BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
LECO
Lincoln Electric Holdings, Inc.
LECO has the edge over BA overall, supported by stronger modeled upside and 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.
LECO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
LECO'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 LECO in the historical PE scenario, which offers more potential upside but is not a forecast.
LECO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $214 | -25% |
| Forward | 23x | $285 | — |
| Fair | 25x | $263 | -7.7% |
| Current | 27x | $285 | — |
| Expensive | 29x | $300 | +5.5% |
Historical ranges are pointers, not guarantees.
LECO's PE is in its expensive range at 27x. If earnings grow as analysts expect, today's price would be 23x next year's earnings, in its cheap range.
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.
LECO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for LECO, 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.
LECO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.52 | +20% |
| Q3 2026 | $10.43 | +12% |
| Q2 2026 | $10.01 | +12% |
| Q1 2026 | $9.69 | +19% |
| Q4 2025 | $9.32 | +14% |
| Q3 2025 | $9.34 | +11% |
| Q2 2025 | $8.90 | +0.8% |
| Q1 2025 | $8.11 | -14% |
| Q4 2024 | $8.15 | -13% |
LECO has the edge over BA on earnings, with more consistent year-over-year improvement.
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 LECO on sales, with stronger typical year-over-year growth.
| 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.
LECO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +15% |
| Q2 2026 | $1.2B | +12% |
| Q1 2026 | $1.1B | +12% |
| Q4 2025 | $1.1B | +5.5% |
| Q3 2025 | $1.1B | +7.9% |
| Q2 2025 | $1.1B | +6.6% |
| Q1 2025 | $1B | +2.4% |
| Q4 2024 | $1B | -3.4% |
LECO's revenue has grown year over year for seven quarters in a row: $1.2B last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +0.7 points |
| Q2 2026 | 18% | +0.4 points |
| Q1 2026 | 17% | +0.2 points |
| Q4 2025 | 17% | -0.2 points |
| Q3 2025 | 17% | +1.8 points |
| Q2 2025 | 18% | +3.1 points |
| Q1 2025 | 16% | -0.4 points |
| Q4 2024 | 17% | -2 points |
LECO 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 LECO on cash flow, with more consistent year-over-year improvement.
LECO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $174.5M | -15% |
| Q2 2026 | $222.3M | +88% |
| Q1 2026 | $63M | -60% |
| Q4 2025 | $52M | -19% |
| Q3 2025 | $205.1M | +25% |
| Q2 2025 | $118.4M | -20% |
| Q1 2025 | $158.7M | +48% |
| Q4 2024 | $64.3M | -34% |
LECO's free cash flow has been positive every quarter for seven years: $512M over the past year, down 6.3% 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 | — |
LECO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -229K shares |
| 1 year | -1.3% | -701K shares |
| 3 years | -5.6% | -3.3M shares |
| 5 years | -8.6% | -5.2M shares |
| Available history | -12% | -7.8M shares |
LECO has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $99.4M |
| Q2 2026 | $76.1M |
| Q1 2026 | $56.7M |
| Q4 2025 | $51.8M |
| Q3 2025 | $52.7M |
| Q2 2025 | $127.1M |
| Q1 2025 | $106.7M |
| Q4 2024 | $52.5M |
LECO spent $284M buying back its own shares over the past year, down 16% 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.
LECO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Very low |
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.2x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.2x | Healthy |
LECO 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).
LECO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.1 | Neutral |
| Stochastic | 72.2 | Neutral |
LECO's weekly RSI is 58 (neutral) and its Stochastic is 72 (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 LECO on valuation relative to its sector.
LECO PE vs Industrials Sector
| Metric | LECO | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 24x | 13% above |
| PE % | 71 | 58 | 13 pts above |
LECO is trading at 27x earnings, a 13% premium to the Industrials sector's median of 24x.
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.
LECO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $270.3 | 5.3% above |
| 20 week MA | $268.0 | 6.2% above |
| 50 week MA | $264.2 | 7.7% above |
| 100 week MA | $237.8 | 20% above |
| 200 week MA | $217.7 | 31% above |
LECO 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.
LECO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $97.5 | $118.8 | +22% |
| 2021 | $118.8 | $137.6 | +16% |
| 2022 | $137.6 | $145.1 | +5.4% |
| 2023 | $145.1 | $217.5 | +50% |
| 2024 | $217.5 | $189.9 | -13% |
| 2025 | $189.9 | $246.5 | +30% |
| 2026 YTD | $246.5 | $284.6 | +15% |
LECO has the edge over BA on returns for 2026, with the stronger performance.