Boeing Co. (NYSE:BA)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibited a generally upward trend from March 2021 through December 2023, increasing from 4.85 to a peak of 7.30. This indicates improving efficiency in generating sales from net fixed assets over this period. However, starting in March 2024, the ratio experienced a gradual decline, dropping to 5.83 by December 2024. There was a slight recovery observed in the subsequent quarters, reaching 6.46 by June 2025, but it remained below the peak levels seen in late 2023. This suggests a recent decrease in asset utilization efficiency, followed by some improvement.

Total Asset Turnover

The total asset turnover ratio showed a steady increase from 0.38 in March 2021 to 0.57 by December 2023, reflecting enhanced overall asset productivity and improved sales generation relative to total assets. Beginning in early 2024, the ratio declined modestly, falling to 0.52 by June 2024 and further down to 0.43 by December 2024, before rebounding slightly to 0.49 by June 2025. This pattern indicates that while asset utilization improved consistently over nearly three years, there was some deterioration in asset efficiency in 2024 with a partial recovery thereafter.

Equity Turnover

No data were available for equity turnover throughout the observed periods, limiting any analysis or insight regarding the efficiency of equity usage in generating sales.

The analysis of the quarterly financial data reveals several noteworthy trends across revenues, net fixed assets, and net fixed asset turnover over the period.

Revenues

Revenues exhibited significant fluctuations throughout the quarters. Starting from approximately 15.2 billion USD in the first quarter of 2021, revenues increased to peaks above 22 billion USD by late 2023 and mid-2025. Periodic declines occurred, such as in early 2022 and in the final quarter of 2024. Despite these fluctuations, the overall trajectory shows growth with some marked variability between quarters, indicating potentially cyclical or seasonal factors impacting sales performance.

Property, Plant, and Equipment (Net of Accumulated Depreciation)

The net fixed assets gradually declined from about 11.6 billion USD in early 2021 to a low near 10.5 billion USD in late 2022. Subsequently, a steady recovery phase is evident, with net fixed assets climbing back up and reaching close to 11.7 billion USD by mid-2025. This pattern suggests periods of asset depreciation or divestment followed by reinvestment or acquisition of new assets, reflecting capital expenditure cycles.

Net Fixed Asset Turnover

This ratio, which measures revenue generated per unit of fixed asset investment, showed a consistent upward trend from 4.85 in the first quarter of 2021 to a peak of approximately 7.3 in late 2023. After this peak, there is a gradual decline towards mid-2025, dropping to around 6.46. The initial increase indicates improved efficiency in utilizing fixed assets to generate revenue, while the later tapering could reflect higher asset bases not immediately matched by proportional revenue increases or a moderation in operational efficiency.

Overall, the data suggests an increasing focus on asset productivity up until late 2023, accompanied by revenue growth and subsequent stabilization. The recovery in asset base following its decline aligns with ongoing investments. However, the slight deceleration in net fixed asset turnover during the later periods signals potential challenges in maintaining previous efficiency levels, warranting attention to asset management and revenue growth strategies.

Revenues

The revenue figures demonstrate notable variability across the periods analyzed. Initially, revenues fluctuated around the 15,000 to 17,000 million USD range throughout 2021 and early 2022, reaching a peak of 19,980 million USD in December 2022. Following this peak, numbers showed a decline in early 2024, dropping to around 15,242 million USD by the end of 2024, before rebounding sharply to 22,749 million USD by mid-2025. This pattern suggests the presence of cyclical or seasonally influenced factors impacting sales, with periods of growth followed by short-term contraction.

Total assets

Total assets show a gradual decline from 150,035 million USD at the beginning of 2021 to a low point near 134,281 million USD by late 2023. From that point, assets increased significantly to approximately 156,494 million USD by mid-2025. This resurgence may indicate asset acquisition, investments, or changes in asset valuation in the latter stages of the observed timeline. The period of decline followed by growth implies strategic shifts in asset management or external economic influences.

Total asset turnover

The total asset turnover ratio improved steadily from 0.38 at the start of 2021, reaching its highest values around 0.57 in late 2023 and early 2024. This improvement indicates enhanced efficiency in using assets to generate revenue during this timeframe. However, after peaking, the turnover ratio declined to around 0.43–0.44 by mid-2025, reflecting a reduction in operational efficiency or changes in asset base composition relative to revenues. The fluctuation in asset turnover over time highlights variations in the company's effectiveness at converting assets to sales, with a notable peak period followed by a decrease.

Revenues

Over the observed periods, revenues exhibit a fluctuating pattern with several notable peaks and troughs. Starting from approximately $15.2 billion in Q1 2021, revenues increased to about $17.0 billion in Q2 2021, then declined slightly in the following quarters before dropping to roughly $13.9 billion in Q1 2022. Revenue rebounded strongly in Q4 2022 to nearly $20.0 billion, marking the highest point within the first two years of the timeline. In 2023, revenues continued to demonstrate volatility, rising again toward the end of the year and surpassing $22.0 billion in Q4 2023. The early 2024 figures show a decrease to around $16.6 billion in Q1 but then stabilize between $16.9 billion and $17.8 billion in subsequent quarters. In the last quarters of the dataset, revenues sharply increased, culminating at approximately $22.7 billion in Q2 2025. Overall, there is a pattern of recovery and growth following initial declines in early 2022, with some seasonal or cyclical fluctuations evident throughout the period.

Shareholders’ Deficit

The shareholders’ deficit reveals a complex trajectory characterized by a general reduction in negative equity followed by considerable volatility in later periods. Initially, the deficit decreased from about -$18.1 billion in Q1 2021 to around -$14.4 billion in Q3 2021, indicating an improvement in shareholders' equity. It then swelled again to nearly -$17.7 billion by Q3 2022 before showing some fluctuations near the -$15 billion mark through 2022 and most of 2023. A sharp deterioration is observed at the end of 2024, with the deficit increasing dramatically from roughly -$17.9 billion in Q2 2024 to approximately -$23.6 billion by Q3 2024. However, a significant reversal occurs in early 2025, where the deficit diminishes drastically to around -$3.9 billion in Q1 2025 and remains relatively stable at about -$3.3 billion by Q2 2025. This pattern suggests significant equity restructuring, write-offs, or capital inflows during that period, reflecting a major shift in the company's financial structure.

Equity Turnover

No data is reported for equity turnover across the observed periods, thus precluding analysis of the efficiency with which equity has been used to generate revenues.