Boeing Co. (NYSE:BA)

Total Asset Turnover

The reported and adjusted total asset turnover ratios demonstrate a positive trend from 2020 through 2023, with the ratio increasing steadily from 0.38 in 2020 to a peak of 0.57 in 2023. However, in 2024, there is a notable decline to 0.43, indicating a reduction in the efficiency with which assets are utilized to generate revenue during that final year.

Current Ratio

Both reported and adjusted current ratios exhibit a gradual decline from 2020 to 2023, falling from approximately 1.39 to values close to 1.14. This trend suggests a decreasing short-term liquidity position over these years. However, in 2024, the current ratio shows a recovery, improving to around 1.32-1.35, which may indicate a strengthening in the company’s ability to cover short-term liabilities with current assets.

Debt to Capital

Reported and adjusted debt to capital ratios fluctuate moderately over the period. Initially, there is a decrease from 1.40 (reported) and 1.31 (adjusted) in 2020 to around 1.35 and 1.26, respectively, in 2021. This is followed by a slight increase in 2022 and 2023, peaking at 1.49 (reported) and 1.37 (adjusted). A significant drop occurs in 2024, reaching approximately 1.08 and 1.03, respectively. The overall pattern suggests varying degrees of reliance on debt financing, with a marked reduction in debt proportion within capital structure in the latest year.

Net Profit Margin

Net profit margins, both reported and adjusted, are consistently negative throughout the observed periods. The reported margin shows an improvement from -20.42% in 2020 to a less negative -2.86% in 2023 before sharply declining again to -17.77% in 2024. Similarly, adjusted margins improve from -18.96% in 2020 to a positive 1.06% in 2021, before entering deficit territory again. Margins worsen progressively from 2022 to 2024, indicating profitability challenges especially in the most recent year.

Return on Assets (ROA)

Reported and adjusted ROA values indicate consistent negative returns over the entire timeframe. The reported ROA improves from -7.80% in 2020 to -1.62% in 2023 but deteriorates again sharply to -7.56% in 2024. The adjusted ROA follows a similar pattern, with a brief positive return in 2021 (0.48%), but otherwise remains negative and worsens to -8.35% in 2024. This reflects ongoing difficulties in generating profits relative to asset base, with temporary improvements not sustained into the last year.

The financial data reveals several notable trends across the reported periods. Revenues demonstrated a general upward trajectory from 2020 through 2023, increasing from 58,158 million US dollars in 2020 to a peak of 77,794 million US dollars in 2023. However, in 2024, revenues experienced a decline to 66,517 million US dollars, marking a significant reduction compared to the previous year.

Regarding total assets, the figures show a decrease from 152,136 million US dollars in 2020 to 137,012 million US dollars in 2023, suggesting a contraction or divestment over this period. In 2024, total assets reversed this trend by increasing substantially to 156,363 million US dollars, reaching the highest level within the series.

The reported total asset turnover ratio, which measures efficiency in using assets to generate revenues, showed a consistent improvement from 0.38 in 2020 to 0.57 in 2023. This indicates enhanced asset utilization over time. However, in 2024, the ratio declined sharply to 0.43, implying reduced efficiency relative to the previous year.

Adjusted total assets and their corresponding turnover ratios closely mirror the trends observed in the reported figures, confirming the patterns without significant deviations. Adjusted total assets decrease slightly between 2020 and 2023 and rise sharply in 2024, while the adjusted total asset turnover follows the same improvement and subsequent decline pattern.

Overall, the data suggest a period of growth in both revenues and asset efficiency through 2023, followed by a contraction or rebalancing in 2024. The asset base expanded notably in the most recent year, yet this was accompanied by a decrease in turnover ratios and revenues, indicating potential challenges in maintaining operational efficiency or market conditions during 2024.

Current Assets

The current assets demonstrate a fluctuating pattern over the reviewed five-year period. After peaking at 121,642 million US dollars at the end of 2020, the value decreased notably to 108,666 million in 2021. It then showed a marginal increase and stabilization around 109,000 million in 2022 and 2023, followed by a significant rise to 127,998 million in 2024.

Current Liabilities

Current liabilities exhibited a downward trend from 87,280 million US dollars in 2020 to 81,992 million in 2021. Subsequently, there was an upward trajectory reaching 90,052 million in 2022 and continuing to rise through 95,827 million in 2023 and 97,078 million in 2024.

Reported Current Ratio

The reported current ratio declined steadily from 1.39 in 2020 to 1.14 in 2023, suggesting a decrease in short-term liquidity relative to liabilities within this period. However, in 2024, the ratio improved to 1.32, indicating a partial recovery in the company's ability to cover current liabilities with current assets.

Adjusted Current Assets

Adjusted current assets closely track the pattern of reported current assets but maintain slightly higher values each year. The trend mirrors reported values, with an initial decline from 122,086 million in 2020 to 109,056 million in 2021, stabilization through 2022 and 2023, and a notable increase to 128,090 million in 2024.

Adjusted Current Liabilities

Adjusted current liabilities follow a similar trend to reported current liabilities but tend to be lower in magnitude. They decreased from 85,753 million in 2020 to 80,092 million in 2021, then increased through the subsequent years reaching 94,945 million in 2024.

Adjusted Current Ratio

The adjusted current ratio shows a declining trend from 1.42 in 2020 to 1.17 in 2023, indicating a reduced ability to cover adjusted current liabilities with adjusted current assets during these years. In 2024, there is a recovery to 1.35, slightly surpassing earlier yearly ratios except for the initial 2020 figure.

Summary Insight

Overall, the data reveals a period of contraction in liquidity from 2020 to 2023, reflected in decreasing current ratios and fluctuating asset and liability balances. The 2024 year highlights a significant improvement in liquidity measures, supported by increased current and adjusted current assets alongside relatively smaller increases in liabilities, suggesting enhanced short-term financial health.

Total Debt

The total debt shows a generally declining trend from 63,583 million USD in 2020 to 52,307 million USD in 2023, followed by a slight increase to 53,864 million USD in 2024. This indicates a reduction in leverage over the four-year period until 2023, with a minor reversal in the latest year.

Shareholders’ Deficit

The shareholders’ deficit improves significantly from -18,316 million USD in 2020 to -3,908 million USD in 2024. Despite some fluctuations such as an increase in deficit in 2022 and 2023, the overall movement suggests a strengthening in the equity position, reducing the deficiency notably by 2024.

Adjusted Total Debt

Adjusted total debt follows a similar pattern to total debt, decreasing from 64,935 million USD in 2020 to 54,121 million USD in 2023, and then slightly rising to 55,958 million USD in 2024. This adjustment likely considers additional liabilities or refinements in debt calculations, yet mirrors the declining leverage trend until 2023.

Adjusted Total Deficit

The adjusted total deficit also displays an improving trend, moving from -15,180 million USD in 2020 to -1,752 million USD in 2024. Despite some intermittent increases in deficit in years 2022 and 2023, there is a marked recovery indicating a reduction of overall adjusted equity shortfall by the end of the observed period.

Debt to Equity Ratios

Debt to equity ratios are not provided, but given the trends in both debt measures and equity deficits, it can be inferred that the ratios have likely improved over time. The reduction in debt alongside a significant decrease in equity deficiency suggests an improving balance sheet leverage position.

Overall Insights

The data reveals a consistent effort to reduce debt levels and improve the equity position over the reported years. The significant reduction in shareholders’ deficit and adjusted total deficit points toward better capitalization. The slight uptick in debt in 2024 warrants monitoring, though it does not negate the overall positive trend in financial stability and leverage management observed in prior years.

Total Debt

The total debt demonstrates a general declining trend from 63,583 million USD at the end of 2020 to a low of 52,307 million USD by the end of 2023, reflecting a reduction in leverage over these years. However, an uptick is observed in 2024, reaching 53,864 million USD, suggesting a slight increase in borrowing or retained debt levels.

Total Capital

Total capital shows a steady decrease from 45,267 million USD in 2020 to 35,074 million USD in 2023, indicating a contraction in the overall capital base over this period. In 2024, there is a notable recovery, with total capital increasing significantly to 49,956 million USD, possibly indicating capital infusion or asset growth.

Reported Debt to Capital Ratio

The reported debt to capital ratio fluctuates moderately, starting at 1.4 in 2020 and slightly decreasing to 1.35 in 2021. It then increases to 1.49 by 2023, signaling a higher leverage position amid shrinking capital. In 2024, the ratio decreases substantially to 1.08, reflecting improved capital adequacy relative to debt.

Adjusted Total Debt

Adjusted total debt trends similarly to total debt, decreasing from 64,935 million USD in 2020 to 54,121 million USD in 2023. A minor increase to 55,958 million USD in 2024 is observed, consistent with the pattern in reported debt, indicating maintained debt levels with slight recent growth.

Adjusted Total Capital

Adjusted total capital declines steadily from 49,755 million USD in 2020 to 39,600 million USD in 2023, echoing the trend in reported total capital but at consistently higher absolute values. The figure rises significantly in 2024 to 54,206 million USD, surpassing the initial 2020 level and suggesting a meaningful capital strengthening.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio decreases from 1.31 in 2020 to 1.26 in 2021, then increases to 1.37 in 2023, indicating a period of rising leverage coinciding with declining capital. By 2024, this ratio improves markedly to 1.03, showing enhanced capital structure and reduced financial risk.

Overall, the data indicate that the company experienced a reduction in both debt and capital from 2020 through 2023, with leverage ratios rising correspondingly during this period. The year 2024 marks a reversal in these trends, characterized by an increase in capital and a maintained level of debt, which collectively improve the leverage ratios, suggesting a stronger financial position and improved capital adequacy.

The data reveals several key financial trends over the five-year period ending in 2024.

Total Assets

The total assets exhibit a general decreasing trend from 2020 through 2023, declining from 152,136 million US dollars in 2020 to 137,012 million in 2023. However, in 2024, there is a notable increase to 156,363 million US dollars, the highest value in the period.

Shareholders’ Deficit

The shareholders’ deficit shows an improving trend from 2020 to 2021, reducing from -18,316 million to -14,999 million US dollars. This is followed by a slight deterioration in 2022 and 2023, with values of -15,883 million and -17,233 million respectively. In 2024, there is a significant improvement, with the deficit dropping sharply to -3,908 million US dollars, indicating a substantial reduction in negative equity.

Adjusted Total Assets

The adjusted total assets closely mirror the total assets, showing a decline from 152,494 million in 2020 to 137,042 million in 2023, followed by an increase to 156,270 million in 2024. This suggests consistency between reported and adjusted asset values throughout the period.

Adjusted Total Deficit

The adjusted total deficit follows a similar trend to the shareholders’ deficit. It improves from -15,180 million in 2020 to -12,415 million in 2021, then deteriorates in 2022 and 2023 to -13,290 million and -14,521 million respectively. The year 2024 shows a marked improvement, with the deficit reducing sharply to -1,752 million US dollars.

Overall, the financial data indicates a period of reduced assets and fluctuating deficits through 2023, followed by a strong rebound in 2024 characterized by asset growth and a substantial reduction in deficits. This may suggest successful strategies or events in 2024 that positively impacted the financial position.

Net Loss Attributable to Boeing Shareholders

The net loss shows significant fluctuation over the observed periods. Starting at a high loss of -11,873 million US dollars in 2020, it improved substantially in 2021 to -4,202 million but deteriorated moderately to -4,935 million in 2022. In 2023, the loss further decreased to -2,222 million, indicating a positive trend towards profitability. However, in 2024, the net loss sharply increased again to -11,817 million, nearly returning to the 2020 levels. This volatility suggests instability in profitability and possible external or internal factors impacting the financial performance.

Revenues

Revenues demonstrated a general upward trend from 58,158 million US dollars in 2020 to a peak of 77,794 million in 2023. This represents strong growth over the period, with particularly robust increases in the last two years before 2024. In 2024, however, revenues declined to 66,517 million, which, although lower than the previous year, still represents growth relative to early years. The revenue pattern indicates overall business expansion with some recent contraction.

Reported Net Profit Margin

The reported net profit margin remains negative throughout the examined years, confirming consistent losses relative to revenues. The margin improved from -20.42% in 2020 to -2.86% in 2023, reflecting a reduction in the proportion of loss relative to revenues. Despite this recovery, the margin deteriorated sharply in 2024 to -17.77%, indicating a regression in profitability.

Adjusted Net Loss

The adjusted net loss shows a somewhat different pattern compared to the reported net loss. After a substantial loss of -11,026 million in 2020, a notable turnaround occurred in 2021 with an adjusted net profit of 660 million, suggesting that some extraordinary or non-recurring items may have influenced the reported results. However, the company again returned to losses in subsequent years: -2,854 million in 2022 and -2,821 million in 2023, indicating ongoing operational challenges. In 2024, the adjusted net loss exacerbated considerably to -13,053 million, surpassing the initial loss figure and highlighting pronounced financial difficulties.

Adjusted Net Profit Margin

The adjusted net profit margin similarly reflects this trajectory, moving from a loss margin of -18.96% in 2020 to a small positive margin of 1.06% in 2021, which aligned with the turnaround in adjusted net results. Margins worsened to -4.28% in 2022 and -3.63% in 2023, indicating a return to losses on an adjusted basis. The sharp deterioration to -19.62% in 2024 suggests that the core profitability, excluding exceptional items, significantly declined.

Net Loss Attributable to Boeing Shareholders

The data indicates significant fluctuations in net losses over the five-year period. In 2020, the net loss was particularly high at -$11,873 million. This loss decreased substantially in 2021 to -$4,202 million, and slightly increased to -$4,935 million in 2022. The net loss then improved further in 2023 to -$2,222 million. However, in 2024, the net loss sharply reverted to a high negative figure of -$11,817 million, almost returning to the level seen in 2020. This suggests considerable variability and challenges in profitability across the years.

Shareholders’ Deficit

Shareholders’ deficit showed a consistently negative position throughout the period, although with some variation. The deficit was largest in 2020 at -$18,316 million, improving slightly in 2021 to -$14,999 million but worsening again in 2022 and 2023 to -$15,883 million and -$17,233 million respectively. In 2024, the deficit decreased substantially to -$3,908 million, indicating a significant reduction in the overall negative equity position by the end of the period.

Adjusted Net Loss

Adjusted net loss presents a somewhat different trend. Initially, there was a substantial loss in 2020 of -$11,026 million. In 2021, the figure turned positive to $660 million, suggesting a temporary shift to profitability when adjustments are considered. However, from 2022 onwards, the adjusted net loss reverted to negative values of -$2,854 million in 2022 and -$2,821 million in 2023, before increasing markedly again to -$13,053 million in 2024. This indicates that while some adjustments improved results temporarily, the company faced renewed significant losses adjusted for certain factors in the later years.

Adjusted Total Deficit

The adjusted total deficit followed a pattern somewhat similar to the shareholders’ deficit but with less severe values. It improved from -$15,180 million in 2020 to -$12,415 million in 2021, and then worsened slightly in the following years to -$13,290 million in 2022 and -$14,521 million in 2023. The adjusted deficit then markedly decreased to -$1,752 million in 2024, reflecting a significant lessening of negative equity once adjustments are taken into account.

Reported and Adjusted Return on Equity (ROE)

There are no reported values for either the reported or adjusted ROE across the periods, which may indicate either a lack of profitability or data unavailability for these metrics.

Summary

Overall, the financial data reveal a volatile earnings performance with large losses in several years, a temporary improvement in adjusted net results in 2021, and a sharp return to high losses in 2024. The shareholders’ and adjusted total deficits show persistent negative equity positions, although both exhibit a notable reduction by the end of the period. The absence of ROE data suggests that returns to equity holders have been adversely affected or data is incomplete. The trends underscore a challenging financial environment characterized by significant fluctuations in profitability and equity position over the analyzed time frame.

The financial data reveals significant fluctuations in the company’s profitability and asset base over the five-year period. Net losses attributable to shareholders show a volatile pattern. The largest net loss occurred in 2020, amounting to approximately $11.9 billion, followed by a marked improvement in 2021 with a reduced loss of roughly $4.2 billion. Losses then slightly increased in 2022, decreased again in 2023 to the lowest loss within the period at about $2.2 billion, before worsening substantially in 2024, almost returning to the high loss level seen in 2020.

Total assets displayed relative stability between 2020 and 2023, fluctuating between approximately $137 billion and $152 billion. In 2024, there was a noticeable increase in total assets, reaching about $156.4 billion, which is the highest level within these years.

The reported Return on Assets (ROA) mirrors the net loss trends, indicating persistent negative profitability. The ROA improved from -7.8% in 2020 to a better level of -3.03% in 2021 but then slightly worsened to -3.6% in 2022. A further improvement occurred in 2023 with an ROA of -1.62%, before a sharp decline to -7.56% in 2024, closely aligning with the net loss trend for the same year.

Adjusted metrics show a somewhat different perspective. Adjusted net losses turned positive in 2021 with a gain of $660 million, contrasting with the reported net loss, but returned to adjusted losses in subsequent years, with the largest adjusted loss of $13.1 billion recorded in 2024. These adjusted figures suggest the impact of one-time or non-recurring items that may have influenced the raw net loss results.

Adjusted total assets remained consistent with the reported assets figure, showing stability from 2020 through 2023 and increasing in 2024 to about $156.3 billion, again confirming asset growth in the latest year.

Adjusted ROA data supports the notion of improving profitability in 2021 with a positive 0.48%, followed by negative returns in subsequent years but less negative than reported ROA, except for 2024 where adjusted ROA dropped sharply to -8.35%. This indicates that underlying profitability, excluding adjusting items, significantly diminished that year.

Profitability Trends

The company struggled with consistent losses throughout the period, experiencing the worst losses in the opening and final years analyzed. Temporary improvement in 2021 and 2023 suggests some recovery phases but lacked sustainability.

Asset Base

Assets remained relatively stable during the middle years, with an increase in 2024 signaling potential growth or acquisitions. This increase in assets despite high losses may point to strategic investments or capital structure changes.

Return on Assets

The negative ROA values throughout reflect ongoing challenges in generating profit from asset utilization. The volatility in ROA, including its sharp declines, highlight inconsistent profitability performance.

Adjusted Results

Adjusted figures show that certain non-core or exceptional items significantly affected reported results, particularly evident in 2021 with reported losses turning into adjusted gains. However, the large adjusted losses in 2024 emphasize fundamental operational challenges.

In summary, the financial data depicts a company facing substantial profitability challenges over the analyzed period. The notable volatility in net losses and ROA, alongside occasional adjusted profitability gains, indicates episodic operational improvements overshadowed by recurring financial difficulties. Asset growth in the final year suggests an attempt to strengthen the company’s foundations or capitalize on future opportunities despite these challenges.