The Boeing Company (BA)
Boeing is one of two dominant commercial-aircraft makers and a major US defense and space contractor. Its commercial recovery has hinged on stabilizing production and quality across its jet programs.
BA vs HWM: how the two businesses compare
- Bigger business: BA, with $89.5B of yearly revenue, about 11× HWM's $8.3B.
- More profitable: HWM keeps 18 cents of each sales dollar as profit, against 2 cents at BA.
- More cash from each sale: HWM turns 23 cents of each sales dollar into operating cash flow, against 1 cents at BA.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Boeing (BA) is the larger business by reported revenue: $89.5B in its fiscal year ended Dec 2025, about 11× HWM's $8.3B (fiscal year ended Dec 2025). BA's net margin was 2.5% and HWM's 18.3%. The SEC classifies them differently (Aircraft; Rolling Drawing & Extruding of Nonferrous Metals); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 12, 2026
BA vs HWM: quick comparison
| Company fact | BA | HWM |
|---|---|---|
| Company | The Boeing Company | Howmet Aerospace Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Arlington, Virginia | — |
| Founded | 1916 | — |
| SEC industry | Aircraft | Rolling Drawing & Extruding of Nonferrous Metals |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-01-30 | 10-K · 2026-02-12 |
BA vs HWM: audited financials
- Scale: BA's $89.5B of revenue is about 11× HWM's $8.3B.
- Net margin: HWM kept 18.3% of revenue as net income versus 2.5% at BA.
- Cash conversion: operating cash flow equalled BA 1.2% of revenue, or 0.48× net income; HWM 22.8% of revenue, or 1.25× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | BA | HWM |
|---|---|---|
| Revenue | $89.5B2025-01-01 to 2025-12-31 · SEC filing | $8.3B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $2.2B2025-01-01 to 2025-12-31 · SEC filing | $1.5B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.1B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $2.482025-01-01 to 2025-12-31 · SEC filing | $3.712025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 2.5%2025-01-01 to 2025-12-31 · SEC filing | 18.3%2025-01-01 to 2025-12-31 · SEC filing |
BA: FY ending 2025-12-31 · HWM: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where BA and HWM overlap, and where they don't
Overlap
- Shared research theme: Wars & geopolitics.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: BA files as Aircraft; HWM as Rolling Drawing & Extruding of Nonferrous Metals.
- Only BA maps to Tariffs & trade.
- Scale: BA reported about 11× the annual revenue of HWM.
- Profitability: net margin of 2.5% for BA versus 18.3% for HWM.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Howmet Aerospace Inc. (HWM)
Howmet Aerospace makes engineered metal components such as jet-engine parts and fasteners for aircraft.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves BA
We have not yet published a company-specific driver list for BA. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-30.
What moves HWM
We have not yet published a company-specific driver list for HWM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-12.
The investment question
You now know BA reports about 11× HWM's revenue, and HWM keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to wars & geopolitics, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 33 matched transaction rows for BA and 14 matched transaction rows for HWM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
BA primary filings
HWM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving BA or HWM
BA vs HWM FAQs
Are BA and HWM direct competitors?
Not necessarily. Boeing files as Aircraft and Howmet Aerospace as Rolling Drawing & Extruding of Nonferrous Metals. The pair is compared because both map to the Wars & geopolitics research theme, not because the filings show head-to-head competition.
Is BA or HWM the bigger company by revenue?
Boeing (BA) is the larger business by reported revenue: $89.5B in its fiscal year ended Dec 2025, about 11× HWM's $8.3B (fiscal year ended Dec 2025). BA's net margin was 2.5% and HWM's 18.3%. The SEC classifies them differently (Aircraft; Rolling Drawing & Extruding of Nonferrous Metals); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, BA or HWM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this BA vs HWM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers The Boeing Company and Howmet Aerospace Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
BA vs HWM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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