Boeing Stock Price at $214 NYSE:BA Eyes $250 as Deliveries Accelerate and 777X Gains Ground

Boeing (NYSE:BA) Trades at $214 as Deliveries Rise and 777X Program Gains Traction

Boeing (NYSE:BA) closed at $214.66, down 0.51% on the day, holding within a one-month range of $213.75–$217.13. Shares remain up 38% year-over-year, outperforming the S&P 500’s 17.35% gain, though still trading below the 52-week high of $242.69. The stock carries a market capitalization of $162.3 billion and has rebounded sharply from its $128.88 low earlier in the year.

Financial Profile: Heavy Losses Despite 34.9% Revenue Growth

For the trailing twelve months, Boeing reported $75.3 billion in revenue, a 34.9% year-over-year increase, but profitability remains elusive. Net income came in at -10.9 billion, translating to a -14.18% profit margin, with a diluted EPS of -16.55. Operating cash flow is negative at -6.18 billion, and levered free cash flow stands at -6.36 billion. The balance sheet reflects $22.26 billion in cash against $55.65 billion in total debt, keeping leverage elevated. Boeing’s forward P/E ratio sits at a stretched 69.44, highlighting investor expectations of a turnaround despite near-term earnings weakness.

Aircraft Deliveries Drive Operational Momentum

Boeing delivered 57 airplanes in August, compared to 40 in the same month last year, valued at $4.3 billion. Deliveries included 43 737 MAX, one 767-2C tanker baseline, four 777F cargo jets, and nine 787 Dreamliners. Year-to-date, Boeing has handed over 385 planes worth $29.1 billion, significantly higher than the 258 planes valued at $18.8 billion a year ago. Growth is mainly supported by resumed 787 deliveries, renewed Chinese demand, and an increased 737 MAX production rate of 38 jets per month. With pre-built inventory now depleted, future growth depends on securing regulatory approval for further production rate hikes.

Order Backlog Expands with Wide-Body Focus

In August, Boeing booked 26 new orders and two cancellations, resulting in a net of 24 jets valued at $3.8 billion. The mix leaned heavily on wide-bodies: Cathay Pacific ordered 14 Boeing 777-9s, while Air New Zealand secured two 787-10s. Additional Dreamliner and 737 MAX deals brought the year-to-date total to 725 gross orders and 679 net orders, representing $72.5 billion in value — a sharp improvement from last year’s 207 net orders worth $17.8 billion. Importantly, Boeing’s ASC 606 adjustments decreased by 51 units, bringing uncertainty-adjusted backlog levels to their lowest since 2020, signaling improved stability in contractual commitments.

The 777X Program: Momentum After Years of Setbacks

The Boeing 777X has faced more than a decade of delays, cost overruns, and certification hurdles. Initially launched in 2013 with 380 orders and commitments, the program was plagued by GE9X engine issues, failed structural tests, and pandemic-related stoppages. First delivery, once expected in 2020, is now targeted for 2026, marking a 13-year gap from program launch to service entry. Yet momentum is finally building: the FAA approved Phase 2D of the Type Inspection Authorization in August 2025, and Boeing has now introduced a fifth test aircraft, alongside the reactivation of a fourth test jet, boosting flight-test hours.

Inventories for the 777X rose by $900 million in Q2 2025, following a $2.4 billion build in 2024. While inventory swelling typically signals risk, in this case it reflects preparation for program entry. Orders also improved, with Cathay Pacific, Korean Air, British Airways, and China Airlines collectively booking over 112 aircraft in 2025, making this the third-best year for the program. With a total of 652 orders and commitments, the 777X has built a sizeable backlog, though questions remain over long-term profitability given break-even production margins and over $10 billion in accumulated charges.

Defense and Global Contracts Strengthen Outlook

Boeing’s defense and space operations provide another growth channel. Denmark is considering the purchase of P-8 maritime surveillance aircraft, potentially worth billions, as part of NATO modernization efforts. These defense sales diversify Boeing’s revenue beyond commercial aviation, cushioning volatility from civil certification delays. Meanwhile, the company continues to explore drone and advanced mobility opportunities, though the bulk of investor attention remains fixed on recovering wide-body and single-aisle production.

Valuation, Market Sentiment, and Institutional Positioning

At $214.66, Boeing trades at 2.05x sales and an enterprise value-to-revenue multiple of 2.57, higher than long-term aerospace averages but justified by its backlog strength. The forward PEG ratio at 6.53 implies rich pricing relative to expected earnings. Still, Boeing enjoys significant institutional support, with 74.5% of shares held by institutions and insider transactions available via stock profile. Short interest remains modest at 2.1% of float, down from prior months, suggesting limited bearish conviction at current levels.

Stock Performance Versus Peers

Boeing’s 38% one-year gain outpaces Lockheed Martin (NYSE:LMT) at +20% and Northrop Grumman (NYSE:NOC) at +15%, though it lags GE Aerospace (NYSE:GE) at +45%. With a beta of 1.48, BA remains more volatile than peers, reflecting both its cyclical exposure to commercial aviation and ongoing regulatory uncertainty. Compared to peers with stronger defense exposure, Boeing’s upside is tethered to commercial aircraft recovery, especially in Asia-Pacific, where Chinese carriers have resumed significant 737 MAX and 787 deliveries.

Investment Verdict on Boeing (NYSE:BA)

Boeing has entered a pivotal phase in its recovery. On one hand, it is delivering more aircraft, stabilizing its backlog, and pushing the long-delayed 777X program toward certification. On the other, profitability is still negative, with -10.9 billion net losses and -6.3 billion free cash flow underscoring structural challenges. Valuation remains stretched at 69x forward earnings, but the stock’s 38% annual gain and outperforming YTD returns show investors are pricing in a sustained recovery.

Based on the data, Boeing (NYSE:BA) is a Hold. The upside case hinges on delivering the 777X by 2026, scaling production rates, and securing further defense orders. At $214, the stock offers medium-term upside toward the $250–$260 range (roughly the one-year analyst target of $252.39), but risks tied to certification, cash burn, and debt remain too significant to justify a Buy. Investors with exposure should maintain positions, while new entrants may await stronger profitability signals.

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