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Raytheon Co. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
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Income Statement
12 months ended: | Net sales | Operating income | Net income attributable to Raytheon Company |
---|---|---|---|
Dec 31, 2019 | |||
Dec 31, 2018 | |||
Dec 31, 2017 | |||
Dec 31, 2016 | |||
Dec 31, 2015 | |||
Dec 31, 2014 | |||
Dec 31, 2013 | |||
Dec 31, 2012 | |||
Dec 31, 2011 | |||
Dec 31, 2010 | |||
Dec 31, 2009 | |||
Dec 31, 2008 | |||
Dec 31, 2007 | |||
Dec 31, 2006 | |||
Dec 31, 2005 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Net Sales
- Net sales exhibited a generally upward trend over the 15-year period. Starting from approximately 21.9 billion US dollars in 2005, sales experienced some fluctuations but maintained growth overall. A slight dip occurred between 2006 and 2007, followed by steady increases and minor declines until 2013. From 2013 onwards, net sales consistently rose, reaching nearly 29.2 billion US dollars by 2019, indicating sustained revenue growth in recent years.
- Operating Income
- Operating income showed an overall increase with notable variability throughout the period. Beginning at 1.7 billion US dollars in 2005, income grew steadily, peaking at above 3 billion in 2009. Afterwards, it exhibited some fluctuations, dipping slightly in 2010 but generally maintaining a range between 2.6 billion to 3.3 billion until 2018. A significant jump occurred in 2018 and 2019, with operating income rising sharply to 4.5 billion and then nearly 4.8 billion US dollars, suggesting enhanced operational efficiency or favorable market conditions in the latter years.
- Net Income Attributable to Raytheon Company
- Net income attributable to the company reflected a pattern of variability with an overall upward trajectory. Starting from 871 million US dollars in 2005, net income increased significantly to 2.6 billion in 2007, then declined to 1.7 billion by 2008. From 2009 to 2014, net income fluctuated between 1.8 billion and 2.2 billion. After a slight decrease in 2017, net income markedly increased in 2018 and 2019, reaching approximately 2.9 billion and 3.3 billion respectively, demonstrating a strong recovery and profitability growth in recent years.
- Summary of Trends
- The financial data indicates that the company experienced generally positive growth in sales and profitability from 2005 to 2019, with some intermittent volatility. Notably, the most significant improvements in both operating income and net income occurred during the last two years in the dataset, highlighting potential strategic or market factors driving improved financial performance. The growing net sales base combined with increased operating and net income margins during the latter period suggests enhanced operational effectiveness and profitability.
Balance Sheet: Assets
Current assets | Total assets | |
---|---|---|
Dec 31, 2019 | ||
Dec 31, 2018 | ||
Dec 31, 2017 | ||
Dec 31, 2016 | ||
Dec 31, 2015 | ||
Dec 31, 2014 | ||
Dec 31, 2013 | ||
Dec 31, 2012 | ||
Dec 31, 2011 | ||
Dec 31, 2010 | ||
Dec 31, 2009 | ||
Dec 31, 2008 | ||
Dec 31, 2007 | ||
Dec 31, 2006 | ||
Dec 31, 2005 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the financial data reveals several notable trends in asset management over the examined period.
- Current Assets
- Current assets show a generally upward trend from 2005 to 2019. Starting at $7,567 million in 2005, current assets increased with some fluctuations, reaching $13,082 million by the end of 2019. There was a noticeable dip in 2007 and 2008, during which current assets declined from $9,517 million to $7,417 million. After 2008, the figure consistently grew, reflecting improved liquidity and possibly greater short-term asset accumulation. The increase from 2016 onward was steady, with current assets rising from $10,678 million to $13,082 million in 2019.
- Total Assets
- Total assets exhibit a similar pattern of growth across the period, but with relatively smaller year-to-year fluctuations when compared to current assets. Total assets started at $24,381 million in 2005 and experienced minor declines in 2007 and 2008, dropping to around $23,281 million and $23,296 million respectively. From 2009 onward, total assets demonstrated consistent growth, moving from $23,607 million up to $34,566 million by the end of 2019. This steady rise indicates ongoing asset base expansion, potentially reflecting investments, acquisitions, or organic growth.
- Comparison and Insights
- Both current assets and total assets experienced declines during the 2007-2008 period, possibly linked to the broader economic conditions prevailing at the time. After this period, the consistent increase in both categories suggests strengthening asset positions. The growth in total assets outpaces that of current assets, implying that long-term assets or fixed assets may have been accumulated alongside current assets.
Balance Sheet: Liabilities and Stockholders’ Equity
Raytheon Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
Current liabilities | Commercial paper and long-term debt | Total Raytheon Company stockholders’ equity | |
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Dec 31, 2019 | |||
Dec 31, 2018 | |||
Dec 31, 2017 | |||
Dec 31, 2016 | |||
Dec 31, 2015 | |||
Dec 31, 2014 | |||
Dec 31, 2013 | |||
Dec 31, 2012 | |||
Dec 31, 2011 | |||
Dec 31, 2010 | |||
Dec 31, 2009 | |||
Dec 31, 2008 | |||
Dec 31, 2007 | |||
Dec 31, 2006 | |||
Dec 31, 2005 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current Liabilities
- The current liabilities exhibit an overall upward trend from 2005 to 2019. Starting at $5,900 million in 2005, there was an increase to $6,715 million in 2006, followed by a decline to $4,788 million in 2007. From 2007 onwards, current liabilities generally increased, reaching $9,791 million by the end of 2019. This indicates a growing short-term obligation load over the years, with occasional decreases suggesting possible periods of liability management or refinement.
- Commercial Paper and Long-Term Debt
- This liability category exhibited a decline from $4,456 million in 2005 to $2,268 million in 2007, reflecting a significant reduction in debt levels during that period. However, from 2008 onwards, the debt levels fluctuated within a range, increasing to a peak of $5,335 million in 2014 and 2015 before slightly decreasing to $4,760 million in 2019. The data points to periods of increased borrowing or refinancing activities, with a generally stable but somewhat elevated debt level in the latter years.
- Total Stockholders’ Equity
- Stockholders’ equity increased from $10,709 million in 2005 to a peak of $12,542 million in 2007, followed by a sharp decrease to $9,087 million in 2008, likely impacted by economic or operational challenges. Between 2008 and 2012, equity values fluctuated within a lower range, indicating some instability or restructuring. Starting in 2013, equity rebounded strongly, reaching $12,223 million by 2019. This upward trend in recent years suggests improved profitability, retained earnings growth, or capital injections improving the company's financial foundation.
Cash Flow Statement
12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash used in financing activities |
---|---|---|---|
Dec 31, 2019 | |||
Dec 31, 2018 | |||
Dec 31, 2017 | |||
Dec 31, 2016 | |||
Dec 31, 2015 | |||
Dec 31, 2014 | |||
Dec 31, 2013 | |||
Dec 31, 2012 | |||
Dec 31, 2011 | |||
Dec 31, 2010 | |||
Dec 31, 2009 | |||
Dec 31, 2008 | |||
Dec 31, 2007 | |||
Dec 31, 2006 | |||
Dec 31, 2005 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The data reveals several notable trends in the company's cash flow activities over the 15-year period ending in 2019.
- Operating Activities
- Net cash provided by operating activities experienced fluctuations but generally showed an upward trajectory. Beginning at 2,546 million USD in 2005, it declined significantly in 2007 to 1,249 million USD, then gradually increased with occasional dips, reaching its highest point in 2019 at 4,482 million USD. This indicates improved operational cash generation capacity over time despite intermittent setbacks.
- Investing Activities
- Net cash used in investing activities exhibited considerable volatility. The period saw both substantial cash inflows and outflows. For instance, 2007 showed a positive net cash inflow of 2,536 million USD, an anomaly in an otherwise predominantly negative trend. Generally, the company invested significant amounts each year, with net cash outflows peaking in 2011 (-1,051 million USD) and 2014 (-1,744 million USD). The data suggest active investment and divestment cycles, with some years reflecting asset sales or other investment recoveries.
- Financing Activities
- Net cash used in financing activities consistently showed negative values throughout the period, pointing to ongoing outflows related to financing. The magnitude of cash used for financing declined after a peak outflow of -3,510 million USD in 2007 to relatively lower but still substantial levels. From 2011 onwards, the cash outflows in financing activities escalated steadily, reaching -2,803 million USD in 2019. This pattern may indicate continued debt repayments, share repurchases, dividend payments, or other financing outflows.
Overall, the company demonstrated progressively stronger operational cash flow generation. However, investing activities were marked by variability, reflecting active and strategic investment management. Financing activities consistently consumed cash, with a trend toward increasing outflows in the latter years. The cash flow patterns collectively suggest a focus on strengthening internal cash generation while managing capital deployment and financial obligations actively.
Per Share Data
12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
---|---|---|---|
Dec 31, 2019 | |||
Dec 31, 2018 | |||
Dec 31, 2017 | |||
Dec 31, 2016 | |||
Dec 31, 2015 | |||
Dec 31, 2014 | |||
Dec 31, 2013 | |||
Dec 31, 2012 | |||
Dec 31, 2011 | |||
Dec 31, 2010 | |||
Dec 31, 2009 | |||
Dec 31, 2008 | |||
Dec 31, 2007 | |||
Dec 31, 2006 | |||
Dec 31, 2005 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals several notable trends in the company's earnings and dividend distributions over the examined period.
- Basic Earnings Per Share (EPS)
- The basic EPS shows an overall upward trend from 1.95 US$ in 2005 to 11.94 US$ in 2019. Initial years (2005-2007) experienced a significant rise, peaking at 5.95 in 2007. A slight decline occurred in 2008 to 4.06, followed by a recovery and steady increase until 2014, reaching 7.19 US$. The figure remained relatively stable between 2014 and 2017, fluctuating around 6.8 to 7.45 US$. A sharp increase occurred thereafter, with EPS surging to 10.16 in 2018 and further to 11.94 in 2019, suggesting enhanced profitability in the last two years.
- Diluted Earnings Per Share
- The diluted EPS mirrors the trend of basic EPS closely, indicating consistent dilution effects. It rose from 1.92 US$ in 2005 to 11.93 US$ in 2019, closely tracking the basic EPS values. The data shows the same patterns of increase, decline, stabilization, and sharp growth during the same periods, affirming the reliability of earnings performance irrespective of share dilution.
- Dividend Per Share
- Dividend per share exhibits a steady and continuous increase over the entire period, from 0.88 US$ in 2005 to 3.77 US$ in 2019. Unlike the EPS figures, dividends increased annually without decline or volatility, reflecting a consistent policy of returning value to shareholders. Notably, the dividend growth accelerated in the later years, maintaining an upward trajectory even when EPS experienced fluctuations.
In summary, earnings per share increased significantly over the 15-year period, with some variability in the mid-term, succeeded by an accelerated growth phase in the last two years examined. Dividend per share demonstrated steady, uninterrupted growth, indicating a commitment to stable shareholder returns. The alignment between basic and diluted earnings per share suggests minimal dilution impact on earnings performance.