Boeing

Past capital allocation included aggressive pre‑crisis buybacks that preceded significant leverage and subsequent dilution. The planned reintegration of Spirit AeroSystems is strategically logical to improve quality control and supply chain coordination, but it adds near‑term complexity, regulatory approvals and integration risk.

Defense fixed‑price development programs have generated multi‑billion dollar cumulative charges, reflecting poor historical risk pricing. We will look for evidence of disciplined program selection, deleveraging and investment prioritization under the new leadership team before upgrading this score.