Research

Boeing’s deliveries and cash flow improved, but companywide operating margin was only 0.6%. The print confirms recovery without yet proving normalized profitability.

Revenue and cash generation improved sharply, but the pre-tax margin rose only 10 basis points. At $354.25, the shares already discount much of the operational progress.

Revenue and free cash flow grew more than 20%, while operating margin declined year over year. The print strengthened the business case, but not enough to justify a 38.2x P/E.

Revenue and operating margin improved, but gross margin and free cash flow moved backward. The separation-inflated earnings headline does not justify a higher valuation.