RTX Corp., current enterprise value calculation

Current share price (P)	$116.48
No. shares of common stock outstanding	1,331,016,397
US$ in millions
Common equity (market value)¹	155,037)
Add: Preferred stock, $1 par value; none issued or outstanding (per books)	—)
Add: Noncontrolling interest (per books)	1,612)
Total equity	156,649)
Add: Short-term borrowings (per books)	189)
Add: Long-term debt currently due (per books)	1,283)
Add: Long-term debt, excluding currently due (per books)	42,355)
Total equity and debt	200,476)
Less: Cash and cash equivalents	6,587)
Enterprise value (EV)	193,889)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 116.48 × 1,331,016,397

RTX Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$92.24	$97.87	$95.27	$72.49	$156.20
No. shares of common stock outstanding¹	1,326,826,896	1,464,954,584	1,492,330,987	1,519,478,134	865,308,981
US$ in millions
Common equity (market value)³	122,387)	143,375)	142,174)	110,147)	135,161)
Add: Preferred stock, $1 par value; none issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	1,612)	1,546)	1,596)	1,689)	2,457)
Total equity	123,999)	144,921)	143,770)	111,836)	137,618)
Add: Short-term borrowings (book value)	189)	625)	134)	247)	2,364)
Add: Long-term debt currently due (book value)	1,283)	595)	24)	550)	3,496)
Add: Long-term debt, excluding currently due (book value)	42,355)	30,694)	31,327)	31,026)	37,788)
Total equity and debt	167,826)	176,835)	175,255)	143,659)	181,266)
Less: Cash and cash equivalents	6,587)	6,220)	7,832)	8,802)	7,378)
Enterprise value (EV)	161,239)	170,615)	167,423)	134,857)	173,888)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of RTX Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 92.24 × 1,326,826,896

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	RTX Corp. EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

RTX Corp. (NYSE:RTX)

Enterprise Value (EV)