a reversal in 2024 with EPS dropping sharply again to -$15.83. This decline suggests increased financial pressures or deteriorating profitability in the latest period.
- Price-to-Earnings (P/E) Ratio
- No data was provided for the P/E ratio, which may result from the negative EPS values making the ratio undefined or unreliable during these periods.
- Overall Financial Performance Insights
- The company experienced an initial phase of improving market price and reduced losses until 2023, which could reflect positive investor sentiment and operational improvements. However, the sharp decline in both share price and EPS in 2024 signals potential challenges that affected investor confidence and profitability during the most recent year.
Price to Operating Profit (P/OP)
Boeing Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Loss from operations (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/OP Ratio, 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.
2 2024 Calculation
Operating profit per share = Loss from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a generally increasing trend from 2020 through 2022, rising from $195.84 to $211.17. However, it then stabilized slightly in 2023 at $211.04 before experiencing a notable decline in 2024, falling to $175.87. This indicates initial market optimism or growth followed by a significant reduction in market valuation during the most recent period.
The operating profit per share (OPPS) showed persistent negative values each year, indicating that the company incurred operating losses on a per-share basis throughout the period. Although there was improvement after 2020, moving from a loss of $21.90 per share to a loss of $1.27 in 2023, 2024 witnessed a setback with the loss widening again to $14.27 per share. This suggests fluctuations and challenges in achieving operational profitability, with some recovery in the middle years but renewed difficulties in the latest year.
Overall, the data reflect a scenario where market confidence, as expressed in share price, initially rose despite ongoing operational losses improving over time. The drop in share price in 2024 coupled with increased operating losses suggests increased investor concern or deteriorating business performance in the latest year.
- Share Price Trend
- Increased from 2020 to 2022, remained stable in 2023, then declined sharply in 2024.
- Operating Profit per Share
- Consistently negative, showing gradual improvement until 2023, followed by a significant deterioration in 2024.
- Insight
- Despite ongoing operational losses, market valuation improved until 2023 but reversed notably in 2024, reflecting heightened concerns about operational performance or broader market conditions affecting the company.
Price to Sales (P/S)
Boeing Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/S Ratio, 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.
2 2024 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period presents several notable trends and fluctuations in key metrics.
- Share Price
- The share price demonstrated a moderate upward trend from 2020 through 2022, increasing from $195.84 to $211.17. It remained relatively stable into 2023 at $211.04 but experienced a significant decline to $175.87 by the end of 2024. This decrease in the final year suggests increased market volatility or a reassessment of the company's valuation.
- Sales Per Share
- Sales per share showed a consistent upward trajectory from 2020 to 2023, rising from $99.76 to $127.50, indicating improving revenue generation on a per-share basis. However, sales per share sharply decreased to $88.68 in 2024. This decline is notable and may reflect operational challenges, reduced demand, or other business factors impacting revenue.
- Price-to-Sales (P/S) Ratio
- The P/S ratio generally declined from 1.96 in 2020 to 1.66 in 2023, pointing to a gradual reduction in the market's valuation of sales over this period. Despite the decline in share price and sales per share in 2024, the P/S ratio rose markedly to 1.98, approaching the initial level seen in 2020. This increase suggests that the market's valuation multiple applied to sales improved despite lower sales per share, which may indicate expectations of future growth or other positive sentiment despite recent sales declines.
Overall, the data reveals a positive growth phase in sales and stable share prices up to 2023, followed by a downturn in both sales and share price in 2024. The P/S ratio's increase in the last year, despite falling sales, could highlight a shift in market perception or expectations about future performance.
Price to Book Value (P/BV)
Boeing Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Shareholders’ deficit (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/BV Ratio, 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.
2 2024 Calculation
BVPS = Shareholders’ deficit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the period analyzed.
- Share Price
- The share price experienced an overall upward trend from 195.84 US$ at the end of 2020 to a peak of 211.17 US$ at the end of 2022. However, the subsequent periods showed stabilization around 211.04 US$ in 2023, followed by a significant decline to 175.87 US$ by the end of 2024. This indicates a period of growth followed by a sharp decrease in market valuation.
- Book Value Per Share (BVPS)
- BVPS remained negative throughout the entire period, indicating persistent shareholders' equity deficits. The BVPS was -31.42 US$ at the end of 2020, and while it showed slight improvement by rising to -25.73 US$ in 2021, it deteriorated again to -28.24 US$ in 2023 before a notable improvement to -5.21 US$ in 2024. Although still negative, this last figure suggests a significant recovery in equity position compared to prior years.
- Price-to-Book Value Ratio (P/BV)
- No data is available for the P/BV ratio. The negative book values for all periods complicate the meaningful calculation of this ratio, as the denominator (book value) was consistently negative, which may be why the ratio was not reported.
Overall, the company's market share price showed growth until 2022, followed by a decline in 2024, while the book value per share consistently reflected a negative equity situation with partial recovery by 2024. The data implies volatility in market perception and ongoing challenges with equity position, although the recent trend in BVPS indicates improvement in the financial foundation.