Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
RTX Corp. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to RTX Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
RTX Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of the long-term activity ratios indicates a consistent improvement in asset utilization and operational efficiency over the period from March 2022 through March 2026. There is a general upward trend across all measured turnover metrics, suggesting an increased ability to generate revenue from the company's investment base.
- Net Fixed Asset Turnover
- A steady increase is observed in fixed asset efficiency. The ratio moved from 4.37 in March 2022 to 5.37 by March 2026. While the ratio remained relatively stable between 4.37 and 4.61 through June 2024, a notable acceleration occurred starting in September 2024, with values consistently exceeding 5.00 in the final six quarters. This pattern is mirrored in the ratio including operating lease right-of-use assets, which rose from 3.87 to 4.85 over the same period, maintaining a consistent delta relative to the standard fixed asset turnover.
- Total Asset Turnover
- The total asset turnover ratio demonstrates a gradual and sustained upward trajectory. Starting at 0.41 in March 2022, the ratio climbed incrementally to reach 0.53 by March 2026. The most significant period of growth occurred between September 2024 and December 2024, marking a shift toward more efficient deployment of the entire asset base to drive top-line results.
- Equity Turnover
- The most pronounced change is evident in the equity turnover ratio. From March 2022 to September 2023, the ratio fluctuated between 0.89 and 0.97. However, a sharp increase occurred in December 2023, where the ratio rose to 1.15. Following this inflection point, the ratio continued to expand, stabilizing between 1.33 and 1.36 throughout 2025 and early 2026, indicating a substantial increase in revenue generation relative to shareholders' equity.
Overall, the synchronization of these trends suggests a systemic improvement in investment productivity. The simultaneous rise in fixed asset, total asset, and equity turnover ratios indicates that the company has successfully scaled its revenue growth at a rate that exceeds the growth of its asset and equity bases.
Net Fixed Asset Turnover
RTX Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Fixed assets, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Fixed assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a consistent upward trajectory over the analyzed period, increasing from 4.37 in March 2022 to 5.37 by March 2026. This progression indicates a steady improvement in the efficiency with which the organization utilizes its fixed assets to generate revenue.
- Net Fixed Asset Turnover Trend
- The ratio remained relatively stable between 4.37 and 4.61 throughout 2022 and early 2023. A temporary decline to 4.37 occurred in September 2023, coinciding with a significant contraction in net sales. However, a period of accelerated efficiency gains began in mid-2024, with the ratio breaking the 5.00 threshold in September 2024 and maintaining an upward slope through the first quarter of 2026.
- Revenue and Asset Correlation
- The growth in the turnover ratio is driven by net sales increasing at a significantly faster rate than the investment in fixed assets. While net sales grew from 15,716 million in March 2022 to 22,076 million in March 2026, net fixed assets experienced a more moderate and linear increase from 14,837 million to 16,842 million. This divergence suggests that the organization successfully scaled its revenue streams without requiring a proportional increase in physical infrastructure.
- Operational Efficiency Insights
- The sustained increase in the ratio from 4.61 in June 2024 to 5.37 in March 2026 reflects optimized asset utilization. The data indicates that for every dollar invested in net fixed assets, the company generated progressively more sales over time, suggesting improved capacity utilization or higher-margin production efficiency.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
RTX Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Fixed assets, net | |||||||||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||||||||
| Fixed assets, net (including operating lease, right-of-use asset) | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Fixed assets, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of the long-term investment activity indicates a consistent improvement in asset utilization efficiency over the observed period. The net fixed asset turnover ratio demonstrates a steady upward trajectory, reflecting an increasing ability to generate revenue from the company's investment in fixed assets, including right-of-use assets.
- Revenue Performance
- Net sales exhibited significant overall growth, rising from 15,716 million USD in March 2022 to a peak of 24,238 million USD by December 2025. Despite a notable temporary contraction in September 2023, where sales dropped to 13,464 million USD, the general trend remained positive and showed strong recovery and expansion in subsequent quarters.
- Fixed Asset Investment
- The value of net fixed assets, inclusive of operating lease right-of-use assets, increased gradually from 16,748 million USD in March 2022 to 18,615 million USD by March 2026. The growth of the asset base remained measured and stable, expanding at a slower pace than the growth in net sales.
- Net Fixed Asset Turnover Efficiency
- The turnover ratio improved from 3.87 in March 2022 to 4.85 by March 2026. This upward trend signifies that for every dollar invested in net fixed assets, the company generated progressively more revenue. The acceleration in the ratio is particularly evident from June 2024 onward, where the ratio climbed from 4.17 to 4.85, indicating optimized operating leverage and higher productivity of the long-term asset base.
The divergence between the rapid growth in net sales and the moderate increase in fixed assets suggests that the company is successfully scaling its operations without requiring proportional increases in capital expenditures. This resulted in a sustained increase in the net fixed asset turnover ratio, peaking at the end of the analyzed period.
Total Asset Turnover
RTX Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of the total asset turnover reveals a consistent upward trajectory over the observed period, indicating a steady improvement in the efficiency with which the asset base is utilized to generate revenue.
- Net Sales Performance
- Net sales exhibited a general growth trend, rising from 15,716 million USD in March 2022 to 22,076 million USD by March 2026. While a significant contraction was noted in September 2023, where sales fell to 13,464 million USD, the subsequent quarters showed a robust recovery and sustained expansion, peaking at 24,238 million USD in December 2025.
- Total Asset Stability
- The total asset base remained relatively stable throughout the period, increasing gradually from 159,366 million USD in March 2022 to 170,431 million USD by March 2026. The moderate growth in assets relative to the more aggressive growth in sales suggests that the organization successfully scaled its operations without requiring a proportional increase in capital investment.
- Total Asset Turnover Ratio Trends
- The total asset turnover ratio improved from 0.41 in March 2022 to 0.53 by March 2026. This positive trend reflects an increase in operational productivity, as the company generated more sales per dollar of assets held. The ratio remained resilient despite the volatility in sales observed in late 2023, ultimately achieving a sustained climb from 0.41 to 0.53 over the four-year span.
Equity Turnover
RTX Corp., equity turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Shareowners’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Shareowners’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a significant improvement in asset efficiency over the observed period. A positive correlation is observed between rising net sales and a strategic reduction in shareowners' equity, resulting in a sustained increase in the equity turnover ratio.
- Net Sales Performance
- A general upward trajectory in net sales is evident, progressing from 15,716 million US$ in March 2022 to 22,076 million US$ by March 2026. While a notable contraction occurred in September 2023, where sales dropped to 13,464 million US$, the recovery was immediate and robust, with subsequent quarters showing consistent growth and peaking at 24,238 million US$ in December 2025.
- Shareowners' Equity Trends
- The equity base experienced a period of volatility and general contraction. After maintaining a level above 70,000 million US$ through most of 2022 and early 2023, a downward trend emerged, reaching a minimum of 58,985 million US$ in June 2024. A gradual recovery followed, with equity rising to 66,280 million US$ by March 2026, though remaining below the initial 2022 levels.
- Equity Turnover Efficiency
- The equity turnover ratio demonstrates a clear and steady improvement, rising from 0.89 in March 2022 to 1.36 by March 2026. A critical inflection point occurred between June 2023 (0.97) and December 2023 (1.15), where the ratio transitioned above the 1.0 threshold. This indicates that the organization is generating significantly more revenue for every dollar of equity invested, reflecting enhanced capital efficiency and a leaner equity structure relative to sales volume.