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Aerospace and defense company making jet engines (Pratt & Whitney), avionics (Collins Aerospace) and missile systems (Raytheon).
Aerospace and defense company making jet engines (Pratt & Whitney), avionics (Collins Aerospace) and missile systems (Raytheon).
Sells engines, aircraft systems and missiles, mostly under long-term programmes, then earns years of higher-margin spare parts and servicing on equipment already fielded. It was formed by the 2020 merger of United Technologies and Raytheon, which spun off Otis and Carrier around the same time.
Moat: wide (installed base, switching costs, IP / patents). Deep installed base across engines, avionics and missiles gives multi-decade aftermarket and program lock-in.
Headquarters: Arlington, Virginia, US · Founded: 2020 · Employees: 180,000
Size RTX (RTX) is a United States Industrials company (Aerospace & Defense) with a market value of $256B, the 42nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $189.53 on 6 Nov 2026.
Performance Over six months the shares gained 8.1%, against +2.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 12 in its peer set.
Growth Revenue grew 11.6% over the last twelve months (peer median +14.3%); the operating margin is 11.2% (peer median 11.7%).
Valuation It trades at 24.4× forward earnings against a peer median of 26.8× (5th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $340B at 30 Sep 2026, up 35% on a year earlier — 3.5 years of trailing revenue. Backlog detail →
Credit RTX has 22 bonds outstanding ($19.1B), rated BBB+ by the agencies and trading like A+ at a weighted spread of 70 bp.
Short interest Short interest is 1.0% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $96.0B | $88.6B | $80.7B | $68.9B | $67.1B |
| Revenue growth | — | +10% | +17% | +3% | — |
| Gross profit | $20.2B | $17.8B | $15.4B | $12.1B | $13.7B |
| EBITDA | $15.1B | $12.9B | $10.7B | $7.36B | $9.14B |
| Net income | $8.40B | $6.73B | $4.77B | $3.19B | $5.20B |
| Free cash flow | $9.50B | $7.94B | $4.53B | $5.47B | $4.88B |
| Capital expenditure | $3.54B | $3.35B | $3.45B | $3.28B | $2.92B |
| Total debt | $38.9B | $40.0B | $43.3B | $45.6B | $33.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Northrop Grumman NOC | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RTX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.8% | +4.9% | 6th lowest of 12 |
| 6-month return | +8.1% | +2.6% | 4th highest of 12 |
| Distance from 52-week high | -16.5% | -19.4% | 3rd highest of 12 |
| Revenue growth (TTM) | +11.6% | +14.3% | 6th lowest of 12 |
| Operating margin | 11.2% | 11.7% | 6th lowest of 12 |
| Forward P/E | 24.4× | 26.8× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 8.4% | 15.9% | 5th least demanding of 11 |
| Growth delivered (Del g) | +9.4% | +8.0% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -1.0 pp | +3.4 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | +2.0 pp | +8.7 pp | 2nd lowest of 11 |
| EV / EBITDA | 19.0× | 17.9× | 6th cheapest of 11 |
| Net debt / EBITDA | 2.0× | 1.2× | 4th most indebted of 12 |
| Bond spread | 70 bp | 69 bp | 6th widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RTX RTX | United States | $256B | +8% | +12% | 11% | 24.4× | 8.4% | +9.4% |
| GE Aerospace GE | United States | $334B | +9% | +20% | 18% | 36.4× | 27.6% | -9.6% |
| Airbus AIR.PA | France | $174B | +14% | +6% | 8% | 26.8× | 22.6% | +8.0% |
| Rolls-Royce RR..L | United Kingdom | $140B | +6% | +19% | 18% | 28.5× | 24.6% | +13.0% |
| Safran SAF.PA | France | $138B | +4% | +14% | 13% | 28.5× | 22.2% | +13.4% |
| Boeing BA | United States | $137B | -27% | +18% | 0% | 179,875.5× | n/a | n/a |
| Lockheed Martin LMT | United States | $131B | +12% | +8% | 12% | 17.6× | -6.9% | +2.8% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
RTX has 22 bonds outstanding with $19.1B face value. The agencies rate it BBB+; its bonds trade like A+. Weighted yield 5.58%, a spread of 70 bp over government bonds.
RTX reported $340B of remaining performance obligations at 30 Sep 2026, up 35% from a year earlier and up 18% from the previous quarter. That is 3.5 years of trailing revenue already under contract. Book-to-bill last quarter: 3.04.