BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNP
Union Pacific Corporation
UNP has the edge over BA overall, supported by 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.
UNP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Stable |
UNP's revenue, profitability and cash flow are currently healthy, and its balance sheet 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 UNP in the historical PE scenario, which offers more potential upside but is not a forecast.
UNP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $244 | -20% |
| Fair | 22x | $279 | -8.4% |
| Forward | 22x | $304 | — |
| Current | 24x | $304 | — |
| Expensive | 25x | $323 | +6.1% |
Historical ranges are pointers, not guarantees.
UNP's PE is in its expensive range at 24x. If earnings grow as analysts expect, today's price would be 22x next year's earnings, in its fair 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.
UNP Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for UNP, 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.
UNP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.04 | +9.3% |
| Q3 2026 | $12.84 | +9.1% |
| Q2 2026 | $12.36 | +7.4% |
| Q1 2026 | $12.15 | +9.5% |
| Q4 2025 | $11.98 | +8% |
| Q3 2025 | $11.77 | +8.2% |
| Q2 2025 | $11.51 | +8.2% |
| Q1 2025 | $11.10 | +6% |
| Q4 2024 | $11.09 | +6.1% |
UNP 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 UNP 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.
UNP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.2B | +15% |
| Q2 2026 | $6.9B | +12% |
| Q1 2026 | $6.2B | +3.2% |
| Q4 2025 | $6.1B | -0.6% |
| Q3 2025 | $6.2B | +2.5% |
| Q2 2025 | $6.2B | +2.4% |
| Q1 2025 | $6B | -0.1% |
| Q4 2024 | $6.1B | -0.6% |
UNP's revenue has picked up after three years of holding roughly level: $7.2B last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | +0.1 points |
| Q2 2026 | 40% | -0.8 points |
| Q1 2026 | 40% | +0.2 points |
| Q4 2025 | 39% | -1.8 points |
| Q3 2025 | 41% | +1.1 points |
| Q2 2025 | 41% | +1.1 points |
| Q1 2025 | 39% | 0 points |
| Q4 2024 | 41% | +2.2 points |
UNP 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 UNP on cash flow, with more consistent year-over-year improvement.
UNP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +12% |
| Q2 2026 | $2.2B | +58% |
| Q1 2026 | $1.5B | +15% |
| Q4 2025 | $1.2B | -30% |
| Q3 2025 | $1.6B | -14% |
| Q2 2025 | $1.4B | +38% |
| Q1 2025 | $1.3B | -1.6% |
| Q4 2024 | $1.7B | +27% |
UNP's free cash flow has been positive every quarter for seven years: $6.7B over the past year, up 11% 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 | — |
UNP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +500K shares |
| 1 year | +0.2% | +1.3M shares |
| 3 years | -2.5% | -15.3M shares |
| 5 years | -8.6% | -55.8M shares |
| Available history | -16% | -112M shares |
UNP has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $26M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $1.3B |
| Q1 2025 | $1.4B |
| Q4 2024 | $674M |
UNP has spent almost nothing on buybacks in the past year.
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.
UNP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.6x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.5x | Moderate |
UNP 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).
UNP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.2 | Neutral |
| Stochastic | 68.0 | Neutral |
UNP's weekly RSI is 60 (neutral) and its Stochastic is 68 (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 UNP on valuation relative to its sector.
UNP PE vs Industrials Sector
| Metric | UNP | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.6% below |
| PE % | 74 | 58 | 16 pts above |
UNP is trading at 24x 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.
UNP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $288.8 | 5.3% above |
| 20 week MA | $291.8 | 4.2% above |
| 50 week MA | $267.3 | 14% above |
| 100 week MA | $247.7 | 23% above |
| 200 week MA | $236.5 | 29% above |
UNP 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.
UNP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $181.4 | $203.4 | +12% |
| 2021 | $203.4 | $245.6 | +21% |
| 2022 | $245.6 | $209.9 | -15% |
| 2023 | $209.9 | $245.6 | +17% |
| 2024 | $245.6 | $229.9 | -6.4% |
| 2025 | $229.9 | $233.4 | +1.5% |
| 2026 YTD | $233.4 | $304.2 | +30% |
UNP has the edge over BA on returns for 2026, with the stronger performance.