BA
The Boeing Company
BA has the edge over IEP overall, supported by stronger fundamentals and stronger modeled upside.
IEP
Icahn Enterprises L.P.
IEP has slightly lower modeled downside risk, despite its lower overall score.
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.
IEP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Under pressure | |
| Strong |
IEP's revenue and balance sheet are currently healthy, but its profitability and cash flow are under pressure.
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's PE is 18x, but its earnings don't support one, so it isn't a reliable read right now.
IEP PE Valuation
IEP has no meaningful PE right now: it lost money over the past year.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
BA has the edge over IEP on the outlook, with more favorable revenue and profitability expectations.
IEP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect IEP's earnings to grow, with its revenue and profitability 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 the edge over IEP on earnings quality, reporting a profit while its opponent remains loss making.
IEP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.50 | — |
| Q3 2026 | -$1.46 | -$0.68 |
| Q2 2026 | -$0.66 | +$0.56 |
| Q1 2026 | -$0.44 | +$1.20 |
| Q4 2025 | -$0.52 | +$0.42 |
| Q3 2025 | -$0.78 | +$0.25 |
| Q2 2025 | -$1.22 | -$0.13 |
| Q1 2025 | -$1.64 | -$0.55 |
| Q4 2024 | -$0.94 | +$0.81 |
IEP is still losing money, but far less than before: $1.46 per share over the past year, against $5.49 at its worst in late 2019.
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 IEP 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 has the edge over IEP on profitability, with a higher operating margin.
IEP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.2B | +16% |
| Q2 2026 | $3B | +26% |
| Q1 2026 | $2.2B | +18% |
| Q4 2025 | $2.7B | +5.4% |
| Q3 2025 | $2.7B | -2.4% |
| Q2 2025 | $2.4B | +7.6% |
| Q1 2025 | $1.9B | -24% |
| Q4 2024 | $2.6B | -4.4% |
IEP's revenue is recovering but still below its 2022 peak: $3.2B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3.6% | -23 points |
| Q2 2026 | -13% | -2.6 points |
| Q1 2026 | -28% | +7.3 points |
| Q4 2025 | 0.6% | +5.8 points |
| Q3 2025 | 20% | +17 points |
| Q2 2025 | -10% | +12 points |
| Q1 2025 | -35% | -34 points |
| Q4 2024 | -5.2% | +2.2 points |
IEP's operating margin was −3.6% last quarter, down 23 points from the same quarter a year ago.
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 IEP on cash generation, producing positive trailing cash flow while its opponent burns cash.
IEP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $116M | +$183M |
| Q2 2026 | $36M | -80% |
| Q1 2026 | $283M | +$553M |
| Q4 2025 | -$496M | -418% |
| Q3 2025 | -$67M | +$45M |
| Q2 2025 | $179M | -78% |
| Q1 2025 | -$270M | +$49M |
| Q4 2024 | $156M | +1100% |
IEP's free cash flow was −$61M over the past year, against −$2M 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 the edge over IEP on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
IEP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +6.5% | +46M shares |
| 1 year | +26% | +157M shares |
| 3 years | +84% | +346M shares |
| 5 years | +172% | +478M shares |
| Available history | +254% | +543M shares |
IEP has 757M diluted shares, up 26% from a year ago.
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.
IEP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -7.8x | Net Cash |
| Q1 2026 | -4.3x | Net Cash |
| Q4 2025 | -5.6x | Net Cash |
| Q3 2025 | -42.6x | Net Cash |
| Q4 2022 | -4.5x | Net Cash |
| Q3 2022 | -90.1x | Net Cash |
| Q2 2022 | -175.2x | Net Cash |
| Q1 2022 | -7.2x | Net Cash |
IEP 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).
IEP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 20.7 | Oversold |
| Stochastic | 3.3 | Oversold |
IEP's weekly RSI is 21 (oversold) and its Stochastic is 3 (oversold).
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.
IEP PE vs Industrials Sector
| Metric | IEP | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
IEP has no meaningful PE right now: it lost money over the past year.
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.
IEP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.93 | 18% below |
| 20 week MA | $6.72 | 28% below |
| 50 week MA | $7.34 | 34% below |
| 100 week MA | $8.11 | 40% below |
| 200 week MA | $16.0 | 70% below |
IEP is in a downtrend: it's below all five of its weekly moving averages, and 70% below its 200-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 the edge over IEP on returns for 2026, with the stronger performance.
IEP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $62.2 | $51.0 | -18% |
| 2021 | $51.0 | $49.8 | -2.4% |
| 2022 | $49.8 | $50.7 | +1.8% |
| 2023 | $50.7 | $17.2 | -66% |
| 2024 | $17.2 | $8.94 | -48% |
| 2025 | $8.94 | $7.60 | -15% |
| 2026 YTD | $7.60 | $4.86 | -36% |
IEP has finished three years in a row lower, and it's down 36% so far in 2026.