# RTX Corporation (RTX)

> Source: Nexqual · https://nexqual.com/RTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, RTX Corporation (RTX), nexqual.com/RTX" · informational, not investment advice.

**Price:** USD 194.71 (+1.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 191.6 · day 191.03–196.15 · 52w 166.74–226.88 · market cap $262B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $96.0B, net income $8.40B (8.8% margin), free cash flow $9.50B (SEC filings).
- Valuation: P/E 31.2x (avg 35.8x at the last 3 fiscal year-ends), EV/EBITDA 18.5x, net debt $27.3B.
- 7 of 80 tracked superinvestors hold RTX (13F, Q2 2026): 0 new, 1 added, 4 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $6.9M; 4 not under a Rule 10b5-1 plan ($6.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.08 on a 1–5 scale) (24 analysts), mean target USD 229.17 (range 200–250).
- Total return with dividends: 1Y +10.1% vs S&P 500 +14.9%; 5Y +136.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 1.84, revenue estimate $25.8B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $64.4B | $67.1B | $68.9B | $80.7B | $88.6B | $96.0B |
| Operating income | $5.14B | $5.50B | $3.56B | $6.54B | $9.30B | $11.3B |
| Net income | $3.86B | $5.20B | $3.19B | $4.77B | $6.73B | $8.40B |
| EPS (diluted) | $2.56 | $3.50 | $2.23 | $3.55 | $4.96 | — |
| Free cash flow | $5.01B | $4.88B | $5.47B | $4.53B | $7.94B | $9.50B |
| Operating margin | 8.0% | 8.2% | 5.2% | 8.1% | 10.5% | 11.8% |
| Net margin | 6.0% | 7.7% | 4.6% | 5.9% | 7.6% | 8.8% |
| Revenue growth | +13.8% | +4.2% | +2.8% | +17.1% | +9.7% | — |
| Cash + short-term investments | $8.80B | $6.99B | $7.33B | $6.36B | $8.19B | — |
| Total debt | $31.5B | $31.9B | $43.8B | $41.3B | $37.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 31.2x · P/S 2.7x · EV/EBITDA 18.5x · EV/Sales 3.0x · P/FCF 27.6x · P/B 3.8x · FCF yield 3.62% · Earnings yield 3.20% · Dividend yield (paid, TTM) 1.45% · Buyback yield (TTM) 0.00% · Net debt $27.3B · EV $290B
P/E at fiscal year-ends: Dec 2025 37.0x, Dec 2024 32.6x, Dec 2023 37.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold RTX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 3.49% | $6.66B | Reduced -1.0% |
| Lee Ainslie | Maverick Capital | 2.65% | $294M | Added +13.6% |
| Thomas Gayner | Markel Group | 0.32% | $42.5M | Unchanged |
| Hillman Capital | Hillman Capital Management | 0.27% | $367K | Reduced -2.0% |
| Jensen Investment Management |  | 0.08% | $3.3M | Reduced -0.1% |
| Torray Funds |  | 0.04% | $320K | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.6M | Reduced -1.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-18 | Maharajh Ramsaran | EVP and General Counsel | 13,655 | $3.1M | 44.3% | No | Too little history (no open-market trades in 2023) |
| 2026-07-24…2026-07-28 | Dasilva Kevin G | Senior VP and Treasurer | 7,010 | $1.5M | 25.7% | No | Too little history (no open-market trades in 2023) |
| 2026-07-27 | Atkinson Tracy A | Director | 2,295 | $500K | 56.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-24 | Brunk Troy D | President, Collins Aerospace | 8,557 | $1.8M | 42.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 24 analysts; mean target USD 229.17 (low 200, high 250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | UBS | Target raised | Neutral | $209 → $212 |
| 2026-10-21 | Barclays | Target raised | Overweight | $223 → $235 |
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $250 → $235 |
| 2026-10-15 | Bernstein | Target lowered | Market Perform | $223 → $214 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $240 → $225 |
| 2026-10-09 | Barclays | Initiated | Overweight | $223 |
| 2026-09-23 | Bernstein | Target lowered | Market Perform | $232 → $223 |
| 2026-08-03 | Bernstein | Target raised | Market Perform | $213 → $232 |
| 2026-07-27 | TD Cowen | Target raised | Buy | $225 → $240 |
| 2026-07-25 | UBS | Target raised | Neutral | $198 → $215 |
| 2026-07-24 | RBC Capital | Target raised | Outperform | $230 → $250 |
| 2026-07-24 | Susquehanna | Target raised | Positive | $235 → $245 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +10.1% | +136.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.2% | +18.7% |
| Volatility (annualized) | 24.8% | 24.5% |
| Max drawdown | -20.1% (Aug 2026→Oct 2026) | -30.9% (Apr 2023→Oct 2023) |

## Peers (Aerospace & Defense)
GE (GE Aerospace) USD 293.54 -0.79% · BA (Boeing Company (The)) USD 187.55 -2.46% · LMT (Lockheed Martin Corporation) USD 589.91 +6.96% · GD (General Dynamics Corporation) USD 350.79 +1.76% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42%

## More
Full page: https://nexqual.com/RTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RTX's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/101829/000010182926000006/rtx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Airbus | "Collins' largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023, respectively." |
| Customer | Boeing (BA) | "Collins' largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023, respectively." |
| Partner | International Aero Engines | "In 2025, 2024, and 2023 our intangible assets increased by $0.5 billion, $0.6 billion, and $0.8 billion, respectively, primarily related to collaboration payment commitments made under our 2012 agreement to acquire Rolls…" |

Other companies that name RTX in their own reports (relationship from RTX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Parker-Hannifin Corp (PH) | 10-K 2026-08-21 | "Although we believe that we are one of the market leaders in most of the major markets for our most significant Aerospace Systems Segment products, primary global competitors for these products includ…" |
| competitor | AeroVironment Inc (AVAV) | 10-K 2026-06-29 | "Competitors in the LMS market include Textron Inc., RTX Corporation, Lockheed Martin Corporation, Anduril Industries, Inc., Aevex Corp., SpektreWorks, Inc., Dragoon Technology LLC, Cummings Aerospace,…" |
| supplier | GRAHAM CORP (GHM) | 10-K 2026-06-08 | "A representative list of our customers include: 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, …" |
| supplier | CPI AEROSTRUCTURES INC (CVU) | 10-K 2026-03-31 | "These significant customers – Raytheon, Sikorsky, Lockheed Martin, and the United States Air Force – constituted" |
| competitor | Momentus Inc. (MNTS) | 10-K 2026-03-31 | "Significant competitors for satellites, buses, and related technologies include York Space, Terran Orbital, Raytheon Blue Canyon, and Airbus." |
| supplier | SYPRIS SOLUTIONS INC (SYPR) | 10-K 2026-03-26 | "Our customers include large aerospace and defense companies such as Northrop Grumman Corporation (Northrop Grumman), Lockheed Martin (Lockheed), L3Harris Technologies (L3Harris), Collins Aerospace Sys…" |
| supplier | ONE STOP SYSTEMS, INC. (OSS) | 10-K 2026-03-18 | "Many of our larger target OEM customers, such as Raytheon and Lockheed Martin, have in-house engineering design resources, which could be used as an alternative to engaging with us." |
| competitor | ELBIT SYSTEMS LTD (ESLT) | 20-F 2026-03-17 | "Our main competitors include divisions and subsidiaries of Northrop Grumman, Raytheon, General Dynamics, BAE Systems, L3Harris, Thales, Airbus, Leonardo, Saab, Textron, Teledyne Technologies, Boeing, …" |
| competitor | Science Applications International Corp (SAIC) | 10-K 2026-03-16 | "•the engineering and technical services divisions of large defense contractors that provide IT services in addition to other hardware systems and products, which include companies such as General Dyna…" |
| competitor | Voyager Technologies, Inc./TX (VOYG) | 10-K 2026-03-10 | "In our Defense & National Security segment, we compete with large traditional aerospace and defense contractors — including Northrop Grumman, Raytheon Technologies and L3Harris — as well as emerging d…" |
| supplier | NLIGHT, INC. (LASR) | 10-K 2026-02-27 | "Our top customers include BAE Systems, KORD Technologies, Mazak, Northrop Grumman, QinetiQ Limited, Raytheon Technologies, and the U.S. Government." |
| competitor | Rocket Lab Corp (RKLB) | 10-K 2026-02-26 | "•companies providing spacecraft solutions, such as Airbus, Lockheed, Boeing, General Atomics, General Dynamics, Maxar Technology, Northrop Grumman, Raytheon Technologies, Thales Alenia Space, Astro Di…" |
| supplier | DUCOMMUN INC /DE/ (DCO) | 10-K 2026-02-26 | "For 2025, Boeing and RTX Corporation (f/k/a Raytheon Technologies Corporation) ("RTX") were our largest customers, with Boeing generating 13% and RTX generating 18% of our 2025 net revenues." |
| supplier | KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (KTOS) | 10-K 2026-02-23 | "A representative list of non-government customers during 2025 included tier one, large U.S. Government contractors and system integrators such as Northrop Grumman, Lockheed Martin, General Dynamics, R…" |
| competitor | Leidos Holdings, Inc. (LDOS) | 10-K 2026-02-17 | "Our principal competitors currently include the following companies: Accenture Federal Services LLC, Amentum Services Inc., KBR, Inc., BAE Systems, Booz Allen Hamilton Inc., CACI International Inc., D…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Pratt & Whitney | $9.23B | 37.0% | +9.6% | $608.0M | 6.6% |
| Collins Aerospace | $8.38B | 33.6% | +10.0% | $1.79B | 21.3% |
| Raytheon | $8.03B | 32.2% | +14.0% | $1.13B | 14.1% |
| Other | $51.0M | 0.2% | +0.0% | — | — |
| Corporate costs (not allocated) | — | — | — | -$26.0M | — |
| Total revenue | $24.96B | 100% | — | $3.34B | 13.4% |
The lines above cover 102.9% of total revenue.

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $18.26B | 73.1% | +12.3% |
| Services | $6.71B | 26.9% | +7.9% |
| Total revenue | $24.96B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $13.24B | 53.0% | +12.8% |
| Europe | $5.67B | 22.7% | +8.5% |
| Asia Pacific | $3.52B | 14.1% | -1.3% |
| Other regions | $1.56B | 6.2% | +27.7% |
| Middle East and North Africa | $975.0M | 3.9% | +33.2% |
| Total revenue | $24.96B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.84 | $1.81 | +1.8% | $25.81B | 17 |
| Next quarter (ends 2027-03-31) | $1.81 | $1.75 | +3.2% | $23.76B | 9 |
| Current fiscal year (ends 2026-12-31) | $7.61 | $7.12 | +6.9% | $97.26B | 23 |
| Next fiscal year (ends 2027-12-31) | $8.03 | $7.76 | +3.4% | $104.74B | 23 |