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Research · S&P 500 · Industrials
RTX · RTX Corporation
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
37/60
moderate value scoreEarnings & returns
EPS Trend
4/5Diluted EPS: $3.50 (2022), $2.23 (2023), $3.55 (2024), $4.96 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
2/5ROE (net income / common equity): 7.2% (2022), 5.3% (2023), 7.9% (2024), 10.3% (2025). Median 7.5%, lowest 5.3%; the framework scores a median 5-10% as 2.
ROIC
2/5ROIC of 8.3%: operating income of $9.30B divided by $112.30B of capital (total assets $171.08B minus current liabilities $58.78B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
3/5Net margin of 8.3%; the framework scores 5-10% as 3; gross margin 20.3%, operating margin 12.7%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.57; the framework scores 0.3-0.8 as 4 (total debt $38.86B, total cash $8.30B).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $4.39B (2022), $4.72B (2023), $3.92B (2024), $7.45B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
4/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $52.27B (2022), $52.15B (2023), $53.59B (2024), $56.72B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Valuation models
Graham IV
4/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.68 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $269.36 (EPS CAGR 49.1% capped at 20%). Current price $193.92; price is 28.0% below the model value.
DCF Value
2/5FCF/share = $7.331, stage 1 growth = 13.4% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $40.20, PV of terminal value = $125.60, DCF value = $165.79. Current price $193.92; price is 17.0% above the model value.
Margin of Safety
3/5Graham value $269.36 (price is 28.0% below the model value); DCF value $165.79 (price is 17.0% above the model value).
Price-to-Book
2/5P/B of 3.94; the framework scores 3.0-5.0 as 2.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest -1.5%, highest 12.1%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 6, 2026
All of our businesses are subject to significant competition. Our businesses compete on a variety of factors such as price, delivery schedule, past performance, reliability, customer service, innovation, and technology. Many of our competitors have substantial financial resources and significant technological capabilities. Further, some non-U.S. competitors receive government research and development assistance, marketing subsidies, and other assistance for their products beyond the assistance that may be available to us as a U.S. company. Our aerospace businesses compete with numerous U.S. and foreign businesses that obtain regulatory agency approval to manufacture products and spare parts. Customer selections of aircraft engines, components, and systems can also have a significant impact on future sales of parts and services. In addition, customers (including the U.S. government and other governments) may purchase parts from suppliers other than the original equipment manufacturer, which affects spare parts sales. Some competitors may offer substantial discounts and other financial incentives, performance and operating cost guarantees, and participation in financing arrangements in an effort to compete for the aftermarket associated with these products. Our defense businesses compete with numerous U.S. and foreign companies in most defense and government electronics, space, effectors, communications, command and control, technical services and support, and other segments.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $29.32B paid out against $20.48B of free cash flow (fail: paid out more than free cash flow); total debt $33.50B to $39.51B, up 17.9%, 2.6x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 1.47B to 1.34B, down 8.5% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $5.68, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 49.1%)
IV = $269.36
Current price $193.92 vs Graham value $269.36 — price is 28.0% below the model value.
DCF:
FCF/share = $7.331
Stage 1 growth = 13.4% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $8.313 → PV $7.557
Y2: $9.427 → PV $7.791
Y3: $10.690 → PV $8.032
Y4: $12.123 → PV $8.280
Y5: $13.747 → PV $8.536
Stage 1 PV sum = $40.20
Terminal value at end of Y5 = $202.28
PV of terminal value = $125.60
DCF value = $165.79
Current price $193.92 vs DCF value $165.79 — price is 17.0% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $193.92. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.