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RTX Corp RTX

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Stock XNYS Rating as of
$113.95 +0.48 (0.42%)
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Company Report

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RTX Earnings: Powdered Metal Dust Settling, Other Liabilities Written Off; Valuation Up $2 to $117

Nicolas Owens

RTX announced second-quarter 2024 results mostly close to our expectations, though revenue at Pratt & Whitney again outpaced our forecast because the firm accelerated deliveries of new GTF engines in the quarter. The company also reported good progress resolving fallout from its powdered-metal-related recall of GTF engines, though the maintenance plan won't conclude for a few more years, and it is writing off some legal liabilities and a problematic development contract that predate the mega-merger that formed the company. While we revised our full-year forecast for Pratt & Whitney revenue upward, our profit expectations haven't moved much, so our fair value estimate has increased to $117 from $115 primarily due to the time value of money.

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Price vs Fair Value

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RTX is trading at a 619% premium.
Price
$113.95
Fair Value
$399.00
Uncertainty
Medium
1-Star Price
$547.41
5-Star Price
$89.20
Economic Moat
Yxkzf
Capital Allocation
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Bulls Say, Bears Say

Bulls

Pratt & Whitney’s placement on the A320 family and A220 aircraft should substantially increase the company’s installed base of engines in coming years, unlocking decades of high-margin servicing revenue.

Bears

One of the driving factors behind the breakup of United Technologies was to create more-focused businesses. While the combined RTX is more focused on aerospace and defense, it is still large and difficult to manage.

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Trading Information

Previous Close Price
$113.47
Day Range
$113.50–115.23
52-Week Range
$68.56–115.82
Bid/Ask
$113.50 / $114.16
Market Cap
$151.50 Bil
Volume/Avg
7.5 Mil / 6.5 Mil

Key Statistics

Price/Earnings (Normalized)
21.45
Price/Sales
2.15
Dividend Yield (Trailing)
2.12%
Dividend Yield (Forward)
2.22%
Total Yield
9.90%

Company Profile

RTX is an aerospace and defense manufacturer formed from the merger of United Technologies and Raytheon, with roughly equal exposure as a supplier to commercial aerospace and to the defense market. The company operates in three segments: Collins Aerospace, a diversified aerospace supplier; Pratt & Whitney, a commercial and military aircraft engine manufacturer; and Raytheon, a defense prime contractor providing a mix of missiles, missile defense systems, sensors, hardware, and communications technology to the military.
Sector
Industrials
Industry
Aerospace & Defense
Stock Style Box
Large Value
Total Number of Employees
185,000
Website
https://www.rtx.com

Competitors

Valuation

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Metric
RTX
HON
GE
Price/Earnings (Normalized)
 21.4520.7642.55
Price/Book Value
 2.567.769.60
Price/Sales
 2.153.583.31
Price/Cash Flow
 26.5021.7131.48
Price/Earnings
RTX
HON
GE

Financial Strength

Metric
RTX
HON
GE
Quick Ratio
 0.600.830.81
Current Ratio
 0.991.211.14
Interest Coverage
 2.408.905.50
Quick Ratio
RTX
HON
GE

Profitability

Metric
RTX
HON
GE
Return on Assets (Normalized)
 4.49%9.35%0.27%
Return on Equity (Normalized)
 11.30%35.72%1.53%
Return on Invested Capital (Normalized)
 8.26%15.70%1.30%
Return on Assets
RTX
HON
GE
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