BA
The Boeing Company
BA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
XPO
XPO Logistics, Inc.
XPO has the edge over BA overall, supported by stronger modeled upside and stronger valuation.
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.
XPO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
XPO'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 XPO in the historical PE scenario, which offers more potential upside but is not a forecast.
XPO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $76.68 | -59% |
| Forward | 28x | $189 | — |
| Fair | 43x | $182 | -3.7% |
| Current | 45x | $189 | — |
| Expensive | 97x | $412 | +119% |
Historical ranges are pointers, not guarantees.
XPO's PE is in its fair range at 45x. If earnings grow as analysts expect, today's price would be 28x 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.
XPO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for XPO, 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.
XPO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.65 | +57% |
| Q3 2026 | $4.23 | +52% |
| Q2 2026 | $3.38 | +17% |
| Q1 2026 | $2.91 | -10% |
| Q4 2025 | $2.64 | -18% |
| Q3 2025 | $2.78 | -10% |
| Q2 2025 | $2.89 | -4% |
| Q1 2025 | $3.25 | +59% |
| Q4 2024 | $3.23 | +101% |
XPO's earnings per share have fallen from their peak: $4.23 over the past year, against $7.62 in late 2022.
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 XPO 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.
XPO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | +12% |
| Q2 2026 | $2.4B | +13% |
| Q1 2026 | $2.1B | +7.3% |
| Q4 2025 | $2B | +4.6% |
| Q3 2025 | $2.1B | +2.8% |
| Q2 2025 | $2.1B | 0% |
| Q1 2025 | $2B | -3.2% |
| Q4 2024 | $1.9B | -0.9% |
XPO's revenue is recovering but still below its 2021 peak: $2.4B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | +4.4 points |
| Q2 2026 | 12% | +2 points |
| Q1 2026 | 8.3% | +0.6 points |
| Q4 2025 | 7.1% | -0.6 points |
| Q3 2025 | 7.8% | -0.8 points |
| Q2 2025 | 9.5% | 0 points |
| Q1 2025 | 7.7% | +0.9 points |
| Q4 2024 | 7.8% | +1.6 points |
XPO 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.
XPO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $284M | +32% |
| Q2 2026 | $181M | +255% |
| Q1 2026 | $72M | +$129M |
| Q4 2025 | $120M | +422% |
| Q3 2025 | $215M | +57% |
| Q2 2025 | $51M | +155% |
| Q1 2025 | -$57M | +$104M |
| Q4 2024 | $23M | +$811M |
XPO has the edge over BA on cash flow, with more consistent year-over-year improvement.
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 | — |
XPO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.7% | -2M shares |
| 3 years | -0.8% | -1M shares |
| 5 years | +1.7% | +2M shares |
| Available history | +11% | +12M shares |
XPO has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $150M |
| Q2 2026 | $70M |
| Q1 2026 | $30M |
| Q4 2025 | $68M |
| Q3 2025 | $47M |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
XPO spent $318M buying back its own shares over 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.
XPO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 2.7x | Moderate |
XPO 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).
XPO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.3 | Neutral |
| Stochastic | 34.7 | Neutral |
XPO's weekly RSI is 49 (neutral) and its Stochastic is 35 (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 XPO on valuation relative to its sector.
XPO PE vs Industrials Sector
| Metric | XPO | Sector median | Relative |
|---|---|---|---|
| PE | 45x | 24x | 85% above |
| PE % | 52 | 58 | 6 pts below |
XPO is trading at 45x earnings, a 85% premium to 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.
XPO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $183.5 | 2.8% above |
| 20 week MA | $193.0 | 2.3% below |
| 50 week MA | $189.5 | 0.5% below |
| 100 week MA | $157.3 | 20% above |
| 200 week MA | $122.6 | 54% above |
XPO 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.
XPO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $27.8 | $41.2 | +48% |
| 2021 | $41.2 | $44.8 | +8.6% |
| 2022 | $44.8 | $34.9 | -22% |
| 2023 | $34.9 | $87.6 | +151% |
| 2024 | $87.6 | $132.3 | +51% |
| 2025 | $132.3 | $141.3 | +6.9% |
| 2026 YTD | $141.3 | $188.6 | +33% |
XPO has the edge over BA on returns for 2026, with the stronger performance.