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ValueScreener company report

RTX Corporation (RTX)

NYSE / Industrials / Aerospace & Defense

Share price

186.95 USD Market dataClose of Oct 15, 2026

Market capitalisation

252.00B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 6, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

7.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

37.24x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

3.1% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 57.24B USDFY2016 Net income: 5.05B USDFY2017 Revenue: 59.84B USDFY2017 Net income: 4.55B USDFY2018 Revenue: 34.70B USDFY2018 Net income: 5.27B USDFY2019 Revenue: 45.35B USDFY2019 Net income: 5.54B USDFY2020 Revenue: 56.59B USDFY2020 Net income: -3.52B USDFY2021 Revenue: 64.39B USDFY2021 Net income: 3.86B USDFY2022 Revenue: 67.07B USDFY2022 Net income: 5.20B USDFY2023 Revenue: 68.92B USDFY2023 Net income: 3.19B USDFY2024 Revenue: 80.74B USDFY2024 Net income: 4.77B USDFY2025 Revenue: 88.60B USDFY2025 Net income: 6.73B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 37.24x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Aerospace & Defense industry (42 companies), 37.24x sits at the 54th percentile; the middle half of that group runs from 24.18x to 64.31x.

Is it good

Return on invested capital was 7.7% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Aerospace & Defense industry (34 companies), 7.7% sits at the 46th percentile; the middle half of that group runs from 1.5% to 13.2%.

Is it safe

Net debt to EBITDA was 2.38x in FY2025, in the band labelled "Moderate" (1.00x to 2.50x), on lines set by credit-analyst convention.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether RTX Corporation's return on equity stayed above the median of the Aerospace & Defense industry, year by year. (FY2021 to FY2025, 5 fiscal years of RTX Corporation with a comparable figure)
The direction
Which way RTX Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of RTX Corporation)
What could explain it
What in RTX Corporation's filed statements could explain the movements. (9 readings drawn from the statement lines RTX Corporation filed)
What to check next
What to check next on RTX Corporation, and where in its filings. (3 questions for RTX Corporation)
In one paragraph
One paragraph on RTX Corporation's returns, cash, balance sheet and price. (14 of sixteen figures read for RTX Corporation)

These are RTX’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research RTXPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 6, 2026, accession 0000101829-26-000006.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

RTX Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax7.7% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Return on equity10.3% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Return on capital employed, pre-tax8.3% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Return on assets3.9% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Operating margin10.5% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Net margin7.6% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
RTX 7.6%
GE 19.0%CAT 13.1%
7.6%19.0%
Net margin: RTX against the 2 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

RTX Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.61 ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Current ratio1.03 ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Quick ratio0.80 ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Altman Z-score2.64 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Net debt31.77B ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Total assets 171.08BTotal liabilities 103.94BShareholders' equity 65.25BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What RTX Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 6, 2026, 0000101829-26-000006).

RTX Corporation: balance sheet position
Total assets171.08B FiledFY2025 10-K, filed Feb 6, 2026
Total liabilities103.94B FiledFY2025 10-K, filed Feb 6, 2026
Shareholders' equity65.25B FiledFY2025 10-K, filed Feb 6, 2026
Cash8.19B FiledFY2025 10-K, filed Feb 6, 2026
Total debt39.96B FiledFY2025 10-K, filed Feb 6, 2026
Net debt31.77B
Current ratio1.03
Debt to equity0.61
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

RTX Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings37.24x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
P/E on trailing twelve months32.86x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.89x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Price to sales2.86x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Enterprise value to EBIT30.76x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Enterprise value to EBITDA20.92x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Diluted earnings per share4.96 USD FiledFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Graham number73.71 USD ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006

We publish no fair value or price target of our own. Value RTX on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for RTX Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

RTX Corporation: valuation
Share price186.95 USD
Market capitalisation252.00B USD
Enterprise value to EBITDA20.92x
Graham number73.71 USD
Diluted earnings per share, FY20254.96 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 28, 2017: low 5.53x, median 28.49x, high 73.38x, latest 32.86x. 2,133 trading days with a meaningful ratio, 181 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like RTX Corporation

  1. GE Aerospace (GE)Market cap 323.70B USD
  2. Caterpillar Inc. (CAT)Market cap 338.20B USD

Same sector (Industrials) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

RTX Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield3.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Free cash flow7.94B USD ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Free cash flow margin9.0% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Dividend yield1.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Payout ratio53.1% ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
FY2016 Free cash flow: 4.71B USDFY2016 Net income: 5.05B USDFY2017 Free cash flow: 3.62B USDFY2017 Net income: 4.55B USDFY2018 Free cash flow: 1.20B USDFY2018 Net income: 5.27B USDFY2019 Free cash flow: 3.95B USDFY2019 Net income: 5.54B USDFY2020 Free cash flow: 2.54B USDFY2020 Net income: -3.52B USDFY2021 Free cash flow: 5.01B USDFY2021 Net income: 3.86B USDFY2022 Free cash flow: 4.88B USDFY2022 Net income: 5.20B USDFY2023 Free cash flow: 5.47B USDFY2023 Net income: 3.19B USDFY2024 Free cash flow: 4.53B USDFY2024 Net income: 4.77B USDFY2025 Free cash flow: 7.94B USDFY2025 Net income: 6.73B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

RTX Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
37.24xFY2025Oct 15, 2026
3.89xFY2025Oct 15, 2026
30.76xFY2025Oct 15, 2026
3.1%FY2025Oct 15, 2026
7.7%FY2025Feb 6, 2026
1.5%FY2025Oct 15, 2026
0.61FY2025Feb 6, 2026
1.03FY2025Feb 6, 2026
2.86xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
2.64FY2025Oct 15, 2026
-2.32FY2025Feb 6, 2026
7/9FY2025Feb 6, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports RTX Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

RTX Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202588.60B9.30B6.73B4.967.94B10.5%10.3%10-K, Feb 6, 20260000101829-26-000006
FY202480.74B6.54B4.77B3.554.53B8.1%7.9%10-K, Feb 3, 20250000101829-25-000005
FY202368.92B3.56B3.19B2.235.47B5.2%5.3%10-K, Feb 5, 20240000101829-24-000008
FY202267.07B5.50B5.20B3.504.88B8.2%7.2%10-K, Feb 7, 20230000101829-23-000009
FY202164.39B5.14B3.86B2.565.01B8.0%5.3%10-K, Feb 11, 20220000101829-22-000005
FY202056.59B-1.89B-3.52B-2.592.54B-3.3%-4.9%10-K, Feb 8, 20210000101829-21-000008
FY201945.35B4.91B5.54B6.413.95B10.8%13.3%10-K, Feb 6, 20200000101829-20-000013
FY201834.70B2.88B5.27B6.501.20B8.3%13.7%10-K, Feb 7, 20190000101829-19-000007
FY201759.84B8.14B4.55B3.593.62B13.6%15.4%10-K, Feb 9, 20180000101829-18-000005
FY201657.24B8.22B5.05B3.854.71B14.4%18.3%10-K, Feb 9, 20170000101829-17-000007
  • Revenue, compound annual growth FY2016 to FY2025: 5.0%
  • Earnings, compound annual growth FY2016 to FY2025: 3.2%
  • Earnings per share, compound annual growth FY2016 to FY2025: 2.9%
  • Free cash flow, compound annual growth FY2016 to FY2025: 6.0%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

RTX Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.32 ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Piotroski F-score7/9 ComputedFY2025 10-K, filed Feb 6, 2026, 0000101829-26-000006
Named tests met1 of 30 Computed
Beta0.76 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 29 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(5)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 5 figures could not be read on this company, among them PEG Ratio, Eps Growth 5Y, Gross Margin. Each blank in the table above names the rest, with its reason.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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