Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Long-term Activity Ratios (Summary)
Boeing Co., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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 long-term investment activity ratios demonstrate fluctuating performance over the five-year period. Generally, asset utilization metrics increased through 2023, followed by a decline in 2024, with a partial recovery observed in 2025 for some ratios.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio increased from 5.70 in 2021 to 7.30 in 2023, indicating improving efficiency in generating revenue from fixed assets. However, this ratio decreased to 5.83 in 2024 before stabilizing at 5.82 in 2025. This suggests a potential slowdown in the effective utilization of fixed assets in the latter years of the period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar trend is observed when including operating lease and right-of-use assets in the calculation. The ratio rose from 5.04 in 2021 to 6.30 in 2023, then decreased to 4.97 in 2024, and showed a slight increase to 5.12 in 2025. The inclusion of these assets appears to moderate the overall turnover rate compared to the standard net fixed asset turnover.
- Total Asset Turnover
- The total asset turnover ratio exhibited an increase from 0.45 in 2021 to 0.57 in 2023, signifying enhanced efficiency in utilizing all assets to generate sales. A decrease to 0.43 in 2024 was followed by a recovery to 0.53 in 2025, indicating a potential stabilization of asset utilization.
- Equity Turnover
- The equity turnover ratio is only available for 2025, reporting a value of 16.40. This indicates that for every dollar of equity, approximately $16.40 in revenue was generated. Without historical context, it is difficult to assess whether this represents a strong or weak performance relative to prior periods or industry benchmarks.
Overall, the period demonstrates a pattern of increasing asset utilization up to 2023, followed by a dip in 2024, and a partial recovery in 2025. Further investigation is warranted to understand the factors driving these fluctuations, particularly the decline observed in 2024.
Net Fixed Asset Turnover
Boeing Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Property, plant and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Capital Goods | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibited a generally increasing trend from 2021 to 2023, followed by a stabilization and slight decline in subsequent years. Revenues demonstrated volatility, increasing significantly in 2022 and 2023, decreasing in 2024, and then increasing substantially again in 2025. Property, plant, and equipment, net, showed a more consistent upward trend throughout the period, with a notable increase between 2024 and 2025.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio increased from 5.70 in 2021 to 7.30 in 2023, indicating improving efficiency in generating revenue from fixed assets. This suggests the company was becoming more effective at utilizing its property, plant, and equipment to produce sales. However, the ratio decreased to 5.83 in 2024 and remained relatively stable at 5.82 in 2025. This stabilization and slight decline could be attributed to the decrease in revenues observed in 2024, despite continued investment in fixed assets. The 2025 value suggests that while revenues recovered, the efficiency gains observed earlier were not fully sustained.
- Revenue Trend
- Revenues increased from US$62,286 million in 2021 to US$77,794 million in 2023, representing substantial growth. A decrease to US$66,517 million occurred in 2024, potentially impacting the net fixed asset turnover ratio. Revenues then rebounded strongly to US$89,463 million in 2025, indicating a recovery and continued growth trajectory. The fluctuations in revenue likely influenced the observed trends in the turnover ratio.
- Property, Plant, and Equipment Trend
- Property, plant, and equipment, net, increased steadily from US$10,918 million in 2021 to US$15,361 million in 2025. This consistent investment in fixed assets suggests a long-term strategy of capacity expansion or modernization. The larger asset base in 2025, coupled with the increased revenue, contributed to the stabilization of the net fixed asset turnover ratio at approximately 5.8.
Overall, the period demonstrates a dynamic relationship between revenue generation, fixed asset investment, and operational efficiency. While initial years showed improving asset utilization, later years indicate a stabilization potentially linked to revenue fluctuations and continued investment in fixed assets.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Boeing Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Property, plant and equipment, net | ||||||
| Operating lease right-of-use assets (included in Other assets, net) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Capital Goods | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, alongside its component figures of revenue and net fixed assets, demonstrates a fluctuating pattern over the five-year period. Revenue generally increased, though with a notable dip in the fourth year, while net fixed assets also exhibited an overall upward trend, accelerating in the final two years.
- Revenue Trend
- Revenue increased from US$62.286 billion in 2021 to US$66.608 billion in 2022, representing a growth of approximately 7.0%. A significant increase was observed in 2023, reaching US$77.794 billion. However, revenue decreased substantially in 2024 to US$66.517 billion before recovering strongly in 2025 to US$89.463 billion. This suggests potential cyclicality or the impact of specific events affecting sales.
- Net Fixed Asset Trend
- Net fixed assets, inclusive of operating leases and right-of-use assets, experienced a slight decrease from US$12.355 billion in 2021 to US$12.001 billion in 2022. The value then stabilized around US$12.351 billion in 2023, before increasing to US$13.396 billion in 2024 and reaching US$17.484 billion in 2025. The latter increase is considerably larger than previous changes, indicating a substantial investment in fixed assets during that period.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio increased from 5.04 in 2021 to 5.55 in 2022, indicating improved efficiency in generating revenue from fixed assets. This positive trend continued to 6.30 in 2023, representing the highest ratio within the observed period. A decrease to 4.97 was noted in 2024, coinciding with the revenue decline. The ratio partially recovered to 5.12 in 2025, remaining slightly below the 2023 peak but demonstrating a return towards improved asset utilization. The ratio’s fluctuations correlate with revenue changes, suggesting a strong relationship between sales performance and the efficiency of fixed asset utilization.
Overall, the observed trends suggest a company capable of generating increasing revenue from its fixed asset base, although subject to periodic fluctuations. The significant investment in fixed assets in 2025 warrants further investigation to determine its long-term impact on revenue generation and operational efficiency.
Total Asset Turnover
Boeing Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Capital Goods | ||||||
| Total Asset Turnover, Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibited fluctuating performance over the five-year period. Initial increases were followed by a decline and subsequent recovery, suggesting shifts in the efficiency with which assets are utilized to generate revenue.
- Overall Trend
- The ratio began at 0.45 in 2021, increasing to 0.49 in 2022 and reaching a peak of 0.57 in 2023. A decrease to 0.43 was observed in 2024, followed by a partial recovery to 0.53 in 2025. This indicates a period of improving asset utilization, a subsequent downturn, and a renewed, though incomplete, improvement.
- Year-over-Year Changes
- From 2021 to 2022, the ratio increased by 0.04, representing an 8.9% improvement in asset turnover. The most substantial increase occurred between 2022 and 2023, with a rise of 0.08, or approximately 16.3%. The 2024 value represents a decrease of 0.14, or roughly 28.6% from the prior year. Finally, the ratio increased by 0.10, or 23.3% from 2024 to 2025.
- Relationship to Revenue and Assets
- The increase in the ratio from 2021 to 2023 coincided with growth in revenues. However, the decline in 2024 occurred despite a decrease in revenue, while total assets increased significantly. This suggests that the decrease in turnover in 2024 was not solely attributable to lower sales, but also to a larger asset base. The 2025 increase occurred alongside a further increase in both revenue and total assets, indicating a more efficient use of the expanded asset base.
The fluctuations in the total asset turnover ratio warrant further investigation to understand the underlying drivers. The significant asset growth in 2024, coupled with a revenue decline, appears to have negatively impacted efficiency. The subsequent recovery in 2025 suggests potential corrective actions or favorable market conditions.
Equity Turnover
Boeing Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Shareholders’ equity (deficit) | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Capital Goods | ||||||
| Equity Turnover, Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Equity turnover = Revenues ÷ Shareholders’ equity (deficit)
= ÷ =
2 Click competitor name to see calculations.
Analysis of the presented financial information reveals a volatile pattern in shareholders’ equity, impacting the equity turnover ratio. Revenues demonstrate an overall upward trend with significant fluctuation, while shareholders’ equity transitions from a substantial deficit to a positive value over the observed period.
- Revenues
- Revenues increased from US$62,286 million in 2021 to US$66,608 million in 2022, representing a moderate growth rate. A substantial increase is then observed in 2023, with revenues reaching US$77,794 million. However, revenues decreased significantly in 2024 to US$66,517 million before rebounding strongly to US$89,463 million in 2025. This indicates considerable revenue volatility.
- Shareholders’ Equity
- Shareholders’ equity began as a significant deficit, registering at -US$14,999 million in 2021. This deficit continued to deepen in 2022 and 2023, reaching -US$15,883 million and -US$17,233 million respectively. A dramatic shift occurs in 2024, with the deficit substantially reduced to -US$3,908 million. By 2025, shareholders’ equity has become positive, reaching US$5,454 million. This represents a significant improvement in the company’s equity position.
- Equity Turnover
- The equity turnover ratio is only available for 2025, registering at 16.40. This indicates that for every dollar of equity, the company generated US$16.40 in revenue during that year. Without prior year values, it is difficult to assess the trend or significance of this ratio in isolation. However, given the substantial shift from a negative equity position to a positive one in 2025, this ratio suggests an efficient utilization of newly established equity.
The substantial changes in shareholders’ equity, particularly the transition from a deficit to a positive value, are noteworthy. The revenue fluctuations, coupled with the equity shifts, suggest a period of significant operational and financial restructuring. Further investigation into the factors driving these changes would be beneficial.