波音公司 ($BA) 现在是值得买入的好股票吗？

Is BA a good stock to buy? We came across a bullish thesis on The Boeing Company on Boudreau Capital Newsletter’s Substack by Nicolas Boudreau. In this article, we will summarize the bulls’ thesis on BA. The Boeing Company’s share was trading at $210.82 as of March 17th. BA’s trailing and forward P/E were 86.08 and 151.52 , respectively according to Yahoo Finance.
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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. BA’s Q4 2025 results highlight a business beginning to stabilize, with improving operational momentum heading into 2026 despite lingering execution challenges.
Performance across its three segments—Commercial Airplanes (BCA), Defense (BDS), and Global Services (BGS)—shows a company transitioning from disruption toward recovery. BCA delivered one of its strongest quarters in years, with 160 aircraft deliveries versus 57 in Q4 2024, driven by normalization following prior labor disruptions.
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Production of key programs like the 737 MAX and 787 is ramping steadily, with monthly rates increasing and rework times declining, signaling improving manufacturing efficiency. Certification progress for variants such as the MAX 10 and advancement in the 777X program further support a multi-year growth trajectory, though supply chain constraints and engine durability issues remain areas to monitor.
Margins remain negative but are stabilizing, with Q4 reflecting ongoing impacts from production inefficiencies and strategic actions like the Spirit acquisition. Management expects 2026 to remain a transition year, with gradual improvement driven by higher delivery volumes and normalization of previously delayed aircraft. Meanwhile, BDS is recovering from prior write-downs, showing revenue growth and margin improvement, supported by a strong $84 billion backlog and potential upside from future programs. BGS continues to be the most stable and profitable segment, delivering consistent margins and backlog growth.
Free cash flow is inflecting positively, improving significantly in 2025 and expected to turn positive in 2026 despite near-term headwinds from settlements and elevated capital expenditures. A more meaningful ramp is anticipated from 2027 onward. Overall, Boeing presents a recovery-driven investment case, where execution on production, certification milestones, and margin expansion could drive a sustained rerating over the coming years.