RTX Corp., current enterprise value calculation

Current share price (P)	$125.11
No. shares of common stock outstanding	1,332,122,758
US$ in millions
Common equity (market value)¹	166,662)
Add: Preferred stock, $1 par value; none issued or outstanding (per books)	—)
Add: Noncontrolling interest (per books)	1,767)
Total equity	168,429)
Add: Short-term borrowings (per books)	183)
Add: Long-term debt currently due (per books)	2,352)
Add: Long-term debt, excluding currently due (per books)	38,726)
Total equity and debt	209,690)
Less: Cash and cash equivalents	5,578)
Enterprise value (EV)	204,112)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 125.11 × 1,332,122,758

RTX Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$129.92	$92.24	$97.87	$95.27	$72.49
No. shares of common stock outstanding¹	1,332,122,758	1,326,826,896	1,464,954,584	1,492,330,987	1,519,478,134
US$ in millions
Common equity (market value)³	173,069)	122,387)	143,375)	142,174)	110,147)
Add: Preferred stock, $1 par value; none issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	1,767)	1,612)	1,546)	1,596)	1,689)
Total equity	174,836)	123,999)	144,921)	143,770)	111,836)
Add: Short-term borrowings (book value)	183)	189)	625)	134)	247)
Add: Long-term debt currently due (book value)	2,352)	1,283)	595)	24)	550)
Add: Long-term debt, excluding currently due (book value)	38,726)	42,355)	30,694)	31,327)	31,026)
Total equity and debt	216,097)	167,826)	176,835)	175,255)	143,659)
Less: Cash and cash equivalents	5,578)	6,587)	6,220)	7,832)	8,802)
Enterprise value (EV)	210,519)	161,239)	170,615)	167,423)	134,857)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 129.92 × 1,332,122,758

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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 decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

RTX Corp. (NYSE:RTX)

Enterprise Value (EV)