In the short term Boeing's continued existence is wholly dependent on a smooth return to service of the MAX. One new MAX crash where there is any design or manufacturing nexus to Boeing and the company is done. Absent that In the medium term, as was suggested they will bumble along slowly loosing market share as they continue to prioritize short term share price gains over the kind of R & D that will build long term sustainability.
I would also suggest that the company value rather looks like a Ponzi scheme. All programs, especially the 787 program have used accounting tricks to give the illusion that they are profitable. For instance the last report I saw was that the 787 program now needs to sell 1580 airframes to amortize the development costs at the current unit sales price. Given that there is considerable pricing pressure on new build airliners that number is almost certainly larger. With the likelihood of a significant long term reduction in new wide body demand they may never reach break even. They can only kick the can down the road so far.
The 747-8 program has now ended so they will have to account for the Multi Billion dollar shortfall between what was spent on the program and what Boing realized
The 737 MAX is massively underwater and the bleeding will continue until all the grounded airframes are returned to service and production rises to profitable levels, which is probably more than 40 a month. This is likely not to occur until 2023
Assuming a negotiated settlement to the Airbus Boeing WTO spat, the ability of Boeing to get back channel help from the US government will be significantly reduced. And of course we have not even touched on the top down train wreck of a corporate culture with a 20 year emphasis on cutting cost at the expense of engineering and production excellence. The MAX fiasco was the inevitable result of that.
But the bottom line is Boeing did the unforgivable, they destroyed Billions of dollars of share holder value on something that they had total control over with respect to the MAX program failure. The next 2 years are going to see continuing bleeding so my fearless prediction is that in the 2023/24 time frame Boeing will be split into 2 stand alone entities Boeing Defense and Boing Commercial and the Boeing Commercial will be reorganized in Chapter 11 to shed what will have become an unmanageable level of debt.
Maybe out of the ashes a new Boeing positioned for long term success can emerge...