Shares of (NYSE: BA) have been on a tear for much of the past year, rising 50%. In fact, Boeing stock has nearly doubled since bottoming out at the end of September last year. The stock extended its gains last week, rallying 13% as investors continued to grow more optimistic about the company's turnaround.

Improving financial metrics could help Boeing stock continue its rally into 2024 and beyond. That said, the shares seem priced for perfection, with lots of future growth needed to justify the current valuation. If that growth doesn't materialize, Boeing will disappoint long-term investors.

Boeing's recent second-quarter earnings report showed that the company's financial performance is stabilizing. Boeing generated $2.6 billion of free cash flow in the period and reiterated its full-year cash flow guidance. The industrial icon used that cash flow and some of its cash on hand to repay over $3 billion of debt last quarter.

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Source Fool.com