Anyone considering investing in aerospace giant Boeing (NYSE: BA) should watch closely as the production ramps on its narrowbody 737 and widebody 787 aircraft. However, while that remains the key swing factor in the company's plan to reach $10 billion in free cash flow (FCF) in the 2025/2026 timeframe, the investment case also rests on the defense, space, and security segment's ability to deliver profitable growth. Here's why.

Investors were left in doubt about the company's focus during the investor day event in early November. As you can see in the chart below, Boeing's debt has ballooned in recent years as its FCF has turned negative. Consequently, management must deliver a credible plan to increase FCF and pay down debt. 

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Source Fool.com