RTX RTX

NYSE · Aircraft Engines & Engine Parts · $267.4B

$191.88−3.30%Nov 5 close · Databento

Every report since 2023 →

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RTX Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $191.881D −3.30%3M −14.39%SMA20 $193.49SMA50 $193.90RSI(14) 46.4

191.88

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 46.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

2 stories have a settled next close so far (2 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$267.4B

EV / True FCF40.6x

Revenue$88.6B +9.7%

True FCF (ex-SBC)$7.4B +75.1%

Rule of 4018.7%

ROIC7.5%

True FCF Yield2.8%

EPS, diluted$4.96 +39.7%

Modern Valuation (EOD)

Market Cap$267.4B

Enterprise Value$301.0B

EV / True FCF40.57

EV / FCF37.91

EV / Gross Profit—

EV / EBIT32.37

EV / Sales3.40

P / E (GAAP)39.73

P / FCF33.68

P / Oper. CF25.31

P / Book3.99

Owner & Cash Yields

True FCF Yield2.8%

FCF Yield3.0%

Owner Earn. Yield3.0%

Earnings Yield2.5%

Shareholder Yield+1.2%

Buyback Yield0.0%

Dividend Yield1.39%

Dividend / sh$2.67

Payout Ratio53%

FCF / sh$5.88

EPS (diluted)$4.96

Compounder & Returns

Rule of 4018.7%

ROIC7.5%

Cash ROIC (CROIC)7.9%

GP / Assets—

ROE10.0%

ROA3.9%

Gross Margin—

Oper. Margin10.5%

Net Margin7.6%

FCF Margin9.0%

True FCF Margin8.4%

Quality & Dilution

Cash Conversion118%

Accrual Ratio−2.2%

SBC % of FCF6.5%

SBC % of Rev0.6%

Reinvest. Rate51%

Sales Growth Y/Y+9.7%

Sales 3Y CAGR+9.7%

EPS Growth Y/Y+39.7%

FCF Growth Y/Y+75.1%

FCF 3Y CAGR+17.6%

Share Change Y/Y+1.0%

Balance Sheet & Scale

Revenue (FY)$88.6B

Gross Profit (FY)—

Oper. Income (FY)$9.3B

GAAP Net Income$6.7B

True FCF (ex-SBC)$7.4B

Cash & Equiv$7.5B

Total Debt$41.1B

Net Cash (Debt)$-33.6B

Net Cash % MCap−12.6%

Debt / FCF (yrs)5.2y

Current Ratio1.031.35B sh

Price & Technicals (EOD)

Perf Week−3.77%

Perf Month+6.45%

Perf Quarter−13.97%

Perf Half Y+8.54%

Perf YTD−2.00%

SMA 20 Dist−0.83%$193.49

SMA 50 Dist−1.04%$193.90

SMA 100 Dist−3.79%$199.43

Window High−14.91%$225.49

Window Low+12.09%$171.18

RSI (14) · Vol46.430%v

Income Distribution & Cash Flow ConversionHow every dollar of RTX revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$31.0B ($35.0 / $100)

R&D Reinvestment$2.8B ($3.2 / $100)

SG&A & Other OpEx$45.5B ($51.3 / $100)

Tax & Non-Operating$2.6B ($2.9 / $100)

Net Profit Kept$6.7B ($7.6 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$6.7B (7.6% margin)

Operating Cash Flow (OCF)$10.6B(11.9% of rev)

Less: Capital Expenditures−$2.6B(3.0% of rev)

Standard Free Cash Flow (FCF)$7.9B(9.0% margin)

Less: Stock-Based Comp (SBC)−$519.0M(6.5% of FCF)

True FCF (Owner Cash ex-SBC)$7.4B(8.4% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$64.4B	$67.1B	$68.9B	$80.7B	$88.6B	+9.7%	+8.3%
Cost of Revenue (COGS)	—	—	—	—	$31.0B	—	—
Research & Development (R&D)	$2.7B	$2.7B	$2.8B	$2.9B	$2.8B	−4.3%	+0.7%
Selling, General & Admin (SG&A)	$5.0B	$5.6B	$5.8B	$5.8B	$6.1B	+5.0%	+4.8%
Operating Income (EBIT)	$5.1B	$5.5B	$3.6B	$6.5B	$9.3B	+42.2%	+16.0%
Interest Expense	$1.3B	$1.3B	$1.5B	$1.9B	$1.9B	+0.0%	+8.9%
Income Tax Expense	$964.0M	$790.0M	$456.0M	$1.2B	$1.7B	+40.9%	+14.6%
GAAP Net Income	$3.9B	$5.2B	$3.2B	$4.8B	$6.7B	+41.0%	+14.9%
Diluted EPS	$2.56	$3.50	$2.23	$3.55	$4.96	+39.7%	+18.0%
Diluted Shares	1.51B	1.49B	1.44B	1.34B	1.36B	+1.0%	−2.6%
Balance Sheet
Cash & Equivalents	$7.9B	$6.3B	$6.6B	$5.6B	$7.5B	+33.3%	−1.2%
Inventory	$9.2B	$10.6B	$11.8B	$12.8B	$13.4B	+4.7%	+9.8%
Total Current Assets	$42.0B	$42.4B	$48.4B	$51.1B	$60.3B	+18.0%	+9.4%
Total Assets	$161.4B	$158.9B	$161.9B	$162.9B	$171.1B	+5.0%	+1.5%
Total Current Liabilities	$35.4B	$39.1B	$46.8B	$51.5B	$58.8B	+14.1%	+13.5%
Total Debt (Short + Long Term)	$31.4B	$31.3B	$43.6B	$41.1B	$41.1B	+0.0%	+7.0%
Total Liabilities	$86.7B	$84.7B	$100.4B	$100.9B	$103.9B	+3.0%	+4.6%
Stockholders' Equity	$74.7B	$74.2B	$61.4B	$61.9B	$67.1B	+8.4%	−2.6%
Net Cash / (Net Debt)	$-23.5B	$-25.0B	$-37.0B	$-35.5B	$-33.6B	+5.3%	—
Invested Capital	$98.2B	$99.2B	$98.4B	$97.4B	$100.7B	+3.4%	+0.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$7.1B	$7.2B	$7.9B	$7.2B	$10.6B	+47.6%	+10.3%
Depreciation & Amortization (D&A)	$4.6B	$4.1B	$4.2B	$4.4B	$4.4B	+0.3%	−1.0%
Stock-Based Compensation (SBC)	$442.0M	$420.0M	$425.0M	$437.0M	$519.0M	+18.8%	+4.1%
Capital Expenditures (CapEx)	$2.1B	$2.3B	$2.4B	$2.6B	$2.6B	+0.1%	+5.3%
Free Cash Flow (FCF)	$5.0B	$4.9B	$5.5B	$4.5B	$7.9B	+75.1%	+12.2%
True FCF (ex-SBC Owner Cash)	$4.6B	$4.5B	$5.0B	$4.1B	$7.4B	+81.1%	+12.9%
Share Repurchases (Buybacks)	$2.3B	$2.8B	$12.9B	$444.0M	$50.0M	−88.7%	−61.7%
Dividends Paid	$3.0B	$3.1B	$3.2B	$3.2B	$3.6B	+11.1%	+4.9%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what RTX did at the next close after each story

Oct 8

Raytheon wins up to $6.3 billion SM-3 interceptor contract

PR Newswire · 5:14 PM ET

+0.90%

Oct 1

Raytheon wins up to $24.4 billion SM-6 missile contract for five years

PR Newswire · 5:20 PM ET

−0.18%

Aug 8

Pentagon asks defense contractors LMT, RTX, GD to accelerate weapons production

Investing.com · 8:38 PM ET

—

What happened · big days

25 big days in a year, and what we hold on each

A big day is a close more than 2.66% from the one before, three times RTX’s median day (0.89%). On 13 of the 25, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.66%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayRTXWhat we hold that dayGroup (median of 4) · each

1 Dec 1, 2025−3.94%
Before our storiesgroup −1.6%, did not move with it
1Dec 1, 2025−3.94%
Before our stories
−1.6% did not move with itSARO −3.8 · HEI −2.3 · HON −1.0 · TATT +1.5
2 Jan 12, 2026+2.84%
Before our storiesgroup +2.1%, moved with RTX
2Jan 12, 2026+2.84%
Before our stories
+2.1% moved with RTXSARO +3.6 · TATT +3.2 · HEI +0.9 · HON +0.6
3 Jan 20, 2026−2.75%
Before our storiesgroup −1.7%, moved with RTX
3Jan 20, 2026−2.75%
Before our stories
−1.7% moved with RTXHEI −2.3 · HON −2.0 · SARO −1.4 · TATT −0.2
4 Jan 27, 2026+3.68%
Resultsgroup +1.0%, did not move with it
4Jan 27, 2026+3.68%
ResultsFirst close after the Jan 27 results filing
+1.0% did not move with itTATT +2.5 · SARO +1.2 · HEI +0.7 · HON −0.1
5 Feb 4, 2026−3.32%
Before our storiesgroup −2.3%, moved with RTX
5Feb 4, 2026−3.32%
Before our stories
−2.3% moved with RTXHEI −2.9 · TATT −2.5 · SARO −2.1 · HON +1.9
6 Mar 2, 2026+4.71%
Before our storiesgroup +2.0%, did not move with it
6Mar 2, 2026+4.71%
Before our stories
+2.0% did not move with itHEI +3.1 · TATT +2.2 · HON +1.8 · SARO −0.2
7 Mar 3, 2026−2.66%
Before our storiesgroup −1.2%, did not move with it
7Mar 3, 2026−2.66%
Before our stories
−1.2% did not move with itSARO −3.3 · HON −1.7 · HEI −0.8 · TATT −0.7
8 Mar 6, 2026+2.89%
Before our storiesgroup −1.4%, did not move with it
8Mar 6, 2026+2.89%
Before our stories
−1.4% did not move with itHEI −1.2 · HON −1.3 · SARO −1.5 · TATT −2.0
9 Mar 31, 2026+3.07%
Before our storiesgroup +2.9%, moved with RTX
9Mar 31, 2026+3.07%
Before our stories
+2.9% moved with RTXTATT +6.9 · HEI +3.5 · SARO +2.4 · HON +1.1
10 Apr 8, 2026+2.81%
Before our storiesgroup +4.3%, moved with RTX
10Apr 8, 2026+2.81%
Before our stories
+4.3% moved with RTXHEI +6.5 · SARO +4.7 · HON +3.9 · TATT +2.9
11 Apr 21, 2026−4.40%
Resultsgroup −4.8%, moved with RTX
11Apr 21, 2026−4.40%
ResultsFirst close after the Apr 21 results filing
−4.8% moved with RTXSARO −6.3 · HEI −5.5 · TATT −4.2 · HON −3.3
12 Apr 22, 2026−3.34%
Before our storiesgroup −1.9%, moved with RTX
12Apr 22, 2026−3.34%
Before our stories
−1.9% moved with RTXSARO −3.0 · HEI −2.7 · HON −1.0 · TATT +3.6
13 Apr 24, 2026−2.81%
Before our storiesgroup −1.1%, did not move with it
13Apr 24, 2026−2.81%
Before our stories
−1.1% did not move with itTATT −7.1 · HEI −1.8 · HON −0.6 · SARO +0.8
14 May 18, 2026+2.79%
Before our storiesgroup +1.8%, moved with RTX
14May 18, 2026+2.79%
Before our stories
+1.8% moved with RTXSARO +1.9 · HON +1.9 · HEI +1.6 · TATT +1.1
15 Jun 1, 2026−2.92%
Before our storiesgroup −3.2%, moved with RTX
15Jun 1, 2026−2.92%
Before our stories
−3.2% moved with RTXSARO −4.5 · HEI −4.3 · TATT −2.1 · HON −0.6
16 Jun 4, 2026+3.98%
Before our storiesgroup +1.9%, did not move with it
16Jun 4, 2026+3.98%
Before our stories
+1.9% did not move with itTATT +7.3 · SARO +2.6 · HEI +1.2 · HON −2.5
17 Jun 11, 2026+3.83%
Nothing on RTXgroup +6.1%, moved with RTX
17Jun 11, 2026+3.83%
Nothing on RTXNo RTX story, brief or results filing in our record that day
+6.1% moved with RTXTATT +7.3 · HON +6.4 · HEI +5.7 · SARO +4.8
18 Jun 17, 2026+3.11%
Nothing on RTXgroup +0.9%, did not move with it
18Jun 17, 2026+3.11%
Nothing on RTXNo RTX story, brief or results filing in our record that day
+0.9% did not move with itTATT +5.0 · SARO +1.2 · HEI +0.5 · HON −0.4
19 Jun 18, 2026−3.62%
Nothing on RTXgroup +1.2%, did not move with it
19Jun 18, 2026−3.62%
Nothing on RTXNo RTX story, brief or results filing in our record that day
+1.2% did not move with itHEI −0.1 · HON +0.2 · SARO +2.2 · TATT +3.6
20 Jul 2, 2026+3.90%
Nothing on RTXgroup +0.5%, did not move with it
20Jul 2, 2026+3.90%
Nothing on RTXNo RTX story, brief or results filing in our record that day
+0.5% did not move with itHON +3.7 · HEI +0.7 · SARO +0.4 · TATT −1.1
21 Jul 8, 2026−2.96%
Nothing on RTXgroup −3.7%, moved with RTX
21Jul 8, 2026−2.96%
Nothing on RTXNo RTX story, brief or results filing in our record that day
−3.7% moved with RTXSARO −6.3 · TATT −4.5 · HEI −2.9 · HON −2.1
22 Jul 23, 2026+7.33%
Resultsgroup +2.1%, did not move with it
22Jul 23, 2026+7.33%
ResultsFirst close after the Jul 23 results filing
+2.1% did not move with itHON +5.7 · SARO +2.5 · TATT +1.7 · HEI +1.6
23 Aug 20, 2026−3.66%
Nothing on RTXgroup −4.0%, moved with RTX
23Aug 20, 2026−3.66%
Nothing on RTXNo RTX story, brief or results filing in our record that day
−4.0% moved with RTXTATT −6.0 · SARO −4.4 · HEI −3.5 · HON −1.5
24 Oct 16, 2026+3.73%
Nothing on RTXgroup +1.0%, did not move with it
24Oct 16, 2026+3.73%
Nothing on RTXNo RTX story, brief or results filing in our record that day
+1.0% did not move with itTATT +2.0 · SARO +1.5 · HON +0.4 · HEI +0.4
25 Oct 26, 2026+3.39%
Nothing on RTXgroup +3.1%, moved with RTX
25Oct 26, 2026+3.39%
Nothing on RTXNo RTX story, brief or results filing in our record that day
+3.1% moved with RTXHEI +4.2 · TATT +3.3 · SARO +3.0 · HON −0.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of HON, HEI, SARO and TATT that day, the largest companies in RTX’s SEC industry; “moved with RTX” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). RTX reports before the open, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 27, 2026

day 1+3.68%day 6+4.83%

Reported Apr 21, 2026

day 1−4.40%day 6−10.27%

Reported Jul 23, 2026

day 1+7.33%day 6+10.01%

Reported Oct 20, 2026

day 1+0.64%day 6+1.30%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 20 report: +3.29%. Four reports is a small sample.

Every report since 2023 →

Each line is RTX’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

RTX against four same-industry peers, a year at 100

RTX is up 12.1% in a year. All four did less: Honeywell (+11.2%), Heico (+1.3%), StandardAero (−5.7%) and Tat Technologies (−7.7%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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RTX +12.1%. Honeywell +11.2%, Heico +1.3%, StandardAero −5.7%, Tat Technologies −7.7%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in RTX’s SEC industry (Aircraft Engines & Engine Parts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

HON	Honeywell	$72.4B	−5.55%
HEI	Heico	$47.5B	−3.06%
SARO	StandardAero	$8.5B	−1.59%
TATT	Tat Technologies	$494M	−5.67%
SIF	Sifco Industries	$118M	−10.93%