BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
CNI
Canadian National Railway Company
CNI has the edge over BA overall, supported by lower modeled downside.
BA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
BA's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
CNI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
CNI's profitability and cash flow are currently strong, and its revenue and balance sheet are stable.
BA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $172 | — |
| Cheap | 51x | $496 | +189% |
| Fair | 82x | $790 | +360% |
| Expensive | 91x | $876 | +411% |
Historical ranges are pointers, not guarantees.
BA has the edge over CNI in the historical PE scenario, which offers more potential upside but is not a forecast.
CNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $102 | -20% |
| Fair | 21x | $115 | -10% |
| Current | 23x | $128 | — |
| Expensive | 24x | $134 | +4.7% |
Historical ranges are pointers, not guarantees.
CNI's PE is 23x, but its earnings don't support one, so it isn't a reliable read right now.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect BA to return to profit, with revenue growing. However, they disagree widely on these estimates.
CNI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for CNI, with profitability improving.
BA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $9.66 | +$23.38 |
| Q2 2026 | $2.78 | +$19.33 |
| Q1 2026 | $2.53 | +$20.49 |
| Q4 2025 | $2.48 | +$20.84 |
| Q3 2025 | -$13.72 | -$0.83 |
| Q2 2025 | -$16.55 | -$10.93 |
| Q1 2025 | -$17.96 | -$14.42 |
| Q4 2024 | -$18.36 | -$14.69 |
BA has returned to profit: it earned $9.66 per share over the past year, after losing money the year before.
CNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.48 | +7.5% |
| Q1 2026 | $5.34 | +6.4% |
| Q4 2025 | $5.32 | +7.9% |
| Q3 2025 | $5.18 | -13% |
| Q2 2025 | $5.10 | -14% |
| Q1 2025 | $5.02 | -16% |
| Q4 2024 | $4.93 | -18% |
| Q3 2024 | $5.96 | +15% |
CNI earned $5.48 per share over the past year, up 7.5% from the year before.
BA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.2B | +3.9% |
| Q2 2026 | $24.6B | +8% |
| Q1 2026 | $22.2B | +14% |
| Q4 2025 | $23.9B | +57% |
| Q3 2025 | $23.3B | +30% |
| Q2 2025 | $22.7B | +35% |
| Q1 2025 | $19.5B | +18% |
| Q4 2024 | $15.2B | -31% |
BA has the edge over CNI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.5% | +22 points |
| Q2 2026 | 0.6% | +1.4 points |
| Q1 2026 | 2% | -0.3 points |
| Q4 2025 | 37% | +61 points |
| Q3 2025 | -21% | +12 points |
| Q2 2025 | -0.8% | +5.7 points |
| Q1 2025 | 2.4% | +2.9 points |
| Q4 2024 | -25% | -26 points |
BA's operating margin was 1.5% last quarter, up 22 points from the same quarter a year ago.
CNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.3B | +11% |
| Q1 2026 | $3.1B | -0.3% |
| Q4 2025 | $3.1B | +2.3% |
| Q3 2025 | $2.9B | +1.5% |
| Q2 2025 | $3B | -1.3% |
| Q1 2025 | $3.1B | +3.6% |
| Q4 2024 | $3.1B | -2.5% |
| Q3 2024 | $2.9B | +3.1% |
CNI's revenue grew through 2022 and has held roughly level since: $3.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | -0.9 points |
| Q1 2026 | 35% | -1.2 points |
| Q4 2025 | 39% | +1.5 points |
| Q3 2025 | 39% | +1.6 points |
| Q2 2025 | 38% | +2.4 points |
| Q1 2025 | 37% | +0.2 points |
| Q4 2024 | 37% | -3.3 points |
| Q3 2024 | 37% | -1.2 points |
CNI has the edge over BA on profitability, with a higher operating margin.
BA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $464M | +95% |
| Q2 2026 | $631M | +$831M |
| Q1 2026 | -$1.5B | +$836M |
| Q4 2025 | $375M | +$4.5B |
| Q3 2025 | $238M | +$2.2B |
| Q2 2025 | -$200M | +$4.1B |
| Q1 2025 | -$2.3B | +$1.6B |
| Q4 2024 | -$4.1B | -239% |
BA has the edge over CNI on cash flow, with more consistent year-over-year improvement.
CNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $644.3M | -2.5% |
| Q1 2026 | $582.2M | +28% |
| Q4 2025 | $701.1M | -5.1% |
| Q3 2025 | $568.1M | +35% |
| Q2 2025 | $660.9M | -2.1% |
| Q1 2025 | $453.5M | +19% |
| Q4 2024 | $738.9M | -29% |
| Q3 2024 | $420.4M | +0.5% |
CNI's free cash flow has been positive every quarter for seven years: $2.5B over the past year, up 9.8% from the year before.
BA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2.1M shares |
| 1 year | +4.3% | +32.8M shares |
| 3 years | +31% | +186M shares |
| 5 years | +35% | +204M shares |
| Available history | +40% | +227M shares |
BA has 793M diluted shares, up 4.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
CNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -4.4M shares |
| 1 year | -3.3% | -20.5M shares |
| 3 years | -8.4% | -55.6M shares |
| 5 years | -15% | -103M shares |
| Available history | -16% | -113M shares |
CNI has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $327.1M |
| Q1 2026 | $631.5M |
| Q4 2025 | $429.9M |
| Q3 2025 | $730.5M |
| Q2 2025 | $213M |
| Q1 2025 | $113.9M |
| Q4 2024 | $111.1M |
| Q3 2024 | $313.6M |
CNI spent $2.1B buying back its own shares over the past year, up 182% from the year before.
BA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 5.7x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.9x | High |
| Q2 2024 | 361.8x | High |
| Q1 2024 | 36.1x | High |
| Q4 2023 | 36.4x | High |
| Q3 2023 | 96.1x | High |
BA's net debt is about 3.0 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
CNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 2.3x | Moderate |
CNI has the edge over BA on leverage, with a lower net debt burden relative to earnings.
BA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.1 | Neutral |
| Stochastic | 9.6 | Oversold |
BA's weekly RSI is 31 (neutral) and its Stochastic is 10 (oversold).
CNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 66.0 | Neutral |
CNI's weekly RSI is 62 (neutral) and its Stochastic is 66 (neutral).
BA PE vs Industrials Sector
| Metric | BA | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 0 | 58 | 58 pts below |
BA has the edge over CNI on valuation relative to its sector.
CNI PE vs Industrials Sector
| Metric | CNI | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 24x | 3.1% below |
| PE % | 78 | 58 | 20 pts above |
CNI is trading at 23x earnings, in line with the Industrials sector's median of 24x, though its earnings don't support one.
BA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $184.6 | 7.1% below |
| 20 week MA | $203.8 | 16% below |
| 50 week MA | $215.5 | 20% below |
| 100 week MA | $205.9 | 17% below |
| 200 week MA | $200.6 | 14% below |
BA is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
CNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $122.4 | 4.4% above |
| 20 week MA | $124.2 | 2.9% above |
| 50 week MA | $113.9 | 12% above |
| 100 week MA | $106.5 | 20% above |
| 200 week MA | $112.5 | 14% above |
CNI has the edge over BA on trend strength, trading above more of its moving averages.
BA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $330.1 | $217.2 | -34% |
| 2021 | $217.2 | $204.2 | -6% |
| 2022 | $204.2 | $189.1 | -7.4% |
| 2023 | $189.1 | $260.7 | +38% |
| 2024 | $260.7 | $180.7 | -31% |
| 2025 | $180.7 | $216.4 | +20% |
| 2026 YTD | $216.4 | $171.6 | -21% |
BA has finished lower in four of the last six years. It's down 21% so far in 2026.
CNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $90.9 | $109.7 | +21% |
| 2021 | $109.7 | $121.7 | +11% |
| 2022 | $121.7 | $120.4 | -1% |
| 2023 | $120.4 | $125.6 | +4.3% |
| 2024 | $125.6 | $102.0 | -19% |
| 2025 | $102.0 | $98.7 | -3.2% |
| 2026 YTD | $98.7 | $127.8 | +29% |
CNI has the edge over BA on returns for 2026, with the stronger performance.