What is BA's intrinsic value?

TickerWorth's blended fair value for The Boeing Company (BA) is $84.37 per share, versus a market price of $190.21 (125% above fair value).

Is BA overvalued or undervalued?

On our blended fair value BA looks overvalued vs fair value at $190.21. This is an educational estimate, not advice.

What discount rate is used for BA?

A WACC of 10.0% and a terminal growth rate of 2.5%.

Is The Boeing stock undervalued?

TickerWorth's fair value for The Boeing Company (BA) is $84.37 against a market price of $190.21. Our read: 125% above fair value. This is a model estimate, not investment advice.

The Boeing (BA) DCF valuation and fair value

Our fair value for The Boeing Company (BA) is $84.37, built on a 10.0% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

The Boeing (BA) insider trading

The most recent insider filing (SEC Form 4) for The Boeing Company (BA): Parker Stephen Kenneth, EVP, Pres. & CEO, BDS, shares withheld (tax) on 2026-08-28. The latest filings are listed on this page. A disclosure, not a signal to trade.

BA · Intrinsic value

Is The Boeing Company (BA) overvalued or undervalued?

Name: The Boeing Company (BA) DCF intrinsic value
Creator: TickerWorth

The Boeing Company (BA) trades at the delayed market price of $190.21 a share. That price already implies revenue growth of more than 25%/yr. TickerWorth's fair value is $84.37 a share (125% above fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full BA analysis

Is BA overvalued?

Fair value: $84.37
Market price: $190.21
Downside to fair value: 55.6%
Verdict: 125% above fair value

Price as of 19 Oct 2026, 12:42 UTC · Prices are delayed.

Fair value against the delayed market price: 125% above fair value.

Reverse DCF: Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast.

What is BA's TickerWorth Score?

F29/100

Scores lower than almost every company we compare it with

Compared with Industrials companies in US

Its weakest point: trades above our estimate of what it's worth.

Value · 36 of 100
Cheaper than 36% of Industrials companies in US
Price vs worth · 6 of 100
Quality · 33 of 100
More profitable than 33% of Industrials companies in US
Financial health · 32 of 100
Financially stronger than 32% of Industrials companies in US
Growth · 38 of 100
Growing faster than 38% of Industrials companies in US
Momentum · 20 of 100
Outperformed 20% of Industrials companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 12:43 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

THE MODEL DISAGREES WITH THE MARKET BY ABOUT TWO THIRDS, AND I HAVE NOT TUNED IT. Per-share value ~$67 vs today's price. The gap is not an input error: the market is paying for Boeing's full normalization — management's ~$10B of free cash flow 'with significant growth beyond that into the next decade' — and for the 2030s, when the backlog is still being delivered. This model reaches a 9% margin in 2030 and then grows at 2.5% forever. Reverse-DCF figures are in the explainer.
YEAR-1 FCF IS ESSENTIALLY ZERO (~$37M) vs MANAGEMENT'S $1-3B GUIDANCE AND A -$1,877M FY2025 BASE. The percentage gap against a negative base is meaningless, so the reconciliation is stated in dollars: Boeing's guidance is AFTER ~$2.4B of interest, so its unlevered equivalent is ~$4-5B. The ~$4.5B difference is (a) working-capital release — advances +$4.7B in H1 alone — which the model holds at zero; (b) ~$1.7B/yr of 401(k) contributions paid in stock plus ~$0.5B of SBC, non-cash in Boeing's FCF but kept as expense here; (c) the 18% normalized tax on EBIT against near-zero cash tax. All three push the model's near-term cash BELOW Boeing's — the deliberate direction.
TERMINAL VALUE IS ~82% OF ENTERPRISE VALUE (below 100% — early FCF is ~zero, not deeply negative). High: the five forecast years contribute only ~18% of the answer, and the terminal year is a business still mid-recovery. The honest output is the sensitivity range (~$40-$122), not the point.
PENSION IS IN NET DEBT, AFTER TAX: $4,278M pension + $2,321M OPEB deficit at FY2025 measurement × (1-18%) = $5,411M. The gross pension obligation is large ($51.4B PBO), so a 50bp move in discount rates would move the deficit by an estimated ~$2-3B (my rough duration estimate, not a disclosed figure). The mid-2026 balance sheet ($4,108M + $2,027M) confirms the scale.
MANDATORY CONVERTIBLE PREFERRED IS IN THE SHARE COUNT, NOT NET DEBT: +36.7M shares (the 10-Q's antidilutive exclusion), so the $5,750M liquidation preference is not double-counted.
BOEING DOES NOT GUIDE REVENUE OR MARGIN. Year 1 revenue and margin are my estimates from H1 actuals and management's delivery targets; only capex ($4B) and FCF ($1-3B) are guided. After the quarter, three things moved the wrong way (737 'not stable yet' at 47, rate 52 slipped to 2027, 737-10 certification paused) — Year 1 is more likely too high than too low.
NOL / VALUATION ALLOWANCE NOT VALUED: $9,754M valuation allowance against domestic NOLs and credits. Charging 18% tax from Year 1 ignores that shield; it is worth up to ~$22/share if Boeing pays no cash tax for five years.
CREDIT AT THE EDGE OF INVESTMENT GRADE. Marginal cost of debt 6.6% assumes BBB-/Baa3 holds. A downgrade to high yield would raise it ~150bp, but with debt at ~22% of capital that moves WACC only ~0.25 points (~-$4/share).

BA DCF valuation: what the price assumes

At a recent price of $190.21, The Boeing Company (BA) trades 125% above TickerWorth's blended fair value of $84.37 per share — a discounted-cash-flow model cross-checked against peer multiples and asset value — meaning the market currently prices BA overvalued vs our estimate of what the business is intrinsically worth. Our fair value sits below the market, an implied -55.6% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.

Read the full reasoning

One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values BA at about $67.19 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.

The valuation discounts The Boeing Company's projected free cash flows at a weighted-average cost of capital (WACC) of 10.0%, with a long-run terminal growth rate of 2.5%. About 82% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — BA would need sustained revenue growth of more than 25%/yr to justify today's price, against about 8.2% a year compounded in our base case. We don't quote a precise figure here, because past about 25% a year the reverse-DCF stops being informative: it solves for revenue growth alone, holding margins, capital intensity and the forecast horizon fixed, so a price well above our fair value has nowhere to go but growth. The honest reading is that the price implies growth this model can't reconcile — not that we forecast it.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, BA's modeled DCF value ranges from about $39.78 to $122.01 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what The Boeing Company would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of BA's intrinsic value. Figures update as new filings and prices come in.

Every input behind BA's DCF

Input	Value	Source
Base-year revenueBoeing FY2025 10-K (accession 0001628280-26-004357, filed 2026-01-30): us-gaap:Revenues, FY2025: $89,463M, +34.5% on FY2024's $66,517M — a recovery from the strike- and grounding-depressed 2024, not organic growth (600 commercial deliveries vs 348). Segments: BCA $41,494M, BDS $27,234M, BGS $20,923M, eliminations -$188M. BRIDGE EFFECTS, BOTH CLOSED IN Q4 2025: (1) the Digital Aviation Solutions (Jeppesen/ForeFlight) divestiture closed 2025-10-31 for $10.55B cash, so FY2025 carries ten months of that revenue and FY2026 carries none — a small headwind inside BGS (BGS H1 2026 still grew 4%); (2) the Spirit AeroSystems acquisition closed 2025-12-08 for $8,371M total consideration ($4,704M of it in 22.98M Boeing shares). Spirit adds little reported revenue because most of what it made was sold TO Boeing (the 10-K says its 2025 contribution was under 1% of revenue and pro forma figures are 'impracticable'); the CFO cited ~$130M of Q2 2026 sales. CROSS-CHECK: TTM revenue through 2026-06-30 is $93,995M (89,463 - H1'25 42,245 + H1'26 46,777); H1 2026 grew +10.7%.	$89,463,000,000	Boeing FY2025 10-K (accession 0001628280-26-004357, filed 2026-01-30): us-gaap:Revenues, FY2025: $89,463M, +34.5% on FY2024's $66,517M — a recovery from the strike- and grounding-depressed 2024, not organic growth (600 commercial deliveries vs 348). Segments: BCA $41,494M, BDS $27,234M, BGS $20,923M, eliminations -$188M. BRIDGE EFFECTS, BOTH CLOSED IN Q4 2025: (1) the Digital Aviation Solutions (Jeppesen/ForeFlight) divestiture closed 2025-10-31 for $10.55B cash, so FY2025 carries ten months of that revenue and FY2026 carries none — a small headwind inside BGS (BGS H1 2026 still grew 4%); (2) the Spirit AeroSystems acquisition closed 2025-12-08 for $8,371M total consideration ($4,704M of it in 22.98M Boeing shares). Spirit adds little reported revenue because most of what it made was sold TO Boeing (the 10-K says its 2025 contribution was under 1% of revenue and pro forma figures are 'impracticable'); the CFO cited ~$130M of Q2 2026 sales. CROSS-CHECK: TTM revenue through 2026-06-30 is $93,995M (89,463 - H1'25 42,245 + H1'26 46,777); H1 2026 grew +10.7%.
Base EBIT marginBoeing FY2025 10-K (accession 0001628280-26-004357, filed 2026-01-30): DERIVED, and the reported figure is unusable as-is. GAAP earnings from operations were $4,281M (4.8%), but that includes $9,672M of 'Gain on dispositions, net', of which $9,566M is the one-off gain on the Digital Aviation Solutions sale. Excluding it: $4,281M - $9,672M = -$5,391M / $89,463M = -6.03%. That loss in turn carries $5,283M of 777X and 767 reach-forward losses (777X alone $4,899M, booked Q3 2025); excluding those too the underlying business was roughly break-even (-0.1%). Reference figure only — the cash-flow math uses forecast.ebit_margin. CROSS-CHECK: H1 2026 GAAP operating margin was +1.3% ($604M on $46,777M, with only $79M of disposal gains), and Q2 2026 alone +0.6%. Boeing has not printed a full-year operating profit ex-gains since 2018 (11.9%: $11,987M on $101,127M, XBRL).	-6.0%	Boeing FY2025 10-K (accession 0001628280-26-004357, filed 2026-01-30): DERIVED, and the reported figure is unusable as-is. GAAP earnings from operations were $4,281M (4.8%), but that includes $9,672M of 'Gain on dispositions, net', of which $9,566M is the one-off gain on the Digital Aviation Solutions sale. Excluding it: $4,281M - $9,672M = -$5,391M / $89,463M = -6.03%. That loss in turn carries $5,283M of 777X and 767 reach-forward losses (777X alone $4,899M, booked Q3 2025); excluding those too the underlying business was roughly break-even (-0.1%). Reference figure only — the cash-flow math uses forecast.ebit_margin. CROSS-CHECK: H1 2026 GAAP operating margin was +1.3% ($604M on $46,777M, with only $79M of disposal gains), and Q2 2026 alone +0.6%. Boeing has not printed a full-year operating profit ex-gains since 2018 (11.9%: $11,987M on $101,127M, XBRL).
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	9% → 10% → 10% → 7% → 5%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity: 5.24% on 2026-10-01, the latest published observation.	5.2%	US 10Y Treasury constant maturity: 5.24% on 2026-10-01, the latest published observation.
BetaYahoo/yfinance 5Y-monthly beta: Published 5Y-monthly beta 1.213, used as-is. Not normalized: the 60-month window spans the 2024 door-plug grounding and strike and the 2025-26 recovery, so it already reflects a stressed, levered recovery story; a business at lowest-investment-grade leverage with a negative book-equity history (total equity was only $6,115M at 2026-06-30) earns an above-market beta. DIRECTION: each 0.1 of beta is worth roughly $7/share; 1.0 gives ~$82.	1.21	Yahoo/yfinance 5Y-monthly beta: Published 5Y-monthly beta 1.213, used as-is. Not normalized: the 60-month window spans the 2024 door-plug grounding and strike and the 2025-26 recovery, so it already reflects a stressed, levered recovery story; a business at lowest-investment-grade leverage with a negative book-equity history (total equity was only $6,115M at 2026-06-30) earns an above-market beta. DIRECTION: each 0.1 of beta is worth roughly $7/share; 1.0 gives ~$82.
Terminal growthESTIMATEAssumption — house default: House default 2.5%, kept for comparability. ARGUABLY LOW FOR BOEING IN 2030 SPECIFICALLY: the commercial backlog is 6,200+ airplanes (~$597B), roughly nine years of deliveries at 2030 rates, and management talks of 737 rates of 57-63 and 787 at 14 beyond the forecast window. A 3.0% rate adds ~$7/share — it does not close the gap. Must remain well below WACC of 10.0%.	2.5%	ESTIMATEAssumption — house default: House default 2.5%, kept for comparability. ARGUABLY LOW FOR BOEING IN 2030 SPECIFICALLY: the commercial backlog is 6,200+ airplanes (~$597B), roughly nine years of deliveries at 2030 rates, and management talks of 737 rates of 57-63 and 787 at 14 beyond the forecast window. A 3.0% rate adds ~$7/share — it does not close the gap. Must remain well below WACC of 10.0%.
Diluted sharesBoeing Q2 2026 10-Q (accession 0001628280-26-050038, filed 2026-07-28): 790.6M Q2 2026 weighted-average diluted shares PLUS 36.7M potential common shares the 10-Q says were EXCLUDED from diluted EPS only because Boeing had a net loss (antidilutive) — overwhelmingly the 5.75M shares of 6.00% Series A mandatory convertible preferred, which convert automatically around 2027-10-15 into 5.8280-6.9940 common shares each (33.5M-40.2M). Including them is the right treatment for a valuation: those holders get common stock regardless. Consequently the $5,750M liquidation preference is NOT also deducted as debt. The count is rising: 762.3M diluted in FY2025, 790.6M in Q2 2026 (Spirit stock consideration plus ~$1.7B/yr of 401(k) contributions paid in treasury shares).	827M	Boeing Q2 2026 10-Q (accession 0001628280-26-050038, filed 2026-07-28): 790.6M Q2 2026 weighted-average diluted shares PLUS 36.7M potential common shares the 10-Q says were EXCLUDED from diluted EPS only because Boeing had a net loss (antidilutive) — overwhelmingly the 5.75M shares of 6.00% Series A mandatory convertible preferred, which convert automatically around 2027-10-15 into 5.8280-6.9940 common shares each (33.5M-40.2M). Including them is the right treatment for a valuation: those holders get common stock regardless. Consequently the $5,750M liquidation preference is NOT also deducted as debt. The count is rising: 762.3M diluted in FY2025, 790.6M in Q2 2026 (Spirit stock consideration plus ~$1.7B/yr of 401(k) contributions paid in treasury shares).
Market priceDelayed quote · as of 2026-10-19 12:42 UTC	$190.21	Delayed quote · as of 2026-10-19 12:42 UTC

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What does The Boeing Company do?

What does it do?

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through three segments: Commercial Airplanes; Defense, Space & Security; and Global Services. It operates in the Aerospace & Defense industry (Industrials sector), headquartered in United States. The company employs roughly 182,000 people.

How does it make money?

The business turns $94.0B in annual revenue into profit. Out of every $100 of sales, about $0 is left as operating profit (operating margin of 0.0%), after a 5% gross margin on the products/services it sells. After all costs, taxes and interest, 2.6% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks stretched: carries heavy debt (7.9× equity), can just cover its short-term bills (1.1× current ratio), and is currently profitable.

Who at BA filed insider trades?

Recent insider filings for The Boeing Company
Date	Insider	Relationship	What happened	Value	Filing
28 Aug 2026	Parker Stephen Kenneth	EVP, Pres. & CEO, BDS	Shares withheld (tax)	$131,653.49	Form 4 for Parker Stephen Kenneth (opens sec.gov in a new tab)
17 Aug 2026	MALAVE JESUS JR	EVP and CFO	Shares withheld (tax)	$961,504.80	Form 4 for MALAVE JESUS JR (opens sec.gov in a new tab)
14 Aug 2026	Raymond David Christopher	EVP, Pres. & CEO, BGS	Gift	—	Form 4 for Raymond David Christopher (opens sec.gov in a new tab)
10 Aug 2026	Ortberg Robert Kelly	Director, President & CEO	Shares withheld (tax)	$1,459,000.34	Form 4 for Ortberg Robert Kelly (opens sec.gov in a new tab)
20 May 2026	TILDEN BRADLEY D	Director	Open-market buy	$299,345.00	Form 4 for TILDEN BRADLEY D (opens sec.gov in a new tab)
3 Mar 2026	Buckley Mortimer J	Director	Open-market buy	$499,966.00	Form 4 for Buckley Mortimer J (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is BA's intrinsic value?
TickerWorth's blended fair value for The Boeing Company (BA) is $84.37 per share, versus a market price of $190.21 (125% above fair value).
Is BA overvalued or undervalued?
On our blended fair value BA looks overvalued vs fair value at $190.21. This is an educational estimate, not advice.
What discount rate is used for BA?
A WACC of 10.0% and a terminal growth rate of 2.5%.
Is The Boeing stock undervalued?
TickerWorth's fair value for The Boeing Company (BA) is $84.37 against a market price of $190.21. Our read: 125% above fair value. This is a model estimate, not investment advice.
The Boeing (BA) DCF valuation and fair value
Our fair value for The Boeing Company (BA) is $84.37, built on a 10.0% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into The Boeing stock?
Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $190.21. A model estimate, not investment advice.
The Boeing (BA) insider trading
The most recent insider filing (SEC Form 4) for The Boeing Company (BA): Parker Stephen Kenneth, EVP, Pres. & CEO, BDS, shares withheld (tax) on 2026-08-28. The latest filings are listed on this page. A disclosure, not a signal to trade.