BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
ICFI
ICF International, Inc.
ICFI has the edge over BA overall, supported by stronger valuation 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.
ICFI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Healthy |
ICFI's profitability, cash flow and balance sheet are currently healthy, and its revenue is 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 ICFI in the historical PE scenario, which offers more potential upside but is not a forecast.
ICFI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $82.22 | — |
| Current | 15x | $82.22 | — |
| Cheap | 16x | $87.25 | +6.1% |
| Fair | 25x | $135 | +64% |
| Expensive | 32x | $171 | +109% |
Historical ranges are pointers, not guarantees.
ICFI's PE is in its cheap range at 15x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
BA has the edge over ICFI on the outlook, with more favorable revenue expectations.
ICFI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect ICFI's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
ICFI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.49 | +41% |
| Q3 2026 | $5.32 | +0.6% |
| Q2 2026 | $4.84 | -16% |
| Q1 2026 | $4.63 | -20% |
| Q4 2025 | $4.95 | -15% |
| Q3 2025 | $5.29 | -7% |
| Q2 2025 | $5.74 | +10% |
| Q1 2025 | $5.82 | +18% |
| Q4 2024 | $5.82 | +34% |
ICFI earned $5.32 per share over the past year, about the same as 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 ICFI 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.
ICFI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $470.5M | +1.1% |
| Q2 2026 | $474.5M | -0.3% |
| Q1 2026 | $437.5M | -10% |
| Q4 2025 | $443.7M | -11% |
| Q3 2025 | $465.4M | -10% |
| Q2 2025 | $476.2M | -7% |
| Q1 2025 | $487.6M | -1.4% |
| Q4 2024 | $496.3M | +3.8% |
ICFI's revenue is down over the past year, though its latest quarter was up: $470M last quarter, up 1.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.3% | +1 points |
| Q2 2026 | 8.4% | 0 points |
| Q1 2026 | 8% | +0.1 points |
| Q4 2025 | 6.5% | -0.9 points |
| Q3 2025 | 8.3% | -0.6 points |
| Q2 2025 | 8.4% | +0.1 points |
| Q1 2025 | 7.9% | -0.4 points |
| Q4 2024 | 7.3% | -0.4 points |
ICFI 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 ICFI on cash flow, with more consistent year-over-year improvement.
ICFI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $29.6M | -29% |
| Q2 2026 | $94M | +103% |
| Q1 2026 | -$6M | +$30.5M |
| Q4 2025 | $68.7M | -23% |
| Q3 2025 | $41.8M | +105% |
| Q1 2025 | -$36.5M | -$21.3M |
| Q4 2024 | $89.5M | -13% |
| Q3 2024 | $20.4M | -2.6% |
ICFI generated $186M in free cash flow over the past year, up 32% 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 | — |
ICFI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +7K shares |
| 1 year | -2.5% | -471K shares |
| 3 years | -4.8% | -919K shares |
| 5 years | -5.3% | -1M shares |
| Available history | -6.1% | -1.2M shares |
ICFI has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $379,000 |
| Q2 2026 | $14.4M |
| Q1 2026 | $18.3M |
| Q4 2025 | $15.8M |
| Q3 2025 | $199,000 |
| Q2 2025 | $29,000 |
| Q1 2025 | $39.3M |
| Q4 2024 | $16.8M |
ICFI spent $49M buying back its own shares over the past year, down 13% 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.
ICFI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.0x | Moderate |
ICFI 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).
ICFI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.8 | Neutral |
| Stochastic | 36.9 | Neutral |
ICFI's weekly RSI is 49 (neutral) and its Stochastic is 37 (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.
ICFI PE vs Industrials Sector
| Metric | ICFI | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 24x | 36% below |
| PE % | 13 | 58 | 45 pts below |
ICFI 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 |
BA is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
ICFI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $86.8 | 5.2% below |
| 20 week MA | $85.4 | 3.7% below |
| 50 week MA | $80.3 | 2.4% above |
| 100 week MA | $86.7 | 5.2% below |
| 200 week MA | $110.7 | 26% below |
ICFI 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.
ICFI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $92.2 | $74.6 | -19% |
| 2021 | $74.6 | $101.1 | +35% |
| 2022 | $101.1 | $98.6 | -2.5% |
| 2023 | $98.6 | $134.1 | +36% |
| 2024 | $134.1 | $118.5 | -12% |
| 2025 | $118.5 | $86.2 | -27% |
| 2026 YTD | $86.2 | $82.2 | -4.6% |
ICFI has the edge over BA on returns for 2026, with the stronger performance.