The Boeing Company

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Sales of products was 84% and Sales of services was 16% of revenue.

In the fiscal year to Dec 2025, United States was 54% and Asia was 18% of revenue; Asia rose from 13% in the fiscal year to Dec 2023.

Quarters: The Boeing Company's SEC filings, named by the month they end. Fiscal years: The Boeing Company's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $2.5 ends up as net income. Net margin rose from −7.4% to 2.5% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: The Boeing Company's annual reports to the SEC; quarters: SEC filings.

How much work is already signed?

Customers had signed $745.4B of work The Boeing Company has not yet delivered at the end of Sep 2026: 7.9 years of revenue at the last four quarters' pace. New orders over those four quarters were about 2.2× revenue, so the backlog grew.

Backlog: remaining performance obligations in The Boeing Company's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report The Boeing Company sells to the U.S. government; it names no suppliers.

Their suppliers

Kratos Defense & Security Solutions KTOSto RTX, GE Aerospace

Prudential PRUto RTX

Ford Fto Berkshire Hathaway

General Motors GMto Berkshire Hathaway

Honda/Acura HMCto Berkshire Hathaway

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Suppliers

RTX RTX

B

Berkshire Hathaway BRK-B

GE Aerospace GE

Howmet Aerospace HWM

 

BAThe Boeing Company

Customers

U.S. government 35%

Partners

UUnited Launch AllianceJoint venture

Lockheed Martin LMTCo-owner of United Launch Alliance

Changes since the previous annual report (10-K filed Feb 3, 2025)

U.S. governmentCustomer, share of revenue42% → 35%

Named in other companies’ filings

Intuitive Machines LUNRco-develops with it · Develop Lunar Terrain Vehicle

Only the companies The Boeing Company names in its 10-K filed Jan 30, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names The Boeing Company. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 17.7x, below the peer median of 32.2x, but earnings are expected to fall, so the discount may be deserved.

Priced 45% below the peer median of 32.2x.

What analysts expect

The average analyst price target is $233, 36% above the current price; 89% of 28 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 25 analysts (89%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $254.43 to $238.62 (−6%), while BA went from $194.58 to $171.55 (−12%). In the past three months targets were cut 16 times and never raised. 2 upgrades and no downgrades over the year; the latest: Argus Research moved it to Buy from Hold on Aug 11, 2026.

The day after each of these reports the stock moved −2.8% (Dec 2025, beat); +6.8% (Mar 2026, beat); +1.2% (Jun 2026, missed); −11.2% (Sep 2026, missed).

For the quarter ending Dec 2026 (The Boeing Company reports on Jan 26, 2027), analysts expect an adjusted loss of $0.74 a share, and revenue of $25.6B, up 7% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $2.16 a share, and revenue of $109.4B, up 13% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $20M in free cash flow over the year and returned more than it generated: $350M went back to shareholders (dividends plus buybacks), so $330M came from cash on hand or borrowing.

The Boeing Company had 793M diluted shares in the quarter ended Sep 2026, 4.3% more than a year earlier, and 5.5% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.2, short-term debt is manageable; debt-to-equity 9.9, debt is high, which adds pressure if the economy weakens.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

2 portfolios Hunch tracks hold BA: 2 funds. It is 35.1% of Rovida Investment Management's portfolio (12.3% as filed).

• FundRovida Investment ManagementAsset managerBA is 35% of this portfolio12% as filed-11.1%1-year backtest
• FundAppaloosaHedge fund founded by David TepperBA is 4% of this portfolio2% as filed+61.6%2-year backtest

BA's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held BA at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 3 cut, 3 bought new and 1 sold all. The largest of them is Fisher Asset Management, 6.19M shares worth $1.2B at Sep 30, 2026, 2.2% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of BA at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors bought $2.4M and sold $5.0M of BA on the open market in the 12 months to Nov 11, 2026. The largest was Howard E McKenzie (Chief Engineer & EVP, ET&T), who sold $2.5M in 1 sale.

From the Form 4s filed with the SEC about The Boeing Company (76 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 51 other transactions (grants, shares withheld for tax, gifts and other transfers).

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