Stock Analysis(2010-2019)

Stock Price Dividend Yield

350
4.5%

294.91 322.5 325.76 3.9%

300 4.0%

3.5%
250 3.2% 3.4%
3.2%
3.0% 2.9%
3.1%
200 2.5% 2.4%
2.5% 2.6% 2.5%
155.68 2.0%
144.59
150 136.49
1.5%
129.98
100
75.36 1.0%

73.35 0.5%
65.26
50

0.0%
0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
03
Income
Statement
Analysis
Income Statement Overview
Consolidated Income 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Statement
Revenue 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of Goods Sold -80.37% -81.09% -83.91% -84.50% -84.49% -85.34% -84.46% -81.42% -80.51% -93.70%
Gross Profit 19.38% 18.69% 15.95% 15.42% 15.44% 14.59% 15.48% 18.50% 19.42% 6.22%
R&D Expenses -6.41% -5.70% -4.04% -3.55% -3.36% -3.47% -3.63% -3.38% -3.23% -4.20%
General & Admin Expenses -5.67% -4.96% -4.55% -4.57% -4.15% -3.67% -3.86% -4.36% -4.52% -5.11%
Total Operating Expenses -11.98% -10.56% -8.51% -8.02% -7.52% -7.15% -9.29% -7.58% -7.58% -8.22%
Operating Income/EBIT 7.40% 8.14% 7.45% 7.39% 7.91% 7.45% 6.19% 10.92% 11.83% -2.01%
Net Interest Expenses -0.39% -0.29% -0.21% -0.20% -0.05% 0.00% 0.00% -0.17% -0.36% -0.94%
EBT, Incl. Unusual Items 7.01% 7.85% 7.23% 7.19% 7.86% 7.44% 6.19% 10.75% 11.47% -2.95%
Income Tax Expense -1.86% -2.01% -2.46% -1.90% -1.86% -2.06% -0.80% -1.75% -1.13% 2.12%
Net Income to Company 5.14% 5.85% 4.77% 5.29% 6.00% 5.39% 5.38% 9.00% 10.34% -0.83%
EBITDA 10.02% 10.47% 9.58% 9.43% 10.03% 9.37% 9.49% 12.94% 13.80% 0.22%
EBIT 7.31% 8.03% 7.37% 7.31% 7.93% 7.46% 7.47% 10.76% 11.71% -2.75%

• COGS: High proportion. Increased in 2019 primarily due to the 737 MAX grounding
• R&D, SG&A remain similar: no significant expansion
• EBITDA: significant drop in 2019, primarily due to lower revenue and lower reach-forward
losses
• On March 13, 2019, the Federal Aviation Administration (FAA) issued an order to suspend
operations of all 737 MAX aircraft in the U.S, having a significant adverse impact on operations
Income Statement – Growth Indicators
Revenue & Growth Net Income & Growth
120000 30.00% 12000 200%
10000 150%
100000 20.00%
8000 100%
80000 10.00% 6000 50%
60000 0.00% 4000 0%
2000 -50%
40000 -10.00%
0 -100%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
20000 -20.00% -2000 -150%
-4000 -200%
0 -30.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net Income Boeing Net Income Airbus
Revenue Boeing Revenue Airbus
Net Income Airbus Change% Net Income Boeing
Revenue Lockheed Martin Change% Revenue Boeing
Change% Net Income Airbus Change% Net Income Lockheed Martin
Change% Revenue Airbus Change% Revenue Lockheed Martin

Boeing 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Revenue 64306 68735 81698 86623 90762 96114 93496 94005 101127 76559
Change % -5.82% 6.89% 18.86% 6.03% 4.78% 5.90% -2.72% 0.54% 7.58% -24.29%
Net Income 3307 4018 3900 4585 5446 5176 5034 8458 10460 -636
Change % 152% 21% -3% 18% 19% -5% -3% 68% 24% -106%
EBITDA 6444 7196 7829 8172 9102 9003 8877 12160 13957 169
Change % 10.02% 10.47% 9.58% 9.43% 10.03% 9.37% 9.49% 12.94% 13.80% 0.22%
Profitabilit
y DuPont ROE ROA
8000.0% 0.16
7000.0% 0.14
6000.0% 0.12
5000.0% 0.1
4000.0% 0.08
3000.0%
2000.0% 0.06
1000.0% 0.04
0.0% 0.02
2010
-1000.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 0
2010
-0.02 2011 2012 2013 2014 2015 2016 2017 2018 2019
DuPont Boeing DuPont Airbus
DuPont Lockheed Martin Boeing Airbus Lockheed Martin

Oprerating Profit Margin

• Boeing ROA is going down since 2019 which can be
0.14
0.12 explained by the crash that caused the decrease of
0.1 revenues
0.08
0.06
• Operating profit margin dropped significantly due to the
0.04 loss in operating income, which is -$1975 million in
0.02 2019, related to the 737 MAX grounding, retiring Aviall
0
2010
-0.02
2011 2012 2013 2014 2015 2016 2017 2018 2019 brand and trade name, and reach-forward losses on
-0.04 Commercial Crew and on KC-46A Tanker
Boeing Airbus Lockheed Martin
Income Statement Ratios
Net Profit Margin
Gross Profit Margin
0.12
0.25
0.1
0.2 0.08
0.06
0.15
0.04
0.1 0.02
0
0.05 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
-0.02
0 -0.04
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Boeing Airbus Lockheed Martin
Boeing Airbus Lockheed Martin

• Net profit of Boeing in 2018 performed strongly because higher

EBITDA Margin
revenues at all 3 sectors: Commercial, Defense, Space&
0.16 Security and Global service.
0.14 • Commercial revenues favorable from 737 and 787 model mix.
0.12
• Defense, Space& Security sector increased due to non-US
0.10
contract awards for fighters, higher weapons revenue: the final
0.08
C-17 aircraft sale and higher satellites revenue.
0.06
• Global Service revenues increased due to growth across our
0.04
services portfolio, primarily driven by higher parts revenue
0.02
including the acquisition of KLX Inc. : A company provide
0.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 aerospace fasteners, consumables, and logistics services.
Boeing Airbus Lockheed Martin
 Du Pont Analysis
Boeing 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
DuPont ROE Net Profit
8000.0% Margin 0.05 0.06 0.05 0.05 0.06 0.05 0.05 0.09 0.10 -0.01
7000.0% Asset
6000.0% Turnover 0.98 0.93 0.97 0.95 0.98 1.03 1.01 0.93 0.88 0.61
5000.0% Equity
4000.0% 23.96 22.17 14.90 6.18 10.57 14.76 102.62 65.59 286.24 -16.10
Multiplier
3000.0%
2000.0%
DuPont 121.1% 119.7% 68.9% 31.2% 62.0% 81.6% 560.3% 548.3% 2606.7% 8.2%
1000.0%
0.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
-1000.0% Airbus 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net Profit 0.01 0.02 0.02 0.03 0.04 0.04 0.01 0.04 0.05 -0.02
DuPont Boeing DuPont Airbus Margin
DuPont Lockheed Martin Asset
Turnover 0.56 0.57 0.63 0.63 0.65 0.64 0.61 0.54 0.57 0.61
Equity
ROE: Boeing & Airbus Multiplier 9.31 9.98 8.84 8.28 13.58 17.71 30.43 10.19 11.85 19.10
3000.0% DuPont 6.3% 11.4% 11.7% 13.4% 34.1% 47.3% 27.9% 21.8% 32.2% -22.7%
2500.0%
2000.0% Lockheed 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Martin
1500.0% Net Profit 0.06 0.06 0.06 0.07 0.08 0.08 0.08 0.04 0.09 0.10
1000.0% Margin
Asset
500.0% Turnover 1.30 1.27 1.23 1.21 1.09 0.94 0.97 1.06 1.18 1.29
0.0% Equity 10.04 37.87 991.21 7.36 10.90 15.92 29.77 -60.08 30.97 14.99
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Multiplier
-500.0%
DuPont 74.8% 276.6% 7107.3% 58.0% 96.8% 115.3% 224.4% -240.5% 341.6% 202.1%
Boeing Airbus
 Valuation Profile
PE Ratio EBITDA Margin
120
16.00%
100
14.00%
80 12.00%
60 10.00%
40 8.00%
20 6.00%
0 4.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2.00%
-20
-40 0.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Boeing Airbus Lockheed Martin
Boeing Airbus Lockheed Martin
Operating Profit Margin
0.14 • Boeing’s PE ratio is a minus number for 2020 , since EPS
0.12 is negative , overall PE ratio comes out negative.
0.1
• Negative PE ratio is a bad sign , but considering the crash
0.08
0.06
and their revenue shrink , negative PE is understandable.
0.04 • Operating Profit Margin of Boeing is actually negative
0.02 mainly because their op.income is negative can be linked
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 with the crash in 2018.At the same time revenues shrunk
-0.02
a lot that is why their OPM is suffering.
-0.04

Boeing Airbus Lockheed Martin

 TSR Analysis
Boeing Stock 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Stock Price $ 65.26 $ 73.35 $ 75.36 $ 136.49 $ 129.98 $ 144.59 $ 155.68 $ 294.91 $ 322.50 $ 325.76 $ 217.00
Total Change Stock Price 8.09 2.01 61.13 -6.51 14.61 11.09 139.23 27.59 3.26 -108.76
Change S/P% 12.4% 2.7% 81.1% -4.8% 11.2% 7.7% 89.4% 9.4% 1.0% -33.4%
Cumulative Dividend Paid $ 1.68 $ 1.76 $ 1.94 $ 2.92 $ 3.64 $ 4.36 $ 5.68 $ 6.84 $ 8.22 $ 8.22 $ 2.06
D.Yield% 2.6% 2.4% 2.6% 2.1% 2.8% 3.0% 3.6% 2.3% 2.5% 2.5% 0.9%
TSR 2.6% 14.8% 5.3% 83.3% -2.0% 14.3% 11.3% 91.8% 11.9% 3.5% -32.4%

TSR Analysis
$350.00
$300.00
$250.00 • 12,81% Compounded Annual Growth
$200.00 Rate
$150.00 • Highly volatile stock performance ,
$100.00 especially from  2016 to 2017 and 2019 to
$50.00 2020. ( Due to crash)
$-
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 • Increasing dividend payments over the
$(50.00)
$(100.00)
years , except 2020.
$(150.00)

Stock Price Total Change Stock Price Change S/P%

Cumulative Dividend Paid D.Yield% TSR
Interest Coverage
Chart Title

30
28.1

26.1
25 24.9
22.8

20

15

10

0
-2.9

-5
04 Cash Flow
Analysis
Overview
CF Overview 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cash from Operation 36% 87% 9% 8% 6% 12% 27% 15% -116%
Capex 52% -1% 23% 7% 10% 7% -33% -1% 7%
FCF 26% 151% 5% 9% 4% 14% 47% 17% -131%
Financing Cash Flow -13% 105% 22% 102% -8% 21% 18% 3% -149%

Cash Flow Overview

The decrease in operating cash flows in 2019 primarily
200% reflects the impacts of the 737 MAX grounding that is in
100% lower earnings, higher inventory and lower advances
0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 and progress payments. In addition, compensation
-100% payments to 737 MAX customers of $1.2 billion for
-200% disruption to their operations also reduced 2019 cash
-300% from operating activities.
Cash from Operation Capex FCF
ICF Financing Cash Flow ICF :Investing Activities Cash used by investing activities
during 2019, 2018 and 2017 was $1.5 billion, $4.6
Financing Activities Cash provided by financing activities was $5.7
billion and $2.1 billion. The reduction in 2019 compared
billion during 2019, compared with cash used by financing activities of
with 2018 is primarily due to acquisitions completed
$11.7 billion in 2018. The increase of $17.5 billion compared with 2018
in the second half of 2018 and the timing of investments.
primarily reflects higher net borrowings and lower share repurchases,
Acquisitions net of cash acquired were $0.5
partially offset by higher dividend payments in 2019. Cash used by
billion in 2019, compared with $3.2 billion in 2018,
financing activities was $11.7 billion during 2018, an increase of $0.4
primarily related to the acquisition of KLX.
billion compared with 2017, primarily due to higher dividend payments
partially offset by higher net borrowings. Net borrowings were $13.2
billion in 2019, $1.4 billion in 2018 and $1.1 billion in 2017.
Overview

EPS
25
BA is expected to show a very negative growth
20 in Earnings Per Share. In the coming 2 years,
the EPS expected to decrease by -
15 30.03% yearly. Since net income is negative for
2019 , the EPS became negative shows a low
10
quality.
5
2019 financial results were adversely affected
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 by the 737 MAX grounding, with material
-5
reductions in revenue, earnings per share and
Boeing Airbus Lockheed Martin
operating cash flow.
Cash Flow from Operation and Growth
Cash Flow from Operation & Growth CapEx & Depreciation
20000 250.0% 3000 60.00%

200.0% 50.00%
2500
15000 40.00%
150.0%
30.00%
2000
100.0%
10000 20.00%
50.0% 1500 10.00%
5000 0.00%
0.0%
1000
-10.00%
-50.0%
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -20.00%
-100.0% 500
-30.00%
-5000 -150.0%
0 -40.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cash Flow from Operation Boeing Cash Flow from Operation Airbus
Cash Flow from Operation Lockheed Martin Change% CF from Operation Boeing
Change% CF from Operation Airbus Change% CF from Operation Lockheed Martin Capital Expenditures Depreciation&Amortization
Change% Capex Change% Depre
Valuation
Debt to Equity Ratio
• In 2015, the company bought back 47
200
million shares for $6.8 billion and
paid out $2.5 billion in dividends.
150
• In 2016, $7 billion was spent on stock
100
repurchases and the dividend
was raised by 30%.
50 • In 2017, $9.2 billion was spent on stock
repurchases and the dividend was again
0 raised by 30%.
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
• In 2018, $9 billion was spent on stock
-50 repurchases and the dividend was
raised by 20%.

Boeing Airbus Lockheed Martin

Balance Sheet
Analysis 05
 Balance Sheet Analysis Comparison
Balance Sheet 2019 Boeing Airbus Lockheed Martin
Cash And Equivalents 7.10% 8.14% 3.19%
Total Assets(2019)
Short Term Investments 0.41% 2.81% 0.00%
120.00%
Accounts Receivable, Net 9.21% 5.98% 24.05%
Inventory 57.34% 27.58% 7.61% 100.00%
Prepaid Expenses 0.00% 0.13% 7.61%
Other Current Assets 2.45% 4.94% 1.12% 80.00%
Total Current Assets 76.50% 49.58% 35.97%
Property Plant And Equipment, Net 10.24% 15.12% 15.97% 60.00%
Capitalized / Purchased Software 0.00% 0.00% 1.08%
Long-term Investments 0.82% 15.02% 2.52% 40.00%
Goodwill 6.03% 11.38% 22.31%
Other Intangibles 2.50% 1.85% 7.84% 20.00%
Other Long-term Assets 3.91% 7.06% 14.31%
Total Non-Current Assets 23.50% 50.42% 64.03% 0.00%
Total Assets 100.00% 100.00% 100.00% Boeing Airbus Lockheed Martin
Accounts Payable 11.64% 13.08% 2.70%
Accrued Expenses 7.82% 0.54% 5.19% Total Current Assets Total Non-Current Assets
Short-term Borrowings 0.00% 0.00% 0.00%
Current Portion of LT Debt 5.12% 1.48% 2.63%
Total Liabilities And Equity(2019)
Current Portion of Capital Lease Obligations 0.19% 0.23% 0.53%
Other Current Liabilities 48.06% 39.19% 18.36% 120.00%
Total Current Liabilities 72.82% 54.52% 29.40% 100.00%
Long-term Debt 13.64% 6.02% 23.99%
Capital Leases 0.90% 1.13% 1.80% 80.00%
Other Non-current Liabilities 18.84% 33.09% 38.14%
Total Non-Current Liabilities 33.39% 40.25% 63.93% 60.00%
Total Liabilities 106.21% 94.76% 93.33%
Common Stock 3.79% 0.69% 0.59% 40.00%
Additional Paid In Capital 5.05% 3.11% 0.00%
20.00%
Retained Earnings 37.90% 1.96% 38.72%
Treasury Stock -41.10% -0.07% 0.00% 0.00%
Other Common Equity Adj -12.09% -0.46% -32.73% Boeing Airbus Lockheed Martin
Common Equity -6.45% 5.22% 6.58% -20.00%
Minority Interest, Total 0.24% 0.01% 0.09%
Total Equity -6.21% 5.24% 6.67% Total Current Liabilities Total Non-Current Liabilities
Total Liabilities And Equity 100.00% 100.00% 100.00% Total Equity
 Balance Sheet Analysis
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Asset Composition
Cash And Equivalents 7.82% 12.56% 11.63% 9.81% 12.63% 11.97% 9.78% 7.84% 6.51% 7.10%
Short Term Investments 7.44% 1.46% 3.56% 6.61% 1.42% 0.79% 1.36% 1.05% 0.79% 0.41% 120.00%
Accounts Receivable, Net 7.54% 6.76% 5.98% 6.66% 8.00% 8.96% 9.18% 9.87% 11.85% 9.21%
Inventory 35.47% 40.31% 42.47% 46.31% 50.32% 50.06% 48.00% 54.63% 53.31% 57.34% 100.00%
Other Current Assets 0.91% 1.18% 0.83% 0.84% 0.56% 0.49% 1.11% 2.43% 2.38% 2.45%
Total Current Assets 59.17% 62.27% 64.47% 70.23% 72.93% 72.28% 69.43% 75.82% 74.84% 76.50% 80.00%
Property Plant And Equipment, Net 13.03% 11.64% 10.87% 11.03% 11.85% 12.79% 14.23% 11.28% 10.77% 10.24%
Long-term Investments 1.62% 1.30% 1.33% 1.30% 1.24% 1.36% 1.46% 1.12% 0.93% 0.82% 60.00%
Goodwill 7.20% 6.18% 5.66% 5.44% 5.51% 5.43% 5.92% 4.95% 6.68% 6.03%
Other Intangibles 4.34% 3.81% 3.50% 3.29% 3.09% 2.81% 2.82% 2.29% 2.92% 2.50%
40.00%
Other Long-term Assets 14.64% 14.79% 14.17% 8.70% 5.39% 5.33% 6.13% 4.54% 3.86% 3.91%
Total Non-Current Assets 40.83% 37.73% 35.53% 29.77% 27.07% 27.72% 30.57% 24.18% 25.16% 23.50%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
20.00%
Accounts Payable 11.25% 10.51% 10.57% 10.25% 11.48% 11.44% 12.43% 10.86% 11.01% 11.64%
Accrued Expenses 14.56% 13.37% 12.00% 12.58% 11.61% 11.43% 12.15% 8.77% 8.99% 7.82% 0.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Short-term Borrowings 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Current Portion of LT Debt 0.14% 1.73% 1.51% 0.93% 0.89% 0.78% 0.32% 0.39% 2.29% 5.12%
Total Current Assets Total Non-Current Assets
Current Portion of Capital Lease
Obligations 0.08% 0.11% 0.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.19%
Other Current Liabilities 25.60% 25.88% 26.42% 31.80% 27.93% 29.75% 30.80% 46.42% 47.24% 48.06% Liabilities and Shareholders' Equity
Total Current Liabilities 51.62% 51.60% 50.60% 55.56% 51.91% 53.40% 55.71% 66.44% 69.52% 72.82%
Long-term Debt 12.75% 9.24% 10.00% 6.69% 6.27% 7.28% 7.56% 7.14% 7.24% 13.64% 120.00%
Capital Leases 0.12% 0.13% 0.09% 0.00% 0.00% 0.00% 0.00% 0.12% 0.13% 0.90%
100.00%
Other Non-current Liabilities 31.33% 34.51% 32.59% 21.57% 32.36% 32.54% 35.76% 24.78% 22.75% 18.84%
Total Non-Cuuren Liabilities 44.20% 43.89% 42.69% 28.25% 38.63% 39.83% 43.32% 32.04% 30.13% 33.39% 80.00%
Total Liabilities 95.83% 95.49% 93.29% 83.82% 90.54% 93.22% 99.03% 98.48% 99.65% 106.21%
Common Stock 7.38% 6.33% 5.69% 5.46% 5.45% 5.36% 5.62% 4.50% 4.31% 3.79% 60.00%
Additional Paid In Capital 5.64% 5.04% 4.64% 4.76% 4.98% 5.12% 5.29% 6.06% 5.77% 5.05%
Retained Earnings 36.15% 34.41% 33.79% 35.57% 38.94% 41.05% 45.24% 44.16% 47.67% 37.90% 40.00%
Treasury Stock -25.07% -20.76% -17.93% -19.07% -25.07% -31.32% -40.11% -38.67% -44.61% -41.10%
20.00%
Other Common Equity Adj -20.07% -20.63% -19.59% -10.68% -14.96% -13.50% -15.14% -14.57% -12.85% -12.09%
Common Equity 4.03% 4.39% 6.60% 16.05% 9.33% 6.71% 0.91% 1.47% 0.29% -6.45% 0.00%
Total Preferred Equity 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Minority Interest, Total 0.14% 0.12% 0.11% 0.13% 0.13% 0.07% 0.07% 0.05% 0.06% 0.24% -20.00%
Total Equity 4.17% 4.51% 6.71% 16.18% 9.46% 6.78% 0.97% 1.52% 0.35% -6.21%
Total Liabilities And Equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Total Current Liabilities Total Non-Cuuren Liabilities
Total Equity
Balance Sheet Analysis – Ratios
Debt to Equity Ratio Liabilities and Shareholders' Equity
200 120.00%

100.00%
150
80.00%
100 60.00%

40.00%
50
20.00%
0 0.00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
-20.00%
-50
Boeing Airbus Lockheed Martin Total Current Liabilities Total Non-Cuuren Liabilities Total Equity

In general, a high debt-to-equity ratio indicates that a company may not be able to generate enough
cash to satisfy its debt obligations. However, a low debt-to-equity ratio may also indicate that a
company is not taking advantage of the increased profits that financial leverage may bring.

Boeing currently having a negative D/E ratio mainly because their equity is a negative number due to
their increasing liabilities.
2017 to 18 , there was more than %100 increase , which means that it is a highly leveraged company.
This is not a problem if the company has consistently grown its profits.
 Liquidity
Current Ratio Quick Ratio
1.6 1.2
1.4 1
1.2
0.8
1
0.8 0.6
0.6
0.4
0.4
0.2
0.2
0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Boeing Airbus Lockheed Martin Boeing Airbus Lockheed Martin

Financial Plan 06