US-based aerospace manufacturer Boeing had a fundamentally bizarre 2025. On the industrial side, the year was still defined primarily by flight constraints, including tight FAA oversight, delivery bottlenecks, and the slow grind of rebuilding quality discipline after years of crises. The clearest symbol of that hangover was the 777X, where Boeing again pushed the first delivery of the type to 2027 and took about a $5 billion program charge as a result. One would expect these kinds of headlines to financially punish cyclical manufacturers. Despite these extensive and well-documented production challenges (which follow on the heels of a reputational hit), the market treated Boeing more like a turnaround candidate than a market laggard.