Boeing Co (BA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 23, 2026
Boeing Co (BA)
A forensic read on Boeing Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
2.3
Distress distance
Clean
Earnings quality
6
Forensic signals
64.3
P / E (ttm)
$159.0B
Market cap
0.22%
Dividend yield
34.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Boeing Co earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+29.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.5% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +11% against revenue +34%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 29.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
6.3%
FY2025
Return on invested capital.Return on invested capital is 6.3% in the latest fiscal year, against -5% in FY2021, having run between -18.1% and 6.3% across FY2021–FY2025 with no direction held — well below the ~9% cost of capital we hold this sector to, and it has been across FY2019–FY2025, so reinvested dollars have not been earning their keep. The capital base behind it grew +16% across FY2021–FY2025, from $49.8B to $57.7B, and the return did not fall doing it, so the dollars added over that window earned at least the -5% the older base was already earning.
+8.6%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +28% over the last 3 years to FY2025 (+8.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~22%.
Key fundamentals
Latest Revenue$89.46B
Revenue Growth YoY+34.5%
Revenue CAGR (3yr)+10.3%
Net Margin2.5%
Free Cash Flow-$1.88B
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Boeing Co's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 23, 2026. Forensic signals flag probability, not certainty.
0.5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.5% of revenue in FY2025 — about $0.56 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.8% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
FCF ($1.9B)
FY2025
Shareholder returns.Returned $331M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($1.9B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $1.1B — 31% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
-79%
FY2020→FY2025
Dividend — cut.The payout was CUT ~79% in FY2025 (from FY2020). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.