BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
LHX
L3Harris Technologies, Inc.
LHX 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.
LHX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
LHX'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 LHX in the historical PE scenario, which offers more potential upside but is not a forecast.
LHX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $272 | — |
| Current | 25x | $272 | — |
| Cheap | 26x | $275 | +1.2% |
| Fair | 31x | $334 | +23% |
| Expensive | 38x | $403 | +48% |
Historical ranges are pointers, not guarantees.
LHX's PE is in its cheap range at 25x. If earnings grow as analysts expect, today's price would be 21x next year's earnings.
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.
LHX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for LHX, 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.
LHX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.93 | +21% |
| Q3 2026 | $10.72 | +15% |
| Q2 2026 | $9.90 | +11% |
| Q1 2026 | $9.21 | +9.3% |
| Q4 2025 | $8.53 | +8.4% |
| Q3 2025 | $9.31 | +47% |
| Q2 2025 | $8.95 | +43% |
| Q1 2025 | $8.43 | +37% |
| Q4 2024 | $7.87 | +22% |
LHX 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 LHX 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.
LHX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.1B | +7.1% |
| Q2 2026 | $5.9B | +8.4% |
| Q1 2026 | $5.7B | +12% |
| Q4 2025 | $21.9B | +296% |
| Q3 2025 | $5.7B | +6.9% |
| Q2 2025 | $5.4B | +2.4% |
| Q1 2025 | $5.1B | -1.5% |
| Q4 2024 | $5.5B | +3.4% |
LHX's revenue has grown year over year for six quarters in a row: $6.1B last quarter, up 7.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +2 points |
| Q2 2026 | 11% | +0.6 points |
| Q1 2026 | 11% | +1.1 points |
| Q4 2025 | 9.7% | -0.7 points |
| Q3 2025 | 11% | +1.6 points |
| Q2 2025 | 11% | +1.5 points |
| Q1 2025 | 10% | +3 points |
| Q4 2024 | 10% | +8.9 points |
LHX 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 LHX on cash flow, with more consistent year-over-year improvement.
LHX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +195% |
| Q2 2026 | $771M | +40% |
| Q1 2026 | -$194M | -$93M |
| Q4 2025 | $1.8B | +78% |
| Q3 2025 | $427M | -39% |
| Q2 2025 | $552M | -16% |
| Q1 2025 | -$101M | +$118M |
| Q4 2024 | $1B | +55% |
LHX generated $3.6B in free cash flow over the past year, up 93% 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 | — |
LHX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -400K shares |
| 1 year | -0.6% | -1.2M shares |
| 3 years | -1.7% | -3.2M shares |
| 5 years | -7.3% | -14.7M shares |
| Available history | -16% | -35.2M shares |
LHX has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $73M |
| Q2 2026 | $229M |
| Q1 2026 | $296M |
| Q4 2025 | $156M |
| Q3 2025 | $176M |
| Q2 2025 | $253M |
| Q1 2025 | $569M |
| Q4 2024 | $42M |
LHX spent $754M buying back its own shares over the past year, down 28% 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.
LHX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.6x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 2.1x | Moderate |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.4x | Elevated |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | 3.6x | Elevated |
LHX 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).
LHX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.1 | Neutral |
| Stochastic | 55.9 | Neutral |
LHX's weekly RSI is 49 (neutral) and its Stochastic is 56 (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 LHX on valuation relative to its sector.
LHX PE vs Industrials Sector
| Metric | LHX | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 24x | 5.4% above |
| PE % | 15 | 58 | 43 pts below |
LHX is trading at 25x earnings, in line with 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.
LHX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $252.9 | 7.5% above |
| 20 week MA | $266.6 | 2% above |
| 50 week MA | $302.5 | 10% below |
| 100 week MA | $274.3 | 0.9% below |
| 200 week MA | $241.3 | 13% above |
LHX 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.
LHX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $201.7 | $185.2 | -8.2% |
| 2021 | $185.2 | $208.3 | +12% |
| 2022 | $208.3 | $206.2 | -1% |
| 2023 | $206.2 | $210.6 | +2.1% |
| 2024 | $210.6 | $212.4 | +0.8% |
| 2025 | $212.4 | $296.8 | +40% |
| 2026 YTD | $296.8 | $271.8 | -8.4% |
LHX has the edge over BA on returns for 2026, with the stronger performance.