Boeing Co. shares have lagged the S&P 500 in, gaining just 8.4 percent year-to-date. Boeing’s stock has had a wild ride in recent years, but investors may be wondering whether there’s any value in Boeing shares. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is currently at about 29.4, nearly double its long-term average of 15.9. Boeing doesn’t currently have a PE ratio because the company is not profitable. In the most recent quarter, Boeing reported a $109 million net loss. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable at just 21.4. Boeing’s forward earnings multiple of 54 is more than double the S&P 500’s, making Boeing’s stock look overvalued. Boeing’s forward PE ratio is also …