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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net loss attributable to Boeing Shareholders (as reported) (2,222) (4,935) (4,202) (11,873) (636)
Add: Unrealized gain (loss) on certain investments, net of tax 2 (1) — — 1
Net loss attributable to Boeing Shareholders (adjusted) (2,220) (4,936) (4,202) (11,873) (635)

Based on: 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), 10-K (reporting date: 2019-12-31).

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

Boeing Co., adjusted profitability ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin -2.86% -7.41% -6.75% -20.42% -0.83%
Adjusted net profit margin -2.85% -7.41% -6.75% -20.42% -0.83%
Return on Equity (ROE)
Reported ROE — — — — —
Adjusted ROE — — — — —
Return on Assets (ROA)
Reported ROA -1.62% -3.60% -3.03% -7.80% -0.48%
Adjusted ROA -1.62% -3.60% -3.03% -7.80% -0.48%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Boeing Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Boeing Co., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders (2,222) (4,935) (4,202) (11,873) (636)
Revenues 77,794 66,608 62,286 58,158 76,559
Profitability Ratio
Net profit margin1 -2.86% -7.41% -6.75% -20.42% -0.83%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net loss attributable to Boeing Shareholders (2,220) (4,936) (4,202) (11,873) (635)
Revenues 77,794 66,608 62,286 58,158 76,559
Profitability Ratio
Adjusted net profit margin2 -2.85% -7.41% -6.75% -20.42% -0.83%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Net profit margin = 100 × Net loss attributable to Boeing Shareholders ÷ Revenues
= 100 × -2,222 ÷ 77,794 = -2.86%

2 Adjusted net profit margin = 100 × Adjusted net loss attributable to Boeing Shareholders ÷ Revenues
= 100 × -2,220 ÷ 77,794 = -2.85%

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders (2,222) (4,935) (4,202) (11,873) (636)
Shareholders’ deficit (17,233) (15,883) (14,999) (18,316) (8,617)
Profitability Ratio
ROE1 — — — — —
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net loss attributable to Boeing Shareholders (2,220) (4,936) (4,202) (11,873) (635)
Shareholders’ deficit (17,233) (15,883) (14,999) (18,316) (8,617)
Profitability Ratio
Adjusted ROE2 — — — — —

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net loss attributable to Boeing Shareholders ÷ Shareholders’ deficit
= 100 × -2,222 ÷ -17,233 = —

2 Adjusted ROE = 100 × Adjusted net loss attributable to Boeing Shareholders ÷ Shareholders’ deficit
= 100 × -2,220 ÷ -17,233 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders (2,222) (4,935) (4,202) (11,873) (636)
Total assets 137,012 137,100 138,552 152,136 133,625
Profitability Ratio
ROA1 -1.62% -3.60% -3.03% -7.80% -0.48%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net loss attributable to Boeing Shareholders (2,220) (4,936) (4,202) (11,873) (635)
Total assets 137,012 137,100 138,552 152,136 133,625
Profitability Ratio
Adjusted ROA2 -1.62% -3.60% -3.03% -7.80% -0.48%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net loss attributable to Boeing Shareholders ÷ Total assets
= 100 × -2,222 ÷ 137,012 = -1.62%

2 Adjusted ROA = 100 × Adjusted net loss attributable to Boeing Shareholders ÷ Total assets
= 100 × -2,220 ÷ 137,012 = -1.62%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Boeing Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.