The global aerospace and defense sector carries a stable outlook with positive bias for defense primes, reflecting robust defense spending and steady commercial aircraft demand. Boeing's credit profile remains pressured by execution issues on the 737 MAX and 777X programs.
Company positioning: Boeing's Baa3 negative outlook reflects weaker positioning than A-rated peers; path to upgrade requires MAX production ramp and FCF normalization.
| Country | 2023 GDP Growth | 2024 GDP Growth | 2025F GDP Growth | 2026F GDP Growth |
|---|---|---|---|---|
| {{TABLE_VALUE}} | 2.9 | 2.8 | 2.0 | 1.8 |
| {{TABLE_VALUE}} | 0.5 | 0.8 | 1.2 | 1.5 |
| {{TABLE_VALUE}} | 5.2 | 5.0 | 4.5 | 4.2 |
| {{TABLE_VALUE}} | 0.3 | 0.9 | 1.1 | 1.3 |
| {{TABLE_VALUE}} | 1.9 | 0.3 | 0.8 | 1.0 |
| {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | 0.5 | 1.0 |
| {{TABLE_VALUE}} | 0.9 | 1.1 | 1.0 | 1.3 |
| {{TABLE_VALUE}} | 8.2 | 6.7 | 6.8 | 6.5 |
| Boeing | RTX Corp | Lockheed Martin | Northrop Grumman | Airbus | BAE Systems | General Dynamics | |
|---|---|---|---|---|---|---|---|
| Country | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Market Capitalization | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Moody's Ratings | {{TABLE_VALUE}} | A3 | A1 | {{TABLE_VALUE}} | A2 | {{TABLE_VALUE}} | A2 |
| Outlook | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Business Mix | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Financial Items (in millions) | Boeing | RTX | Lockheed | Northrop | Airbus | BAE Systems | Gen Dynamics |
|---|---|---|---|---|---|---|---|
| Period | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Currency | USD | USD | USD | USD | EUR | GBP | USD |
| Revenue | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| EBITDA | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| EBITDA Mg% | -- | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| CAPEX | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| R&D/Rev | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Debt/EBITDA | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| FFO/Debt% | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| FCF/Debt% | {{TABLE_VALUE}} | 8.1 | {{TABLE_VALUE}} | 9.2 | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| RCF/Debt% | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} |
| Factors | Boeing | Airbus | Lockheed | |||
|---|---|---|---|---|---|---|
| {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | {{TABLE_VALUE}} | |
| Factor 1: Scale (20%) | ||||||
| Revenue (USD Billion) | {{TABLE_VALUE}} | Aaa | {{TABLE_VALUE}} | Aaa | {{TABLE_VALUE}} | Aaa |
| Factor 2: Business Profile (20%) | ||||||
| Market Position | A | A | Aa | Aa | Aa | Aa |
| Revenue and Earnings Stability | Baa | Baa | A | A | A | A |
| Factor 3: Profitability and Efficiency (10%) | ||||||
| EBIT Margin | {{TABLE_VALUE}} | Ca | {{TABLE_VALUE}} | Baa | {{TABLE_VALUE}} | A |
| Factor 4: Leverage and Coverage (30%) | ||||||
| Debt / EBITDA | {{TABLE_VALUE}} | Ca | {{TABLE_VALUE}} | Aa | {{TABLE_VALUE}} | A |
| EBITDA / Interest Expense | {{TABLE_VALUE}} | Ca | 15x | Aa | 12x | A |
| RCF / Net Debt | {{TABLE_VALUE}} | Ca | 32% | Aa | 25% | A |
| Factor 5: Financial Policy (20%) | ||||||
| Financial Policy | Baa | Baa | A | A | A | A |
| Scorecard-Indicated Outcome | Ba | Ba | A | A | A | A |
| Actual Rating Assigned | {{TABLE_VALUE}} | {{TABLE_VALUE}} | A2 | A2 | A1 | A1 |
| Company | CIS | Env. | Social | Gov. |
|---|---|---|---|---|
| {{COMPANY_NAME}} | {{CIS}} | {{ENV}} | {{SOCIAL}} | {{GOV}} |
| {{COMPANY_NAME}} | {{CIS}} | {{ENV}} | {{SOCIAL}} | {{GOV}} |
| {{COMPANY_NAME}} | {{CIS}} | {{ENV}} | {{SOCIAL}} | {{GOV}} |
| {{COMPANY_NAME}} | {{CIS}} | {{ENV}} | {{SOCIAL}} | {{GOV}} |
| {{COMPANY_NAME}} | {{CIS}} | {{ENV}} | {{SOCIAL}} | {{GOV}} |
© 2026 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. This report has been prepared solely for informational purposes and does not constitute investment advice. The information herein is based on sources believed to be reliable but MOODY'S does not guarantee its accuracy or completeness. MOODY'S ratings, assessments, other opinions and publications are not intended for use by retail investors and it would be reckless and inappropriate for retail investors to use MOODY'S ratings or publications when making an investment decision.