RTX CorporationRTX
NYSE•Industrials•Aerospace & Defense
RTX Corporation, an aerospace and defense company, provides systems and services for commercial, military, and government customers worldwide. It operates through three segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon. The Collins segment offers aerospace and defense products, and aftermarket services for civil and military aircraft manufacturers and commercial airlines, as well as regional, business, and general aviation, defense, and commercial space operations. This segment designs, manufactures, and supplies electric power generation and management and distribution, environmental control, flight control, air data and aircraft sensing, engine control, and engine nacelle systems, as well as engine components; cabin interiors, including seating, oxygen, food and beverage preparation, storage and galley, lavatory, and wastewater management systems; connected aviation solutions and services; and systems solutions for connected battlespace, test and training range systems, crew escape systems, and simulation and training. It also provides spare parts, overhaul and repair, engineering and technical support, training and fleet management solutions, and asset and information management services. The Pratt & Whitney segment supplies aircraft engines for commercial, military, business jet, and general aviation customers; and produces, sells, and services military and commercial auxiliary power units, as well as offers fleet management and aftermarket maintenance, repair, and overhaul services. The Raytheon segment provides defensive and offensive threat detection, tracking, and mitigation capabilities for government and commercial customers. This segment offers sensors, mission orchestration and satellite control products, and software. The company was formerly known as Raytheon Technologies Corporation and changed its name to RTX Corporation in July 2023. RTX Corporation was incorporated in 1934 and is headquartered in Arlington, Virginia.
RTX Corporation (RTX) reported trailing twelve months revenue of $90.37B as of March 2026, a 10.6% increase year-over-year. Quarterly revenue reached $22.08B, reflecting continued top-line momentum.
RTX Corporation generated $7.26B in TTM net income, with quarterly EBITDA of $3.63B. The operating margin expanded from 10.0% to 11.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.6%) and net margin (9.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.6% a year ago, signaling stronger bottom-line efficiency.
RTX trades at a P/E of 34.8x (a premium multiple) and a P/S of 2.8x. The price-to-book ratio of 3.8x reflects a moderate premium to book value.
The company generated $1.31B in free cash flow over the trailing twelve months, a 65.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $170.43B in total assets with $32.97B in long-term debt against $66.28B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.5% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.5% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~24.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~10.9% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation