BA
The Boeing Company
BA has the edge over LII overall, supported by stronger fundamentals and stronger modeled upside.
LII
Lennox International Inc.
LII offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
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.
LII Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Healthy |
LII'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 LII in the historical PE scenario, which offers more potential upside but is not a forecast.
LII PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 16x | $348 | — |
| Forward | 16x | $348 | — |
| Cheap | 19x | $412 | +18% |
| Fair | 24x | $526 | +51% |
| Expensive | 30x | $651 | +87% |
Historical ranges are pointers, not guarantees.
LII's PE is in its cheap range at 16.1x. On analysts' estimates for next year's earnings, today's price would be 15.6x.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
BA has the edge over LII on the outlook, with more favorable earnings and revenue expectations.
LII Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| Low |
Analysts expect LII's profitability to weaken, with its earnings and revenue holding steady. 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 returned to profit: it earned $9.66 per share over the past year, after losing money the year before.
LII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.37 | +3.8% |
| Q3 2026 | $21.55 | -9% |
| Q2 2026 | $22.12 | -5.4% |
| Q1 2026 | $22.22 | -1% |
| Q4 2025 | $22.24 | -1.3% |
| Q3 2025 | $23.69 | +12% |
| Q2 2025 | $23.39 | +30% |
| Q1 2025 | $22.44 | +30% |
| Q4 2024 | $22.54 | +36% |
LII earned $21.55 per share over the past year, down 9% from 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 LII 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.
LII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +10% |
| Q2 2026 | $1.5B | +3% |
| Q1 2026 | $1.1B | +5.8% |
| Q4 2025 | $1.2B | -11% |
| Q3 2025 | $1.4B | -4.8% |
| Q2 2025 | $1.5B | +3.4% |
| Q1 2025 | $1.1B | +2.4% |
| Q4 2024 | $1.3B | +16% |
LII's revenue grew through 2024 and has held roughly level since: $1.6B last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -1.9 points |
| Q2 2026 | 23% | -0.6 points |
| Q1 2026 | 14% | -0.1 points |
| Q4 2025 | 16% | -1.8 points |
| Q3 2025 | 22% | +1.5 points |
| Q2 2025 | 24% | +1.5 points |
| Q1 2025 | 15% | -1.4 points |
| Q4 2024 | 18% | +2.1 points |
LII 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 LII on cash flow, with more consistent year-over-year improvement.
LII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $362.1M | +37% |
| Q2 2026 | $136.3M | +134% |
| Q1 2026 | -$39.4M | +$21.9M |
| Q4 2025 | $376.7M | +38% |
| Q3 2025 | $265.1M | -35% |
| Q2 2025 | $58.3M | -61% |
| Q1 2025 | -$61.3M | -$9M |
| Q4 2024 | $272.2M | +50% |
LII generated $836M in free cash flow over the past year, up 56% 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 | — |
LII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -300K shares |
| 1 year | -2% | -700K shares |
| 3 years | -3.4% | -1.2M shares |
| 5 years | -6.8% | -2.5M shares |
| Available history | -12% | -4.9M shares |
LII has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $150.6M |
| Q2 2026 | $131.8M |
| Q1 2026 | $19.5M |
| Q4 2025 | $150.5M |
| Q3 2025 | $37M |
| Q2 2025 | $209.6M |
| Q1 2025 | $85.2M |
| Q4 2024 | $40.7M |
LII spent $452M buying back its own shares over the past year, up 21% 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.
LII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 0.7x | Very low |
LII 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).
LII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.8 | Neutral |
| Stochastic | 15.4 | Oversold |
LII's weekly RSI is 34 (neutral) and its Stochastic is 15 (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.
LII PE vs Industrials Sector
| Metric | LII | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 24x | 33% below |
| PE % | 2 | 58 | 56 pts below |
LII 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.
LII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $356.8 | 2.4% below |
| 20 week MA | $412.6 | 16% below |
| 50 week MA | $470.9 | 26% below |
| 100 week MA | $520.2 | 33% below |
| 200 week MA | $475.9 | 27% below |
LII is in a downtrend: it's below all five of its weekly moving averages, and 27% 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 LII on returns for 2026, with the stronger performance.
LII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $243.3 | $273.4 | +12% |
| 2021 | $273.4 | $316.1 | +16% |
| 2022 | $316.1 | $243.1 | -23% |
| 2023 | $243.1 | $447.5 | +84% |
| 2024 | $447.5 | $620.0 | +39% |
| 2025 | $620.0 | $498.2 | -20% |
| 2026 YTD | $498.2 | $348.1 | -30% |
LII is down 30% so far in 2026, after finishing higher in four of the previous six years.