Stock Analysis on Net

RTX Corp. (NYSE:RTX)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

RTX Corp., profit margin by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 14.62% 14.57% 11.38% 9.53% 7.60%
Pratt & Whitney 7.18% -7.95% 5.24% 2.50% -3.36%
Raytheon 9.71% 9.03% 9.81% 12.49% 8.46%

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).

Segment profitability ratio Reportable segment The company
Segment profit margin Collins Aerospace Collins Aerospace segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Pratt & Whitney Pratt & Whitney segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Raytheon Raytheon segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Segment Profit Margin: Collins Aerospace

RTX Corp.; Collins Aerospace; segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit (loss) 4,135 3,825 2,343 1,759 1,466
Net sales 28,284 26,253 20,597 18,449 19,288
Segment Profitability Ratio
Segment profit margin1 14.62% 14.57% 11.38% 9.53% 7.60%

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 2024 Calculation
Segment profit margin = 100 × Operating profit (loss) ÷ Net sales
= 100 × 4,135 ÷ 28,284 = 14.62%

Segment profitability ratio Reportable segment The company
Segment profit margin Collins Aerospace Collins Aerospace segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Profit Margin: Pratt & Whitney

RTX Corp.; Pratt & Whitney; segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit (loss) 2,015 (1,455) 1,075 454 (564)
Net sales 28,066 18,296 20,530 18,150 16,799
Segment Profitability Ratio
Segment profit margin1 7.18% -7.95% 5.24% 2.50% -3.36%

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 2024 Calculation
Segment profit margin = 100 × Operating profit (loss) ÷ Net sales
= 100 × 2,015 ÷ 28,066 = 7.18%

Segment profitability ratio Reportable segment The company
Segment profit margin Pratt & Whitney Pratt & Whitney segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Profit Margin: Raytheon

RTX Corp.; Raytheon; segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit (loss) 2,594 2,379 2,861 3,837 1,904
Net sales 26,713 26,350 29,175 30,719 22,501
Segment Profitability Ratio
Segment profit margin1 9.71% 9.03% 9.81% 12.49% 8.46%

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 2024 Calculation
Segment profit margin = 100 × Operating profit (loss) ÷ Net sales
= 100 × 2,594 ÷ 26,713 = 9.71%

Segment profitability ratio Reportable segment The company
Segment profit margin Raytheon Raytheon segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Segment Return on Assets (Segment ROA)

RTX Corp., ROA by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 5.71% 5.31% 3.50% 2.60% 2.13%
Pratt & Whitney 4.55% -3.57% 2.97% 1.36% -1.72%
Raytheon 5.77% 5.30% 5.84% 7.63% 3.74%

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).

Segment profitability ratio Reportable segment The company
Segment ROA Collins Aerospace Collins Aerospace segment ROA improved from 2022 to 2023 and from 2023 to 2024.
Pratt & Whitney Pratt & Whitney segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Raytheon Raytheon segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Segment ROA: Collins Aerospace

RTX Corp.; Collins Aerospace; segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit (loss) 4,135 3,825 2,343 1,759 1,466
Total assets 72,372 72,085 67,030 67,564 68,701
Segment Profitability Ratio
Segment ROA1 5.71% 5.31% 3.50% 2.60% 2.13%

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 2024 Calculation
Segment ROA = 100 × Operating profit (loss) ÷ Total assets
= 100 × 4,135 ÷ 72,372 = 5.71%

Segment profitability ratio Reportable segment The company
Segment ROA Collins Aerospace Collins Aerospace segment ROA improved from 2022 to 2023 and from 2023 to 2024.

Segment ROA: Pratt & Whitney

RTX Corp.; Pratt & Whitney; segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit (loss) 2,015 (1,455) 1,075 454 (564)
Total assets 44,307 40,723 36,205 33,414 32,780
Segment Profitability Ratio
Segment ROA1 4.55% -3.57% 2.97% 1.36% -1.72%

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 2024 Calculation
Segment ROA = 100 × Operating profit (loss) ÷ Total assets
= 100 × 2,015 ÷ 44,307 = 4.55%

Segment profitability ratio Reportable segment The company
Segment ROA Pratt & Whitney Pratt & Whitney segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment ROA: Raytheon

RTX Corp.; Raytheon; segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit (loss) 2,594 2,379 2,861 3,837 1,904
Total assets 44,936 44,929 49,026 50,311 50,910
Segment Profitability Ratio
Segment ROA1 5.77% 5.30% 5.84% 7.63% 3.74%

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 2024 Calculation
Segment ROA = 100 × Operating profit (loss) ÷ Total assets
= 100 × 2,594 ÷ 44,936 = 5.77%

Segment profitability ratio Reportable segment The company
Segment ROA Raytheon Raytheon segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Segment Asset Turnover

RTX Corp., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 0.39 0.36 0.31 0.27 0.28
Pratt & Whitney 0.63 0.45 0.57 0.54 0.51
Raytheon 0.59 0.59 0.60 0.61 0.44

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).

Segment activity ratio Reportable segment The company
Segment asset turnover Collins Aerospace Collins Aerospace segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Pratt & Whitney Pratt & Whitney segment asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Raytheon Raytheon segment asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Segment Asset Turnover: Collins Aerospace

RTX Corp.; Collins Aerospace; segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net sales 28,284 26,253 20,597 18,449 19,288
Total assets 72,372 72,085 67,030 67,564 68,701
Segment Activity Ratio
Segment asset turnover1 0.39 0.36 0.31 0.27 0.28

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 2024 Calculation
Segment asset turnover = Net sales ÷ Total assets
= 28,284 ÷ 72,372 = 0.39

Segment activity ratio Reportable segment The company
Segment asset turnover Collins Aerospace Collins Aerospace segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Asset Turnover: Pratt & Whitney

RTX Corp.; Pratt & Whitney; segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net sales 28,066 18,296 20,530 18,150 16,799
Total assets 44,307 40,723 36,205 33,414 32,780
Segment Activity Ratio
Segment asset turnover1 0.63 0.45 0.57 0.54 0.51

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 2024 Calculation
Segment asset turnover = Net sales ÷ Total assets
= 28,066 ÷ 44,307 = 0.63

Segment activity ratio Reportable segment The company
Segment asset turnover Pratt & Whitney Pratt & Whitney segment asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Asset Turnover: Raytheon

RTX Corp.; Raytheon; segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net sales 26,713 26,350 29,175 30,719 22,501
Total assets 44,936 44,929 49,026 50,311 50,910
Segment Activity Ratio
Segment asset turnover1 0.59 0.59 0.60 0.61 0.44

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 2024 Calculation
Segment asset turnover = Net sales ÷ Total assets
= 26,713 ÷ 44,936 = 0.59

Segment activity ratio Reportable segment The company
Segment asset turnover Raytheon Raytheon segment asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Segment Capital Expenditures to Depreciation

RTX Corp., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 0.93 0.87 0.88 0.91 0.87
Pratt & Whitney 1.23 1.39 1.31 1.09 0.78
Raytheon 1.48 1.17 1.07 1.14 1.30

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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Collins Aerospace Collins Aerospace segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Pratt & Whitney Pratt & Whitney segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Raytheon Raytheon segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Collins Aerospace

RTX Corp.; Collins Aerospace; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures 786 628 655 665 638
Depreciation & amortization 841 724 742 728 736
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.93 0.87 0.88 0.91 0.87

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 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= 786 ÷ 841 = 0.93

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Collins Aerospace Collins Aerospace segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Capital Expenditures to Depreciation: Pratt & Whitney

RTX Corp.; Pratt & Whitney; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures 968 1,025 949 700 565
Depreciation & amortization 784 736 724 642 729
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.23 1.39 1.31 1.09 0.78

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 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= 968 ÷ 784 = 1.23

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Pratt & Whitney Pratt & Whitney segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Raytheon

RTX Corp.; Raytheon; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures 771 637 580 592 498
Depreciation & amortization 520 544 542 520 382
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.48 1.17 1.07 1.14 1.30

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 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation & amortization
= 771 ÷ 520 = 1.48

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Raytheon Raytheon segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Net sales

RTX Corp., net sales by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 28,284 26,253 20,597 18,449 19,288
Pratt & Whitney 28,066 18,296 20,530 18,150 16,799
Raytheon 26,713 26,350 29,175 30,719 22,501
Total segment 83,063 70,899 70,302 67,318 58,588

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).


Operating profit (loss)

RTX Corp., operating profit (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 4,135 3,825 2,343 1,759 1,466
Pratt & Whitney 2,015 (1,455) 1,075 454 (564)
Raytheon 2,594 2,379 2,861 3,837 1,904
Total segment 8,744 4,749 6,279 6,050 2,806

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).


Total assets

RTX Corp., total assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 72,372 72,085 67,030 67,564 68,701
Pratt & Whitney 44,307 40,723 36,205 33,414 32,780
Raytheon 44,936 44,929 49,026 50,311 50,910
Total segment 161,615 157,737 152,261 151,289 152,391

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).


Capital expenditures

RTX Corp., capital expenditures by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 786 628 655 665 638
Pratt & Whitney 968 1,025 949 700 565
Raytheon 771 637 580 592 498
Total segment 2,525 2,290 2,184 1,957 1,701

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).


Depreciation & amortization

RTX Corp., depreciation & amortization by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Collins Aerospace 841 724 742 728 736
Pratt & Whitney 784 736 724 642 729
Raytheon 520 544 542 520 382
Total segment 2,145 2,004 2,008 1,890 1,847

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).