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
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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- 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: 2025-09-30), 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), 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).
The analysis of the quarterly financial ratios over the examined period reveals consistent improvement across key efficiency measures. Each ratio demonstrates varying degrees of upward trends that reflect enhanced utilization of assets and equity.
- Net Fixed Asset Turnover
- This ratio shows a steady increase from 4.1 in March 2021 to 5.27 in September 2025. The upward trajectory indicates that the company has increasingly generated higher sales relative to its net fixed assets, suggesting improved operational efficiency or asset utilization. Despite minor fluctuations, the overall trend remains positive throughout the periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Beginning at 3.63 in March 2021, this adjusted measure also displays a consistent upward movement, reaching 4.72 by September 2025. The pattern parallels the net fixed asset turnover ratio, though with slightly lower values due to the inclusion of right-of-use assets. The gradual improvement suggests enhanced utilization of leased assets alongside owned fixed assets.
- Total Asset Turnover
- Starting at 0.38 in March 2021, total asset turnover experiences a progressive increase, peaking at 0.51 by September 2025. This indicates the company’s growing ability to generate sales from its entire asset base. While the increments are more moderate compared to fixed asset turnover metrics, the consistent rise signals effective asset management at the broader level.
- Equity Turnover
- Equity turnover shows a significant upward trend, rising from 0.84 in March 2021 to approximately 1.33 by September 2025. This reflects an increasing level of sales generated per unit of equity, which may imply improved asset leverage or operational scale over time. Notably, the ratio exhibits a sharper increase starting from late 2022, crossing the 1.0 mark and continuing upward through the subsequent periods.
Overall, these ratios collectively suggest that the company has enhanced its efficiency in deploying both fixed and total assets to generate sales. The rising equity turnover further corroborates an expanding operational scale or effective use of shareholders’ funds. The steady improvement across all turnover metrics points toward positive momentum in the company’s asset and equity utilization strategies during the reviewed timespan.
Net Fixed Asset Turnover
RTX Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-09-30), 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), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Fixed assets, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends over the examined periods. Net sales demonstrate a generally positive trajectory with fluctuations, while fixed assets show modest growth. The net fixed asset turnover ratio exhibits consistent improvement, indicating enhanced efficiency in utilizing fixed assets to generate sales.
- Net Sales
- Net sales experienced an overall upward trend from the first quarter of 2021 through subsequent periods. Initial values of approximately $15.3 billion in the first quarter of 2021 showed steady increases, reaching peaks above $21 billion by late 2024 and early 2025. However, certain quarters such as Q3 2023 saw a noticeable dip to around $13.5 billion, followed by substantial recovery in later quarters. This variability suggests some periods of volatility likely due to external market factors or internal operational adjustments.
- Fixed Assets, Net
- The net book value of fixed assets remained relatively stable with a gradual upward movement. Starting near $14.7 billion in early 2021, the value increased slowly to approximately $16.3 billion by the end of 2025. Such incremental growth indicates ongoing investment in fixed assets or capital expenditures but without significant surges, reflecting a strategy of measured asset base expansion.
- Net Fixed Asset Turnover Ratio
- This ratio, which measures the efficiency of fixed assets in generating net sales, showed a consistent improving trend over the entire period. Starting from around 4.1 in early 2021, the ratio increased steadily, surpassing 5.0 by late 2024 and reaching approximately 5.27 by Q3 2025. This suggests increasing effectiveness in asset utilization, possibly through improved operational efficiency or higher sales volumes relative to fixed asset investments.
In summary, the company has maintained growth in net sales with occasional fluctuations, sustained a stable and slowly increasing fixed asset base, and enhanced its asset utilization efficiency as evidenced by rising net fixed asset turnover. These trends collectively reflect progressive operational performance and effective asset management over the analyzed timeframe.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
RTX Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 2025-09-30), 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), 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).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Fixed assets, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the examined periods reveals several key trends and insights.
- Net Sales
- Net sales exhibit a generally upward trajectory with some fluctuations. From March 2021 to December 2021, net sales rose from 15,251 million USD to 17,044 million USD. However, a slight decline is observed in the first quarter of 2022, followed by recovery and continued growth through December 2022, reaching 18,093 million USD. Notably, a significant dip occurs in the third quarter of 2023, declining to 13,464 million USD, before rebounding sharply in the fourth quarter of 2023 to 19,927 million USD. Subsequently, net sales maintain an increasing trend across 2024 and into 2025, reaching 22,478 million USD by September 2025, reflecting strong sales performance and potential seasonal or one-off impacts in certain quarters.
- Fixed Assets, Net (including operating lease, right-of-use asset)
- The value of fixed assets remains relatively stable over the periods, fluctuating modestly around 16,000 to 18,000 million USD. Starting at 16,655 million USD in March 2021, it declines slightly in 2021 and early 2022 but returns to near its initial level by December 2022. From 2023 onward, a gradual increase is evident, culminating at 18,224 million USD by September 2025. This steady rise suggests ongoing investment in or appreciation of fixed assets, reflecting sustained capital expenditures or asset revaluations over time.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio demonstrates a consistent upward trend throughout the observed periods, indicating improving efficiency in utilizing fixed assets to generate sales. The ratio increased from 3.63 in March 2021 to 3.80 by December 2021, with minor fluctuations but an overall rising pattern subsequently. By September 2025, the ratio reaches 4.72, signifying enhanced productivity relative to the asset base. This improvement aligns with the observed growth in net sales coupled with the relatively modest increases in fixed asset values, highlighting effective asset management and operational leverage.
In summary, the data indicate robust sales growth over the long term despite short-term volatility, stable-to-increasing fixed asset investments, and strengthening efficiency in asset utilization. These trends collectively suggest a positive trajectory in operational performance and capital management.
Total Asset Turnover
RTX Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-09-30), 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), 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).
1 Q3 2025 Calculation
Total asset turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
Over the observed periods, net sales demonstrate a fluctuating yet generally upward trajectory with occasional notable dips. Starting from a value of approximately 15,251 million USD, net sales exhibit an initial upward trend reaching around 18,315 million USD by mid-2023 before experiencing a sharp decline to 13,464 million USD in the following quarter. This decline is temporary, as net sales recover strongly thereafter, surpassing previous highs and reaching approximately 22,478 million USD by the end of the last reported quarter. This pattern suggests potential seasonality or one-time events affecting revenue during certain quarters, followed by resilient recovery and growth.
Total assets remain relatively stable throughout the periods, fluctuating mildly within a range of approximately 158,000 to 168,000 million USD. There is no significant upward or downward trend in total assets; the values oscillate slightly but maintain a steady base level. This stability indicates controlled asset management without aggressive expansion or shrinkage of the asset base during the periods under review.
The total asset turnover ratio, which measures efficiency in using assets to generate sales, shows a steady and positive increase over time. Starting at 0.38, the ratio progresses upward incrementally, reaching 0.51 by the last recorded period. This indicates improving efficiency, as the company is generating increasingly more sales per unit of asset held. The consistent rise in asset turnover, despite relatively stable total assets, aligns with the general increase in net sales, suggesting more productive use of assets over time.
- Net Sales
- Exhibit an overall increasing trend with occasional short-term declines; strong recovery patterns noted following dips.
- Total Assets
- Remain stable with minor fluctuations, indicating steady asset management and no major investments or divestitures across the intervals.
- Total Asset Turnover
- Displays a clear and steady improvement, reflecting enhanced operational efficiency in converting assets into sales revenue.
In summary, the data reflect a company managing to improve sales performance and asset efficiency over time while maintaining a stable asset base. The improvement in asset turnover ratio combined with increasing net sales suggests effective utilization of resources and potential growth in operational productivity.
Equity Turnover
RTX Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-09-30), 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), 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).
1 Q3 2025 Calculation
Equity turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Shareowners’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibit a generally increasing trend over the analyzed periods. Starting from approximately 15.3 billion USD in the first quarter of 2021, net sales experienced fluctuations but maintained an overall upward trajectory. Notably, there was a dip in the third quarter of 2023, where sales decreased to about 13.5 billion USD, representing the lowest point within the later part of the series. Following this, sales rebounded sharply, reaching a peak of approximately 22.5 billion USD by the third quarter of 2025. This indicates strong recovery and growth momentum in recent quarters.
- Shareowners’ Equity
- Shareowners’ equity has shown mild fluctuations without a clear long-term upward or downward pattern. The equity started at around 71.7 billion USD in the first quarter of 2021 and experienced minor decreases and recoveries through subsequent periods. A significant decline is seen starting from the fourth quarter of 2023, dropping to approximately 59.8 billion USD and maintaining levels in the range of 58 to 64.5 billion USD through the subsequent quarters up to the third quarter of 2025. This reduction may reflect changes in retained earnings, share repurchases, or other equity-related activities.
- Equity Turnover
- The equity turnover ratio displays a strengthening trend over time. Initial values hovered around 0.84 to 0.94 between the first quarter of 2021 and the fourth quarter of 2022, suggesting moderate efficiency in utilizing equity to generate sales. From 2023 onward, the ratio consistently increased, peaking at approximately 1.34 in mid to late 2025. This rising ratio indicates improved effectiveness in using equity capital to produce revenues, potentially due to better operational performance or enhanced sales relative to equity base.
- Overall Insights
- The data reflects a company experiencing solid sales growth accompanied by increasing efficiency in using equity capital. Despite fluctuations and a noticeable recent decline in shareowners’ equity, the improving equity turnover ratio suggests management is generating more sales per unit of equity. The pronounced dip and recovery in net sales around late 2023 warrants attention but does not overshadow the sustained growth trend. The decline in equity could pose questions regarding capital management strategies or external factors affecting equity components, meriting further detailed analysis.