Boeing Co.: A turnaround many years in the making, we see years of FCF growth ahead

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Boeing Co.: A turnaround many years in the making, we see years of FCF growth ahead

Global Research

28 July 2026ab

Boeing Co. Equities

AmericasA turnaround many years in the making, we see

years of FCF growth ahead Aerospace

12-month rating Buy

12m price target US$285.00Positive FCF quarter represents the long-term cash potential

For years the narrative on Boeing has been a pendulum between long term earnings

upside potential, and short term material risk overhangs. Over the past few months the Price (28 Jul 2026) US$221.56

latter has dominated the conversation, but we believe a more permanent shift to the RIC: BA.N BBG: BA US

long-term view is imminent - and with it, potential significant upside to the stock.

Boeing has made material operational progress, as evidenced by higher aircraft build Trading data and key metrics

rates and defense execution, driven by a fundamental focus on safety + quality + supply 52-wk range US$252.15-179.12

chain. 777X certification (tied somewhat to the SPEEA union negotiation) is the final Market cap. US$175b

material risk overhang that we believe is preventing investors from underwriting Shares o/s 791m (COM)

significantly higher free cash flow later this decade. That is not to say there are no other Free float 100%

risks, but as 777X certification approaches and is achieved, we see shares re-rating and a Avg. daily volume ('000) 1,458

clearer path for Boeing to demonstrate a trajectory toward our above-consensus $20bn Avg. daily value (m) US$323

of 2030 FCF. We reiterate our Buy rating. Common s/h equity (12/26E) US$7.66b

Core operational performance solid, with deliveries continuing to grow and P/BV (12/26E) 23.6x

production rates stabilizing + moving higher. Boeing delivered 171 aircraft in the Net debt to EBITDA (12/26E) 4.4x