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).
Current Valuation Ratios
Boeing Co., current price multiples
| Boeing Co. | 3M Co. | Caterpillar Inc. | General Electric Co. | Honeywell International Inc. | Illinois Tool Works Inc. | Lockheed Martin Corp. | Raytheon Technologies Corp. | Capital Goods | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||
| Current share price (P) | $225.96 | ||||||||||||
| No. shares of common stock outstanding | 587,699,224 | ||||||||||||
| Earnings per share (EPS) | $-20.20 | ||||||||||||
| Operating profit per share | $-21.72 | ||||||||||||
| Sales per share | $98.96 | ||||||||||||
| Book value per share (BVPS) | $-31.17 | ||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||
| Price to sales (P/S) | 2.28 | 3.20 | 3.17 | 1.55 | 4.59 | 6.09 | 1.57 | 2.44 | 2.54 | 2.70 | |||
Based on: 10-K (reporting date: 2020-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Boeing Co., historical price multiples
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Boeing Co. P/S ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Price to Earnings (P/E)
Boeing Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 582,996,860 | 563,152,208 | 564,985,109 | 588,490,313 | 612,478,643 | |
| Selected Financial Data (US$) | ||||||
| Net earnings (loss) attributable to Boeing Shareholders (in millions) | (11,873) | (636) | 10,460 | 8,197 | 4,895 | |
| Earnings per share (EPS)2 | -20.37 | -1.13 | 18.51 | 13.93 | 7.99 | |
| Share price1, 3 | 195.84 | 318.27 | 404.91 | 343.80 | 163.81 | |
| Valuation Ratio | ||||||
| P/E ratio4 | — | — | 21.87 | 24.68 | 20.50 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| 3M Co. | 19.05 | 20.52 | 21.51 | 27.32 | 21.04 | |
| Caterpillar Inc. | 36.80 | 12.36 | 12.42 | 126.80 | — | |
| General Electric Co. | 19.67 | — | — | — | 32.22 | |
| Honeywell International Inc. | 29.63 | 20.97 | 16.02 | 67.20 | 19.29 | |
| Illinois Tool Works Inc. | 30.18 | 23.76 | 18.46 | 33.07 | 21.80 | |
| Lockheed Martin Corp. | 13.44 | 19.87 | 16.88 | 48.70 | 14.14 | |
| Raytheon Technologies Corp. | — | 24.41 | 19.74 | 21.97 | 17.55 | |
| P/E Ratio, Sector | ||||||
| Capital Goods | 70.10 | 35.96 | 45.64 | 52.68 | 23.51 | |
| P/E Ratio, Industry | ||||||
| Industrials | 50.89 | 30.51 | 30.35 | 26.39 | 23.61 | |
Based on: 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), 10-K (reporting date: 2016-12-31).
1 Data adjusted for splits and stock dividends.
2 2020 Calculation
EPS = Net earnings (loss) attributable to Boeing Shareholders ÷ No. shares of common stock outstanding
= -11,873,000,000 ÷ 582,996,860 = -20.37
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2020 Calculation
P/E ratio = Share price ÷ EPS
= 195.84 ÷ -20.37 = —
5 Click competitor name to see calculations.
Price to Operating Profit (P/OP)
Boeing Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 582,996,860 | 563,152,208 | 564,985,109 | 588,490,313 | 612,478,643 | |
| Selected Financial Data (US$) | ||||||
| Earnings (loss) from operations (in millions) | (12,767) | (1,975) | 11,987 | 10,278 | 5,834 | |
| Operating profit per share2 | -21.90 | -3.51 | 21.22 | 17.47 | 9.53 | |
| Share price1, 3 | 195.84 | 318.27 | 404.91 | 343.80 | 163.81 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | — | — | 19.08 | 19.69 | 17.20 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| 3M Co. | 14.32 | 15.19 | 15.97 | 16.97 | 14.71 | |
| Caterpillar Inc. | 24.23 | 9.08 | 9.20 | 21.70 | 116.61 | |
| General Electric Co. | 25.64 | 9.22 | 8.57 | 12.27 | 19.05 | |
| Honeywell International Inc. | 24.86 | 18.81 | 16.16 | 15.55 | 13.88 | |
| Illinois Tool Works Inc. | 22.08 | 17.61 | 13.20 | 15.97 | 14.48 | |
| Lockheed Martin Corp. | 10.63 | 14.49 | 11.62 | 16.47 | 13.51 | |
| Raytheon Technologies Corp. | — | 15.07 | 12.16 | 11.53 | 10.86 | |
| P/OP Ratio, Sector | ||||||
| Capital Goods | 45.76 | 17.47 | 13.30 | 15.88 | 16.30 | |
| P/OP Ratio, Industry | ||||||
| Industrials | 28.96 | 15.86 | 13.21 | 14.59 | 15.43 | |
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Data adjusted for splits and stock dividends.
2 2020 Calculation
Operating profit per share = Earnings (loss) from operations ÷ No. shares of common stock outstanding
= -12,767,000,000 ÷ 582,996,860 = -21.90
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 195.84 ÷ -21.90 = —
5 Click competitor name to see calculations.
Price to Sales (P/S)
Boeing Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 582,996,860 | 563,152,208 | 564,985,109 | 588,490,313 | 612,478,643 | |
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | 58,158 | 76,559 | 101,127 | 93,392 | 94,571 | |
| Sales per share2 | 99.76 | 135.95 | 178.99 | 158.70 | 154.41 | |
| Share price1, 3 | 195.84 | 318.27 | 404.91 | 343.80 | 163.81 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 1.96 | 2.34 | 2.26 | 2.17 | 1.06 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| 3M Co. | 3.19 | 2.92 | 3.51 | 4.19 | 3.53 | |
| Caterpillar Inc. | 2.83 | 1.48 | 1.47 | 2.24 | 1.62 | |
| General Electric Co. | 1.41 | 1.18 | 0.82 | 1.11 | 2.39 | |
| Honeywell International Inc. | 4.34 | 3.51 | 2.59 | 2.74 | 2.36 | |
| Illinois Tool Works Inc. | 5.06 | 4.25 | 3.20 | 3.90 | 3.26 | |
| Lockheed Martin Corp. | 1.40 | 2.07 | 1.58 | 1.91 | 1.59 | |
| Raytheon Technologies Corp. | 1.95 | 1.75 | 1.56 | 1.67 | 1.55 | |
| P/S Ratio, Sector | ||||||
| Capital Goods | 2.27 | 2.07 | 1.80 | 2.06 | 1.94 | |
| P/S Ratio, Industry | ||||||
| Industrials | 2.30 | 2.08 | 1.89 | 2.05 | 1.96 | |
Based on: 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), 10-K (reporting date: 2016-12-31).
1 Data adjusted for splits and stock dividends.
2 2020 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 58,158,000,000 ÷ 582,996,860 = 99.76
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 195.84 ÷ 99.76 = 1.96
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Boeing Co. P/S ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Price to Book Value (P/BV)
Boeing Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 582,996,860 | 563,152,208 | 564,985,109 | 588,490,313 | 612,478,643 | |
| Selected Financial Data (US$) | ||||||
| Shareholders’ equity (deficit) (in millions) | (18,316) | (8,617) | 339 | 355 | 817 | |
| Book value per share (BVPS)2 | -31.42 | -15.30 | 0.60 | 0.60 | 1.33 | |
| Share price1, 3 | 195.84 | 318.27 | 404.91 | 343.80 | 163.81 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | — | — | 674.83 | 569.92 | 122.80 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| 3M Co. | 7.97 | 9.32 | 11.75 | 11.48 | 10.32 | |
| Caterpillar Inc. | 7.20 | 5.16 | 5.44 | 6.98 | 4.42 | |
| General Electric Co. | 2.89 | 3.66 | 3.00 | 1.96 | 3.47 | |
| Honeywell International Inc. | 8.07 | 6.97 | 5.96 | 6.44 | 4.79 | |
| Illinois Tool Works Inc. | 20.01 | 19.80 | 14.54 | 12.17 | 10.43 | |
| Lockheed Martin Corp. | 15.27 | 39.60 | 61.11 | — | 49.61 | |
| Raytheon Technologies Corp. | 1.53 | 3.24 | 2.71 | 3.38 | 3.22 | |
| P/BV Ratio, Sector | ||||||
| Capital Goods | 5.80 | 8.12 | 7.37 | 6.55 | 5.42 | |
| P/BV Ratio, Industry | ||||||
| Industrials | 6.18 | 7.23 | 6.59 | 5.88 | 5.38 | |
Based on: 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), 10-K (reporting date: 2016-12-31).
1 Data adjusted for splits and stock dividends.
2 2020 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= -18,316,000,000 ÷ 582,996,860 = -31.42
3 Closing price as at the filing date of Boeing Co. Annual Report.
4 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 195.84 ÷ -31.42 = —
5 Click competitor name to see calculations.