Boeing (BA) stock experienced a near 10% surge following management's announcement of increased plane delivery approvals for the coming year, addressing a long-standing constraint on production capabilities. Historically, Boeing's revenues have been volatile, particularly declining in 2020 due to reduced air travel demand. However, the company benefits from a substantial backlog of hundreds of billions in orders, providing long-term revenue visibility. The challenge lies in converting this backlog into actual deliveries, a process heavily influenced by regulatory oversight, which has constrained manufacturing capacity. The recent approval signals a potential alleviation of these constraints. Despite positive delivery news, the company's financial efficiency, measured by Return on Invested Capital (ROIC) and Cash Flow from Operations to Sales (OCF/Sales), has been negative for several years, dating back to 2019. While investors anticipate a return to double-digit positive levels for these metrics over the next three to five years, the current valuation remains a concern. A discounted cash flow (DCF) analysis suggests an intrinsic value of $181.42 per share, which is below the current market price of $205. Comparing it to market multiples, the stock appears slightly overvalued, with a forward price-to-OCF multiple of 37. Given these valuation concerns and the historical underperformance in capital efficiency, a "hold" rating is assigned. Investors are advised to seek either a more attractive entry price or concrete improvements in manufacturing and delivery execution before considering a "buy" position for 2026 and beyond.