Analysis of Reportable Segments
RTX Corp. operates in 3 segments: Collins Aerospace; Pratt & Whitney; and Raytheon.
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- Common-Size Income Statement
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- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
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- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Segment Profit Margin
RTX Corp., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Collins Aerospace | Collins Aerospace segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Pratt & Whitney | Pratt & Whitney segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Raytheon | Raytheon segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Collins Aerospace
RTX Corp.; Collins Aerospace; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit (loss) | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating profit (loss) ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Collins Aerospace | Collins Aerospace segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Pratt & Whitney
RTX Corp.; Pratt & Whitney; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit (loss) | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating profit (loss) ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Pratt & Whitney | Pratt & Whitney segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: Raytheon
RTX Corp.; Raytheon; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit (loss) | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Operating profit (loss) ÷ Net sales
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Raytheon | Raytheon segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
RTX Corp., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Collins Aerospace | Collins Aerospace segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
| Pratt & Whitney | Pratt & Whitney segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Raytheon | Raytheon segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Collins Aerospace
RTX Corp.; Collins Aerospace; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit (loss) | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating profit (loss) ÷ Total assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Collins Aerospace | Collins Aerospace segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Pratt & Whitney
RTX Corp.; Pratt & Whitney; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit (loss) | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating profit (loss) ÷ Total assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Pratt & Whitney | Pratt & Whitney segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: Raytheon
RTX Corp.; Raytheon; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit (loss) | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Operating profit (loss) ÷ Total assets
= 100 × ÷ =
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Raytheon | Raytheon segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover
RTX Corp., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Collins Aerospace | Collins Aerospace segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Pratt & Whitney | Pratt & Whitney segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Raytheon | Raytheon segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Collins Aerospace
RTX Corp.; Collins Aerospace; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Collins Aerospace | Collins Aerospace segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Pratt & Whitney
RTX Corp.; Pratt & Whitney; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Pratt & Whitney | Pratt & Whitney segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: Raytheon
RTX Corp.; Raytheon; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Raytheon | Raytheon segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
RTX Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Collins Aerospace | Collins Aerospace segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Pratt & Whitney | Pratt & Whitney segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Raytheon | Raytheon segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation: Collins Aerospace
RTX Corp.; Collins Aerospace; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation & amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Collins Aerospace | Collins Aerospace segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Pratt & Whitney
RTX Corp.; Pratt & Whitney; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation & amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Pratt & Whitney | Pratt & Whitney segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Raytheon
RTX Corp.; Raytheon; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation & amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= ÷ =
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Raytheon | Raytheon segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Net sales
RTX Corp., net sales by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Otis | |||||
| Carrier | |||||
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon | |||||
| Total segment |
Based on: 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), 10-K (reporting date: 2019-12-31).
Operating profit (loss)
RTX Corp., operating profit (loss) by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Otis | |||||
| Carrier | |||||
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon | |||||
| Total segment |
Based on: 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), 10-K (reporting date: 2019-12-31).
Total assets
RTX Corp., total assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Otis | |||||
| Carrier | |||||
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon | |||||
| Total segment |
Based on: 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), 10-K (reporting date: 2019-12-31).
Capital expenditures
RTX Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Otis | |||||
| Carrier | |||||
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon | |||||
| Total segment |
Based on: 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), 10-K (reporting date: 2019-12-31).
Depreciation & amortization
RTX Corp., depreciation & amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Otis | |||||
| Carrier | |||||
| Collins Aerospace | |||||
| Pratt & Whitney | |||||
| Raytheon | |||||
| Total segment |
Based on: 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), 10-K (reporting date: 2019-12-31).