Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTThomas RichmondFri, July 24, 2026 at 11:16 PM GMT+2 3 min readQuick ReadBoeing's $695 billion backlog trades against a $164 billion market cap, giving retirement investors four years of contracted revenue at a cyclical valuation.Boeing's $695 billion backlog dwarfs LMT's $230 billion and RTX's $289 billion, yet BA trades at a discount while peers command premium multiples.The Q1 core loss narrowed from $0.49 to $0.20, with prediction markets pricing a 64% earnings beat probability ahead of July 28 results.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Boeing didn't make the cut. Grab the names FREE today.Boeing (NYSE:BA) enters its July 28 Q2 earnings report with a decade of revenue visibility with a market cap that's less than a quarter of the price of the total order book. With deliveries rising, debt falling, and defense revenue accelerating, Boeing is showing meaningful progress in its turnaround.sanfel / iStock Editorial via Getty ImagesBoeing's Backlog Is 4x Larger Than Its Market CapBoeing closed Q1 2026 with a record $695 billion backlog and currently sports a market cap of $164.48 billion. First-quarter revenue grew 14% year over year to $22.217 billion, commercial deliveries climbed to 143 aircraft from 130, and management paid down $6.95 billion of debt in the quarter, taking total debt from $54.1 billion to $47.2 billion.The Defense Boom Is Already Showing Up in Boeing's ResultsThe FY2027 Department of War budget totals roughly $1.45 trillion, a 42% annual increase with 26% growth in air power funding. Boeing is already scaling into it: Patriot missile seeker production rises to 850 units in 2026 from 650 last year and 400 two years ago.Defense, Space & Security revenue jumped 21% to $7.599 billion with operating earnings up 50% to $233 million. On July 23, the FAA restored Boeing's authority to issue final airworthiness certifications for the 737 MAX and 787, removing a multi-year overhang.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Boeing didn't make the cut. Grab the names FREE today.Boeing Has a Bigger Order Book Than Lockheed Martin and RTX CombinedLockheed Martin (NYSE:LMT) and RTX Corporation (NYSE:RTX) posted strong quarters, with Lockheed up 10% and RTX up 7%, but their order books are a fraction of Boeing's. Lockheed reports a $230 billion backlog and RTX $289 billion, versus Boeing's $695 billion.Analysts' consensus price target on $BA sits at $270.08 against the stock's current share price of $209.23, with 21 buy ratings versus one sell.The Bottom Line: Boeing's Turnaround Has Become MeasurableTerms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info