Stock Analysis on Net
Stock Analysis on Net

RTX Corp. (NYSE:RTX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

RTX Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.50 0.43 0.42 0.40 0.35
Adjusted 0.49 0.42 0.42 0.40 0.35
Liquidity Ratio
Current Ratio
Reported 0.99 1.04 1.09 1.19 1.21
Adjusted 1.00 1.04 1.10 1.20 1.23
Solvency Ratios
Debt to Equity
Reported 0.69 0.73 0.44 0.43 0.44
Adjusted 0.66 0.70 0.43 0.42 0.43
Debt to Capital
Reported 0.41 0.42 0.31 0.30 0.31
Adjusted 0.40 0.41 0.30 0.30 0.30
Financial Leverage
Reported 2.71 2.71 2.19 2.21 2.25
Adjusted 2.51 2.50 2.04 2.02 2.06
Profitability Ratios
Net Profit Margin
Reported 5.91% 4.64% 7.75% 6.00% -6.22%
Adjusted 4.46% 3.54% 5.27% 9.02% -0.34%
Return on Equity (ROE)
Reported 7.94% 5.34% 7.16% 5.29% -4.88%
Adjusted 5.53% 3.77% 4.52% 7.24% -0.25%
Return on Assets (ROA)
Reported 2.93% 1.97% 3.27% 2.39% -2.17%
Adjusted 2.21% 1.51% 2.22% 3.59% -0.12%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. RTX Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. RTX Corp. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. RTX Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. RTX Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 RTX Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. RTX Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. RTX Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. RTX Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

RTX Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 80,738 68,920 67,074 64,388 56,587
Total assets 162,861 161,869 158,864 161,404 162,153
Activity Ratio
Total asset turnover1 0.50 0.43 0.42 0.40 0.35
Adjusted
Selected Financial Data (US$ in millions)
Net sales 80,738 68,920 67,074 64,388 56,587
Adjusted total assets2 163,150 162,185 159,316 161,879 162,699
Activity Ratio
Adjusted total asset turnover3 0.49 0.42 0.42 0.40 0.35

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 80,738 ÷ 162,861 = 0.50

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 80,738 ÷ 163,150 = 0.49

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. RTX Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 51,133 48,417 42,443 42,050 43,376
Current liabilities 51,499 46,761 39,114 35,449 35,848
Liquidity Ratio
Current ratio1 0.99 1.04 1.09 1.19 1.21
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 51,422 48,733 42,895 42,525 43,922
Current liabilities 51,499 46,761 39,114 35,449 35,848
Liquidity Ratio
Adjusted current ratio3 1.00 1.04 1.10 1.20 1.23

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 51,133 ÷ 51,499 = 0.99

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 51,422 ÷ 51,499 = 1.00

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. RTX Corp. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 41,261 43,827 31,914 31,485 31,823
Shareowners’ equity 60,156 59,798 72,632 73,068 72,163
Solvency Ratio
Debt to equity1 0.69 0.73 0.44 0.43 0.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 43,260 45,587 33,856 33,553 33,821
Adjusted total equity3 65,099 64,776 78,245 80,184 78,923
Solvency Ratio
Adjusted debt to equity4 0.66 0.70 0.43 0.42 0.43

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Shareowners’ equity
= 41,261 ÷ 60,156 = 0.69

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 43,260 ÷ 65,099 = 0.66

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. RTX Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 41,261 43,827 31,914 31,485 31,823
Total capital 101,417 103,625 104,546 104,553 103,986
Solvency Ratio
Debt to capital1 0.41 0.42 0.31 0.30 0.31
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 43,260 45,587 33,856 33,553 33,821
Adjusted total capital3 108,359 110,363 112,101 113,737 112,744
Solvency Ratio
Adjusted debt to capital4 0.40 0.41 0.30 0.30 0.30

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 41,261 ÷ 101,417 = 0.41

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 43,260 ÷ 108,359 = 0.40

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. RTX Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 162,861 161,869 158,864 161,404 162,153
Shareowners’ equity 60,156 59,798 72,632 73,068 72,163
Solvency Ratio
Financial leverage1 2.71 2.71 2.19 2.21 2.25
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 163,150 162,185 159,316 161,879 162,699
Adjusted total equity3 65,099 64,776 78,245 80,184 78,923
Solvency Ratio
Adjusted financial leverage4 2.51 2.50 2.04 2.02 2.06

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Shareowners’ equity
= 162,861 ÷ 60,156 = 2.71

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 163,150 ÷ 65,099 = 2.51

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 RTX Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common shareowners 4,774 3,195 5,197 3,864 (3,519)
Net sales 80,738 68,920 67,074 64,388 56,587
Profitability Ratio
Net profit margin1 5.91% 4.64% 7.75% 6.00% -6.22%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,603 2,441 3,538 5,805 (195)
Net sales 80,738 68,920 67,074 64,388 56,587
Profitability Ratio
Adjusted net profit margin3 4.46% 3.54% 5.27% 9.02% -0.34%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Net profit margin = 100 × Net income (loss) attributable to common shareowners ÷ Net sales
= 100 × 4,774 ÷ 80,738 = 5.91%

2 Adjusted net income (loss). See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net sales
= 100 × 3,603 ÷ 80,738 = 4.46%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. RTX Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common shareowners 4,774 3,195 5,197 3,864 (3,519)
Shareowners’ equity 60,156 59,798 72,632 73,068 72,163
Profitability Ratio
ROE1 7.94% 5.34% 7.16% 5.29% -4.88%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,603 2,441 3,538 5,805 (195)
Adjusted total equity3 65,099 64,776 78,245 80,184 78,923
Profitability Ratio
Adjusted ROE4 5.53% 3.77% 4.52% 7.24% -0.25%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROE = 100 × Net income (loss) attributable to common shareowners ÷ Shareowners’ equity
= 100 × 4,774 ÷ 60,156 = 7.94%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 3,603 ÷ 65,099 = 5.53%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. RTX Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common shareowners 4,774 3,195 5,197 3,864 (3,519)
Total assets 162,861 161,869 158,864 161,404 162,153
Profitability Ratio
ROA1 2.93% 1.97% 3.27% 2.39% -2.17%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,603 2,441 3,538 5,805 (195)
Adjusted total assets3 163,150 162,185 159,316 161,879 162,699
Profitability Ratio
Adjusted ROA4 2.21% 1.51% 2.22% 3.59% -0.12%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROA = 100 × Net income (loss) attributable to common shareowners ÷ Total assets
= 100 × 4,774 ÷ 162,861 = 2.93%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 3,603 ÷ 163,150 = 2.21%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. RTX Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.