Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Boeing Co., FCFE calculation

US$ in millions

Microsoft Excel
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)
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)
New borrowings 75 34 9,795 47,248 25,389
Debt repayments (5,216) (1,310) (15,371) (10,998) (12,171)
Free cash flow to equity (FCFE) (681) 1,049 (9,443) 16,833 9,145

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Boeing Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Boeing Co. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Price to FCFE Ratio, Current

Boeing Co., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 618,200,911
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) (681)
FCFE per share -1.10
Current share price (P) 156.54
Valuation Ratio
P/FCFE —
Benchmarks
P/FCFE, Competitors1
Caterpillar Inc. 17.40
Eaton Corp. plc 42.87
GE Aerospace 295.89
Honeywell International Inc. 30.35
Lockheed Martin Corp. 15.25
RTX Corp. 9.10
P/FCFE, Sector
Capital Goods 23.67
P/FCFE, Industry
Industrials 24.87

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

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Boeing Co., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 610,135,205 598,239,585 582,999,765 582,996,860 563,152,208
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 (681) 1,049 (9,443) 16,833 9,145
FCFE per share3 -1.12 1.75 -16.20 28.87 16.24
Share price1, 4 211.04 211.17 200.24 195.84 318.27
Valuation Ratio
P/FCFE5 — 120.43 — 6.78 19.60
Benchmarks
P/FCFE, Competitors6
Caterpillar Inc. 14.39 24.03 16.36 25.22 11.07
Eaton Corp. plc 33.65 28.68 24.43 25.59 11.12
GE Aerospace 225.15 44.45 — — —
Honeywell International Inc. 26.10 27.59 46.23 12.59 21.75
Lockheed Martin Corp. 13.13 11.63 14.65 15.57 28.62
RTX Corp. 7.05 26.71 35.07 — 28.09
P/FCFE, Sector
Capital Goods 20.26 25.94 — 74.91 27.54
P/FCFE, Industry
Industrials 22.81 23.85 — 49.40 28.48

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -681,000,000 ÷ 610,135,205 = -1.12

4 Closing price as at the filing date of Boeing Co. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 211.04 ÷ -1.12 = —

6 Click competitor name to see calculations.