Boeing generated $5.6B in free cash flow over the last four quarters, representing 10.6% of its $52.2B in revenue. The company's return on invested capital (ROIC) has averaged 11.5% over the past four quarters, indicating efficient capital allocation. Boeing's robust backlog of $378.2B, which provides strong revenue visibility, coupled with its ongoing cost optimization initiatives, should support its ability to sustain healthy free cash flow generation. Improvements in Boeing's supply chain, as evidenced by the company's ability to increase production rates, further enhance its operational efficiency and cash flow outlook. While the commercial aviation industry faces near-term cyclical challenges, Boeing's solid free cash flow profile and ROIC performance make it an attractive long-term investment opportunity. The company's focus on operational discipline and financial flexibility positions it well to weather the current industry headwinds. PORTFOLIO ROTATION: