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.
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
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- Price to Sales (P/S) since 2005
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Long-term Activity Ratios (Summary)
RTX Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the financial ratios over the reported periods reveals several noteworthy trends. The net fixed asset turnover ratio demonstrates a consistent upward trajectory, indicating progressively more efficient use of fixed assets to generate sales. Starting from a value of 3.78 in March 2020, this ratio steadily increased, reaching 5.16 by the end of 2025, with only minor fluctuations. This suggests improved asset utilization and potentially enhanced operational efficiency in fixed asset management over time.
When considering the net fixed asset turnover including operating lease and right-of-use assets, the trend is similarly positive but starts from a slightly lower baseline. The ratio increased from 3.36 in March 2020 to 4.63 by the end of 2025. The figures, while slightly below the standard net fixed asset turnover, still illustrate ongoing improvement in asset utilization when lease-related assets are factored in.
The total asset turnover ratio shows gradual enhancement as well, implying better overall asset management and revenue generation relative to total assets. Beginning at 0.35 in March 2020, this ratio rose consistently and reached 0.50 by June 2025. The upward movement, though moderate, signals increasing efficiency in turning the company's asset base into sales throughout the observed duration.
Equity turnover reveals a marked upward trend, suggesting that shareholder equity is being converted into revenues more effectively over time. From an initial ratio of 0.78 in March 2020, the measure rose steadily to reach approximately 1.34 by mid-2025. Notably, there is a visible acceleration in this ratio beginning around early 2023, which may reflect strategic changes in capital structure or enhanced equity utilization contributing to revenue growth.
Overall, the trends in asset and equity turnover ratios indicate ongoing improvements in operational efficiency and asset management. The continuous increase across these key ratios points to a strengthening ability of the enterprise to utilize its assets and equity base more effectively to generate sales, which is a positive indicator of operational performance over the reported periods.
Net Fixed Asset Turnover
RTX Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Fixed assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Over the observed periods, net sales display noticeable fluctuations accompanied by a general upward trend. Beginning at 11,360 million USD in March 2020, sales increase steadily to peak values above 21,000 million USD in mid-2025. The growth is marked by some intermittent dips, such as in September 2023 where a decline to 13,464 million USD is observed, followed by a swift recovery. Despite these fluctuations, the broader trend signals expansion in revenue over the five-year horizon.
- Fixed Assets, Net
- The net fixed assets maintain a relatively stable level, starting at approximately 12,484 million USD in early 2020 and gradually increasing to a range between 16,000 and 16,200 million USD by mid-2025. While short-term variations occur, the data suggests a slow but steady investment in fixed assets over the period, indicating potential capacity augmentation or modernization efforts. The increases are moderate and consistent, without significant volatility.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a clear upward trajectory throughout the periods where data is available, growing from around 3.78 to over 5.16 by the end of 2025. This increase implies improved efficiency in utilizing fixed assets to generate sales. Higher turnover ratios reflect stronger performance in asset management, with the company generating more revenue per unit of fixed asset value as time progresses. The trend also indicates enhanced operational effectiveness or more optimal asset deployment.
- Comprehensive Summary
- Analysis of the financial indicators reveals expanding revenue alongside a moderate increase in fixed asset base. The accelerating net fixed asset turnover confirms enhanced asset utilization efficiency. Although some periodic declines in net sales are evident, the overall pattern points to growth and improved operational productivity. The combination of rising sales and optimized asset use suggests strengthening financial health and potentially effective strategic asset management over the examined intervals.
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)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Fixed assets, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data over the observed periods reveals several notable trends in the company's operational and asset efficiency metrics.
- Net Sales
- Net sales demonstrate a general upward trend across the quarterly data from March 31, 2020, through June 30, 2025. Beginning at 11,360 million USD, net sales increase significantly through 2021 and 2022, peaking around 20,623 million USD in June 30, 2025. Despite some fluctuations, including a notable decline in the third quarter of 2023, the overall trajectory is positive, reflecting growth in revenue generation over time.
- Fixed Assets, Net (Including Operating Lease, Right-of-Use Asset)
- The net fixed assets maintain relatively stable values throughout the periods, fluctuating slightly in the range of approximately 15,000 to 18,000 million USD. There is no sharp growth or decline, indicating consistent investment and maintenance in fixed assets. The assets appear to be fairly steady with minor increases towards the later periods, suggesting ongoing support for operational capacity.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio shows a clear improving trend, starting from 3.36 in the later part of 2020 and rising steadily to 4.63 by December 31, 2025. This increase suggests enhanced efficiency in utilizing fixed assets to generate sales. The company appears to be generating more revenue per unit of fixed asset over time, indicating better asset management or increasing sales effectiveness relative to asset base.
In summary, the analysis indicates that the company is experiencing steady sales growth and is improving its asset turnover efficiency without significant expansion in fixed asset holdings. This combination points to potentially effective operational management and a positive outlook for generating better returns from the existing asset base.
Total Asset Turnover
RTX Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals specific trends in net sales, total assets, and total asset turnover ratios over the observed periods.
- Net Sales
- Net sales exhibit a generally upward trajectory from March 31, 2020, through June 30, 2025, with some fluctuations. Starting at $11,360 million in Q1 2020, sales reached a peak of $20,089 million in Q1 2025, peaking even higher at $21,623 million in Q2 2025 before slightly decreasing to $21,581 million in Q3 2025. Noteworthy is a decline in Q3 2023 to $13,464 million, which appears to be an anomaly relative to the surrounding quarters. Despite this dip, overall net sales demonstrate growth, especially evident in the last few recorded quarters.
- Total Assets
- Total assets are relatively stable over the periods, with slight fluctuations around the $160 billion mark. The assets started at approximately $139.6 billion in Q1 2020, increased to a range around $160 billion by mid-2021, and then fluctuated modestly within this value for the remainder of the period. By Q3 2025, total assets marginally increased to about $167.1 billion, indicating steady asset base growth with no significant volatility.
- Total Asset Turnover
- The total asset turnover ratio, which measures the efficiency of asset use in generating sales, shows a clear upward trend starting from 0.35 in Q3 2020. This ratio steadily rises across subsequent quarters, reaching 0.50 by Q3 2024, and maintains this level through Q3 2025. This improvement suggests enhanced operational efficiency, as the company generates more sales per unit of asset over time.
Overall, the data reflects positive sales growth coupled with stable asset management and improving asset utilization efficiency. The brief decline in net sales in Q3 2023 may warrant further investigation to understand its cause. The increasing asset turnover ratio indicates better leverage of assets to drive revenue, which is a favorable sign from an operational perspective.
Equity Turnover
RTX Corp., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Shareowners’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales exhibited an overall upward trajectory from March 2020 through June 2025, with some fluctuations. Starting at $11,360 million in March 2020, sales increased steadily to a peak of approximately $21,623 million by June 2025. Notable dips occurred around September 2023, where net sales temporarily declined to $13,464 million, representing a significant decrease compared to prior quarters. However, recovery followed swiftly, as net sales rebounded sharply to $19,927 million in December 2023 and continued rising thereafter. The data reflects cyclical variations with pronounced growth periods in late 2021, early 2024, and mid-2025.
- Shareowners' Equity Trend
- Shareowners' equity started at $39,411 million in March 2020 and experienced substantial growth in the first half of 2020, reaching over $67,000 million by June 2020 and maintaining a similar level through the end of 2021. From 2022 onwards, equity began a gradual decline, dropping below $60,000 million from December 2023 through June 2025, ending near $62,398 million. This downward trend following the initial surge suggests either distributions, losses, or share buybacks impacting equity levels. Despite this decrease, equity values remain relatively stable in the later periods compared to the high levels achieved in 2020-2021.
- Equity Turnover Ratio Analysis
- The equity turnover ratio, available from September 2020 forward, shows a consistent upward trend throughout the observed period. Starting at 0.78 in September 2020, the ratio steadily increased to 1.34 by March 2025, indicating improved efficiency in generating sales from equity. This increase suggests that the company is utilizing its equity base more effectively to drive revenue growth over time. The ratio exhibits minor short-term fluctuations but maintains an overall positive slope.
- Summary of Insights
- The data reflects a company experiencing strong revenue growth with cyclical variations, alongside a high but slightly declining equity base after an initial surge. Improvements in equity turnover indicate enhanced capital efficiency. The temporary decline in net sales during late 2023 warrants further investigation to understand underlying causes. Overall, the financial metrics suggest positive operational performance and evolving capital management strategies across the five-year horizon.