BA Analysis: Boeing's $182 Billion Turnaround Bet — Why the Aerospace Giant Still Loses Money Operationally Despite $90 Billion in Revenue
Boeing (NYSE: BA) trades at $232.03 per share, giving the aerospace and defense giant a market capitalization of $182.2 billion. The stock has nearly doubled from its 52-week low of $128.88, sitting just 9% below its $254.35 high — a remarkable recovery for a company that posted a $5.4 billion operating loss in fiscal 2025 and burned through $1.9 billion in free cash flow. The bull case rests on Boeing's irreplaceable duopoly position with Airbus in commercial aviation, a $59.4 billion deferred revenue backlog representing years of aircraft orders, and early signs of production recovery. The bear case is equally compelling: $54.1 billion in total debt, razor-thin equity of just $5.5 billion after three consecutive quarters of negative book value, ongoing Starliner embarrassments, and an operating business that has not turned a consistent profit since the 737 MAX crisis began in 2019. With trailing earnings of just $2.48 per share — inflated by a $9.1 billion non-operational gain in Q4 2025 — and a P/E ratio of 93.6x, Boeing is priced for a turnaround that has yet to materialize in the operating numbers. This analysis examines whether the stock's premium reflects justified optimism or dangerous complacency.