Stock Analysis on Net
Stock Analysis on Net

RTX Corp. (NYSE:RTX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

RTX Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.43 0.42 0.40 0.35 0.55
Adjusted 0.42 0.42 0.40 0.35 0.56
Liquidity Ratio
Current Ratio
Reported 1.04 1.09 1.19 1.21 1.08
Adjusted 1.04 1.10 1.20 1.23 1.10
Solvency Ratios
Debt to Equity
Reported 0.73 0.44 0.43 0.44 1.04
Adjusted 0.70 0.43 0.42 0.43 0.99
Debt to Capital
Reported 0.42 0.31 0.30 0.31 0.51
Adjusted 0.41 0.30 0.30 0.30 0.50
Financial Leverage
Reported 2.71 2.19 2.21 2.25 3.34
Adjusted 2.50 2.04 2.02 2.06 2.95
Profitability Ratios
Net Profit Margin
Reported 4.64% 7.75% 6.00% -6.22% 7.19%
Adjusted 3.54% 5.27% 9.02% -0.34% 7.52%
Return on Equity (ROE)
Reported 5.34% 7.16% 5.29% -4.88% 13.25%
Adjusted 3.77% 4.52% 7.24% -0.25% 12.34%
Return on Assets (ROA)
Reported 1.97% 3.27% 2.39% -2.17% 3.96%
Adjusted 1.51% 2.22% 3.59% -0.12% 4.18%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. RTX Corp. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. RTX Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. RTX Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. RTX Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 RTX Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. RTX Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. RTX Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. RTX Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

RTX Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales 68,920 67,074 64,388 56,587 77,046
Total assets 161,869 158,864 161,404 162,153 139,716
Activity Ratio
Total asset turnover1 0.43 0.42 0.40 0.35 0.55
Adjusted
Selected Financial Data (US$ in millions)
Net sales 68,920 67,074 64,388 56,587 77,046
Adjusted total assets2 162,185 159,316 161,879 162,699 138,620
Activity Ratio
Adjusted total asset turnover3 0.42 0.42 0.40 0.35 0.56

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 68,920 ÷ 161,869 = 0.43

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 68,920 ÷ 162,185 = 0.42

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. RTX Corp. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 48,417 42,443 42,050 43,376 37,497
Current liabilities 46,761 39,114 35,449 35,848 34,586
Liquidity Ratio
Current ratio1 1.04 1.09 1.19 1.21 1.08
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 48,733 42,895 42,525 43,922 38,012
Current liabilities 46,761 39,114 35,449 35,848 34,586
Liquidity Ratio
Adjusted current ratio3 1.04 1.10 1.20 1.23 1.10

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 48,417 ÷ 46,761 = 1.04

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 48,733 ÷ 46,761 = 1.04

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. RTX Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 43,827 31,914 31,485 31,823 43,648
Shareowners’ equity 59,798 72,632 73,068 72,163 41,774
Solvency Ratio
Debt to equity1 0.73 0.44 0.43 0.44 1.04
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 45,587 33,856 33,553 33,821 46,336
Adjusted total equity3 64,776 78,245 80,184 78,923 46,967
Solvency Ratio
Adjusted debt to equity4 0.70 0.43 0.42 0.43 0.99

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareowners’ equity
= 43,827 ÷ 59,798 = 0.73

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 45,587 ÷ 64,776 = 0.70

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. RTX Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 43,827 31,914 31,485 31,823 43,648
Total capital 103,625 104,546 104,553 103,986 85,422
Solvency Ratio
Debt to capital1 0.42 0.31 0.30 0.31 0.51
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 45,587 33,856 33,553 33,821 46,336
Adjusted total capital3 110,363 112,101 113,737 112,744 93,303
Solvency Ratio
Adjusted debt to capital4 0.41 0.30 0.30 0.30 0.50

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 43,827 ÷ 103,625 = 0.42

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 45,587 ÷ 110,363 = 0.41

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. RTX Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 161,869 158,864 161,404 162,153 139,716
Shareowners’ equity 59,798 72,632 73,068 72,163 41,774
Solvency Ratio
Financial leverage1 2.71 2.19 2.21 2.25 3.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 162,185 159,316 161,879 162,699 138,620
Adjusted total equity3 64,776 78,245 80,184 78,923 46,967
Solvency Ratio
Adjusted financial leverage4 2.50 2.04 2.02 2.06 2.95

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareowners’ equity
= 161,869 ÷ 59,798 = 2.71

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 162,185 ÷ 64,776 = 2.50

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 RTX Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common shareowners 3,195 5,197 3,864 (3,519) 5,537
Net sales 68,920 67,074 64,388 56,587 77,046
Profitability Ratio
Net profit margin1 4.64% 7.75% 6.00% -6.22% 7.19%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,441 3,538 5,805 (195) 5,794
Net sales 68,920 67,074 64,388 56,587 77,046
Profitability Ratio
Adjusted net profit margin3 3.54% 5.27% 9.02% -0.34% 7.52%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to common shareowners ÷ Net sales
= 100 × 3,195 ÷ 68,920 = 4.64%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net sales
= 100 × 2,441 ÷ 68,920 = 3.54%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. RTX Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common shareowners 3,195 5,197 3,864 (3,519) 5,537
Shareowners’ equity 59,798 72,632 73,068 72,163 41,774
Profitability Ratio
ROE1 5.34% 7.16% 5.29% -4.88% 13.25%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,441 3,538 5,805 (195) 5,794
Adjusted total equity3 64,776 78,245 80,184 78,923 46,967
Profitability Ratio
Adjusted ROE4 3.77% 4.52% 7.24% -0.25% 12.34%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to common shareowners ÷ Shareowners’ equity
= 100 × 3,195 ÷ 59,798 = 5.34%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 2,441 ÷ 64,776 = 3.77%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. RTX Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common shareowners 3,195 5,197 3,864 (3,519) 5,537
Total assets 161,869 158,864 161,404 162,153 139,716
Profitability Ratio
ROA1 1.97% 3.27% 2.39% -2.17% 3.96%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,441 3,538 5,805 (195) 5,794
Adjusted total assets3 162,185 159,316 161,879 162,699 138,620
Profitability Ratio
Adjusted ROA4 1.51% 2.22% 3.59% -0.12% 4.18%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to common shareowners ÷ Total assets
= 100 × 3,195 ÷ 161,869 = 1.97%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 2,441 ÷ 162,185 = 1.51%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. RTX Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.