BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
ULS
UL Solutions Inc.
ULS 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.
ULS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
ULS'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 ULS in the historical PE scenario, which offers more potential upside but is not a forecast.
ULS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 32x | $81.55 | — |
| Forward | 32x | $81.55 | — |
| Cheap | 33x | $82.52 | +1.2% |
| Fair | 42x | $105 | +29% |
| Expensive | 52x | $130 | +60% |
Historical ranges are pointers, not guarantees.
ULS's PE is in its cheap range at 32.4x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 32.3x.
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.
ULS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ULS, 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.
ULS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.52 | +0.1% |
| Q3 2026 | $2.52 | +51% |
| Q2 2026 | $2.48 | +53% |
| Q1 2026 | $1.72 | +3% |
| Q4 2025 | $1.60 | -1.2% |
| Q3 2025 | $1.67 | +11% |
| Q2 2025 | $1.62 | +21% |
| Q1 2025 | $1.67 | +27% |
| Q4 2024 | $1.62 | +24% |
ULS 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's revenue has grown year over year for seven quarters in a row: $24.2B last quarter, up 3.9% from the same quarter a year ago.
| 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.
ULS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $823M | +5.1% |
| Q2 2026 | $816M | +5.2% |
| Q1 2026 | $758M | +7.5% |
| Q4 2025 | $789M | +6.8% |
| Q3 2025 | $783M | +7.1% |
| Q2 2025 | $776M | +6.3% |
| Q1 2025 | $705M | +5.2% |
| Q4 2024 | $739M | +8% |
ULS's revenue has grown year over year every quarter since early 2023: $823M last quarter, up 5.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -0.2 points |
| Q2 2026 | 18% | +0.5 points |
| Q1 2026 | 18% | +2.8 points |
| Q4 2025 | 15% | -0.6 points |
| Q3 2025 | 20% | +2.1 points |
| Q2 2025 | 18% | +0.6 points |
| Q1 2025 | 15% | +1.9 points |
| Q4 2024 | 16% | +2.8 points |
ULS 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's free cash flow has turned positive after six years mostly in the red: $16M over the past year.
ULS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $154M | +41% |
| Q2 2026 | $91M | -13% |
| Q1 2026 | $150M | +46% |
| Q4 2025 | $86M | +19% |
| Q3 2025 | $109M | +30% |
| Q2 2025 | $105M | +123% |
| Q1 2025 | $103M | +23% |
| Q4 2024 | $72M | +7.5% |
ULS's free cash flow has been positive every quarter since early 2022: $481M over the past year, up 24% 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 | — |
ULS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.5% | +1M shares |
| 3 years | +2% | +4M shares |
ULS has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
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.
ULS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | 0.1x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.7x | Very low |
ULS 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).
ULS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.8 | Neutral |
| Stochastic | 60.4 | Neutral |
ULS's weekly RSI is 54 (neutral) and its Stochastic is 60 (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 ULS on valuation relative to its sector.
ULS PE vs Industrials Sector
| Metric | ULS | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 35% above |
| PE % | 13 | 43 | 30 pts below |
ULS is trading at 32x earnings, a 35% premium to the Industrials sector's median of 24x, though its recent earnings include one-off gains.
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 |
ULS has stronger trend alignment. BA is above 0 of 5 weekly averages versus ULS above 3 of 4.
ULS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.0 | 12% above |
| 20 week MA | $77.4 | 5.4% above |
| 50 week MA | $82.1 | 0.7% below |
| 100 week MA | $73.6 | 11% above |
ULS's trend is mixed: it's above three of its four weekly moving averages, and 11% above its 100-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 finished lower in four of the last six years. It's down 21% so far in 2026.
ULS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $34.9 | $50.4 | +44% |
| 2025 | $50.4 | $80.0 | +59% |
| 2026 YTD | $80.0 | $81.6 | +2% |
ULS has the edge over BA on returns for 2026, with the stronger performance.