Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Boeing Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.57 0.49 0.45 0.38 0.57
Adjusted 0.57 0.49 0.45 0.38 0.58
Liquidity Ratio
Current Ratio
Reported 1.14 1.22 1.33 1.39 1.05
Adjusted 1.17 1.25 1.36 1.42 1.07
Solvency Ratios
Debt to Equity
Reported — — — — —
Adjusted — — — — —
Debt to Capital
Reported 1.49 1.39 1.35 1.40 1.46
Adjusted 1.37 1.29 1.26 1.31 1.34
Financial Leverage
Reported — — — — —
Adjusted — — — — —
Profitability Ratios
Net Profit Margin
Reported -2.86% -7.41% -6.75% -20.42% -0.83%
Adjusted -3.63% -4.28% 1.06% -18.96% -3.81%
Return on Equity (ROE)
Reported — — — — —
Adjusted — — — — —
Return on Assets (ROA)
Reported -1.62% -3.60% -3.03% -7.80% -0.48%
Adjusted -2.06% -2.08% 0.48% -7.23% -2.19%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Boeing Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Boeing Co. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Boeing Co. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Boeing Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Boeing Co. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Boeing Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 77,794 66,608 62,286 58,158 76,559
Total assets 137,012 137,100 138,552 152,136 133,625
Activity Ratio
Total asset turnover1 0.57 0.49 0.45 0.38 0.57
Adjusted
Selected Financial Data (US$ in millions)
Revenues 77,794 66,608 62,286 58,158 76,559
Adjusted total assets2 137,042 137,153 138,865 152,494 133,015
Activity Ratio
Adjusted total asset turnover3 0.57 0.49 0.45 0.38 0.58

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).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 77,794 ÷ 137,012 = 0.57

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 77,794 ÷ 137,042 = 0.57

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Boeing Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 109,275 109,523 108,666 121,642 102,229
Current liabilities 95,827 90,052 81,992 87,280 97,312
Liquidity Ratio
Current ratio1 1.14 1.22 1.33 1.39 1.05
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 109,364 109,639 109,056 122,086 102,302
Adjusted current liabilities3 93,379 87,777 80,092 85,753 96,045
Liquidity Ratio
Adjusted current ratio4 1.17 1.25 1.36 1.42 1.07

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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 109,275 ÷ 95,827 = 1.14

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 109,364 ÷ 93,379 = 1.17

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Boeing Co. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 52,307 57,001 58,102 63,583 27,302
Shareholders’ deficit (17,233) (15,883) (14,999) (18,316) (8,617)
Solvency Ratio
Debt to equity1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 54,121 58,582 59,641 64,935 28,532
Adjusted total deficit3 (14,521) (13,290) (12,415) (15,180) (7,230)
Solvency Ratio
Adjusted debt to equity4 — — — — —

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ deficit
= 52,307 ÷ -17,233 = —

2 Adjusted total debt. See details »

3 Adjusted total deficit. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total deficit
= 54,121 ÷ -14,521 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 52,307 57,001 58,102 63,583 27,302
Total capital 35,074 41,118 43,103 45,267 18,685
Solvency Ratio
Debt to capital1 1.49 1.39 1.35 1.40 1.46
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 54,121 58,582 59,641 64,935 28,532
Adjusted total capital3 39,600 45,292 47,226 49,755 21,302
Solvency Ratio
Adjusted debt to capital4 1.37 1.29 1.26 1.31 1.34

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 52,307 ÷ 35,074 = 1.49

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 54,121 ÷ 39,600 = 1.37

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Boeing Co. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 137,012 137,100 138,552 152,136 133,625
Shareholders’ deficit (17,233) (15,883) (14,999) (18,316) (8,617)
Solvency Ratio
Financial leverage1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 137,042 137,153 138,865 152,494 133,015
Adjusted total deficit3 (14,521) (13,290) (12,415) (15,180) (7,230)
Solvency Ratio
Adjusted financial leverage4 — — — — —

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ deficit
= 137,012 ÷ -17,233 = —

2 Adjusted total assets. See details »

3 Adjusted total deficit. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total deficit
= 137,042 ÷ -14,521 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted net loss2 (2,821) (2,854) 660 (11,026) (2,914)
Revenues 77,794 66,608 62,286 58,158 76,559
Profitability Ratio
Adjusted net profit margin3 -3.63% -4.28% 1.06% -18.96% -3.81%

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).

1 2023 Calculation
Net profit margin = 100 × Net loss attributable to Boeing Shareholders ÷ Revenues
= 100 × -2,222 ÷ 77,794 = -2.86%

2 Adjusted net loss. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net loss ÷ Revenues
= 100 × -2,821 ÷ 77,794 = -3.63%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Boeing Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted net loss2 (2,821) (2,854) 660 (11,026) (2,914)
Adjusted total deficit3 (14,521) (13,290) (12,415) (15,180) (7,230)
Profitability Ratio
Adjusted ROE4 — — — — —

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).

1 2023 Calculation
ROE = 100 × Net loss attributable to Boeing Shareholders ÷ Shareholders’ deficit
= 100 × -2,222 ÷ -17,233 = —

2 Adjusted net loss. See details »

3 Adjusted total deficit. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net loss ÷ Adjusted total deficit
= 100 × -2,821 ÷ -14,521 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted net loss2 (2,821) (2,854) 660 (11,026) (2,914)
Adjusted total assets3 137,042 137,153 138,865 152,494 133,015
Profitability Ratio
Adjusted ROA4 -2.06% -2.08% 0.48% -7.23% -2.19%

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).

1 2023 Calculation
ROA = 100 × Net loss attributable to Boeing Shareholders ÷ Total assets
= 100 × -2,222 ÷ 137,012 = -1.62%

2 Adjusted net loss. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net loss ÷ Adjusted total assets
= 100 × -2,821 ÷ 137,042 = -2.06%

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