Forensic Analysis · Aerospace & Defense · as of Nov 8, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.3
Distress distance
4
Forensic signals
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 (auditor quality, say on pay, board independence, going concern). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+12.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +26% over the last 2 years to FY2025 (+12.2%/yr). The count is growing — 605.8M shares in FY2023, 762.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.2% 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 FY2023 has been diluted ~21%.
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 12.2% a year across FY2023–FY2025 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. Capex and the payout together ran $2.2B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. Total debt rose $234M over FY2025, while cash and short-term investments rose $3.1B, so the borrowing was kept, not spent on the gap. The FY2025 cash-flow statement filed $165M of debt issued against $3.6B repaid; $46.6B from sales and maturities of investments against $51.9B of investments purchased; $82M from sales of property and equipment; net cash provided by investing activities of $499M; net cash used in financing activities of $3.8B.
7.0%
FY2025
Return on invested capital.Return on invested capital is 7.0% in the latest fiscal year, against -1.8% in FY2023, having run between -21.0% and 7.0% across FY2023–FY2025 with no direction held. After-tax operating profit was ($611M) in FY2023 and $3.6B in FY2025, with operating income at -1.0% of revenue in FY2023, -16.1% in FY2024 and 4.8% in FY2025. The capital base behind it grew +55% across FY2023–FY2025, from $33.7B to $52.2B, and the return did not fall doing it, so the dollars added over that window earned at least the -1.8% the older base was already earning. $15.5B of the $52.2B base at FY2025 is short-term investments (29.6%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
Key fundamentals
Latest Revenue$89.46B
Revenue Growth YoY+34.5%
Revenue CAGR (2yr)+7.2%
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?