Stock Analysis on Net

Boeing Co. (NYSE:BA)

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Boeing Co., profit margin by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) -34.86% -4.82% -8.99% -32.35% -83.93%
Defense, Space & Security (BDS) -22.63% -7.07% -15.30% 5.82% 5.86%
Global Services (BGS) 18.13% 17.40% 15.48% 12.35% 2.90%

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).

Segment profitability ratio Reportable segment The company
Segment profit margin Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Global Services (BGS) Global Services (BGS) segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Profit Margin: Commercial Airplanes (BCA)

Boeing Co.; Commercial Airplanes (BCA); segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Segment operating earnings (loss) (7,969) (1,635) (2,341) (6,377) (13,784)
Revenues 22,861 33,901 26,026 19,714 16,423
Segment Profitability Ratio
Segment profit margin1 -34.86% -4.82% -8.99% -32.35% -83.93%

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
Segment profit margin = 100 × Segment operating earnings (loss) ÷ Revenues
= 100 × -7,969 ÷ 22,861 = -34.86%

Segment profitability ratio Reportable segment The company
Segment profit margin Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment Profit Margin: Defense, Space & Security (BDS)

Boeing Co.; Defense, Space & Security (BDS); segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Segment operating earnings (loss) (5,413) (1,764) (3,544) 1,544 1,539
Revenues 23,918 24,933 23,162 26,540 26,257
Segment Profitability Ratio
Segment profit margin1 -22.63% -7.07% -15.30% 5.82% 5.86%

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
Segment profit margin = 100 × Segment operating earnings (loss) ÷ Revenues
= 100 × -5,413 ÷ 23,918 = -22.63%

Segment profitability ratio Reportable segment The company
Segment profit margin Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment Profit Margin: Global Services (BGS)

Boeing Co.; Global Services (BGS); segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Segment operating earnings (loss) 3,618 3,329 2,727 2,017 450
Revenues 19,954 19,127 17,611 16,328 15,543
Segment Profitability Ratio
Segment profit margin1 18.13% 17.40% 15.48% 12.35% 2.90%

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
Segment profit margin = 100 × Segment operating earnings (loss) ÷ Revenues
= 100 × 3,618 ÷ 19,954 = 18.13%

Segment profitability ratio Reportable segment The company
Segment profit margin Global Services (BGS) Global Services (BGS) segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Return on Assets (Segment ROA)

Boeing Co., ROA by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) -9.47% -2.12% -3.05% -8.22% -17.24%
Defense, Space & Security (BDS) -35.26% -11.82% -24.57% 10.31% 10.80%
Global Services (BGS) 21.66% 20.56% 16.89% 12.30% 2.59%

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).

Segment profitability ratio Reportable segment The company
Segment ROA Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Global Services (BGS) Global Services (BGS) segment ROA improved from 2022 to 2023 and from 2023 to 2024.

Segment ROA: Commercial Airplanes (BCA)

Boeing Co.; Commercial Airplanes (BCA); segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Segment operating earnings (loss) (7,969) (1,635) (2,341) (6,377) (13,784)
Assets 84,177 77,047 76,825 77,598 79,951
Segment Profitability Ratio
Segment ROA1 -9.47% -2.12% -3.05% -8.22% -17.24%

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
Segment ROA = 100 × Segment operating earnings (loss) ÷ Assets
= 100 × -7,969 ÷ 84,177 = -9.47%

Segment profitability ratio Reportable segment The company
Segment ROA Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment ROA: Defense, Space & Security (BDS)

Boeing Co.; Defense, Space & Security (BDS); segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Segment operating earnings (loss) (5,413) (1,764) (3,544) 1,544 1,539
Assets 15,350 14,921 14,426 14,974 14,256
Segment Profitability Ratio
Segment ROA1 -35.26% -11.82% -24.57% 10.31% 10.80%

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
Segment ROA = 100 × Segment operating earnings (loss) ÷ Assets
= 100 × -5,413 ÷ 15,350 = -35.26%

Segment profitability ratio Reportable segment The company
Segment ROA Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment ROA: Global Services (BGS)

Boeing Co.; Global Services (BGS); segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Segment operating earnings (loss) 3,618 3,329 2,727 2,017 450
Assets 16,704 16,193 16,149 16,397 17,399
Segment Profitability Ratio
Segment ROA1 21.66% 20.56% 16.89% 12.30% 2.59%

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
Segment ROA = 100 × Segment operating earnings (loss) ÷ Assets
= 100 × 3,618 ÷ 16,704 = 21.66%

Segment profitability ratio Reportable segment The company
Segment ROA Global Services (BGS) Global Services (BGS) segment ROA improved from 2022 to 2023 and from 2023 to 2024.

Segment Asset Turnover

Boeing Co., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) 0.27 0.44 0.34 0.25 0.21
Defense, Space & Security (BDS) 1.56 1.67 1.61 1.77 1.84
Global Services (BGS) 1.19 1.18 1.09 1.00 0.89

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).

Segment activity ratio Reportable segment The company
Segment asset turnover Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Global Services (BGS) Global Services (BGS) segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Asset Turnover: Commercial Airplanes (BCA)

Boeing Co.; Commercial Airplanes (BCA); segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Revenues 22,861 33,901 26,026 19,714 16,423
Assets 84,177 77,047 76,825 77,598 79,951
Segment Activity Ratio
Segment asset turnover1 0.27 0.44 0.34 0.25 0.21

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
Segment asset turnover = Revenues ÷ Assets
= 22,861 ÷ 84,177 = 0.27

Segment activity ratio Reportable segment The company
Segment asset turnover Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment Asset Turnover: Defense, Space & Security (BDS)

Boeing Co.; Defense, Space & Security (BDS); segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Revenues 23,918 24,933 23,162 26,540 26,257
Assets 15,350 14,921 14,426 14,974 14,256
Segment Activity Ratio
Segment asset turnover1 1.56 1.67 1.61 1.77 1.84

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
Segment asset turnover = Revenues ÷ Assets
= 23,918 ÷ 15,350 = 1.56

Segment activity ratio Reportable segment The company
Segment asset turnover Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment Asset Turnover: Global Services (BGS)

Boeing Co.; Global Services (BGS); segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Revenues 19,954 19,127 17,611 16,328 15,543
Assets 16,704 16,193 16,149 16,397 17,399
Segment Activity Ratio
Segment asset turnover1 1.19 1.18 1.09 1.00 0.89

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
Segment asset turnover = Revenues ÷ Assets
= 19,954 ÷ 16,704 = 1.19

Segment activity ratio Reportable segment The company
Segment asset turnover Global Services (BGS) Global Services (BGS) segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation

Boeing Co., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) 1.27 0.91 0.39 0.30 0.52
Defense, Space & Security (BDS) 1.42 0.88 0.85 0.85 0.69
Global Services (BGS) 0.70 0.40 0.38 0.23 0.31

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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.
Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.
Global Services (BGS) Global Services (BGS) segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Commercial Airplanes (BCA)

Boeing Co.; Commercial Airplanes (BCA); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures 508 420 218 177 322
Depreciation and amortization 400 464 554 594 625
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.27 0.91 0.39 0.30 0.52

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 508 ÷ 400 = 1.27

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Commercial Airplanes (BCA) Commercial Airplanes (BCA) segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Defense, Space & Security (BDS)

Boeing Co.; Defense, Space & Security (BDS); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures 296 192 202 199 172
Depreciation and amortization 209 219 238 233 251
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.42 0.88 0.85 0.85 0.69

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 296 ÷ 209 = 1.42

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Defense, Space & Security (BDS) Defense, Space & Security (BDS) segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Global Services (BGS)

Boeing Co.; Global Services (BGS); segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures 212 127 130 94 127
Depreciation and amortization 304 320 346 414 408
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.70 0.40 0.38 0.23 0.31

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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 212 ÷ 304 = 0.70

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Global Services (BGS) Global Services (BGS) segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Revenues

Boeing Co., revenues by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) 22,861 33,901 26,026 19,714 16,423
Defense, Space & Security (BDS) 23,918 24,933 23,162 26,540 26,257
Global Services (BGS) 19,954 19,127 17,611 16,328 15,543
Unallocated items, eliminations and other (216) (167) (191) (296) (65)
Total 66,517 77,794 66,608 62,286 58,158

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).


Segment operating earnings (loss)

Boeing Co., segment operating earnings (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) (7,969) (1,635) (2,341) (6,377) (13,784)
Defense, Space & Security (BDS) (5,413) (1,764) (3,544) 1,544 1,539
Global Services (BGS) 3,618 3,329 2,727 2,017 450
Total (9,764) (70) (3,158) (2,816) (11,795)

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).


Assets

Boeing Co., assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) 84,177 77,047 76,825 77,598 79,951
Defense, Space & Security (BDS) 15,350 14,921 14,426 14,974 14,256
Global Services (BGS) 16,704 16,193 16,149 16,397 17,399
Unallocated items, eliminations and other 40,132 28,851 29,700 29,583 40,530
Total 156,363 137,012 137,100 138,552 152,136

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).


Capital expenditures

Boeing Co., capital expenditures by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) 508 420 218 177 322
Defense, Space & Security (BDS) 296 192 202 199 172
Global Services (BGS) 212 127 130 94 127
Unallocated items, eliminations and other 1,214 788 672 510 682
Total 2,230 1,527 1,222 980 1,303

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).


Depreciation and amortization

Boeing Co., depreciation and amortization by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Commercial Airplanes (BCA) 400 464 554 594 625
Defense, Space & Security (BDS) 209 219 238 233 251
Global Services (BGS) 304 320 346 414 408
Unallocated items, eliminations and other 923 858 841 903 962
Total 1,836 1,861 1,979 2,144 2,246

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).