Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Boeing Co., adjustment to net loss attributable to Boeing Shareholders

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net loss attributable to Boeing Shareholders (as reported) (11,817) (2,222) (4,935) (4,202) (11,873)
Add: Unrealized gain (loss) on certain investments, net of tax — 2 (1) — —
Net loss attributable to Boeing Shareholders (adjusted) (11,817) (2,220) (4,936) (4,202) (11,873)

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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Boeing Co., adjusted profitability ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin -17.77% -2.86% -7.41% -6.75% -20.42%
Adjusted net profit margin -17.77% -2.85% -7.41% -6.75% -20.42%
Return on Equity (ROE)
Reported ROE — — — — —
Adjusted ROE — — — — —
Return on Assets (ROA)
Reported ROA -7.56% -1.62% -3.60% -3.03% -7.80%
Adjusted ROA -7.56% -1.62% -3.60% -3.03% -7.80%

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).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Boeing Co. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Boeing Co. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Boeing Co., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders (11,817) (2,222) (4,935) (4,202) (11,873)
Revenues 66,517 77,794 66,608 62,286 58,158
Profitability Ratio
Net profit margin1 -17.77% -2.86% -7.41% -6.75% -20.42%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net loss attributable to Boeing Shareholders (11,817) (2,220) (4,936) (4,202) (11,873)
Revenues 66,517 77,794 66,608 62,286 58,158
Profitability Ratio
Adjusted net profit margin2 -17.77% -2.85% -7.41% -6.75% -20.42%

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 Net profit margin = 100 × Net loss attributable to Boeing Shareholders ÷ Revenues
= 100 × -11,817 ÷ 66,517 = -17.77%

2 Adjusted net profit margin = 100 × Adjusted net loss attributable to Boeing Shareholders ÷ Revenues
= 100 × -11,817 ÷ 66,517 = -17.77%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Boeing Co. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders (11,817) (2,222) (4,935) (4,202) (11,873)
Shareholders’ deficit (3,908) (17,233) (15,883) (14,999) (18,316)
Profitability Ratio
ROE1 — — — — —
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net loss attributable to Boeing Shareholders (11,817) (2,220) (4,936) (4,202) (11,873)
Shareholders’ deficit (3,908) (17,233) (15,883) (14,999) (18,316)
Profitability Ratio
Adjusted ROE2 — — — — —

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 × -11,817 ÷ -3,908 = —

2 Adjusted ROE = 100 × Adjusted net loss attributable to Boeing Shareholders ÷ Shareholders’ deficit
= 100 × -11,817 ÷ -3,908 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders (11,817) (2,222) (4,935) (4,202) (11,873)
Total assets 156,363 137,012 137,100 138,552 152,136
Profitability Ratio
ROA1 -7.56% -1.62% -3.60% -3.03% -7.80%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net loss attributable to Boeing Shareholders (11,817) (2,220) (4,936) (4,202) (11,873)
Total assets 156,363 137,012 137,100 138,552 152,136
Profitability Ratio
Adjusted ROA2 -7.56% -1.62% -3.60% -3.03% -7.80%

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 × -11,817 ÷ 156,363 = -7.56%

2 Adjusted ROA = 100 × Adjusted net loss attributable to Boeing Shareholders ÷ Total assets
= 100 × -11,817 ÷ 156,363 = -7.56%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Boeing Co. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.