Boeing has had the longest test in its modern history. A series of quality failures, extraordinary costs and certification delays have squeezed margins, depleted liquidity and undermined customer and regulatory confidence. Yet the first tangible signs of a turnaround have emerged in recent months, with the regulator once again allowing 737 MAX production rates to rise above the until-recently-applicable ceiling and the company regaining some final inspection authority. This doesn't mean a return to "normal", but it does open the door to restoring operating leverage and cash flow.

At the same time, the long-haul segment is stabilizing. The 787 Dreamliner is slowly gaining momentum and, as a "widebody" program, is delivering higher unit margins that may offset costs in the coming years. The 777X remains a key - but overdue - project. Its safe entry into service is strategically crucial: it will determine whether Boeing $BA in the premium long-haul segment merely looks the other way or…