BABoeing
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is mostly backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BA?
Boeing earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 2.4 points above what the capital costs: growth creates value
- Operating margin
- 4.9%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Cash conversion
- 0.90×
Cash conversion · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +4.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −22% |
| FY2021 | −4.6% |
| FY2022 | −5.3% |
| FY2023 | −0.99% |
| FY2024 | −16% |
| FY2025 | 4.8% |
Details›
- Gross margin12 months to Q2 2026
- 4.7%
- Operating margin12 months to Q2 2026
- 4.9%
- Net margin12 months to Q2 2026
- 2.6%
- Free cash flow margin
- −0.22%
- R&D as % of revenue
- 3.9%
- Revenue, trailing twelve months
- $94.0B
- Free cash flow, trailing twelve months
- −$210M
- Net income, trailing twelve months
- $2.44B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from BA and who it buys from, as the companies report it.
- U.S. government35%
Share of revenue · FY2025 10-K
- DALDelta Air Lines
Named in DAL’s FY2025 10-K
- UALUnited Airlines Holdings
Named in UAL’s FY2025 10-K
- AALAmerican Airlines Group Inc.
Named in AAL’s FY2025 10-K
- LUVSouthwest Airlines
Named in LUV’s FY2025 10-K
- DCODucommun Incorporated13%
BA is 13% of its revenue · FY2025 10-K
- HXLHexcel Corporation13%
BA is 13% of its revenue · FY2025 10-K
- ATROAstronics Corporation10%
BA is 10% of its revenue · FY2025 10-K
- MOG-AMoog Inc.10%
BA is 10% of its revenue · FY2025 10-K
- GEGE Aerospace
Named in GE’s FY2025 10-K
- RTXRTX Corporation
Named in RTX’s FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; BA’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported. A link without a share is named in one of the two companies’ annual reports, without a figure.
Aerospace & Defense
The closest names by size in the same industry