RTXRTX Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (1.4×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 11% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is RTX?
RTX Corporation earns 9.2% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.23 points above what the capital costs: growth creates value
- Operating margin
- 12%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q3 2026
- Cash conversion
- 1.35×
Cash conversion · 1.10× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.71%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −3.3% |
| FY2021 | 8.0% |
| FY2022 | 8.2% |
| FY2023 | 5.2% |
| FY2024 | 8.1% |
| FY2025 | 11% |
Details›
- Operating margin12 months to Q3 2026
- 12%
- Net margin12 months to Q3 2026
- 8.8%
- Free cash flow margin
- 9.9%
- R&D as % of revenue
- 3.0%
- Revenue, trailing twelve months
- $96.0B
- Free cash flow, trailing twelve months
- $9.50B
- Net income, trailing twelve months
- $8.40B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from RTX and who it buys from, as the companies report it.
- U.S. government45%
Share of revenue · FY2025 10-K
- Airbus14%
Share of revenue · FY2025 10-K
- BABoeing
Named in RTX’s FY2025 10-K
- DCODucommun Incorporated18%
RTX is 18% of its revenue · FY2025 10-K
- MRCYMercury Systems, Inc.15%
RTX is 15% of its revenue · FY2026 10-K
- HWMHowmet Aerospace11%
RTX is 11% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; RTX’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported. A link without a share is named in one of the two companies’ annual reports, without a figure.
Aerospace & Defense
The closest names by size in the same industry