Boeing Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net loss attributable to Boeing Shareholders	(2,222)	(4,935)	(4,202)	(11,873)	(636)
Net loss attributable to noncontrolling interest	(20)	(118)	(88)	(68)	(41)
Net noncash charges	4,113)	4,426)	7,851)	10,866)	2,860)
Changes in assets and liabilities	4,089)	4,139)	(6,977)	(17,335)	(4,629)
Net cash provided (used) by operating activities	5,960)	3,512)	(3,416)	(18,410)	(2,446)
Interest payments, net of tax¹	1,902)	2,032)	2,203)	1,588)	274)
Interest capitalized, net of tax²	80)	70)	65)	67)	23)
Payments to acquire property, plant and equipment	(1,527)	(1,222)	(980)	(1,303)	(1,834)
Proceeds from disposals of property, plant and equipment	27)	35)	529)	296)	334)
Purchase of distribution rights	—)	—)	—)	—)	(127)
Free cash flow to the firm (FCFF)	6,442)	4,427)	(1,599)	(17,762)	(3,775)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Boeing Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Boeing Co. FCFF increased from 2021 to 2022 and from 2022 to 2023.

Boeing Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.00%	21.00%	14.70%	17.50%	71.80%
Interest Paid, Net of Tax
Interest payments, before tax	2,408)	2,572)	2,583)	1,925)	973)
Less: Interest payments, tax²	506)	540)	380)	337)	699)
Interest payments, net of tax	1,902)	2,032)	2,203)	1,588)	274)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	101)	89)	76)	81)	83)
Less: Interest capitalized, tax³	21)	19)	11)	14)	60)
Interest capitalized, net of tax	80)	70)	65)	67)	23)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest payments, tax = Interest payments × EITR
= 2,408 × 21.00% = 506

³ 2023 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 101 × 21.00% = 21

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Boeing Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	126,357)
Free cash flow to the firm (FCFF)	6,442)
Valuation Ratio
EV/FCFF	19.61
Benchmarks
EV/FCFF, Competitors¹
Caterpillar Inc.	18.08
Eaton Corp. plc	47.40
GE Aerospace	38.26
Honeywell International Inc.	33.21
Lockheed Martin Corp.	20.52
RTX Corp.	29.18
EV/FCFF, Sector
Capital Goods	26.29
EV/FCFF, Industry
Industrials	27.14

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Boeing Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	165,110)	166,146)	158,751)	152,408)	196,823)
Free cash flow to the firm (FCFF)²	6,442)	4,427)	(1,599)	(17,762)	(3,775)
Valuation Ratio
EV/FCFF³	25.63	37.53	—	—	—
Benchmarks
EV/FCFF, Competitors⁴
Caterpillar Inc.	16.08	23.54	20.50	23.83	16.84
Eaton Corp. plc	38.49	33.44	38.16	21.94	15.50
GE Aerospace	29.56	17.29	56.53	32.34	15.85
Honeywell International Inc.	29.13	29.82	25.22	26.49	21.13
Lockheed Martin Corp.	17.62	19.69	13.92	14.64	21.21
RTX Corp.	23.86	28.45	27.29	35.26	21.94
EV/FCFF, Sector
Capital Goods	23.34	25.87	32.16	74.97	24.73
EV/FCFF, Industry
Industrials	25.67	24.88	28.41	72.49	31.28

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 165,110 ÷ 6,442 = 25.63

⁴ Click competitor name to see calculations.

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Boeing Co. (NYSE:BA)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical