Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Common-Size Balance Sheet: Assets 

Boeing Co., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 6.49 8.83 9.26 10.66 5.81
Short-term and other investments 10.98 7.98 2.39 1.90 5.91
Accounts receivable, net 1.74 1.68 1.93 1.84 1.91
Unbilled receivables, net 5.44 5.35 6.07 6.30 6.22
Current portion of financing receivables, net 0.00 0.13 0.07 0.11 0.08
Inventories 50.33 55.99 58.20 57.00 56.89
Other current assets, net 1.37 1.90 1.83 2.08 1.60
Current assets 76.36% 81.86% 79.76% 79.89% 78.43%
Financing receivables and operating lease equipment, net 0.14 0.20 0.63 1.06 1.22
Property, plant and equipment, net 9.13 7.30 7.78 7.70 7.88
Goodwill 10.27 5.17 5.91 5.88 5.82
Acquired intangible assets, net 0.93 1.25 1.53 1.69 1.85
Deferred income taxes 0.06 0.12 0.04 0.05 0.06
Investments 0.62 0.64 0.76 0.72 0.70
Other assets, net of accumulated amortization 2.48 3.46 3.60 3.04 4.04
Long-term assets 23.64% 18.14% 20.24% 20.11% 21.57%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 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).

The composition of assets exhibited several notable shifts between 2021 and 2025. Current assets consistently represented the majority of the total asset base throughout the period, fluctuating between approximately 76% and 82%. However, a gradual shift in the allocation within current assets and between current and long-term assets is apparent.

Liquidity and Short-Term Investments
Cash and cash equivalents decreased from 5.81% of total assets in 2021 to 6.49% in 2025, with a peak of 10.66% in 2022. Simultaneously, short-term and other investments demonstrated a significant increase, rising from 5.91% in 2021 to 10.98% in 2025, after a low of 1.90% in 2022. This suggests a dynamic approach to managing liquid funds, potentially capitalizing on investment opportunities or responding to changing operational needs.
Inventory
Inventories constituted the largest single component of assets, consistently representing over 50% of the total. While relatively stable, inventories experienced a decrease from 56.89% in 2021 to 50.33% in 2025. This decline could indicate improved inventory management, increased production efficiency, or a shift in the business model.
Receivables
Both accounts receivable and unbilled receivables remained relatively stable as a percentage of total assets throughout the analyzed period. Accounts receivable fluctuated between 1.68% and 1.93%, while unbilled receivables ranged from 5.35% to 6.30%. The consistency suggests a stable credit policy and revenue recognition practices.
Long-Term Assets
Long-term assets decreased as a percentage of total assets from 21.57% in 2021 to 18.14% in 2024, before increasing to 23.64% in 2025. This fluctuation was driven by changes in several components. Financing receivables and operating lease equipment experienced a substantial decline, falling from 1.22% to 0.14%. Goodwill increased significantly from 5.82% in 2021 to 10.27% in 2025, potentially reflecting acquisitions or changes in asset valuation. Property, plant, and equipment also showed an increase, rising from 7.88% to 9.13%.
Intangible Assets and Deferred Taxes
Acquired intangible assets decreased steadily from 1.85% to 0.93% of total assets. Deferred income taxes remained a small portion of total assets, with a slight increase in 2024 before returning to 0.06% in 2025.

Overall, the asset composition demonstrates a shift away from long-term financing receivables towards increased cash, short-term investments, and goodwill. The decrease in inventory as a percentage of total assets, coupled with the changes in long-term assets, suggests a potential strategic realignment within the organization.