Is the business good?
How good a business is BA?
Boeing earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
11%
Return on invested capital · cost of capital 9.0% · 2.4 points above what the capital costs: growth creates value
- Operating margin
- 4.9%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Cash conversion
- −0.09×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +4.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −22% |
| FY2021 | −4.6% |
| FY2022 | −5.3% |
| FY2023 | −0.99% |
| FY2024 | −16% |
| FY2025 | 4.8% |
Details›
- Gross margin12 months to Q2 2026
- 4.7%
- Operating margin12 months to Q2 2026
- 4.9%
- Net margin12 months to Q2 2026
- 2.6%
- Free cash flow margin
- −0.22%
- R&D as % of revenue
- 3.9%
- Revenue, trailing twelve months
- $94.0B
- Free cash flow, trailing twelve months
- −$210M
- Net income, trailing twelve months
- $2.44B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Aerospace & Defense
Ranks #30 of 48 by Smart Score