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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Goodwill and Intangible Asset Disclosure
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data displays a relatively stable pattern in the values of certain intangible assets over the five-year period, while others reveal consistent declines or minor fluctuations.
- Goodwill
- The value of goodwill remains generally stable, fluctuating marginally between 8,081 million and 8,084 million US dollars, indicating consistent valuation without significant impairments or additions.
- Trade names
- Trade names show no change during the period, holding steady at 197 million US dollars, suggesting no acquisitions or write-downs impacting this asset.
- In process research and development
- This asset remains unchanged at 202 million US dollars throughout the years, reflecting either a consistent investment or an absence of notable activity impacting this item.
- Indefinite-lived intangible assets
- Maintained steadily at 399 million US dollars, indicating no notable revaluation or impairment events.
- Distribution rights
- There is a declining trend in distribution rights from 2,812 million US dollars in 2020 to 2,501 million in 2024, suggesting amortization or divestitures impacting this asset category.
- Product know-how
- Product know-how experiences a slight decrease from 553 million to 546 million US dollars, indicating marginal amortization effects.
- Customer base
- The customer base intangible decreases gradually from 1,373 million to 1,315 million US dollars, reflecting amortization consistent with the nature of this asset.
- Developed technology
- Developed technology shows some variability, initially stable around 620-626 million, increasing slightly to 638 million in 2023, then significantly decreasing to 573 million in 2024. This pattern may indicate amortization combined with disposals or impairment in the final year.
- Other intangibles
- Other intangible assets slightly decline from 303 million in 2020 to 278 million in 2024, implying minor amortization or disposals.
- Acquired finite-lived intangible assets, gross carrying amount
- This asset decreases over time from 5,667 million to 5,213 million US dollars, consistent with amortization and no significant new acquisitions.
- Accumulated amortization
- Accumulated amortization increases steadily in absolute terms (from -3,223 million to -3,655 million US dollars), reflecting the ongoing amortization expense applied to finite-lived intangible assets.
- Acquired finite-lived intangible assets, net
- The net amount for acquired finite-lived intangible assets declines consistently from 2,444 million to 1,558 million US dollars, demonstrating the cumulative effect of amortization exceeding any additions.
- Acquired intangibles total
- The total acquired intangibles show a decreasing trend from 2,843 million to 1,957 million, coinciding with the overall decline in finite-lived intangibles.
- Goodwill and acquired intangibles combined
- The combined figure declines from 10,924 million in 2020 to 10,041 million in 2024, indicating a modest overall reduction in intangible asset values, predominantly driven by amortization and possibly minor impairments or disposals.
Overall, the data indicates that while indefinite-lived intangible assets and goodwill remain stable, there is a clear downward trend in finite-lived intangible assets and total acquired intangibles, primarily due to systematic amortization. There is limited evidence of new intangible asset acquisitions or significant revaluations during the period analyzed.
Adjustments to Financial Statements: Removal of Goodwill
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Total Assets
- The reported total assets have shown a decreasing trend from 152,136 million US dollars at the end of 2020 to 137,012 million US dollars in 2023, indicating a contraction over the four-year period. However, there is a notable recovery in 2024 where reported total assets increase to 156,363 million US dollars, exceeding the initial level observed in 2020.
- When adjusted for goodwill, total assets follow a similar pattern. Adjusted total assets declined steadily from 144,055 million US dollars in 2020 to 128,919 million US dollars in 2023, reflecting a consistent reduction. Like the reported figures, adjusted total assets rebound in 2024 to 148,279 million US dollars, marking a significant recovery but remaining slightly below the 2020 starting point.
- Shareholders’ Deficit
- The reported shareholders’ deficit decreased from -18,316 million US dollars in 2020 to -14,999 million US dollars in 2021, indicating an improvement in equity position. However, this trend reversed as the deficit increased again to -15,883 million US dollars in 2022 and further to -17,233 million US dollars in 2023, suggesting ongoing equity challenges. A sharp improvement is evident in 2024, where the deficit significantly reduces to -3,908 million US dollars.
- Adjusted shareholders’ deficit exhibits a more pronounced negative position throughout the period. Starting at -26,397 million US dollars in 2020, it shows some improvement to -23,067 million US dollars in 2021 but deteriorates somewhat to -23,940 million US dollars in 2022 and further to -25,326 million US dollars in 2023. The adjusted deficit then improves markedly in 2024 to -11,992 million US dollars although it remains substantially negative, indicating persistent adjusted equity challenges despite the improvement.
- Overall Insights
- The asset base contracted steadily over the first four years before recovering sharply in 2024, both on a reported and adjusted basis. This recovery may indicate operational improvements, asset acquisitions, or revaluations. Concurrently, the shareholders’ deficit shows volatility with initial improvement followed by worsening conditions and a significant recovery in the final year. The adjusted deficit remains notably larger in magnitude than the reported deficit, signaling the material impact of goodwill adjustments on equity position. The strong improvement in 2024 across all key figures suggests a potential turnaround in financial health after the previous years of contraction and equity strain.
Boeing Co., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the financial ratios over the five-year period reveals notable trends in asset turnover and return on assets, both in reported and goodwill adjusted terms.
- Total Asset Turnover
- Both reported and adjusted total asset turnover ratios show a general upward trend from 2020 to 2023. Reported total asset turnover increased from 0.38 in 2020 to a peak of 0.57 in 2023 before declining to 0.43 in 2024. Similarly, the adjusted total asset turnover rose from 0.40 in 2020 to 0.60 in 2023, also decreasing to 0.45 in 2024. This pattern suggests an improvement in asset utilization efficiency through 2023, followed by a decrease in the most recent year.
- Return on Assets (ROA)
- Both reported and adjusted ROA figures are negative throughout the entire period, indicating sustained losses on asset investments. The reported ROA improves significantly from -7.8% in 2020 to -1.62% in 2023, demonstrating a reduction in losses over four years, but then worsens again sharply to -7.56% in 2024. The adjusted ROA follows a similar pattern, beginning at -8.24% in 2020, improving to -1.72% in 2023, then declining to -7.97% in 2024. The close alignment between reported and adjusted ROA suggests goodwill adjustments have a limited effect on the profitability metric.
- Financial Leverage and Return on Equity (ROE)
- No data were provided for reported or adjusted financial leverage and ROE, thus no trend analysis is possible for these metrics within the examined period.
Overall, the data indicate that asset turnover efficiency improved steadily until 2023, accompanied by a concurrent reduction in losses as evidenced by ROA, before both metrics experienced a decline in 2024. The persistent negative ROA suggests ongoing profitability challenges despite improvements in asset utilization. The lack of data on leverage and ROE limits the ability to assess changes in capital structure and shareholder returns.
Boeing Co., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= ÷ =
- Total Assets
- The reported total assets demonstrated a decline from 152,136 million US dollars in 2020 to 137,012 million in 2023, followed by a notable increase to 156,363 million in 2024. A similar trend is observed after goodwill adjustment, with adjusted total assets decreasing from 144,055 million in 2020 to 128,919 million in 2023, then rising to 148,279 million in 2024. This indicates a contraction in asset base during the earlier years, with a significant recovery in the latest year.
- Total Asset Turnover
- The reported total asset turnover ratio shows an increasing trend from 0.38 in 2020 to a peak of 0.57 in 2023, before declining to 0.43 in 2024. Adjusted total asset turnover reflects a comparable pattern, improving from 0.4 in 2020 to 0.6 in 2023, then decreasing to 0.45 in 2024. These movements suggest enhanced efficiency in using assets to generate revenues through 2023, with a weakening in turnover efficiency in 2024.
- Overall Interpretation
- Across the examined period, both reported and goodwill-adjusted figures illustrate a contraction in total assets for the first four years, accompanied by rising asset turnover ratios, indicating efforts to improve asset utilization amid shrinking asset bases. In 2024, the increase in total assets paired with a decline in turnover ratios implies that asset growth has outpaced revenue generation capacity, possibly signaling a decrease in operational efficiency or a shift in asset composition.
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Financial leverage = Total assets ÷ Shareholders’ deficit
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ deficit
= ÷ =
The data reveals several notable trends and shifts in key financial metrics over the five-year period.
- Total Assets
- Reported total assets experienced a decline from 152,136 million US dollars in 2020 to a low of 137,012 million US dollars in 2023, followed by a significant increase to 156,363 million US dollars in 2024. Similarly, adjusted total assets also decreased steadily from 144,055 million US dollars in 2020 to 128,919 million US dollars in 2023, and then rose sharply to 148,279 million US dollars in 2024. This pattern indicates a period of contraction over the first four years, with a notable rebound in the last year.
- Shareholders’ Deficit
- Reported shareholders’ deficit improved from -18,316 million US dollars in 2020 to -14,999 million in 2021, but subsequently deteriorated to -17,233 million in 2023 before a dramatic improvement to -3,908 million in 2024. The adjusted shareholders’ deficit mirrored this trend, though with consistently larger negative values, moving from -26,397 million in 2020 to -25,326 million in 2023, followed by a substantial improvement to -11,992 million in 2024. These figures suggest accumulated losses or adjustments impacting equity, with a large recovery visible in 2024.
- Financial Leverage
- No data was provided for reported or adjusted financial leverage ratios for the years included, limiting the ability to analyze trends in the capital structure or reliance on debt.
Overall, the financial data point to a challenging period marked by asset base reduction and persistent shareholders’ deficits until 2023, succeeded by a significant recovery in asset levels and equity positions in 2024. This improvement in the latest year may result from operational changes, asset revaluations, or other factors leading to a strengthened balance sheet. The absence of financial leverage ratios, however, constrains a deeper analysis of the company’s debt management and associated risk.
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROE = 100 × Net loss attributable to Boeing Shareholders ÷ Shareholders’ deficit
= 100 × ÷ =
2 Adjusted ROE = 100 × Net loss attributable to Boeing Shareholders ÷ Adjusted shareholders’ deficit
= 100 × ÷ =
The financial data reveals a fluctuating pattern in both reported and adjusted shareholders' deficits over the five-year period ending December 31, 2024. Initially, the reported shareholders' deficit showed a decreasing negative value from -18,316 million US dollars in 2020 to -14,999 million US dollars in 2021, suggesting an improvement in shareholders' equity during that period. However, this trend reversed slightly in 2022 and 2023 as the deficit increased again to -15,883 million and -17,233 million respectively, indicating a deterioration in financial position during these years. A significant positive change occurs in 2024, where the reported deficit decreases substantially to -3,908 million, pointing to a notable recovery in shareholders' equity.
In contrast, the adjusted shareholders' deficit, which likely accounts for goodwill and other intangible adjustments, follows a somewhat similar but more pronounced pattern. It starts at -26,397 million US dollars in 2020 and improves to -23,067 million in 2021. Subsequently, it worsens slightly in 2022 and 2023, moving to -23,940 million and -25,326 million respectively. Notably, in 2024, the adjusted deficit decreases significantly to -11,992 million, aligning with the improvement seen in the reported figures but remaining considerably larger in magnitude. This adjusted deficit suggests that even with accounting adjustments, the company faced substantial challenges in equity position over the period but achieved notable recovery by the end of 2024.
The absence of Returns on Equity (ROE) data in both reported and adjusted formats restricts the ability to assess profitability in relation to shareholders' equity directly. However, the trends in shareholders' deficits imply that the company has been managing negative equity with some fluctuations and a major positive movement in the final year observed. The substantial reduction in both reported and adjusted shareholders' deficits in 2024 could reflect significant operational, financial restructuring, or asset revaluation efforts leading to improved balance sheet strength.
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROA = 100 × Net loss attributable to Boeing Shareholders ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net loss attributable to Boeing Shareholders ÷ Adjusted total assets
= 100 × ÷ =
- Total Assets
- The reported total assets exhibited a declining trend from 152,136 million US dollars in 2020 to 137,012 million US dollars in 2023, followed by a notable increase to 156,363 million US dollars in 2024. Similarly, the goodwill adjusted total assets followed this pattern, decreasing from 144,055 million in 2020 to 128,919 million in 2023, then rising significantly to 148,279 million in 2024. This suggests a contraction phase through 2023 with substantial asset growth in the final year analyzed.
- Return on Assets (ROA)
- Both reported and adjusted ROA values were negative throughout the period, indicating consistent unprofitability relative to total assets. The reported ROA improved from -7.8% in 2020 to a low point of -1.62% in 2023, implying a gradual reduction in losses per asset over these years. However, there was a sharp reversal in 2024, with reported ROA declining steeply to -7.56%. The adjusted ROA mirrored this trend, improving from -8.24% in 2020 to -1.72% in 2023, then worsening markedly to -7.97% in 2024. The parallel movements between reported and adjusted ROA indicate that goodwill adjustments had a consistent effect on profitability metrics across the timeline.
- Insights
- The overall pattern reveals a phase of asset downsizing and reduced losses up to 2023, followed by asset re-expansion and a significant deterioration in asset profitability in 2024. The sharp decline in ROA despite higher total assets in 2024 may point to operational challenges, increased costs, or impaired asset effectiveness during that period. Consistency between reported and adjusted figures suggests goodwill adjustments do not materially alter the observed financial trends.