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The Boeing Company

BCO.DE
38
Aerospace & Defense · Industrials
Price
€182.74
-3.72 (-2.00%)
Market Cap
€144.43B
Exchange
Frankfurt Stock Exchange
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Strong
Stability
Weak
Valuation
Good
Dividends
Exceptional

Share count rising — dilution

+29.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 587.6M (2021) → 762.3M (2025)

Winston Score History

The full picture

Boeing builds large commercial airplanes, military aircraft, and spacecraft. Its best-known products are passenger jets like the 737 and 787, which it sells to airlines around the world. It also makes fighter jets, helicopters, and satellites for governments and defense agencies, making it one of the two dominant commercial aircraft manufacturers globally alongside Airbus.

Boeing earns money by selling aircraft and then providing years of maintenance, parts, and services after the sale. It operates worldwide but is headquartered in the United States, generating over $70 billion in annual revenue across its commercial, defense, and space divisions. The company has faced serious financial pressure in recent years from production problems, safety concerns tied to the 737 MAX, and a costly strike by factory workers — and restoring manufacturing quality and rebuilding customer trust are the central challenges the business must overcome to return to consistent profitability.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+27.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3.6B/ year

Declining (-5% vs prior year)

4.0% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$22.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

The Boeing Company is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
9.8%
Thin — 9.8% gross margin
Profit after running costs
Operating Margin
0.3%
Thin — 0.3% operating margin
Return on the money invested
ROCE
-9.8%
Weak — -9.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+24.7%
Fast-growing sales (+24.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
150%
Turns 150% of profit into real cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
7.52
Heavy debt load (7.52)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
64.6x
Expensive — P/E 64.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+33.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (64.6 → 31.2)

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Dividends

Dividend
Dividend Yield
4.50%
Healthy income — 4.50% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+14.4%
Dividend growing fast (14.4% YoY)

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