Boeing Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net loss attributable to Boeing Shareholders	(11,817)	(2,222)	(4,935)	(4,202)	(11,873)
Net loss attributable to noncontrolling interest	(12)	(20)	(118)	(88)	(68)
Net noncash charges	8,517)	4,113)	4,426)	7,851)	10,866)
Changes in assets and liabilities	(8,768)	4,089)	4,139)	(6,977)	(17,335)
Net cash provided (used) by operating activities	(12,080)	5,960)	3,512)	(3,416)	(18,410)
Interest payments, net of amounts capitalized, net of tax¹	2,364)	1,902)	2,032)	2,203)	1,588)
Interest capitalized, net of tax²	144)	80)	70)	65)	67)
Payments to acquire property, plant and equipment	(2,230)	(1,527)	(1,222)	(980)	(1,303)
Proceeds from disposals of property, plant and equipment	49)	27)	35)	529)	296)
Purchase of distribution rights	(88)	—)	—)	—)	—)
Free cash flow to the firm (FCFF)	(11,840)	6,442)	4,427)	(1,599)	(17,762)

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).

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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 2022 to 2023 but then decreased significantly from 2023 to 2024.

Boeing Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	3.10%	21.00%	21.00%	14.70%	17.50%
Interest Paid, Net of Tax
Interest payments, net of amounts capitalized, before tax	2,440)	2,408)	2,572)	2,583)	1,925)
Less: Interest payments, net of amounts capitalized, tax²	76)	506)	540)	380)	337)
Interest payments, net of amounts capitalized, net of tax	2,364)	1,902)	2,032)	2,203)	1,588)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	149)	101)	89)	76)	81)
Less: Interest capitalized, tax³	5)	21)	19)	11)	14)
Interest capitalized, net of tax	144)	80)	70)	65)	67)

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 See details »

² 2024 Calculation
Interest payments, net of amounts capitalized, tax = Interest payments, net of amounts capitalized × EITR
= 2,440 × 3.10% = 76

³ 2024 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 149 × 3.10% = 5

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	163,255)
Free cash flow to the firm (FCFF)	(11,840)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Caterpillar Inc.	18.14
Eaton Corp. plc	40.57
GE Aerospace	39.84
Honeywell International Inc.	28.10
Lockheed Martin Corp.	19.74
RTX Corp.	33.43
EV/FCFF, Sector
Capital Goods	26.55
EV/FCFF, Industry
Industrials	28.72

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	159,498)	165,110)	166,146)	158,751)	152,408)
Free cash flow to the firm (FCFF)²	(11,840)	6,442)	4,427)	(1,599)	(17,762)
Valuation Ratio
EV/FCFF³	—	25.63	37.53	—	—
Benchmarks
EV/FCFF, Competitors⁴
Caterpillar Inc.	18.32	16.08	23.54	20.50	23.83
Eaton Corp. plc	—	38.49	33.44	38.16	21.94
GE Aerospace	38.98	29.56	17.29	56.53	32.34
Honeywell International Inc.	27.10	29.13	29.82	25.22	26.49
Lockheed Martin Corp.	20.56	17.62	19.69	13.92	14.64
RTX Corp.	34.48	23.86	28.45	27.29	35.26
EV/FCFF, Sector
Capital Goods	—	23.34	25.87	32.16	74.97
EV/FCFF, Industry
Industrials	—	26.17	24.45	28.85	142.47

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 159,498 ÷ -11,840 = —

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