RTX Corporation RTX

IndustrialsAerospace & DefenseUnited States of America

Last close 199.80 USD on Nov 1, 2026, +10.1% year to date

Quant rating

Quant rating A+ Rank 4 of 486 in Industrials

Growth B 142 of 486
Valuation B 306 of 486
Quality B 202 of 486
Revisions A 43 of 486
Momentum B 100 of 486

Wall Street consensus Buy (2.19)Average target 225.67 USD +12.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 269.6B
Enterprise value: 299.6B
52-week range: 166.80 – 226.84
3-year range: 78.15 – 226.84
Dividend yield: 1.46%
Beta (5 years): 0.31
Shares outstanding: 1,349M
Next earnings: Jan 27, 2027

About the company

RTX Corporation is an aerospace and defense company, which provides advanced systems and services for commercial, military, and government customers worldwide. The Company operates through three segments: Collins Aerospace, Pratt & Whitney, and Raytheon. Collins Aerospace segment provides technologically advanced aerospace and defense products and aftermarket service solutions for civil and military aircraft manufacturers, commercial airlines, and regional, business and general aviation, as well as for defense and commercial space operations. The Pratt & Whitney segment supplies aircraft engines for commercial, military, business jet, and general aviation customers. The Raytheon segment provides defensive and offensive threat detection, tracking and mitigation capabilities for the United States and foreign government and commercial customers. The Raytheon designs, develops, and provides advanced capabilities in integrated air and missile defense, smart weapons, missiles and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	88,603	80,738	68,920	67,074	64,388	–
Revenue growth	9.7%	17.1%	2.8%	4.2%	13.8%	9.4%
EPS (basic, normalized)	6.29	5.73	5.06	4.78	4.27	–
EPS growth	9.8%	13.2%	5.9%	11.9%	–	–
Gross margin	20.1%	19.1%	17.5%	20.4%	19.4%	19.3%
Net margin	7.6%	5.9%	4.6%	7.8%	6.1%	6.4%
ROE	10.7%	8.0%	4.8%	7.2%	5.4%	7.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	9,173
Current ratio	1.05x
Long-term debt (mil)	31,490
Net debt (mil)	29,948
Total equity (mil)	69,250
Net debt / equity	0.43x
Net debt / EBITDA	1.90x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	88,603	+9.7%	3.4x	15,767	+29.6%	19.0x	6.29	+9.8%	31.8x
2026	97,556	+10.1%	3.1x	16,991	+7.8%	17.6x	7.74	+23.0%	25.8x
2027	105,249	+7.9%	2.8x	18,220	+7.2%	16.4x	8.08	+4.5%	24.7x
2028	113,301	+7.7%	2.6x	19,982	+9.7%	15.0x	8.97	+11.0%	22.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	97,556	+1.5%	+1.6%	+3.7%	7.74	+7.0%	+7.2%	+12.1%
2027	105,249	+2.2%	+2.3%	+4.8%	8.08	+2.9%	+3.1%	+7.0%
2028	113,301	+3.1%	+3.0%	+6.1%	8.97	+3.9%	+3.5%	+8.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	19,305	19,791	20,089	21,623	20,306	21,581	22,478	24,238	22,076	24,708
Sales mean (mil)	18,414	19,275	19,848	20,541	19,793	20,626	21,314	22,734	21,470	22,893
Surprise	+4.8%	+2.7%	+1.2%	+5.3%	+2.6%	+4.6%	+5.5%	+6.6%	+2.8%	+7.9%
EPS reported	1.34	1.41	1.45	1.54	1.47	1.56	1.70	1.55	1.78	1.89
EPS mean	1.23	1.30	1.34	1.38	1.35	1.44	1.41	1.47	1.52	1.66
Surprise	+8.8%	+8.9%	+8.1%	+11.8%	+8.5%	+8.0%	+20.7%	+5.6%	+17.3%	+13.8%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
AIR Airbus SE	170.4B	0.51x	7.1%	5.68x	26.1x	22.3x	14.6x	12.7x
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
SAF Safran SA	128.9B	–	23.0%	7.88x	26.7x	22.1x	14.2x	12.6x
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
Mean		1.81x	10.9%	11.76x	8.6x	54.6x	22.5x	17.7x
Median		1.54x	7.4%	11.22x	26.0x	23.5x	16.1x	14.9x

Technical analysis

1M+6.5%
3M−8.3%
1Y+13.5%
3Y+168.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, RTX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	88,603	80,738	68,920	67,074	64,388	56,587
Cost of revenue	70,814	65,328	56,831	53,406	51,897	47,659
Gross profit	17,789	15,410	12,089	13,668	12,491	8,928
Selling, general & administrative expenses	6,095	5,806	5,809	5,573	5,046	5,169
Research & development	2,807	2,934	2,805	2,711	2,732	2,582
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−400	−500	0	0	649	3,960
Other operating expenses	−13.0	632	−86.0	−120	−423	−885
Operating income	9,300	6,538	3,561	5,504	4,487	−1,898
Net interest income (expense)	−1,737	−1,868	−1,553	−1,230	−1,294	−1,366
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1,170	1,524	1,828	1,843	1,916	911
Net income before taxes	8,733	6,194	3,836	6,117	5,109	−2,353
Provision for taxes	1,664	1,181	456	790	964	575
Minority interest	−337	−239	−185	−111	−248	−181
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6,732	4,774	3,195	5,216	3,897	−3,109
Extraordinary items	–	0	0	−19.0	−33.0	−410
Net income	6,732	4,774	3,195	5,197	3,864	−3,519
EBIT, normalized	11,305	9,714	8,833	7,889	7,334	2,119
EBITDA, normalized	15,683	14,078	13,044	11,997	11,891	6,275
Basic EPS, normalized	6.29	5.73	5.06	4.78	4.27	–

Balance sheet in millions of USD, fiscal years

Balance sheet, RTX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	7,435	5,578	6,587	6,220	7,832	8,802
Receivables	31,793	25,546	22,977	20,642	21,022	19,185
Total inventory	13,364	12,768	11,777	10,617	9,178	9,411
Prepaid expenses	–	–	–	–	–	–
Other current assets	7,740	7,241	7,076	4,964	4,018	5,978
Total current assets	60,332	51,133	48,417	42,443	42,050	43,376
Property, plant & equipment	18,755	17,953	17,386	16,999	16,930	16,842
Goodwill	53,343	52,789	53,699	53,840	54,436	54,285
Intangibles	31,845	33,443	35,399	36,823	38,516	40,539
Long-term investments	2,132	2,246	2,392	2,603	2,848	3,144
Note receivable	–	–	–	–	11,361	9,931
Other long-term assets	4,672	5,297	4,576	6,156	−4,737	−5,964
Total assets	171,079	162,861	161,869	158,864	161,404	162,153
Liabilities
Accounts payable	15,895	12,897	10,698	9,896	8,751	8,639
Payable/accrued	–	–	–	–	–	–
Accrued expenses	17,658	17,451	17,408	13,400	12,820	13,407
Short-term debt	204	183	189	625	134	247
Current portion of long-term debt	3,412	2,352	1,283	595	24.0	550
Other current liabilities	21,615	18,616	17,183	14,598	13,720	13,005
Total current liabilities	58,784	51,499	46,761	39,114	35,449	35,848
Long-term debt	34,288	38,726	42,355	30,694	31,327	31,026
Minority interest	1,893	1,802	1,647	1,582	1,631	1,721
Other liabilities	10,869	10,678	11,308	14,842	19,929	21,395
Total liabilities	105,834	102,705	102,071	86,232	88,336	89,990
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	38,126	37,434	37,055	37,939	37,483	36,930
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	56,718	53,589	52,154	52,269	50,265	49,423
Treasury stock	−26,881	−27,112	−26,977	−15,530	−12,727	−10,407
Other equity	−2,718	−3,755	−2,434	−2,046	−1,953	−3,783
Total equity	65,245	60,156	59,798	72,632	73,068	72,163
Total liabilities & shareholders' equity	171,079	162,861	161,869	158,864	161,404	162,153

Cash flow statement in millions of USD, fiscal years

Cash flow statement, RTX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	7,069	5,013	3,380	5,327	4,145	−2,928
Depreciation, depletion & amortization	4,378	4,364	4,211	4,108	4,557	4,156
Deferred taxes	789	−47.0	−402	−1,663	−88.0	−99.0
Non-cash items	81.0	−1,304	−1,130	−993	−394	2,372
Changes in working capital	−1,750	−867	1,824	389	−1,149	105
Cash from operations	10,567	7,159	7,883	7,168	7,071	3,606
Investing activities
Capital expenditures	−3,119	−3,236	−3,166	−2,775	−2,322	−1,967
Other investing cash flows	1,854	1,702	127	−54.0	958	5,069
Cash from investing	−1,265	−1,534	−3,039	−2,829	−1,364	3,102
Financing activities
Financing cash flow items	−433	−452	−317	−415	−1,103	13,609
Cash dividends paid	−3,574	−3,217	−3,239	−3,128	−2,957	−2,732
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,479	−2,948	−971	−2,316	−2,625	−16,151
Cash from financing	−7,486	−6,617	−4,527	−5,859	−6,685	−5,274
Foreign exchange effects	48.0	−28.0	18.0	−42.0	−1.0	−22.0
Net change in cash	1,864	−1,020	335	−1,562	−979	1,412
Free cash flow	7,448	3,923	4,717	4,393	4,749	1,639

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.