Boeing (BA) returned −8.41% over five years with $54.1B debt. GE Aerospace (GE) returned +382.62% and S&P 500 (SPY) returned +71.37% over five years. GE posted $7.69B free cash flow, up 109%.

Boeing faced cascading crises from the 737 MAX grounding through production struggles while GE transformed by spinning off healthcare and energy businesses to become a focused aerospace engine maker.

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Five years ago, you had $1,000 to invest and two famous American industrial names to choose from. Boeing (NYSE: BA) looked like the safer bet: a century-old aerospace giant, a dividend payer, a blue-chip name. General Electric, now GE Aerospace (NYSE: GE), looked like a cautionary tale, a conglomerate that had spent years destroying shareholder value. The investor who chose GE won, and it wasn't close.

Boeing entered 2021 still reeling from the 737 MAX grounding, then faced COVID-19 decimating air travel demand, supply chain failures, a door plug blowout in early 2024, and a machinists' strike that produced just 57 commercial deliveries in Q4 2024. The company burned through cash, piled on debt, and suspended its dividend. New CEO Kelly Ortberg began stabilizing operations, with 600 commercial deliveries in full-year 2025 and $89.46 billion in revenue, up 34.49% year over year. But $54.1 billion in consolidated debt and still-negative free cash flow mean the hole is deep.

While Boeing was surviving, GE was transforming. The company spun off GE HealthCare in January 2023, then separated its energy business as GE Vernova in April 2024, leaving a lean, pure-play aerospace engine maker. Legacy GE holders who received spinoff shares in those businesses saw their total returns compounded further beyond what the GE Aerospace share price alone reflects. The focused business posted $45.86 billion in 2025 revenue, up 18.48%, with free cash flow of $7.69 billion, up 109% year over year.

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Boeing

1-Year Return: $1,000 became $1,458 (+45.75%) vs. S&P 500 $1,159 (+15.92%)

5-Year Return: $1,000 became $916 (-8.41%) vs. S&P 500 $1,714 (+71.37%)

10-Year Return: $1,000 became $1,993 (+99.30%) vs. S&P 500 $3,293 (+229.27%)

GE Aerospace

1-Year Return: $1,000 became $1,617 (+61.73%) vs. S&P 500 $1,159 (+15.92%)

5-Year Return: $1,000 became $4,826 (+382.62%) vs. S&P 500 $1,714 (+71.37%)

10-Year Return: $1,000 became $2,406 (+140.57%) vs. S&P 500 $3,293 (+229.27%)

GE's five-year result is the standout. Boeing's one-year recovery is real but follows years of destruction. Neither stock beat the S&P 500 over 10 years, a reminder that even iconic names can underperform a simple index fund.

On dividends: Boeing suspended its payout in 2020 and has not restored it. GE slashed its dividend to $0.01 per quarter in 2020 before rebuilding to $0.36 per quarter in 2025, now exceeding pre-restructuring levels. Patience on GE was rewarded twice over.

GE Aerospace is worth researching further if you believe commercial aviation's engine services cycle still has years to run. A $190 billion backlog and 2026 free cash flow guidance of $8.0 billion to $8.4 billion provide real visibility. But at a trailing P/E of roughly 40x, the transformation is already priced in. The bear case is that supply chain constraints or margin compression slow the story just as expectations peak.

Boeing is a harder call. The forward P/E sits near 164x, reflecting a market pricing in a recovery that hasn't fully materialized. The bull case is a multi-year production ramp with $682 billion backlog providing demand clarity. The bear case is that $54 billion in debt leaves almost no margin for error if production stumbles again. Sustained positive free cash flow would be worth watching for before treating Boeing as a conviction research candidate.

 

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