Boeing Co. (BA) intrinsic value & 10-year financials
Boeing Co. (BA) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 0.6% a year to $89.5B, with an average return on invested capital of 121.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $190.21
- Market cap
- $145.0B
- Revenue (FY2025)
- $89.5B
- Revenue growth (10-yr CAGR)
- -0.6%
- ROIC (10-yr avg)
- 121.4%
- Free cash flow (FY2025)
- -$1.9B
BA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $89.5B | $2.2B | $2.48 | -$1.9B | 4.8% | 9.7% |
| FY2024 | $66.5B | -$11.8B | -$18.36 | -$14.3B | -16.1% | -39.9% |
| FY2023 | $77.8B | -$2.2B | -$3.67 | $4.4B | -1.0% | -4.0% |
| FY2022 | $66.6B | -$4.9B | -$8.30 | $2.3B | -5.3% | -12.9% |
| FY2021 | $62.3B | -$4.2B | -$7.15 | -$4.4B | -4.7% | -7.1% |
| FY2020 | $58.2B | -$11.9B | -$20.88 | -$19.7B | -22.0% | -55.8% |
| FY2019 | $76.6B | -$636.0M | -$1.12 | -$4.3B | -2.6% | -37.8% |
| FY2018 | $101.1B | $10.5B | $17.85 | $13.6B | 11.9% | 461.5% |
| FY2017 | $94.0B | $8.2B | $13.43 | $11.6B | 10.9% | 576.7% |
| FY2016 | $94.6B | $4.9B | $7.61 | $7.9B | 6.2% | 323.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BAE Systems is facing top-line stagnation, with revenue contracting over the decade.
BAE Systems has historically struggled to out-earn its cost of capital, averaging just -13.4% ROIC.
Over the decade, BAE Systems shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BAE Systems is modeled at -11.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-31.92 per share.