(NYSE: BA) is one of the most exciting investment propositions in the market today. As one of two major global airplane manufacturers, the company's business moat is significant, and it has a multiyear backlog in place. It's a compelling opportunity, but investors must consider a few things before buying the stock.

When management gives medium-term targets, investors tend to price them into their valuations. As such, the target of $10 billion in annual free cash flow (FCF) at some point between 2025 and 2026 laid out in the investor conference in November 2022 is an excellent place to start on valuations. Based on Boeing's current market cap of $116.7 billion, it would put the company at 11.6 times FCF -- an excellent valuation for a company with solid long-term growth prospects.

Naturally, the critical question is, what confidence do you have in Boeing hitting its target? I will get to that subject momentarily, but it's essential to consider when Boeing might hit the target.

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Source Fool.com