BA
The Boeing Company
BA has the edge over ULCC overall, supported by lower modeled downside and stronger fundamentals.
ULCC
Frontier Group Holdings, Inc.
ULCC offers stronger modeled upside, 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.
ULCC Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Stable | |
| Strong |
ULCC's revenue and balance sheet are currently strong, and its cash flow is stable, but its profitability is weak.
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.
ULCC PE Valuation
ULCC 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 |
Analysts expect BA to return to profit, with revenue growing. However, they disagree widely on these estimates.
ULCC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ULCC's losses to shrink, with revenue growing. 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 the edge over ULCC on earnings quality, reporting a profit while its opponent remains loss making.
ULCC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.78 | -$1.18 |
| Q2 2026 | -$1.67 | -$1.52 |
| Q1 2026 | -$1.59 | -630% |
| Q4 2025 | -$0.60 | -262% |
| Q3 2025 | -$0.60 | -$0.57 |
| Q2 2025 | -$0.15 | +$0.13 |
| Q1 2025 | $0.30 | +$0.41 |
| Q4 2024 | $0.37 | +$0.42 |
ULCC lost $1.78 per share over the past year, and its loss has widened in each of the last three quarters.
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 ULCC 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 ULCC on profitability, with a higher operating margin.
ULCC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +53% |
| Q2 2026 | $1.3B | +38% |
| Q1 2026 | $992M | +8.8% |
| Q4 2025 | $997M | -0.5% |
| Q3 2025 | $886M | -5.2% |
| Q2 2025 | $929M | -4.5% |
| Q1 2025 | $912M | +5.4% |
| Q4 2024 | $1B | +12% |
ULCC's revenue has picked up after two years of holding roughly level: $1.4B last quarter, up 53% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -8% | +0.7 points |
| Q2 2026 | -7.6% | +0.5 points |
| Q1 2026 | -29% | -24 points |
| Q4 2025 | 4.9% | +0.4 points |
| Q3 2025 | -8.7% | -11 points |
| Q2 2025 | -8.1% | -11 points |
| Q1 2025 | -5% | -1.5 points |
| Q4 2024 | 4.5% | +4.8 points |
ULCC's operating margin was −8% last quarter, up 0.7 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 ULCC on cash flow, with more consistent year-over-year improvement.
ULCC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$51M | +$166M |
| Q2 2026 | $138M | +$304M |
| Q1 2026 | $28M | +$132M |
| Q4 2025 | -$113M | -255% |
| Q3 2025 | -$217M | -$47M |
| Q2 2025 | -$166M | -$144M |
| Q1 2025 | -$104M | -$65M |
| Q4 2024 | $73M | +$141M |
ULCC's free cash flow has turned positive after six years mostly in the red: $2M over the past year.
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 | — |
ULCC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +264K shares |
| 1 year | +0.9% | +2.1M shares |
| 3 years | +4.3% | +9.4M shares |
| 5 years | +5.5% | +12M shares |
| Available history | +15% | +30.6M shares |
ULCC has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
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.
ULCC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
| Q3 2024 | -1.4x | Net Cash |
| Q1 2024 | -3.4x | Net Cash |
| Q4 2023 | -3.0x | Net Cash |
| Q3 2023 | -1.7x | Net Cash |
| Q2 2023 | -1.8x | Net Cash |
ULCC has more cash than debt.
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).
ULCC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.8 | Neutral |
| Stochastic | 69.0 | Neutral |
ULCC's weekly RSI is 62 (neutral) and its Stochastic is 69 (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.
ULCC PE vs Industrials Sector
| Metric | ULCC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
ULCC 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.
ULCC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.19 | 24% above |
| 20 week MA | $6.30 | 22% above |
| 50 week MA | $5.50 | 40% above |
| 100 week MA | $5.28 | 46% above |
| 200 week MA | $6.00 | 28% above |
ULCC 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.
ULCC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $18.9 | $14.3 | -24% |
| 2022 | $14.3 | $10.5 | -27% |
| 2023 | $10.5 | $5.46 | -48% |
| 2024 | $5.46 | $7.17 | +31% |
| 2025 | $7.17 | $4.71 | -34% |
| 2026 YTD | $4.71 | $7.70 | +63% |
ULCC has the edge over BA on returns for 2026, with the stronger performance.