NEW YORK, July 27, 2026, 15:04 EDT
- U.S. cash markets stayed open. Boeing Co. NYSE:BA was last at $211.97, rising 1.2%.
- Listed prices for decommissioned 747s suggest a nominal value difference by a factor of 2,000.
- Boeing posted a 18.1% margin in services for the last quarter, while its defense margin stood at 3.1%. The company’s results are expected on Tuesday.
A U.S. deal priced a pair of used 747-8 jets at $200 million apiece. In comparison, Bahrain bought an older 747-200 for an estimated $100,000. The price gap is roughly 2,000 times.
For investors, it is not scarcity by itself that determines an aircraft’s value, but rather its mission, certification, and the specifics of contract terms.
The difference is significant for Boeing. After producing 1,574 units, output stopped in 2023. There are no new 747 sales. Ongoing support and specialized mission projects continue.
| 747 case | Disclosed economics | Current or planned use |
|---|---|---|
| Bahrain 747-200 | $100,000 paid for airframe | Main exhibit at a dive park spanning 100,000 square metres |
| Thai Airways HS-TGP 747-400 | Financial details undisclosed | Planned to serve as a cafe and restaurant; limited evidence of advancement |
| Qatar-origin 747-8 | Donated aircraft; initial list price $400 million, not indicative of resale | Temporary presidential jet |
| U.S. support pair | Total expense $400 million, equating to $200 million per plane | Designated for crew training and as spares providers |
| Two VC-25B replacements | $3.9 billion agreed in contract; expenses exceed $5 billion | Specially developed replacements for Air Force One |
The 747-8, originally from Qatar, entered use for presidential transport on July 1. The expedited conversion was completed by L3Harris Technologies Inc. NYSE:LHX.
An FAA filing that took effect the same day addressed an AMAC-modified 747-8, introducing enhanced safety requirements for side-facing seats. According to the filing, the maximum capacity is set at 89 passengers along with 14 crew members.
AMAC Aerospace is listed as the applicant in the filing. The aircraft’s owner is not disclosed. As a result, the suggested connection to the Qatar-linked jet remains unverified.
Boeing’s custom-made planes for the U.S. president operate under a separate financial arrangement. The manufacturer agreed to a $3.9 billion fixed-price deal covering two aircraft. Costs for the program have now surpassed $5 billion.
Boeing defense head Steve Parker said this month, “We’re on track for 2028.” He anticipates additional cost increases related to wiring, structural work and certification. Reuters
First-quarter figures shed light on investor unease. The Global Services division delivered an operating margin of 18.1%. Defense, Space & Security recorded a margin of 3.1%.
The services margin increased to 5.8 times its previous level. Limited aircraft availability may drive demand. How much Boeing retains depends on contract structure.
Thai Airways International Pcl (BKK:THAI) is positioned at the opposite extreme. Its HS-TGP 747-400 was placed into storage in 2020 and relocated to a field in 2023 for a planned restaurant.
HS-TGP was put up for sale by Thai Airways alongside nine additional 747-400 aircraft in 2021. The airline subsequently completed its restructuring, having reduced both its workforce and fleet size by 50 percent.
The aircraft at the field appear to be related to legacy disposal, rather than indicating a new decline in operations. Thai has posted operating profits each quarter from 2023 onwards after completing its restructuring.
Bahrain repurposed the jetliner for tourism. The 1982 aircraft was cleaned and sunk in 2019, serving as the centrepiece of a dive park featuring its 70-metre fuselage.
Risks persist. The numbers are not direct comparisons. The Bahrain figure includes just the airframe, whereas U.S. planes fulfill specific mission roles. Expenses for conversion and maintenance may far exceed the initial purchase price.
Boeing is scheduled to announce its second-quarter earnings on Tuesday at 10:30 a.m. ET. Key areas to watch include cash flow, defense-related expenses, and service margin performance. The legacy of the 747 holds potential worth, but realizing that value remains a challenge.
Related articles: NYSE:BA
