The following table provides selected financial information for Boeing Company and Airbus SE for the fiscal year 2022:

($ millions)	Boeing Company	Airbus SE
Net sales	$82,874	$78,945
Cost of sales	63,789	56,734
Gross profit	19,085	22,211
Operating expenses:
Selling, general, and administrative (SG&A)	7,984	6,908
Research and development (R&D)	3,795	3,276
Operating income	7,306	12,027
Interest and other (income) expense	1,805	1,417
Interest and investment income	(612)	(498)
Earnings before provision for income taxes	6,113	11,108
Provision for income taxes	1,528	2,778
Net earnings	$4,585	$8,330

Required:

1. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for each company in fiscal year 2022. Assume a tax rate of 25%.
2. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) components. Identify which factor drives the ROA for each company.
3. Analyze the trend in R&D expenses over the past five years. How does it impact each company’s innovation and long-term growth?
4. Evaluate the current ratio and quick ratio for Boeing Company and Airbus SE. What does it reveal about their short-term liquidity?
5. Compare the interest coverage ratios for Boeing Company and Airbus SE. What insights can be drawn about their financial stability and ability to meet interest obligations?