Analysis of Revenues
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- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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Revenues as Reported
Raytheon Co., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The annual revenue data reveals several notable trends across different business segments from 2015 to 2019.
- Integrated Defense Systems (IDS)
- The revenue for this segment experienced a decline from 6,306 million USD in 2015 to 5,407 million USD in 2016, indicating a significant drop. Subsequently, there was a recovery trend with steady increases each year, reaching 6,840 million USD by 2019. This suggests initial challenges followed by regained growth momentum.
- Intelligence, Information and Services (IIS)
- This segment showed consistent growth overall, increasing from 4,964 million USD in 2015 to 6,451 million USD in 2019. Minor fluctuations occurred with a slight dip from 5,537 million USD in 2016 to 5,511 million USD in 2017, but the general trend was upward.
- Missile Systems (MS)
- Revenue in the Missile Systems segment exhibited a strong and steady increase each year, beginning at 6,413 million USD in 2015 and rising to 8,516 million USD in 2019. This reflects a robust expansion trajectory with the highest absolute growth among all segments.
- Space and Airborne Systems (SAS)
- This segment also demonstrated consistent growth, increasing from 5,312 million USD in 2015 to 6,741 million USD in 2019. The growth was steady and without any declines year over year, indicating stable demand.
- Forcepoint
- Forcepoint revenues grew from 313 million USD in 2015 to 629 million USD in 2019, roughly doubling over the five-year period. This suggests successful growth, possibly reflecting new offerings or market expansion.
- Business Segment Sales and Net Sales
- The total business segment sales increased annually from 23,308 million USD in 2015 to 29,177 million USD in 2019, representing a strong overall growth trend. Net sales followed a similar pattern, rising from 23,247 million USD in 2015 to 29,176 million USD in 2019, with a close alignment to business segment sales figures after accounting for acquisition accounting adjustments.
- Acquisition Accounting Adjustments
- These adjustments were negative throughout the period but decreased in magnitude each year, moving from -61 million USD in 2015 to -1 million USD in 2019. This trend indicates diminishing accounting impacts from acquisitions over time.
In summary, the data reflects growth across nearly all segments, with Missile Systems demonstrating the most substantial increase in revenues. Integrated Defense Systems experienced a notable initial decline but recovered steadily. The overall business showed a growth trajectory, supported by increasing sales in each segment and minimal adverse impacts from acquisition accounting adjustments by the end of the period.