The Boeing Company (BA): A Bull Case Theory

We came across a bullish thesis on The Boeing Company on Deep Value Capital’s Substack. In this article, we will summarize the bulls’ thesis on BA. The Boeing Company’s share was trading at $230.00 as of July 15^th. BA’s forward P/E was 36.90 according to Yahoo Finance.

Boeing is undergoing a pivotal transformation under its new CEO, Kelly Ortberg, a seasoned aerospace executive who previously built Rockwell Collins into a $30 billion giant. Ortberg is restoring operational discipline at Boeing—cutting inefficiencies, prioritizing engineering fundamentals, and shifting the company from a defensive stance to an offensive one.

The market has not fully priced in these changes, creating a compelling investment opportunity. Boeing is poised to return to positive free cash flow in the second half of 2025 for the first time since the 737 MAX crisis, marking a critical financial inflection. In May, the company secured a record-breaking $96 billion widebody order from Qatar Airways, the largest in its history and a strong signal that customer confidence is returning.

This deal pushed Boeing’s backlog beyond $600 billion, further reinforcing its long-term visibility. The company operates across three segments—Commercial Airplanes, Defense & Space, and Global Services—with the latter two providing high-margin, recurring revenue. Boeing’s competitive position remains robust; only it and Airbus can manufacture large commercial aircraft at scale with regulatory trust, creating immense barriers to entry and long-term pricing power.

With momentum building, Boeing’s stock has begun to recover, but the broader re-rating is just beginning. The combination of structural moat, order visibility, operational improvement, and leadership credibility positions Boeing as an asymmetric upside story. Even modest execution could unlock significant value, while recent signals—from financial stabilization to major orders—suggest that the turnaround is already underway. Investors may be overlooking how rapidly Boeing’s trajectory is shifting.

Previously, we covered a bullish thesis on The Boeing Company by Kyler in March 2025, which highlighted the company’s strong duopoly with Airbus, a $500B+ backlog, and turnaround potential under new CEO Kelly Ortberg. The company’s stock price has appreciated by approximately 29% since our coverage. Kyler shares a similar view but emphasizes recent execution gains and a record $96B widebody order.

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Disclosure: None.