RTX Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to common shareowners	4,774)	3,195)	5,197)	3,864)	(3,519)
Noncontrolling interest in subsidiaries’ earnings	239)	185)	111)	248)	224)
Net noncash charges	3,231)	2,988)	1,338)	3,308)	6,818)
Change in operating capital	(1,085)	1,515)	522)	(278)	811)
Net cash flows provided by operating activities	7,159)	7,883)	7,168)	7,142)	4,334)
Capital expenditures	(2,625)	(2,415)	(2,288)	(2,134)	(1,795)
Proceeds from long-term debt	—)	12,914)	1)	4,062)	2,004)
Repayment of long-term debt	(2,500)	(578)	(3)	(4,254)	(16,082)
Proceeds from bridge loan	—)	10,000)	—)	—)	—)
Repayment of bridge loan	—)	(10,000)	—)	—)	—)
Debt extinguishment costs	—)	—)	—)	(649)	—)
Change in commercial paper, net	—)	(524)	518)	(160)	160)
Change in other short-term borrowings, net	(4)	87)	(29)	47)	(2,201)
Free cash flow to equity (FCFE)	2,030)	17,367)	5,367)	4,054)	(13,580)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to RTX Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	RTX Corp. FCFE increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

RTX Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,335,953,770
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,030)
FCFE per share	1.52
Current share price (P)	113.75
Valuation Ratio
P/FCFE	74.86
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Caterpillar Inc.	13.46
Eaton Corp. plc	28.55
GE Aerospace	49.05
Honeywell International Inc.	8.17
Lockheed Martin Corp.	13.38
P/FCFE, Sector
Capital Goods	30.69
P/FCFE, Industry
Industrials	27.66

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

RTX Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,030)	17,367)	5,367)	4,054)	(13,580)
FCFE per share³	1.52	13.09	3.66	2.72	-8.94
Share price^1, 4	129.92	92.24	97.87	95.27	72.49
Valuation Ratio
P/FCFE⁵	85.26	7.05	26.71	35.07	—
Benchmarks
P/FCFE, Competitors⁶
Boeing Co.	—	—	120.43	—	6.78
Caterpillar Inc.	16.33	14.39	24.03	16.36	25.22
Eaton Corp. plc	31.06	33.65	28.68	24.43	25.59
GE Aerospace	53.26	225.15	44.45	—	—
Honeywell International Inc.	8.35	26.10	27.59	46.23	12.59
Lockheed Martin Corp.	13.31	13.13	11.63	14.65	15.57
P/FCFE, Sector
Capital Goods	33.57	20.26	25.94	—	74.91
P/FCFE, Industry
Industrials	30.92	23.85	25.07	—	40.69

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,030,000,000 ÷ 1,332,122,758 = 1.52

⁴ Closing price as at the filing date of RTX Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 129.92 ÷ 1.52 = 85.26

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	RTX Corp. P/FCFE ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

RTX Corp. (NYSE:RTX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical