Stock Analysis on Net

Boeing Co. (NYSE:BA)

Common Stock Valuation Ratios (Price Multiples)

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Current Valuation Ratios

Boeing Co., current price multiples

Microsoft Excel LibreOffice Calc
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

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Price to earnings (P/E) 21.87 24.68 20.50
Price to operating profit (P/OP) 19.08 19.69 17.20
Price to sales (P/S) 1.96 2.34 2.26 2.17 1.06
Price to book value (P/BV) 674.83 569.92 122.80

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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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

Microsoft Excel LibreOffice Calc
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.