BA
The Boeing Company
BA has slightly lower modeled downside risk, despite its lower overall score.
HAFN
Hafnia Limited
HAFN has a slight edge over BA overall, supported by stronger fundamentals and stronger modeled upside.
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.
HAFN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
HAFN's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 HAFN in the historical PE scenario, which offers more potential upside but is not a forecast.
HAFN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.4x | $4.41 | -54% |
| Forward | 6.7x | $9.62 | — |
| Fair | 7.1x | $9.33 | -3% |
| Current | 7.3x | $9.62 | — |
| Expensive | 10x | $13.28 | +38% |
Historical ranges are pointers, not guarantees.
HAFN's PE is in its fair range at 7.3x. If earnings grow as analysts expect, today's price would be 6.7x next year's earnings.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
BA has the edge over HAFN on the outlook, with more favorable profitability expectations.
HAFN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for HAFN, but weaker profitability. However, they disagree widely on these estimates.
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 the edge over HAFN on earnings, with more consistent year-over-year improvement.
HAFN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.44 | +10% |
| Q2 2026 | $1.31 | +54% |
| Q1 2026 | $0.91 | -24% |
| Q4 2025 | $0.68 | -54% |
| Q3 2025 | $0.61 | -64% |
| Q2 2025 | $0.85 | -46% |
| Q1 2025 | $1.20 | -19% |
| Q4 2024 | $1.49 | -4.5% |
| Q3 2024 | $1.71 | -2.3% |
HAFN's earnings per share have fallen from their peak: $1.31 over the past year, against $2.00 in mid-2023.
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 HAFN 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.
HAFN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $815.8M | +47% |
| Q1 2026 | $671.2M | +23% |
| Q4 2025 | $593.2M | +11% |
| Q3 2025 | $586.9M | -18% |
| Q2 2025 | $554.2M | -33% |
| Q1 2025 | $547.9M | -30% |
| Q4 2024 | $532.9M | -54% |
| Q3 2024 | $719.7M | +11% |
HAFN's revenue is recovering but still below its 2023 peak: $816M last quarter, up 47% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 22% | +8.7 points |
| Q4 2025 | 16% | -1.4 points |
| Q3 2025 | 17% | -13 points |
| Q2 2025 | 15% | -17 points |
| Q1 2025 | 14% | -16 points |
| Q4 2024 | 17% | +1.7 points |
| Q3 2024 | 30% | +4.7 points |
HAFN 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 HAFN on cash flow, with more consistent year-over-year improvement.
HAFN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $252.1M | +72% |
| Q1 2026 | $106.9M | -2.9% |
| Q4 2025 | $113.1M | -39% |
| Q3 2025 | $74.1M | -73% |
| Q2 2025 | $146.7M | -49% |
| Q1 2025 | $110M | -53% |
| Q4 2024 | $183.9M | +20% |
| Q3 2024 | $276.4M | -5% |
HAFN still generates free cash flow, though less than at its 2023 peak: $546M over the past year.
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 | — |
HAFN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +708K shares |
| 1 year | +0.4% | +2M shares |
| 3 years | -0.3% | -1.3M shares |
HAFN has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $434,308 |
| Q3 2025 | $379,789 |
| Q2 2025 | $1M |
| Q1 2025 | $27.7M |
| Q4 2024 | — |
| Q3 2024 | — |
HAFN has spent almost nothing on buybacks in the past year.
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.
HAFN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.8x | Very low |
| Q3 2024 | 0.7x | Very low |
HAFN 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).
HAFN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.5 | Neutral |
| Stochastic | 69.9 | Neutral |
HAFN's weekly RSI is 56 (neutral) and its Stochastic is 70 (neutral).
BA PE vs Industrials Sector
| Metric | BA | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 0 | 58 | 58 pts below |
BA is trading at 18x earnings, a 26% discount to the Industrials sector's median of 24x, though its earnings don't support one.
HAFN PE vs Industrials Sector
| Metric | HAFN | Sector median | Relative |
|---|---|---|---|
| PE | 7.3x | 24x | 70% below |
| PE % | 56 | 44 | 12 pts above |
HAFN has the edge over BA on valuation relative to its sector.
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 |
HAFN has stronger trend alignment. BA is above 0 of 5 weekly averages versus HAFN above 3 of 4.
HAFN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.0 | 4.1% below |
| 20 week MA | $8.89 | 8.2% above |
| 50 week MA | $7.79 | 23% above |
| 100 week MA | $6.58 | 46% above |
HAFN's trend is up, with a small recent dip: it's below only its 8-week average, and 46% above its 100-week average.
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.
HAFN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $7.47 | $5.45 | -27% |
| 2025 | $5.45 | $5.37 | -1.5% |
| 2026 YTD | $5.37 | $9.62 | +79% |
HAFN has the edge over BA on returns for 2026, with the stronger performance.