BA Boeing
too hard · 10
Owner-earnings value$50.11
Price$192.28
Margin of safety
-73.9%
Quality gate · 10/100
⚠ sub-hurdle returns (median roic -2% < 9%) · over-levered (net debt/EBITDA 5.9x > 4x) · unprofitable in too many years
Median ROIC-2.0%
Gross margin4.8%
Net debt / EBITDA5.9x
Share count / yr+9.5%
Profitable years1/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 2.27B |
| Owner-earnings yield | 1.5% |
| Free-cash-flow yield | -0.7% |
| Growth used (normalized) | 10.0% |
| Market-implied growth (reverse DCF) | 25.0% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 10.8% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 2.49B | 10.0% | 2.25B |
| 2 | 2.72B | 9.2% | 2.22B |
| 3 | 2.95B | 8.4% | 2.17B |
| 4 | 3.18B | 7.7% | 2.11B |
| 5 | 3.40B | 6.9% | 2.04B |
| 6 | 3.61B | 6.1% | 1.95B |
| 7 | 3.80B | 5.3% | 1.85B |
| 8 | 3.97B | 4.6% | 1.75B |
| 9 | 4.12B | 3.8% | 1.64B |
| 10 | 4.25B | 3.0% | 1.52B |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~25%/yr owner-earnings growth over 10y (reverse DCF); model credits 10%.