Gross margin improved to 9.8% in 2026Q2 from -19.7% in 2024Q3, but remains below the 12.4% seen in 2025Q1, suggesting ongoing production inefficiencies. The negative operating margin, despite positive gross margin, implies that SG&A and R&D costs are not being absorbed by the current revenue base. Net margin of -1.8% in 2026Q2, versus a positive 34.3% in 2025Q4 driven by non-operating gains, underscores that core operations are still loss-making. Investors should monitor whether margin expansion can persist as delivery rates normalize, or if abnormal costs continue to weigh on earnings.

ROIC has been volatile, swinging from -16.3% in 2024Q3 to 0.7% in 2026Q1, reflecting the severe impact of production disruptions and negative operating margins. The latest quarter's 0.1% ROIC is negligible compared to peers like LMT at 23.9% and NOC at 10.2%, suggesting that Boeing's capital base is not being deployed efficiently. The improvement from deeply negative levels is encouraging, but the absolute level implies that the company is still in the early stages of a recovery. Sustained positive ROIC will require not only margin expansion but also disciplined capital allocation, especially given the potential capital outlay for Spirit AeroSystems reintegration.

DSO has improved to 49 days from 72 days in 2024Q4, indicating faster collections, but DIO remains elevated at 361 days, reflecting the large volume of parked aircraft and work-in-progress inventory. DPO of 58 days is relatively stable, suggesting limited supplier leverage. The 352-day CCC implies that Boeing ties up significant cash in working capital, which is a drag on liquidity and free cash flow. While the trend is improving, the absolute level is far above typical industrial peers, highlighting the capital-intensive nature of aircraft manufacturing and the ongoing challenges in clearing inventory.

Interest coverage improved to 0.39 in 2026Q2 from negative levels in 2024, but remains well below the 1.0 threshold, suggesting that operating income is insufficient to cover interest expenses. The D/EBITDA ratio of 195.28 in 2026Q2 is distorted by near-zero EBITDA, but even normalized, leverage is high relative to peers like RTX at 0.59 and GD at 0.38. The thin equity base, which turned positive only after a non-operating gain in 2025Q4, means that any additional losses could push equity back to negative territory. This leverage profile suggests that Boeing has limited capacity to absorb further shocks or fund large acquisitions without additional debt or equity issuance.

The quick ratio of 0.33 in 2026Q2 is particularly concerning, as it suggests that Boeing relies heavily on inventory to meet short-term obligations, and inventory may not be easily liquidated at book value. The current ratio has declined from 1.32 in 2024Q4, reflecting a reduction in current assets relative to liabilities. Given the negative operating margin and the need for continued capital expenditure, the liquidity position appears vulnerable to further deterioration if production issues persist. Investors should monitor whether Boeing can maintain adequate liquidity without resorting to dilutive equity raises or asset sales.