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.

Revenues

Revenues exhibit an overall upward trend from 2020 to 2023, increasing from approximately 58.2 billion to 77.8 billion US dollars. However, there is a decline in 2024, falling back to about 66.5 billion US dollars, which is closer to the 2022 level than the peak observed in 2023.

Net loss attributable to shareholders

The net loss attributable to shareholders shows significant fluctuations over the five-year period. The largest loss occurs in 2020 at roughly 11.9 billion US dollars. This loss substantially narrows in 2021 and 2022, reaching approximately 4.2 billion and 4.9 billion respectively. In 2023, the loss further decreases to around 2.2 billion US dollars, indicating an improvement. However, in 2024, the loss sharply intensifies again, reaching close to the 2020 level at about 11.8 billion US dollars.

Reported net profit margin

The reported net profit margin, which reflects the percentage of revenue retained as profit, follows a similar pattern to the net loss figures. The margin improves from a steep negative margin of about -20.4% in 2020 to a narrower loss of approximately -2.9% in 2023. Nevertheless, in 2024, the margin deteriorates markedly to nearly -17.8%, suggesting a return to significant loss levels relative to revenue.

Adjusted net loss

The adjusted net loss metric indicates a different pattern, with a notable improvement in 2021, where a small positive figure of 660 million US dollars is recorded, transitioning from loss to a modest profit. Despite this, subsequent years revert to losses, with values fluctuating between approximately -2.8 billion US dollars in 2022 and 2023, then spiking to around -13.1 billion US dollars in 2024, indicating considerable volatility and a marked negative turn in the final year.

Adjusted net profit margin

The adjusted net profit margin corroborates the trends observed in adjusted net loss. After moving from a negative margin of about -18.96% in 2020 to a slightly positive 1.06% in 2021, it returns to negative percentages in the following years (-4.28% in 2022 and -3.63% in 2023). In 2024, it declines substantially to -19.62%, showing a pronounced weakening of profitability.

Summary of Trends and Insights

Overall, the financial data reflect periods of severe losses followed by partial recoveries and improvements, especially noticeable between 2020 and 2023. Revenues increased steadily until 2023 before declining in 2024. The profitability metrics demonstrate high volatility, with adjusted figures showing temporary profitability in 2021 but reverting to losses thereafter. The sharp deterioration in both reported and adjusted losses and profit margins in 2024 suggests significant challenges impacting financial performance in that year, outweighing gains made in the intermediate period. This observed pattern indicates fluctuations in operational and possibly external factors influencing the financial outcomes over time.

Net Loss Attributable to Boeing Shareholders

The net loss shows substantial fluctuations over the five-year period. In 2020, the net loss was very high at -11,873 million US dollars. This loss decreased significantly in 2021 to -4,202 million and remained relatively stable in 2022 at -4,935 million. In 2023, the loss further improved to -2,222 million, indicating a trend towards recovery. However, in 2024, the net loss sharply increased again to -11,817 million, approaching the high loss levels observed in 2020.

Shareholders' Deficit

The shareholders' deficit was negative throughout the period but showed an improving trend between 2020 and 2024. Starting at -18,316 million US dollars in 2020, the deficit reduced to -14,999 million in 2021. It slightly increased again in 2022 to -15,883 million and further worsened in 2023 to -17,233 million, before a notable improvement to -3,908 million in 2024. This sharp reduction in deficit in the last year suggests a significant change in equity position, potentially relating to capital injections or asset revaluations.

Adjusted Net Loss

The adjusted net loss presents a different pattern compared to the reported net loss. The company had a large adjusted net loss of -11,026 million in 2020. In 2021, this shifted to a positive adjusted net income of 660 million, indicating an exceptional turnaround. Adjusted losses returned in 2022 and 2023 with values of -2,854 million and -2,821 million respectively, signaling ongoing financial challenges but less severe than the initial year. However, in 2024, the adjusted net loss worsened significantly, reaching -13,053 million, the largest loss in the period on an adjusted basis.

Adjusted Total Deficit

The adjusted total deficit follows a trend comparable to the shareholders' deficit. It decreased from -15,180 million in 2020 to -12,415 million in 2021, showing improvement. Afterwards, it rose gradually to -13,290 million in 2022 and further to -14,521 million in 2023. In 2024, a marked improvement was seen with the adjusted total deficit reducing sharply to -1,752 million. This improvement mirrors the pattern in shareholders’ deficit and may reflect structural changes in the balance sheet or operational adjustments.

Return on Equity (Reported and Adjusted)

Return on equity data is absent for all periods, hampering direct analysis of profitability relative to equity. This omission limits the ability to assess returns generated for shareholders during the period, particularly in view of the large deficits and losses reported.

Summary Insights

Overall, the financial data point to a company experiencing significant losses and equity deficits throughout most of the five-year period, with some improvement periods notably in 2021 and 2024. The recurring large losses in both reported and adjusted figures indicate persistent challenges. The substantial reduction in both reported shareholders’ deficit and adjusted total deficit in 2024 is especially notable and may signify a key financial event or restructuring that improved the equity position significantly despite continued net losses. The volatility in losses highlights the need for close attention to operational performance and capital management going forward.

The financial data reveals several notable trends over the presented periods. The net loss attributable to shareholders exhibits significant fluctuations, starting with a substantial loss in 2020, followed by a marked reduction in 2021. However, losses increased again in 2022 and 2024, with a notable improvement in 2023. Despite this volatility, the losses remain pronounced throughout the timeline.

Total assets show a general downward trend from 2020 to 2023, with a slight decline from 152,136 million US dollars to around 137,012 million US dollars. This was followed by a considerable increase in 2024, reaching 156,363 million US dollars, exceeding the initial value in 2020.

The reported return on assets (ROA) mirrors the net loss pattern, starting with a strongly negative figure in 2020 and improving to less negative values in 2021 and 2023, before deteriorating again in 2024 to levels close to those seen at the beginning of the period. This indicates considerable volatility in operational efficiency and profitability relative to the asset base.

The adjusted net loss shows a somewhat different pattern. After a substantial loss in 2020, there is a positive adjustment in 2021, turning into a profit. However, this is followed by losses again in subsequent years, culminating in the largest adjusted loss in 2024. This suggests that adjustments significantly affect the assessment of net results and highlight ongoing challenges.

Adjusted total assets largely follow the pattern of total assets, with a decline through 2021 to 2023 and recovery in 2024, though figures are slightly higher than the unadjusted total assets.

Adjusted ROA reflects the effects seen in adjusted net loss, turning positive briefly in 2021 but returning to negative values afterward. The sharp decline in 2024 indicates a significant deterioration in adjusted operational returns, surpassing the negative levels observed at the start of the period.

Net Loss Attributable to Shareholders

Significant losses throughout, with a notable decrease in 2021 but a return to high losses by 2024.

Total Assets

Gradual decline from 2020 to 2023, with a strong recovery and growth by 2024.

Reported ROA

Consistently negative but improved from 2020 to 2023, deteriorating substantially in 2024.

Adjusted Net Loss

Shifted to a positive figure in 2021 but otherwise shows persistent losses, with 2024 being the worst year.

Adjusted Total Assets

Trends align with total assets, with a dip followed by recovery and growth in 2024.

Adjusted ROA

Briefly positive in 2021, returning to negative territory afterwards, with a significant drop in 2024.

Overall, the data indicates considerable financial challenges, marked by volatility in losses and returns, alongside fluctuations in asset levels. The brief positive adjustments in 2021 stand out as an anomaly within a generally difficult operating environment, particularly as conditions appear to worsen again in the most recent period.