America's largest aerospace and defense company, spanning 737/787 jets to the F-47, satellites, and ULA
Boeing
Boeing is the largest U.S. aerospace and defense company, operating three segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS) and Global Services (BGS). FY2025 revenue was $89.5 billion, up 34% from $66.5 billion a year earlier, and backlog reached $682 billion. Commercial deliveries totaled 600 in 2025 (447 737s, 88 787s, 35 777s, 30 767s), the most since 2018, helped by mega-orders such as Qatar Airways' deal for up to 210 widebodies. About 35% of revenue came from U.S. government contracts (including FMS), and in March 2025 Boeing won the U.S. Air Force's Next Generation Air Dominance fighter program, designated the F-47. In space, Boeing builds SES's O3b mPOWER and Viasat's ViaSat-3 satellites on its 702-family platforms, produces the core stage of NASA's SLS rocket and the CST-100 Starliner crew capsule, and co-owns launch provider ULA 50/50 with Lockheed Martin. Starliner is still not certified to carry crew, so its next flight has been reset to an uncrewed cargo mission and certification has slipped to 2027. In December 2025 Boeing completed its acquisition of 737 fuselage supplier Spirit AeroSystems, bringing a critical part of its supply chain in-house.
BA Updated Sep 11, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Boeing is directly linked to 16 companies (11 supply, 5 revenue relationships) and reaches 26 companies within two hops; the links are backed by 38 dated sources, 10 of them primary filings (as of 2026-09-11).
Annual return · 2026-09-04'21-6%'22-5.4%'23+36.8%'24-32.1%'25+22.7%YTD-2.2%
Money in ▸Airline basket (Qatar Airways etc.)●segment revenue 41,494$MDelta Air Lines●Count 130 aircraftU.S. government (DoD/NASA/FMS)●Revenue share 35%United Parcel Service, Inc.●Count 18 aircraftSES S.A.●units delivered 10위성(총 13기 계약)FedEx●Count 10 aircraftViasat●units supplied 3위성(702MP+)
BoeingFY2025 revenue $89.5B
▸ Money outMoog●supplier revenue share 10%Spirit AeroSystems●acquisition value 8.3$B(순부채 포함)GE Aerospace●RTX●도레이 (탄소섬유)●Mitsubishi Heavy Industries (787 wing box)●TransDigm Group Incorporated●Honeywell Aerospace Inc.●Korean Airlines◐Korea Aerospace Industries (KAI)◐Thales◐AMETEK, Inc.◐
Financials & Segments
- Total revenue · FY2025 revenue $89.5B (vs $66.5B prior year, +34%)
- Customer concentration · U.S. government (incl. FMS) 35%; non-U.S. customers 46%; backlog $682B
- Segments · Commercial Airplanes (BCA) $41.5B · Defense, Space & Security (BDS) $27.2B · Global Services (BGS) $20.9B
Revenue from
- Airline basket (Qatar Airways etc.) High confidence· segment revenue 41,494$M · FY2025 · Commercial Airplanes segment revenue, 10-K
The Commercial Airplanes segment sells 737/787/777 jets to airlines and lessors worldwide, generating $41.5B of FY2025 revenue. In May 2025 Qatar Airways ordered up to 210 widebodies (130 787s and 30 777-9s), Boeing's largest-ever widebody and 787 order, and 60% of Commercial Airplanes revenue comes from non-U.S. customers.Confirms EN Boeing Published May 14, 2025: Boeing and Qatar Airways Announce Historic Order for up to 210 Widebody Airplanes - Delta Air Lines High confidence· Count 130 aircraft · Firm Boeing order book as of 2026-01-13 · Firm Boeing orders comprising 100 737-10s and 30 787-10s
Boeing is a core aircraft supplier for Delta's long-term fleet renewal, with a firm order book totaling 130 aircraft from 100 existing 737-10 orders and 30 787-10s ordered in January 2026. - U.S. government (DoD/NASA/FMS) High confidence· Revenue share 35% · FY2025 · Share of revenue from U.S. government contracts incl. FMS, 10-K
The U.S. government is Boeing's single largest revenue source: 35% of FY2025 consolidated revenue (mainly BDS and BGS) came from U.S. government contracts including FMS. In March 2025 Boeing won the Air Force's Next Generation Air Dominance fighter, designated the F-47, a sixth-generation program to replace the F-22.Confirms EN Defense News Published Mar 21, 2025: Boeing wins contract for NGAD fighter jet, dubbed F-47 - United Parcel Service, Inc. High confidence· Count 18 aircraft · as of 2025-12-31 · Boeing 767-300 aircraft on order
Boeing sells 767 freighters that UPS uses to maintain and modernize its air network, with 18 Boeing 767-300 aircraft remaining on order at year-end 2025. - SES S.A. High confidence· units delivered 10위성(총 13기 계약) · as of 2025-07 · O3b mPOWER satellites delivered (3 remaining launch in 2026)
Boeing builds and supplies SES's 13 second-generation medium-earth-orbit (MEO) O3b mPOWER communications satellites on its 702-family platform. As of July 2025 the 9th and 10th satellites were delivered, bringing 10 on orbit, with the remaining three in production for launch in 2026. This is the revenue-side mirror of the SES node's satellite-procurement (cost) edge.Confirms EN Boeing Published Jul 2, 2025: Boeing Delivers Next-Generation O3b mPOWER Satellites to SES - FedEx High confidence· Count 10 aircraft · as of 2026-05-31 · Committed Boeing B777F purchases as of May 31, 2026
Boeing supplies 777 freighters to FedEx for the modernization of its long-haul international cargo network, with purchase commitments totaling 10 aircraft as of May 31, 2026, and the relationship corroborated by the filing, an English logistics analysis, and a Korean aircraft-market report.Mentions EN FreightWaves Published Mar 21, 2025: FedEx orders Boeing 777 and ATR cargo aircraft, delays MD-11 retirementsMentions KO Korea Ministry of Land, Infrastructure and Transport Aviation Information Portal Published Feb 18, 2022: Commercial Aircraft Market Outlook - Viasat High confidence· units supplied 3위성(702MP+) · FY2025-26 · Number of ViaSat-3 satellites Boeing builds and integrates
Boeing builds Viasat's three ultra-high-capacity ViaSat-3 broadband satellites on its high-power 702MP+ platform and handles integration and test at its El Segundo, California facility. It delivered the third spacecraft (VS-3 F3) in April 2026, while Flight 1 is already in commercial service. This is the revenue-side mirror of the Viasat node's satellite-procurement (cost) edge.Confirms EN Boeing Media Room Published Apr 7, 2026: Boeing Delivers ViaSat-3 Flight 3 Spacecraft to ViasatConfirms EN Via Satellite Published Mar 20, 2023: Boeing Delivers First ViaSat-3 Satellite Ahead of Launch
Pays to
- Moog High confidence· supplier revenue share 10% · Moog FY2025 · Sales to Boeing $396.8M = 10% of Moog FY2025 revenue
Boeing sources flight-control actuation systems from Moog for the 787 and other commercial, military and space programs. Sales to Boeing were $396.8M, or 10% of Moog's FY2025 revenue, and the 787 is among Moog's largest commercial programs. This is the cost-side mirror of the Moog node's revenue edge. - Spirit AeroSystems High confidence· acquisition value 8.3$B(순부채 포함) · 2025-12 · Total value of Boeing's Spirit acquisition (equity $4.7B + net debt)
Spirit AeroSystems was Boeing's largest airframe-structures supplier, providing 737 fuselages and major structures for the 767, 777 and 787. Boeing completed its acquisition of Spirit on December 8, 2025 (about $4.7B equity, $8.3B including net debt), internalizing this critical supply chain, with roughly 15,000 employees joining Boeing. Completion converts the relationship from external sourcing into an internal business unit.Confirms EN Manufacturing Dive Published Dec 8, 2025: Boeing completes $8.3B Spirit AeroSystems acquisition - GE Aerospace High confidence
GE-family engines are a core source for Boeing's commercial jets. The 787 uses GE Aerospace's GEnx-1B, the 777X exclusively uses the GE9X, and the 737 MAX is exclusively powered by the LEAP-1B from CFM International, GE's 50/50 joint venture with Safran. Because engines are often selected and bought by airlines, Boeing's direct procurement value is not disclosed.Mentions EN GE Aerospace Published Jan 1, 2025: Second Boeing 777X Makes First Flight Powered by GE9X - RTX High confidence
RTX's Collins Aerospace is a major systems supplier to Boeing airframes such as the 787 and 737, providing avionics and airframe systems. Per RTX's 10-K, Boeing and Airbus combined account for 16% of Collins segment sales in FY2025 (prior to discounts and incentives); Boeing's individual procurement value is not disclosed. - 도레이 (탄소섬유) High confidence
Carbon-fiber prepreg source for 787/777X primary structures.Confirms EN Toray Composite Materials America Published Nov 1, 2015: Toray Extends Comprehensive Agreement with Boeing to Supply Carbon Fiber TORAYCA Prepreg - Mitsubishi Heavy Industries (787 wing box) High confidence
Sources the 787 Dreamliner's composite main-wing box from Mitsubishi Heavy Industries (Nagoya/Shimonoseki), a core airframe-structure supply relationship; 1,000+ units since 2007.Confirms EN Mitsubishi Heavy Industries Published Jan 1, 2025: Mitsubishi Heavy Industries — Boeing 787 composite wing boxMentions EN CompositesWorld Published Jan 1, 2024: Boeing 787 update — MHI wing box uses Toray T800 prepreg - TransDigm Group Incorporated High confidence
Boeing is one of the large commercial aircraft manufacturers to which TransDigm sells aerospace components, and while TransDigm does not disclose Boeing-specific FY2025 revenue, it says its shipments and revenue track Boeing's planned 2025 and 2026 production rates.Confirms EN U.S. Securities and Exchange Commission Published Nov 12, 2025: TransDigm Group Incorporated FY2025 Form 10-KMentions EN Baron Capital Published May 1, 2025: Mission Ready: Unlocking Value in Aerospace & Defense - Honeywell Aerospace Inc. High confidence
Boeing uses Honeywell's mission-critical systems and technologies across major commercial platforms, including the 737 and 777/777X, and although a filing and credit research corroborate the relationship, Boeing-specific revenue is not disclosed.Confirms EN S&P Global Ratings Published Mar 6, 2026: Research Update: Honeywell Aerospace Inc. Rated 'BBB+', Outlook Positive - Korean Airlines Medium confidence
Korean Air's Aerospace Division has supplied composite structures such as aft fuselage and raked wingtips for the 787 since signing a co-development agreement with Boeing in 2004. In 2019 it reached a cumulative 1,000th delivery of 787 fuselage and wing structures, and the supply relationship continues. The value is not disclosed.Confirms KO Korean Air Newsroom Published Dec 16, 2019: Korean Air Delivers 1,000th 787 Dreamliner Composite Structure to Boeing - Korea Aerospace Industries (KAI) Medium confidence
Korea Aerospace Industries (KAI) has supplied Boeing 787 wing structures (Section 11, center-wing-box parts) since 2005, delivering over 1,000 units by the end of 2019. It later signed a roughly KRW 120 billion contract to supply 24 types of parts and assemblies including nacelle components at the engine-wing junction, anchoring the Korean node of Boeing's commercial-airframe supply chain.Confirms EN The Korea Herald Published Dec 10, 2024: KAI wins W1.1tr to supply tail wings for Boeing aircraftsConfirms EN KED Global Published Feb 28, 2023: S.Korea's KAI signs $105 mn deal to supply parts for Boeing aircraftConfirms KO Etoday Published Jul 21, 2020: KAI signs KRW 120 billion contract to supply B787 Dreamliner structures to Boeing - Thales Medium confidence
Thales also supplies avionics and in-flight systems (such as IFE) to Boeing aircraft.Mentions EN AeroTime Published Mar 3, 2026: Thales 2025 results: defense and avionics lift sales to €22.1B - AMETEK, Inc. Medium confidence
Boeing receives power, motion-control, sensor, and specialty-metal products for its aircraft from AMETEK's aerospace businesses, while the revenue and share attributable to Boeing are not disclosed.Confirms EN Aviation Outlook Published Apr 30, 2026: AMETEK - Company Analysis and Outlook Report 2026
Investments
- United Launch Alliance High confidence· Ownership stake 50% · current · Boeing's stake in ULA (50/50 JV with Lockheed Martin)
Boeing co-owns launch provider ULA 50/50 with Lockheed Martin and accounts for it under the equity method. Having achieved Space Force certification of its Vulcan Centaur rocket in March 2025, ULA plans about 12 launches in 2025 and about 20 in 2026, serving Amazon Kuiper and national-security missions.Mentions EN The Motley Fool Published Apr 5, 2025: Boeing Space Joint Venture to Launch 12 Times in 2025, and Double That in 2026
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| W. W. Grainger | lead2 | +28.8 | +8.7 | +50.5 | +28.2 | -3.4 | +32 |
| Delta Air Lines | lead2 | -2.8 | -15.9 | +23 | +52 | +16.1 | +16.4 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Viasat | lead1 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +118.6 |
| FedEx | lead1 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| United Parcel Service, Inc. | lead1 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| SES S.A. | lead1 | +2.8 | +10.6 | -13 | -36 | +141.5 | -28.2 |
| Boeing | node | -6 | -5.4 | +36.8 | -32.1 | +22.7 | -2.2 |
| Moog | benef1 | +3.4 | +9.8 | +66.6 | +36.8 | +24.5 | +53 |
| Korean Airlines | benef1 | -7.1 | -6.1 | -4.2 | +13.8 | -6 | +33.6 |
| AMETEK, Inc. | benef1 | +22.3 | -4.3 | +18.8 | +10 | +14.7 | +16.1 |
| RTX | benef1 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +10.7 |
| GE Aerospace | benef1 | +9.7 | -10.9 | +95.7 | +64.8 | +85.7 | +9.7 |
| Thales | benef1 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -7.5 |
| Mitsubishi Heavy Industries | benef1 | +7.2 | +68.3 | +100.5 | +134.2 | +98.3 | -16.7 |
| Korea Aerospace Industries | benef1 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -24.6 |
| MDA Space | benef2 | · | -32.6 | +80 | +156.3 | -9.8 | +53.3 |
| Howmet Aerospace | benef2 | +11.7 | +24.2 | +37.8 | +102.7 | +88 | +26.7 |
| Lockheed Martin | benef2 | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +10.6 |
| Airbus | benef2 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +4.8 |
| Northrop Grumman | benef2 | +29.3 | +43 | -12.8 | +1.9 | +23.6 | -8.6 |
| Avio | benef2 | -9.9 | -4.7 | -17.1 | +98.4 | +117 | -18.3 |
| Hanwha Aerospace | benef2 | +19.3 | +70.4 | +74.3 | +163.6 | +227.6 | -18.8 |
YTD as of 2026-09-04 · source: Yahoo Finance
Boeing operates across America's largest aerospace and defense company, spanning 737/787 jets to the F-47, satellites, and ULA. It is -2.2% in 2026. The supply side (avg +20.9%) has moved harder than the stock (-2.2%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Viasat (+118.6%) and the furthest behind is SES S.A. (-28.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In December 2025 Boeing completed its acquisition of 737 fuselage supplier Spirit AeroSystems, bringing a critical part of its supply chain in-house.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $262 · Price $212.1 (09-05) · Upside +24%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Citigroup · John Godyn | Buy | $260 | May 18, 2026 | Report ↗ |
| Morgan Stanley · Kristine Liwag | Equal-Weight | $250 | Apr 23, 2026 | Report ↗ |
| Wolfe Research | Outperform | $275 | Apr 23, 2026 | Report ↗ |
| Wells Fargo · David Strauss | Overweight | $250 | Apr 1, 2026 | Report ↗ |
| RBC Capital Markets · Ken Herbert | Outperform | $275 | Jan 28, 2026 | Report ↗ |
Maintains Buy and a $260 target on delivery recovery and production normalization.
Analyses covering this node
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- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026