RTX Corporation (RTX) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
Stock Price	170.1	115.7	84.1	100.9	86.1	71.5	88.3	62.8	82.5	75.2	68.5
Total Shares Outstanding	1,340.8	1,332.1	1,326.9	1,466.2	1,493.3	1,519.4	864.4	861.7	801	799.1	798.6
Market Cap	228,078.7	154,153.2	111,646	147,972.9	128,511.7	108,655.1	76,349.4	54,117.8	66,049.2	60,126.5	54,678.1
Total Enterprise Value (TEV)	264,700.7	193,270.2	151,945	176,834.9	155,452.7	134,913.1	118,309.4	95,775.8	94,462.2	80,568.5	75,654.1
Dividend Yield	1.5%	2.1%	2.7%	2.1%	2.3%	2.8%	3.2%	4.3%	1.6%	3.5%	1.9%
Buyback Yield	0%	0.3%	11.5%	1.9%	1.8%	0%	0.2%	0.5%	-0.1%	2.4%	-0%
Debt Paydown Yield	1.4%	1.6%	-10.7%	-0.3%	0.2%	14.8%	2.4%	-19.3%	-1.2%	-5.1%	-5.4%
Shareholder Yield	1.4%	1.9%	0.9%	1.6%	2.1%	14.9%	2.6%	-18.7%	-1.2%	-2.7%	-5.4%
P/S	2.7	1.9	1.6	2.2	2	1.9	1.7	1.6	7.6	1	8
P/Gross Profit	13.2	10	9.2	10.8	10.3	12.7	7.1	7.5	28.9	3.8	28
P/E	34.9	32.6	37.7	28.8	33.6	-27.6	21.8	9.7	13.3	13.2	14.3
Earnings Yield	2.9%	3.1%	2.7%	3.5%	3%	-3.6%	4.6%	10.4%	7.5%	7.6%	7%
P/OCF	28.6	21.5	14.2	20.6	18	25.1	13.1	20.3	-213.1	10.7	43.3
P/FCF	43.6	34	20.4	30.3	25.7	42.8	19.3	45	-116.5	16.6	53.4
FCF Yield	2.3%	2.9%	4.9%	3.3%	3.9%	2.3%	5.2%	2.2%	-0.9%	6%	1.9%
P/B	3.5	2.6	1.9	2	1.8	1.5	1.8	1.4	2.1	2	1.8
EV/Sales	3.1	2.4	2.2	2.6	2.4	2.4	2.6	2.8	10.9	1.3	11.1
EV/Gross Profit	15.3	12.5	12.6	12.9	12.4	15.8	11	13.2	41.4	5.2	38.7
EV/EBITDA	20.1	17.7	19.6	18.4	16	59.5	15.5	20.1	49.1	7.8	48.7
EV/EBIT	30	29.6	42.7	32.1	30.3	-71.4	24.1	33.3	70.8	9.9	69.7
EV/OCF	33.2	27	19.3	24.7	21.8	31.1	20.3	35.9	-304.7	14.3	59.9
EV/FCF	50.5	42.6	27.8	36.2	31	53.1	29.9	79.6	-166.6	22.3	73.9

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
Dividend Yield	1.5%	2.1%	2.7%	2.1%	2.3%	2.8%	3.2%	4.3%	1.6%	3.5%	1.9%
DPS	2.6	2.4	2.3	2.1	2	2	2.9	2.7	1.3	2.6	1.3
Payout Ratio	52.5%	67.4%	101.4%	60.2%	76.5%	-77.6%	44.1%	41.2%	20.9%	45.6%	27.5%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
Gross Profit Margin	20.1%	19.1%	17.5%	20.4%	19.4%	15.1%	23.7%	20.9%	26.3%	26.1%	28.6%
Operating Margin	10.3%	8.1%	5.2%	8.2%	8%	-3.3%	10.8%	8.3%	15.4%	13.6%	15.9%
EBITDA Margin	15.3%	13.5%	11.3%	14.3%	15.1%	4%	16.8%	13.8%	22.2%	17.2%	22.8%
Net Profit Margin	8%	6.2%	4.9%	7.9%	6.4%	-5.2%	8.2%	4.1%	11.9%	8.2%	10.3%
Effective Tax Rate	18.1%	19.1%	11.9%	12.9%	18.9%	-24.4%	10.1%	43.8%	7.2%	36.6%	24.3%
Pre-Tax Profit Margin	9.8%	7.7%	5.6%	9.1%	7.9%	-4.2%	9.2%	7.2%	12.8%	13%	13.6%
Free Cash Flow Margin	6.1%	5.6%	7.9%	7.3%	7.8%	4.5%	8.7%	3.5%	-6.5%	6%	15%
OCF / Sales	9.3%	8.9%	11.4%	10.7%	11.1%	7.7%	12.8%	7.7%	-3.6%	9.4%	18.5%
OCF / Net Income	115.1%	142.8%	233.2%	134.6%	172.3%	-148%	156%	189.9%	-30%	114.5%	179.3%
FCF / OCF	65.8%	63.3%	69.4%	68.1%	70.1%	58.6%	67.9%	45.1%	182.9%	64.2%	81%
FCF / Net Income	75.7%	90.4%	161.8%	91.6%	120.8%	-86.7%	106%	85.6%	-54.9%	73.5%	145.2%
FCF / EBITDA	39.8%	41.6%	70.4%	50.8%	51.7%	112%	51.9%	25.2%	-29.5%	35.2%	65.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
Return on Invested Capital	5.4%	4%	2.4%	3.6%	3.1%	-1.9%	3.9%	1.8%	1.7%	7.9%	1.3%
Return on Assets	4.4%	3.3%	2%	3%	2.6%	-1.6%	3.2%	1.4%	1.2%	5.5%	0.9%
Return on Equity	10.8%	8.1%	5%	7.2%	5.6%	-5%	8.8%	3.9%	3.1%	16.1%	2.3%
Return on Total Capital	17%	11.6%	7.7%	13.7%	11.9%	-5.7%	9.3%	4.2%	3.5%	18.7%	3%
Return on Capital Employed	7.6%	5.8%	3%	4.5%	4.1%	-1.7%	5%	3.3%	1.7%	11.6%	1.6%
Return on Tangible Assets	8.3%	6.7%	4.8%	7.8%	6.1%	-4%	5.4%	2.5%	1.7%	9.8%	1.4%
Receivables Turnover	3.1	3.3	3.2	3.2	3.2	3.5	2.9	2.3	0.6	5	0.6
Days Sales Outstanding	116.7	109.7	115.5	113.4	114	104.5	124.6	159.6	602.3	73.4	658.3
Payables Turnover	5	5.5	5.5	5.7	6	5.8	3.7	2.7	0.6	5.2	0.6
Days Payables Outstanding	72.9	65.9	66.1	63.7	61.2	62.5	99.7	137.3	574.4	70.4	617.9
Inventory Turnover	5.2	5.3	5.1	5.4	5.6	5.2	3.6	2.8	0.7	4.8	0.5
Days Inventory Outstanding	70.6	68.6	71.9	67.6	65.4	70.1	100.9	132.7	541.9	76.7	704.3
Cash Conversion Cycle	114.4	112.3	121.3	117.3	118.2	112.1	125.8	155	569.7	79.7	744.7
Asset Turnover	0.5	0.5	0.4	0.4	0.4	0.4	0.3	0.3	0.1	0.6	0.1
Fixed Asset Turnover	4.8	4.6	4	4	3.8	4	3.8	3.1	0.8	6.2	0.7
Operating Cycle	187.3	178.3	187.4	181	179.3	174.6	225.5	292.3	1,144.1	150.2	1,362.7
CapEx to OCF	0.3	0.4	0.3	0.3	0.3	0.4	0.3	0.5	-0.8	0.4	0.2
CapEx to Revenue	0	0	0	0	0	0	0	0	0	0	0
CapEx to Depreciation	0.6	0.6	0.6	0.6	0.5	0.4	0.7	0.8	0.4	0.9	0.5

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
Total Debt	40,709	42,893	45,239	33,500	33,142	33,339	44,345	45,537	39,943	27,485	27,260
Net Debt	34,743	37,315	38,652	27,280	25,310	24,537	39,408	39,385	26,144	18,500	18,737
Current Ratio	1.1	1	1	1.1	1.2	1.2	1.3	1.1	1.5	1.3	1.3
Quick Ratio	0.7	0.6	0.6	0.7	0.8	0.8	0.4	0.8	1.1	0.9	0.9
Cash Ratio	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0.2	0.5	0.4	0.3
Debt Ratio	0.2	0.3	0.3	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3
Assets to Equity	2.5	2.6	2.6	2.1	2.2	2.2	3.1	3.3	3.3	3.1	3
Cash Flow to Debt Ratio	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	-0	0.2	0
Long-term Debt to Assets	0.2	0.2	0.3	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.2
Intangibles to Total Assets	0.5	0.5	0.6	0.6	0.6	0.6	0.4	0.6	0.4	0.5	0.5
Net Current Asset Value	-47,040	-51,572	-53,654	-43,789	-46,286	-46,614	-36,264	-60,262	-42,629	-34,452	-33,508
Goodwill / Assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.2	0.3	0.3
Debt / Equity	0.6	0.7	0.7	0.5	0.4	0.5	1	1.1	1.2	0.9	0.8
Total Debt / Capitalization	1	1	1	1	1	1	0.9	1	0.9	0.9	0.9
Long Term Debt / Capitalization	0.9	0.9	0.9	0.9	0.9	0.9	0.8	0.9	0.9	0.8	0.8
Long-Term Debt / Equity	0.6	0.7	0.7	0.4	0.4	0.4	0.9	1	1.1	0.8	0.7
Net Debt / EBITDA	2.6	3.4	5	2.8	2.6	10.8	5.2	8.3	13.6	1.8	12.1

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
Revenue per Share	63.5	60.1	48	45.1	42.7	41.7	52.5	42.8	52.3	74.9	46.3
Basic EPS	4.9	3.6	2.2	3.5	2.6	-2.6	4.1	6.6	6.3	5.8	4.9
Diluted EPS	4.9	3.6	2.2	3.5	2.6	-2.6	4.1	6.5	6.2	5.7	4.8
Book Value per Share	47.7	44.8	41.7	48.9	48.4	53.1	48.4	47.5	193.6	37.1	203
Tangible Book Value per Share	-15.6	-19.4	-20.4	-12.1	-13.2	-16.7	-22.3	-44.6	-68	-17.7	-95
Cash per Share	4.4	4.2	4.6	4.2	5.2	6.5	5.7	7.6	83.2	11.2	57.9
Operating Cash Flow per Share	5.9	5.3	5.5	4.8	4.7	3.2	6.7	3.3	-1.9	7	8.6
Free Cash Flow per Share	3.9	3.4	3.8	3.3	3.3	1.9	4.6	1.5	-3.4	4.5	7
CapEx per Share	2	2	1.7	1.5	1.4	1.3	2.2	1.8	1.6	2.5	1.6
Weighted Avg. Shares Outstanding	1,338.7	1,332.1	1,426	1,475.5	1,501.6	1,357.8	854.8	800.4	164	790	145.5
Weighted Avg. Shares Outstanding Diluted	1,353.3	1,343.6	1,435.4	1,485.9	1,508.5	1,357.8	863.9	810.1	165.8	799.1	147.2

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Sep '18	Dec '17	Sep '17
R&D to Revenue	3.3%	3.6%	4.1%	4%	4.2%	4.6%	5.4%	5.4%	—	4.1%	—
SG&A to Revenue	7%	7.2%	8.4%	8.3%	7.8%	9.8%	8.2%	8.3%	9.4%	10.7%	10.7%
Stock-based Comp to Revenue	0.5%	0.5%	0.6%	0.6%	0.7%	0.6%	0.6%	0.5%	1.1%	0.3%	1.4%