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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Long-term Activity Ratios (Summary)
Boeing Co., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits an overall increasing trend from 4.92 in 2020 to a peak of 7.3 in 2023, indicating improving efficiency in utilizing fixed assets to generate sales. However, in 2024, the ratio declines to 5.83, suggesting a reduction in asset utilization efficiency compared to the previous year.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar pattern is observed when including operating lease assets: the ratio rises steadily from 4.45 in 2020 to 6.3 in 2023, followed by a notable decrease to 4.97 in 2024. This indicates that even when accounting for leased assets, asset utilization efficiency improved considerably through 2023 but weakened in the most recent period.
- Total Asset Turnover
- The total asset turnover ratio shows a consistent upward trend from 0.38 in 2020 to 0.57 in 2023, reflecting enhanced overall asset efficiency in revenue generation. In 2024, the ratio falls back to 0.43, signaling a decline in the effectiveness of total asset use relative to prior years.
- Equity Turnover
- Data for equity turnover are not available for the periods under review, limiting analysis of this metric.
Net Fixed Asset Turnover
Boeing Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 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).
1 2024 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends and shifts over the five-year period under review. Revenues exhibit a general upward trajectory from 2020 through 2023, growing from 58,158 million US dollars to a peak of 77,794 million US dollars in 2023. However, there is a notable decline in revenues in 2024, dropping to 66,517 million US dollars, which suggests potential challenges or market fluctuations impacting sales or contract completions in the most recent year.
In terms of property, plant, and equipment (net), the values demonstrate a moderate decline from 11,820 million US dollars in 2020 to a low of 10,550 million US dollars in 2022. This reduction may indicate disposals, depreciation, or limited new capital expenditures during this period. Following this, there is a gradual recovery and slight growth in net fixed assets to 11,412 million US dollars by the end of 2024, possibly indicating renewed investment or asset additions.
The ratio of net fixed asset turnover, which measures efficiency in using fixed assets to generate revenues, indicates an improving trend from 4.92 in 2020 to a peak of 7.3 in 2023. This suggests enhanced asset utilization and operational effectiveness during this timeframe. However, the ratio decreases to 5.83 in 2024, aligning with the decline in revenues and indicating that the increased asset base was not as effectively employed to generate sales in the last year.
- Revenues
- Overall increase from 2020 to 2023 with a peak of 77,794 million US dollars, followed by a significant decline in 2024 to 66,517 million US dollars.
- Property, plant, and equipment (net)
- Gradual decline through 2022 followed by a modest recovery in 2023 and 2024, ending slightly lower than the initial 2020 level.
- Net fixed asset turnover
- Steady improvement from 4.92 to 7.3 over the four years leading to 2023, then a sharp decrease to 5.83 in 2024, indicating fluctuating asset utilization efficiency.
In summary, the period shows strong revenue growth and improved efficiency up to 2023, countered by a downturn in revenue and operational efficiency in the following year. Asset levels reflect a cautious approach to investment or potential write-downs initially, followed by recovery, but the less effective use of these assets in 2024 may warrant closer review.
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 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).
1 2024 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.
- Revenue Trends
- Revenues exhibited an upward trend from 2020 through 2023, growing from $58,158 million in 2020 to a peak of $77,794 million in 2023. However, there was a notable decline in 2024, with revenues decreasing to $66,517 million. This decline interrupts the previous growth trajectory and suggests potential challenges or changes in operational performance or market conditions during 2024.
- Property, Plant, and Equipment (Net)
- The net value of property, plant, and equipment including operating lease right-of-use assets showed a general decline from 2020 to 2022, dropping from $13,072 million to $12,001 million. This was followed by a slight increase in 2023 to $12,351 million and a more substantial increase in 2024 to $13,396 million, surpassing the 2020 level. This pattern may indicate periods of asset disposals or depreciation effects followed by reinvestment or asset acquisitions towards the latter periods.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio increased steadily from 4.45 in 2020 to a peak of 6.30 in 2023, reflecting improved efficiency in utilizing fixed assets to generate revenues. However, this ratio declined to 4.97 in 2024, aligning with the revenue decline in the same year. The decrease suggests a reduction in the effectiveness of fixed asset use or a lag in generating revenues from recent asset investments.
Total Asset Turnover
Boeing Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 2024-12-31), 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).
1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analyzed financial data shows several notable trends over the five-year period. Revenues initially increased from 58,158 million US dollars in 2020 to a peak of 77,794 million US dollars in 2023. However, a significant decline followed in 2024, with revenues dropping to 66,517 million US dollars, closer to the 2022 level.
Total assets demonstrate a somewhat inconsistent pattern. After a decrease from 152,136 million US dollars in 2020 to around 137,000 million US dollars during 2022 and 2023, there was a marked increase in 2024, reaching 156,363 million US dollars. This suggests a strategic shift or investment leading to asset growth after a period of relative stability or contraction.
The total asset turnover ratio, which indicates the efficiency of asset utilization in generating revenues, showed an improving trend from 0.38 in 2020 to a high of 0.57 in 2023. This indicates increasing efficiency over the years up to 2023. Nevertheless, this ratio declined in 2024 to 0.43, coinciding with the revenue drop and asset increase.
- Summary of Key Trends
- Revenues rose steadily until 2023, then declined sharply in 2024.
- Total assets decreased initially, remained stable, and then rose significantly in the last year.
- Asset turnover ratio improved consistently until 2023, followed by a notable decline in 2024.
Overall, the period until 2023 showed growth in revenue and improving asset efficiency despite some asset base contraction. The year 2024 deviates from previous trends, with revenue decreasing and a simultaneous increase in asset base, resulting in reduced asset turnover efficiency. This shift may reflect changes in operational performance, market conditions, or strategic investment decisions impacting the company’s financial dynamics.
Equity Turnover
Boeing Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Shareholders’ 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: 2024-12-31), 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).
1 2024 Calculation
Equity turnover = Revenues ÷ Shareholders’ deficit
= ÷ =
2 Click competitor name to see calculations.
The revenue figures exhibit a generally increasing trend from 2020 through 2023, followed by a decline in 2024. Specifically, revenues rose from 58,158 million USD in 2020 to a peak of 77,794 million USD in 2023, indicating consistent growth over this period. However, in 2024, there was a notable decrease to 66,517 million USD, representing a significant reduction compared to the previous year, yet still above the 2020 level.
Regarding the shareholders’ deficit, the data shows a persistent negative equity position throughout the years reported. The deficit narrowed from -18,316 million USD in 2020 to -14,999 million USD in 2021, suggesting some improvement. However, it then widened again in 2022 and 2023 to -15,883 million USD and -17,233 million USD, respectively. In 2024, the shareholders’ deficit dramatically decreased to -3,908 million USD, which may indicate a substantial improvement in the company's financial structure or valuation adjustments during that year.
The equity turnover ratio data is missing for all periods; thus, no analysis can be provided on this metric.
- Revenues
- Overall increasing trend from 2020 (58,158 million USD) to 2023 (77,794 million USD), followed by a decrease in 2024 (66,517 million USD).
- Shareholders’ deficit
- Negative figures throughout, with initial improvement in 2021, deterioration in 2022 and 2023, and significant improvement in 2024.
- Equity turnover
- Data missing; analysis not available.