Explain this page
Arphra AIPlain-English read on RTX Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +19.42% | +20.38% | +17.54% | +19.09% | +20.08% | +18.85% | +19.39% | +18.50% | +18.44% |
| Operating margin | +7.25% | +8.03% | +5.04% | +8.26% | +10.03% | +7.79% | +7.76% | +7.93% | +7.71% |
| EBITDA margin | +13.88% | +13.63% | +10.68% | +13.22% | +14.54% | +13.19% | +12.80% | +12.64% | +12.96% |
| EBIT margin | +7.25% | +8.03% | +5.04% | +8.26% | +10.03% | +7.65% | +7.56% | +7.96% | +7.99% |
| Pre-tax margin | +7.66% | +9.12% | +5.57% | +7.67% | +9.86% | +7.81% | +7.83% | +7.64% | +7.82% |
| Net margin | +6.00% | +7.75% | +4.64% | +5.91% | +7.60% | +6.00% | +6.08% | +6.05% | +5.94% |
| Cost structure | |||||||||
| Cost of revenue / sales | +80.58% | +79.62% | +82.46% | +80.91% | +79.92% | +82.87% | +83.11% | +79.70% | +80.23% |
| R&D intensity | +4.24% | +4.04% | +4.07% | +3.63% | +3.17% | +3.53% | +3.71% | +3.70% | +3.57% |
| SG&A intensity | +7.92% | +8.31% | +8.43% | +7.19% | +6.88% | +7.44% | +7.32% | +7.70% | +7.57% |
| Effective tax rate | +15.94% | +12.91% | +11.89% | +19.07% | +19.05% | +16.68% | +16.17% | +17.28% | +16.37% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +5.17% | +7.00% | +5.20% | +7.71% | +10.03% | +7.54% | +7.41% | +7.60% | +7.40% |
| Return on assets (ROA) | +2.39% | +3.27% | +1.97% | +2.93% | +3.94% | +2.79% | +2.93% | +2.86% | +2.91% |
| Return on capital (ROC) | +4.33% | +5.00% | +3.26% | +6.36% | +8.33% | +5.86% | +5.72% | +5.97% | +5.71% |
| Return on invested capital (ROIC) | +3.58% | +4.82% | +2.99% | +4.55% | +6.31% | +4.51% | +4.48% | +4.55% | +4.40% |
| Asset turnover | +39.88% | +42.22% | +42.58% | +49.57% | +51.79% | +46.44% | +48.22% | +47.28% | +49.01% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +6.00% | +7.75% | +4.64% | +5.91% | +7.60% | +6.00% | +6.08% | +6.05% | +5.94% |
| Asset turnover (× revenue / assets) | +39.88% | +42.22% | +42.58% | +49.57% | +51.79% | +46.44% | +48.22% | +47.28% | +49.01% |
| Equity multiplier (× assets / equity) | +216.07% | +214.06% | +263.44% | +262.86% | +254.82% | +270.45% | +252.83% | +265.83% | +254.48% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.40 | 0.42 | 0.43 | 0.50 | 0.52 | 0.46 | 0.48 | 0.47 | 0.49 |
| Fixed-asset turnover | 3.80 | 3.95 | 3.96 | 4.50 | 4.72 | — | — | — | — |
| Inventory turnover | 5.65 | 5.03 | 4.83 | 5.12 | 5.30 | — | — | — | — |
| Receivables turnover | 3.06 | 3.25 | 3.00 | 3.16 | 2.79 | — | — | — | — |
| Payables turnover | 5.93 | 5.40 | 5.31 | 5.07 | 4.46 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 119.22 | 112.33 | 121.69 | 115.49 | 130.97 | — | — | — | — |
| Days inventory outstanding (DIO) | 64.59 | 72.56 | 75.64 | 71.34 | 68.88 | — | — | — | — |
| Days payables outstanding (DPO) | 61.59 | 67.63 | 68.71 | 72.06 | 81.93 | — | — | — | — |
| Cash conversion cycle | 122.23 | 117.26 | 128.62 | 114.77 | 117.93 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.83 | 1.38 | 2.47 | 1.50 | 1.57 | 1.76 | 1.74 | 1.75 | 1.76 |
| FCF / Net income | 1.23 | 0.85 | 1.48 | 0.95 | 1.18 | 1.20 | 1.17 | 1.16 | 1.23 |
| FCF margin | +7.38% | +6.55% | +6.84% | +5.62% | +8.96% | +7.22% | +7.11% | +6.98% | +7.29% |
| OCF margin | +10.99% | +10.69% | +11.44% | +8.87% | +11.93% | +10.59% | +10.55% | +10.58% | +10.44% |
| CapEx / Revenue | +3.61% | +4.14% | +4.59% | +3.25% | +2.96% | +3.61% | +3.63% | +3.54% | +3.50% |
| CapEx / D&A | 0.51 | 0.68 | 0.75 | 0.60 | 0.60 | — | — | — | — |
| Stock-based comp / Revenue | +0.69% | +0.63% | +0.62% | +0.54% | +1.23% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.56 | 3.50 | 2.23 | 3.55 | 4.96 | 6.93 | 7.60 | 8.40 | 9.08 |
| EPS · basic | 2.57 | 3.52 | 2.24 | 3.58 | 5.02 | 6.96 | 7.66 | 8.38 | 9.05 |
| Book value / share | 49.52 | 49.95 | 42.81 | 46.11 | 49.50 | 54.91 | 60.78 | 63.03 | 66.99 |
| Tangible BV / share | -12.10 | -11.07 | -19.27 | -18.07 | -13.31 | 54.91 | 60.78 | 63.03 | 66.99 |
| Sales / share | 42.66 | 45.14 | 48.01 | 60.09 | 65.32 | 68.97 | 74.10 | 79.23 | 83.54 |
| Operating CF / share | 4.69 | 4.82 | 5.49 | 5.33 | 7.79 | 7.30 | 7.82 | 8.38 | 8.72 |
| Free cash flow / share | 3.15 | 2.96 | 3.29 | 3.37 | 5.85 | 4.98 | 5.27 | 5.53 | 6.09 |
| Dividends / share | 1.96 | 2.11 | 2.26 | 2.39 | 2.63 | 2.96 | 3.22 | 3.31 | 3.47 |
| Payout ratio | +76.53% | +60.19% | +101.38% | +67.39% | +53.09% | +71.62% | +71.40% | +69.14% | +69.94% |
| Retention ratio | +23.47% | +39.81% | -1.38% | +32.61% | +46.91% | +28.38% | +28.60% | +30.86% | +30.06% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +4.22% | +2.75% | +17.15% | +9.74% | +6.23% | +6.99% | +6.74% | +4.58% | +7.22% |
| Gross profit · YoY | — | +9.37% | -11.55% | +27.47% | +15.44% | -0.24% | +10.05% | +1.83% | +4.25% | +6.53% |
| Profit | ||||||||||
| Operating income · YoY | — | +15.36% | -35.46% | +91.94% | +33.24% | -17.46% | +6.50% | +9.16% | +1.64% | +8.05% |
| EBITDA · YoY | — | +2.32% | -19.48% | +44.97% | +20.78% | -3.64% | +3.78% | +5.43% | +7.23% | +6.30% |
| Net income · YoY | — | +34.50% | -38.52% | +49.42% | +41.01% | -16.10% | +8.40% | +6.17% | +2.66% | +7.07% |
| Operating | ||||||||||
| EBIT · YoY | — | +15.36% | -35.46% | +91.94% | +33.24% | -19.02% | +5.73% | +12.43% | +5.06% | +8.54% |
| R&D · YoY | — | -0.77% | +3.47% | +4.60% | -4.33% | +18.34% | +12.41% | +6.56% | +0.98% | +4.94% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +36.72% | -36.29% | +59.19% | +39.72% | +39.77% | +9.64% | +10.46% | +8.13% | +17.14% |
| EPS · basic · YoY | — | +36.96% | -36.36% | +59.82% | +40.22% | +38.63% | +10.00% | +9.47% | +8.05% | +17.05% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $33.14B | $33.5B | $45.24B | $42.89B | $39.51B | $50.32B | $54.04B | $57.2B | $61.56B |
| Net debt | $25.31B | $27.28B | $38.65B | $37.32B | $32.07B | $42.63B | $45.68B | $48.26B | $52.18B |
| Net debt / EBITDA | 2.83 | 2.98 | 5.25 | 3.50 | 2.49 | 3.43 | 3.54 | 3.55 | 3.58 |
| Debt / equity | 0.44 | 0.45 | 0.74 | 0.69 | 0.59 | 0.67 | 0.65 | 0.67 | 0.68 |
| Debt / assets | +20.53% | +21.09% | +27.95% | +26.34% | +23.09% | +24.83% | +25.88% | +25.16% | +26.83% |
| Equity / assets | +46.28% | +46.72% | +37.96% | +38.04% | +39.24% | +36.98% | +39.55% | +37.62% | +39.30% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.72 | 7.03 | 4.45 | 5.42 | 7.02 | 5.68 | 5.43 | 5.45 | 5.65 |
| Operating income / interest | 3.51 | 4.14 | 2.10 | 3.39 | 4.84 | 3.35 | 3.29 | 3.42 | 3.36 |
| Interest expense | $1.33B | $1.3B | $1.65B | $1.97B | $1.84B | $2.19B | $2.37B | $2.49B | $2.58B |
| Liquidity | |||||||||
| Current ratio | 1.19 | 1.09 | 1.04 | 0.99 | 1.03 | — | — | — | — |
| Quick ratio | 0.81 | 0.69 | 0.63 | 0.60 | 0.67 | — | — | — | — |
| Cash ratio | 0.22 | 0.16 | 0.14 | 0.11 | 0.13 | — | — | — | — |
| Working capital | $6.6B | $3.33B | $1.66B | -$366M | $1.55B | — | — | — | — |
| Working capital / revenue | +10.26% | +4.96% | +2.40% | -0.45% | +1.75% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).