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
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Boeing Co., current price multiples

	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.

Boeing Co., historical price multiples

	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.

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

	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 price^1, 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.

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

	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 price^1, 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.

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

	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 price^1, 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.

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

	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 price^1, 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.

Boeing Co. (NYSE:BA)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)