Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Boeing Co. (NYSE:BA)

Common Stock Valuation Ratios (Price Multiples)

Beginner level


Current Valuation Ratios

Boeing Co., current price multiples

Microsoft Excel LibreOffice Calc
Boeing Co. General Dynamics Corp. Lockheed Martin Corp. Northrop Grumman Corp. Raytheon Technologies Corp. Aerospace & Defense Industrials
Selected Financial Data
Current share price (P) $161.14
No. shares of common stock outstanding 564,448,738
 
Earnings per share (EPS) $-1.13
Operating profit per share $-3.50
Sales per share $135.63
Book value per share (BVPS) $-15.27
Valuation Ratios (Price Multiples)
Price to sales (P/S) 1.19 1.04 1.85 1.68 1.24 1.38 2.00

Based on: 10-K (filing date: 2020-01-31).

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Price to earnings (P/E) 21.87 24.68 20.50 14.89
Price to operating profit (P/OP) 19.08 19.69 17.20 10.36
Price to sales (P/S) 2.34 2.26 2.17 1.06 0.80
Price to book value (P/BV) 674.83 569.92 122.80 12.17

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Boeing Co.’s P/E ratio decreased from 2017 to 2018 and from 2018 to 2019.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Boeing Co.’s P/OP ratio decreased from 2017 to 2018 and from 2018 to 2019.
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.’s P/S ratio increased from 2017 to 2018 and from 2018 to 2019.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Boeing Co.’s P/BV ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
No. shares of common stock outstanding1 563,152,208 564,985,109 588,490,313 612,478,643 662,503,822
Selected Financial Data (US$)
Net earnings (loss) related to parent (in millions) (636) 10,460  8,197  4,895  5,176 
Earnings per share (EPS)2 -1.13 18.51 13.93 7.99 7.81
Share price1, 3 318.27 404.91 343.80 163.81 116.36
Valuation Ratio
P/E ratio4 21.87 24.68 20.50 14.89
Benchmarks
P/E Ratio, Competitors5
General Dynamics Corp. 15.48 14.95 21.37 18.75 13.88
Lockheed Martin Corp. 19.87 16.88 48.70 14.14 18.36
Northrop Grumman Corp. 28.70 14.48 29.23 18.21 17.15
Raytheon Technologies Corp. 24.41 19.74 21.97 17.55 9.31
P/E Ratio, Sector
Aerospace & Defense 33.01 18.82 26.47 17.62 13.56
P/E Ratio, Industry
Industrials 29.12 28.57 26.38 22.87 24.29

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
EPS = Net earnings (loss) related to parent ÷ No. shares of common stock outstanding
= -636,000,000 ÷ 563,152,208 = -1.13

3 Closing price as at the filing date of Boeing Co.’s Annual Report.

4 2019 Calculation
P/E ratio = Share price ÷ EPS
= 318.27 ÷ -1.13 =

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Boeing Co.’s P/E ratio decreased from 2017 to 2018 and from 2018 to 2019.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
No. shares of common stock outstanding1 563,152,208 564,985,109 588,490,313 612,478,643 662,503,822
Selected Financial Data (US$)
Earnings (loss) from operations (in millions) (1,975) 11,987  10,278  5,834  7,443 
Operating profit per share2 -3.51 21.22 17.47 9.53 11.23
Share price1, 3 318.27 404.91 343.80 163.81 116.36
Valuation Ratio
P/OP ratio4 19.08 19.69 17.20 10.36
Benchmarks
P/OP Ratio, Competitors5
General Dynamics Corp. 11.61 11.22 14.90 12.86 9.85
Lockheed Martin Corp. 14.49 11.62 16.47 13.51 12.17
Northrop Grumman Corp. 16.26 12.37 17.85 12.55 11.10
Raytheon Technologies Corp. 15.07 12.16 11.53 10.86 9.71
P/OP Ratio, Sector
Aerospace & Defense 23.05 14.26 16.10 13.29 10.55
P/OP Ratio, Industry
Industrials 16.16 13.62 15.21 15.36 12.54

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
Operating profit per share = Earnings (loss) from operations ÷ No. shares of common stock outstanding
= -1,975,000,000 ÷ 563,152,208 = -3.51

3 Closing price as at the filing date of Boeing Co.’s Annual Report.

4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 318.27 ÷ -3.51 =

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Boeing Co.’s P/OP ratio decreased from 2017 to 2018 and from 2018 to 2019.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
No. shares of common stock outstanding1 563,152,208 564,985,109 588,490,313 612,478,643 662,503,822
Selected Financial Data (US$)
Revenues (in millions) 76,559  101,127  93,392  94,571  96,114 
Sales per share2 135.95 178.99 158.70 154.41 145.08
Share price1, 3 318.27 404.91 343.80 163.81 116.36
Valuation Ratio
P/S ratio4 2.34 2.26 2.17 1.06 0.80
Benchmarks
P/S Ratio, Competitors5
General Dynamics Corp. 1.37 1.38 2.01 1.77 1.31
Lockheed Martin Corp. 2.07 1.58 1.91 1.59 1.43
Northrop Grumman Corp. 1.91 1.55 2.28 1.63 1.45
Raytheon Technologies Corp. 1.75 1.56 1.67 1.55 1.26
P/S Ratio, Sector
Aerospace & Defense 1.94 1.79 2.00 1.41 1.14
P/S Ratio, Industry
Industrials 2.13 1.91 2.11 1.98 1.71

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 76,559,000,000 ÷ 563,152,208 = 135.95

3 Closing price as at the filing date of Boeing Co.’s Annual Report.

4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 318.27 ÷ 135.95 = 2.34

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.’s P/S ratio increased from 2017 to 2018 and from 2018 to 2019.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
No. shares of common stock outstanding1 563,152,208 564,985,109 588,490,313 612,478,643 662,503,822
Selected Financial Data (US$)
Shareholders’ equity (in millions) (8,617) 339  355  817  6,335 
Book value per share (BVPS)2 -15.30 0.60 0.60 1.33 9.56
Share price1, 3 318.27 404.91 343.80 163.81 116.36
Valuation Ratio
P/BV ratio4 674.83 569.92 122.80 12.17
Benchmarks
P/BV Ratio, Competitors5
General Dynamics Corp. 3.97 4.26 5.44 5.05 3.83
Lockheed Martin Corp. 39.60 61.11 49.61 21.37
Northrop Grumman Corp. 7.32 5.71 8.36 7.62 6.18
Raytheon Technologies Corp. 3.24 2.71 3.38 3.22 2.59
P/BV Ratio, Sector
Aerospace & Defense 9.49 8.57 10.91 7.79 5.45
P/BV Ratio, Industry
Industrials 7.35 6.80 6.24 5.69 4.29

Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= -8,617,000,000 ÷ 563,152,208 = -15.30

3 Closing price as at the filing date of Boeing Co.’s Annual Report.

4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 318.27 ÷ -15.30 =

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Boeing Co.’s P/BV ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.