Stock Analysis on Net

RTX Corp. (NYSE:RTX)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

RTX Corp., solvency ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Debt Ratios
Debt to equity 0.67 0.69 0.69 0.71 0.71 0.73 0.51 0.49 0.47 0.44 0.48 0.45 0.43 0.43 0.44 0.44 0.44 0.44 0.48 0.49 1.18
Debt to equity (including operating lease liability) 0.70 0.71 0.72 0.74 0.73 0.76 0.53 0.51 0.50 0.46 0.50 0.47 0.46 0.45 0.46 0.46 0.46 0.46 0.50 0.51 1.23
Debt to capital 0.40 0.41 0.41 0.42 0.41 0.42 0.34 0.33 0.32 0.31 0.32 0.31 0.30 0.30 0.30 0.31 0.31 0.31 0.32 0.33 0.54
Debt to capital (including operating lease liability) 0.41 0.42 0.42 0.42 0.42 0.43 0.35 0.34 0.33 0.32 0.33 0.32 0.31 0.31 0.31 0.32 0.32 0.32 0.33 0.34 0.55
Debt to assets 0.25 0.25 0.26 0.26 0.27 0.27 0.22 0.22 0.21 0.20 0.21 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.33
Debt to assets (including operating lease liability) 0.26 0.26 0.27 0.27 0.28 0.28 0.23 0.23 0.22 0.21 0.22 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.35
Financial leverage 2.68 2.71 2.70 2.73 2.65 2.71 2.33 2.24 2.22 2.19 2.25 2.26 2.20 2.21 2.23 2.23 2.24 2.25 2.37 2.40 3.54

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Debt to Equity Ratio
The debt to equity ratio shows a notable decline from 1.18 in March 2020 to stabilize around 0.43-0.48 through 2021 and most of 2022, indicating a reduced proportion of debt relative to equity during this period. However, starting in late 2023, the ratio increases significantly, peaking at 0.73 by December 2023 and maintaining a higher level around 0.67 through March 2025, suggesting a renewed increase in leverage.
Debt to Equity Including Operating Lease Liability
This adjusted ratio follows a similar trend to the traditional debt to equity metric, beginning at 1.23 in March 2020 and trending downward to approximately 0.45-0.50 during 2021 and early 2022. From late 2023 onward, it shows a marked increase to about 0.70 by early 2025, reflecting increased obligations when including lease liabilities in the leverage calculation.
Debt to Capital Ratio
The debt to capital ratio decreases sharply from 0.54 in March 2020 to around 0.30-0.33 through 2021 and most of 2022, indicating a conservative capital structure with less debt reliance. A significant increase occurs starting late 2023, rising toward 0.42 by late 2024 and slightly decreasing thereafter to 0.40 by March 2025, highlighting heightened usage of debt financing in the capital mix during this timeframe.
Debt to Capital Ratio Including Operating Lease Liability
This ratio mirrors the standard debt to capital trend but is consistently marginally higher due to inclusion of lease liabilities. It decreases from 0.55 in early 2020 to a stable range of about 0.31-0.35 through 2021 and 2022. From late 2023, it increases to around 0.42 before tapering off slightly near 0.41 by early 2025.
Debt to Assets Ratio
The debt to assets ratio declines from 0.33 in March 2020 and remains relatively stable between 0.20 and 0.22 through 2021 and most of 2022, indicating the portion of assets financed by debt was consistent and low. Starting late 2023, this ratio rises to approximately 0.27 and remains near that level through early 2025, signifying more asset financing through debt over this period.
Debt to Assets Including Operating Lease Liability
This ratio tracks closely with the traditional debt to assets ratio but is slightly higher due to lease liabilities. From 0.35 in early 2020, it stabilizes around 0.21-0.23 through 2021 and 2022, before increasing to roughly 0.28 in late 2023 and holding near 0.26 until early 2025.
Financial Leverage
Financial leverage ratios show a downward trend from a high of 3.54 in March 2020 to levels near 2.20-2.30 throughout 2021 and most of 2022, reflecting a reduction in reliance on debt relative to equity. However, beginning in late 2023, financial leverage increases sharply to approximately 2.70 and remains elevated through March 2025, indicating a heightened use of debt financing to support the firm's assets.

Debt Ratios


Debt to Equity

RTX Corp., debt to equity calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings 212 183 220 231 166 189 1,170 1,076 224 625 2,195 113 140 134 206 196 234 247 228 243 1,725
Long-term debt currently due 2,844 2,352 3,113 1,617 344 1,283 1,389 1,554 1,545 595 193 26 24 24 274 1,370 1,369 550 1,307 1,297 1,362
Long-term debt, excluding currently due 38,244 38,726 38,823 40,303 42,334 42,355 32,701 32,723 32,717 30,694 31,059 31,274 31,308 31,327 30,768 29,916 29,935 31,026 31,246 31,210 43,232
Total debt 41,300 41,261 42,156 42,151 42,844 43,827 35,260 35,353 34,486 31,914 33,447 31,413 31,472 31,485 31,248 31,482 31,538 31,823 32,781 32,750 46,319
 
Shareowners’ equity 61,516 60,156 61,114 58,985 60,485 59,798 69,596 72,480 72,795 72,632 70,187 70,441 72,462 73,068 71,308 71,115 71,710 72,163 68,379 67,225 39,411
Solvency Ratio
Debt to equity1 0.67 0.69 0.69 0.71 0.71 0.73 0.51 0.49 0.47 0.44 0.48 0.45 0.43 0.43 0.44 0.44 0.44 0.44 0.48 0.49 1.18
Benchmarks
Debt to Equity, Competitors2
Boeing Co.
Caterpillar Inc. 2.14 1.97 1.95 2.18 2.15 1.94 1.81 2.07 2.04 2.33 2.34 2.35 2.20 2.29 2.21 2.23 2.30 2.42 2.55 2.81 2.61
Eaton Corp. plc 0.54 0.50 0.49 0.51 0.48 0.49 0.50 0.52 0.50 0.51 0.56 0.59 0.58 0.52 0.57 0.79 0.68 0.54 0.57 0.58 0.59
GE Aerospace 1.02 1.00 1.06 1.06 0.69 0.77 0.73 0.70 0.71 0.89 0.97 0.94 0.86 0.87 1.68 1.90 2.12 2.11 2.39 2.43 2.41
Honeywell International Inc. 1.88 1.67 1.77 1.65 1.53 1.29 1.18 1.24 1.13 1.17 0.96 1.09 1.05 1.06 1.19 1.19 1.19 1.28 1.23 1.22 0.91
Lockheed Martin Corp. 3.04 3.20 2.68 3.12 2.92 2.55 1.88 1.90 1.62 1.68 0.96 1.02 1.16 1.07 1.21 1.87 1.93 2.02 2.56 3.38 3.68

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Shareowners’ equity
= 41,300 ÷ 61,516 = 0.67

2 Click competitor name to see calculations.


Total Debt
Total debt exhibited significant fluctuations over the analyzed period. Initially, at the end of March 2020, the debt level was relatively high at approximately $46.3 billion. It then experienced a notable decline, reaching a low near $31.3 billion between December 2020 and June 2021. From mid-2021 through early 2023, total debt remained relatively stable around the $31 billion to $35 billion range. However, a marked and sharp increase occurred at the end of 2023, when debt rose abruptly to approximately $43.8 billion in December 2023. Following this spike, there was a gradual decrease in total debt, settling around $41.3 billion by March 2025.
Shareowners’ Equity
Shareowners' equity showed a generally positive trend in the early periods. Starting at about $39.4 billion in March 2020, equity rose sharply to over $72 billion by December 2020 and remained relatively stable in the $71 billion to $73 billion range throughout 2021 and early 2022. However, beginning in the first quarter of 2023, equity started to decline, dropping significantly to approximately $59.8 billion by December 2023. After this decrease, equity stabilized somewhat, fluctuating between $58.9 billion and $61.5 billion through the first quarter of 2025.
Debt to Equity Ratio
The debt to equity ratio mirrored the inverse relationship between total debt and shareowners' equity. It began high at 1.18 in March 2020, reflecting the relatively higher debt level and lower equity base. As equity increased and debt declined, the ratio decreased steadily to approximately 0.43 by late 2021, indicating reduced leverage. From 2022 to early 2023, the ratio fluctuated moderately between 0.44 and 0.49, maintaining relatively low leverage levels. Starting in late 2023, however, the ratio rose sharply to 0.73 coinciding with the increase in debt and drop in equity. In 2024 and early 2025, the ratio shows a slight downward trend, stabilizing around 0.67 to 0.69 but remaining above the levels observed in the early part of the period.
Overall Analysis
The data indicates a phase of deleveraging from March 2020 through 2021, with declining debt and increasing equity contributing to a marked reduction in leverage. This trend suggests strengthening financial stability or capital structure optimization during that period. Beginning late 2023, there was a reversal characterized by a substantial increase in total debt and a simultaneous decrease in equity. This shift resulted in a higher debt to equity ratio, implying greater reliance on debt financing and potentially increased financial risk. Despite some moderation in ratios by early 2025, leverage remains elevated relative to the COVID-19 pandemic onset period. These dynamics could reflect strategic financing decisions, market conditions, or operational challenges impacting the company's capital structure.

Debt to Equity (including Operating Lease Liability)

RTX Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings 212 183 220 231 166 189 1,170 1,076 224 625 2,195 113 140 134 206 196 234 247 228 243 1,725
Long-term debt currently due 2,844 2,352 3,113 1,617 344 1,283 1,389 1,554 1,545 595 193 26 24 24 274 1,370 1,369 550 1,307 1,297 1,362
Long-term debt, excluding currently due 38,244 38,726 38,823 40,303 42,334 42,355 32,701 32,723 32,717 30,694 31,059 31,274 31,308 31,327 30,768 29,916 29,935 31,026 31,246 31,210 43,232
Total debt 41,300 41,261 42,156 42,151 42,844 43,827 35,260 35,353 34,486 31,914 33,447 31,413 31,472 31,485 31,248 31,482 31,538 31,823 32,781 32,750 46,319
Operating lease liabilities, non-current 1,646 1,632 1,592 1,415 1,410 1,412 1,523 1,570 1,624 1,586 1,539 1,593 1,627 1,657 1,541 1,563 1,552 1,516 1,651 1,723 2,126
Total debt (including operating lease liability) 42,946 42,893 43,748 43,566 44,254 45,239 36,783 36,923 36,110 33,500 34,986 33,006 33,099 33,142 32,789 33,045 33,090 33,339 34,432 34,473 48,445
 
Shareowners’ equity 61,516 60,156 61,114 58,985 60,485 59,798 69,596 72,480 72,795 72,632 70,187 70,441 72,462 73,068 71,308 71,115 71,710 72,163 68,379 67,225 39,411
Solvency Ratio
Debt to equity (including operating lease liability)1 0.70 0.71 0.72 0.74 0.73 0.76 0.53 0.51 0.50 0.46 0.50 0.47 0.46 0.45 0.46 0.46 0.46 0.46 0.50 0.51 1.23
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Eaton Corp. plc 0.58 0.53 0.53 0.55 0.51 0.51 0.52 0.54 0.53 0.53 0.59 0.62 0.60 0.54 0.59 0.81 0.70 0.56 0.59 0.61 0.62

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareowners’ equity
= 42,946 ÷ 61,516 = 0.70

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several notable trends in the company's debt structure and equity position over the observed periods.

Total Debt (including operating lease liability)
The total debt exhibited significant fluctuations. Beginning at approximately $48.4 billion in March 2020, it sharply declined to around $33.3 billion by December 2020, maintaining a relatively stable range near $33 billion through mid-2022. From late 2022 into early 2023, the debt gradually increased, peaking around $45.2 billion in December 2023, before tapering slightly back to about $42.9 billion by March 2025. This pattern indicates an initial efforts to reduce debt following March 2020, followed by renewed borrowing or lease obligations increasing toward the end of the period.
Shareowners’ Equity
Shareowners’ equity demonstrated strong growth through much of the initial period, rising from approximately $39.4 billion in March 2020 to a peak of roughly $73 billion by December 2021. Following this peak, equity experienced a downward trend, declining steadily to about $60.2 billion by March 2025. This reversal suggests that although the company was able to build substantial equity value initially, later periods saw either returns to shareholders, losses, or other factors reducing equity levels.
Debt to Equity Ratio (including operating lease liability)
The debt to equity ratio fell significantly early in the period, dropping from 1.23 in March 2020 to a low near 0.45 by December 2021, consistent with reduced total debt and increased equity. After stabilizing around the mid-0.4s through much of 2022 and early 2023, the ratio rose markedly starting in mid-2023, reaching about 0.76 by December 2023, before slightly declining yet remaining elevated near 0.7 by March 2025. This rise in leverage indicates a shift toward higher relative indebtedness compared to equity during the later period, possibly reflecting strategic financing decisions or changing market conditions.

Overall, the data portrays an initial deleveraging phase characterized by debt reduction and equity growth, followed by a period of increased leverage with rising debt levels and declining equity. This could imply changing capital structure priorities, investment activities, or broader economic influences impacting the company's financial strategy over the time horizon analyzed.


Debt to Capital

RTX Corp., debt to capital calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings 212 183 220 231 166 189 1,170 1,076 224 625 2,195 113 140 134 206 196 234 247 228 243 1,725
Long-term debt currently due 2,844 2,352 3,113 1,617 344 1,283 1,389 1,554 1,545 595 193 26 24 24 274 1,370 1,369 550 1,307 1,297 1,362
Long-term debt, excluding currently due 38,244 38,726 38,823 40,303 42,334 42,355 32,701 32,723 32,717 30,694 31,059 31,274 31,308 31,327 30,768 29,916 29,935 31,026 31,246 31,210 43,232
Total debt 41,300 41,261 42,156 42,151 42,844 43,827 35,260 35,353 34,486 31,914 33,447 31,413 31,472 31,485 31,248 31,482 31,538 31,823 32,781 32,750 46,319
Shareowners’ equity 61,516 60,156 61,114 58,985 60,485 59,798 69,596 72,480 72,795 72,632 70,187 70,441 72,462 73,068 71,308 71,115 71,710 72,163 68,379 67,225 39,411
Total capital 102,816 101,417 103,270 101,136 103,329 103,625 104,856 107,833 107,281 104,546 103,634 101,854 103,934 104,553 102,556 102,597 103,248 103,986 101,160 99,975 85,730
Solvency Ratio
Debt to capital1 0.40 0.41 0.41 0.42 0.41 0.42 0.34 0.33 0.32 0.31 0.32 0.31 0.30 0.30 0.30 0.31 0.31 0.31 0.32 0.33 0.54
Benchmarks
Debt to Capital, Competitors2
Boeing Co. 1.07 1.08 1.69 1.45 1.55 1.49 1.47 1.42 1.39 1.39 1.45 1.35 1.36 1.35 1.30 1.36 1.40 1.40 1.24 1.23 1.33
Caterpillar Inc. 0.68 0.66 0.66 0.69 0.68 0.66 0.64 0.67 0.67 0.70 0.70 0.70 0.69 0.70 0.69 0.69 0.70 0.71 0.72 0.74 0.72
Eaton Corp. plc 0.35 0.33 0.33 0.34 0.32 0.33 0.33 0.34 0.34 0.34 0.36 0.37 0.37 0.34 0.36 0.44 0.40 0.35 0.36 0.37 0.37
GE Aerospace 0.50 0.50 0.51 0.51 0.41 0.43 0.42 0.41 0.41 0.47 0.49 0.48 0.46 0.47 0.63 0.65 0.68 0.68 0.70 0.71 0.71
Honeywell International Inc. 0.65 0.63 0.64 0.62 0.61 0.56 0.54 0.55 0.53 0.54 0.49 0.52 0.51 0.51 0.54 0.54 0.54 0.56 0.55 0.55 0.48
Lockheed Martin Corp. 0.75 0.76 0.73 0.76 0.74 0.72 0.65 0.66 0.62 0.63 0.49 0.50 0.54 0.52 0.55 0.65 0.66 0.67 0.72 0.77 0.79

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 41,300 ÷ 102,816 = 0.40

2 Click competitor name to see calculations.


The analysis of the financial data reveals several notable trends and dynamics in the company’s capital structure and debt management over the observed periods.

Total debt
The total debt demonstrates significant fluctuations throughout the time span. Initially, there is a marked decrease from $46,319 million in March 2020 to about $31,482 million by June 2021, indicating a period of debt reduction. Subsequently, total debt remains relatively stable around the low $31,000 million range until late 2022. Starting from late 2022, there is a noticeable increase, peaking at $43,827 million in December 2023. Following this peak, total debt slightly declines but remains elevated compared to the earlier periods, ending at approximately $41,300 million by March 2025.
Total capital
Total capital shows an overall increasing trend initially, rising from $85,730 million in March 2020 to a peak near $107,833 million in mid-2023. After this peak, total capital exhibits a mild downward trend and fluctuates narrowly, ending at approximately $102,816 million by March 2025. This suggests some moderation or possible capital restructuring in later periods after several years of incremental growth.
Debt to capital ratio
The debt to capital ratio indicates a marked improvement in financial leverage in the early intervals, decreasing from 0.54 in March 2020 to about 0.30 by late 2020 and maintaining a stable range around 0.30 to 0.33 through mid-2023. After mid-2023, this ratio rises considerably, reaching a peak of 0.42 in December 2023, reflecting the aforementioned surge in total debt relative to capital. This elevated leverage level persists consistently at around 0.41 towards the end of the period, signaling increased reliance on debt financing in the most recent quarters.

Overall, the company initially pursued a strategy of reducing debt and strengthening capital, leading to improved leverage ratios. However, from the latter part of the dataset onward, there is a reversal with increasing debt and stable or slightly declining capital, which caused a higher debt to capital ratio. This shift may reflect strategic financing decisions or changing market conditions influencing the company's capital structure management.


Debt to Capital (including Operating Lease Liability)

RTX Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings 212 183 220 231 166 189 1,170 1,076 224 625 2,195 113 140 134 206 196 234 247 228 243 1,725
Long-term debt currently due 2,844 2,352 3,113 1,617 344 1,283 1,389 1,554 1,545 595 193 26 24 24 274 1,370 1,369 550 1,307 1,297 1,362
Long-term debt, excluding currently due 38,244 38,726 38,823 40,303 42,334 42,355 32,701 32,723 32,717 30,694 31,059 31,274 31,308 31,327 30,768 29,916 29,935 31,026 31,246 31,210 43,232
Total debt 41,300 41,261 42,156 42,151 42,844 43,827 35,260 35,353 34,486 31,914 33,447 31,413 31,472 31,485 31,248 31,482 31,538 31,823 32,781 32,750 46,319
Operating lease liabilities, non-current 1,646 1,632 1,592 1,415 1,410 1,412 1,523 1,570 1,624 1,586 1,539 1,593 1,627 1,657 1,541 1,563 1,552 1,516 1,651 1,723 2,126
Total debt (including operating lease liability) 42,946 42,893 43,748 43,566 44,254 45,239 36,783 36,923 36,110 33,500 34,986 33,006 33,099 33,142 32,789 33,045 33,090 33,339 34,432 34,473 48,445
Shareowners’ equity 61,516 60,156 61,114 58,985 60,485 59,798 69,596 72,480 72,795 72,632 70,187 70,441 72,462 73,068 71,308 71,115 71,710 72,163 68,379 67,225 39,411
Total capital (including operating lease liability) 104,462 103,049 104,862 102,551 104,739 105,037 106,379 109,403 108,905 106,132 105,173 103,447 105,561 106,210 104,097 104,160 104,800 105,502 102,811 101,698 87,856
Solvency Ratio
Debt to capital (including operating lease liability)1 0.41 0.42 0.42 0.42 0.42 0.43 0.35 0.34 0.33 0.32 0.33 0.32 0.31 0.31 0.31 0.32 0.32 0.32 0.33 0.34 0.55
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Eaton Corp. plc 0.37 0.35 0.35 0.35 0.34 0.34 0.34 0.35 0.35 0.35 0.37 0.38 0.37 0.35 0.37 0.45 0.41 0.36 0.37 0.38 0.38

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 42,946 ÷ 104,462 = 0.41

2 Click competitor name to see calculations.


Total Debt (Including Operating Lease Liability)
The total debt showed a notable decline from March 31, 2020, when it was approximately $48.4 billion, to a lower level around $33.1 billion by December 31, 2020. This decreasing trend continued with minor fluctuations until March 31, 2023, where debt gradually increased reaching around $36.1 billion. Significant volatility occurred in the period starting December 31, 2023, with debt spiking up to about $45.2 billion rapidly, before moderately retreating but remaining elevated relative to previous years, ending near $42.9 billion by March 31, 2025.
Total Capital (Including Operating Lease Liability)
Total capital experienced an overall increasing pattern from $87.9 billion in March 2020, with a substantial rise to nearly $106.2 billion by December 2020. For the subsequent years, total capital largely stabilized with slight fluctuations, generally fluctuating between approximately $102.5 billion and $109.4 billion. From December 2023 onwards, a slight downward trend is observed, with total capital decreasing moderately to about $104.5 billion by March 2025.
Debt to Capital Ratio (Including Operating Lease Liability)
The debt to capital ratio significantly decreased from 0.55 in March 2020 to around 0.31 by the end of 2020, reflecting a reduction in leverage. Through 2021 and early 2022, the ratio remained relatively stable around 0.31 to 0.33, indicating consistent capital structure management. Beginning late 2023, however, the ratio rose sharply, reaching a peak near 0.43, suggesting increasing leverage. Although it diminished slightly afterward, the ratio stayed elevated in the range of 0.41 to 0.42 through the first quarter of 2025, representing a shift toward higher relative debt levels compared to capital.
Overall Observations
There is a clear pattern of deleveraging observable from early 2020 to roughly early 2023, characterized by decreasing total debt and relatively stable or modestly increasing total capital, which led to a drop in the debt-to-capital ratio. Post early 2023, this trend reversed with a substantial increase in total debt and a mild reduction in total capital, driving a notable increase in leverage as indicated by the higher debt-to-capital ratios. This shift may imply strategic changes in capital structure or external financing conditions impacting the company's financial risk profile.

Debt to Assets

RTX Corp., debt to assets calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings 212 183 220 231 166 189 1,170 1,076 224 625 2,195 113 140 134 206 196 234 247 228 243 1,725
Long-term debt currently due 2,844 2,352 3,113 1,617 344 1,283 1,389 1,554 1,545 595 193 26 24 24 274 1,370 1,369 550 1,307 1,297 1,362
Long-term debt, excluding currently due 38,244 38,726 38,823 40,303 42,334 42,355 32,701 32,723 32,717 30,694 31,059 31,274 31,308 31,327 30,768 29,916 29,935 31,026 31,246 31,210 43,232
Total debt 41,300 41,261 42,156 42,151 42,844 43,827 35,260 35,353 34,486 31,914 33,447 31,413 31,472 31,485 31,248 31,482 31,538 31,823 32,781 32,750 46,319
 
Total assets 164,864 162,861 164,822 161,169 160,187 161,869 162,443 162,161 161,636 158,864 158,225 159,017 159,366 161,404 158,772 158,838 160,608 162,153 162,399 161,517 139,572
Solvency Ratio
Debt to assets1 0.25 0.25 0.26 0.26 0.27 0.27 0.22 0.22 0.21 0.20 0.21 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.33
Benchmarks
Debt to Assets, Competitors2
Boeing Co. 0.34 0.34 0.42 0.41 0.36 0.38 0.39 0.39 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.43 0.42 0.42 0.38 0.38 0.27
Caterpillar Inc. 0.45 0.44 0.44 0.45 0.45 0.43 0.43 0.44 0.44 0.45 0.45 0.46 0.46 0.46 0.46 0.46 0.47 0.47 0.50 0.50 0.49
Eaton Corp. plc 0.26 0.24 0.24 0.25 0.24 0.24 0.25 0.25 0.25 0.25 0.26 0.28 0.27 0.25 0.27 0.33 0.30 0.25 0.26 0.27 0.27
GE Aerospace 0.16 0.16 0.16 0.16 0.13 0.13 0.13 0.13 0.14 0.17 0.17 0.18 0.18 0.18 0.27 0.27 0.29 0.30 0.31 0.32 0.32
Honeywell International Inc. 0.44 0.41 0.42 0.40 0.38 0.33 0.33 0.34 0.32 0.31 0.28 0.31 0.31 0.30 0.33 0.33 0.34 0.35 0.35 0.35 0.28
Lockheed Martin Corp. 0.36 0.36 0.35 0.35 0.35 0.33 0.31 0.31 0.29 0.29 0.22 0.22 0.23 0.23 0.23 0.23 0.24 0.24 0.25 0.26 0.26

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 41,300 ÷ 164,864 = 0.25

2 Click competitor name to see calculations.


Total Debt
The total debt exhibited a general decline from March 31, 2020, through mid-2021, decreasing from $46,319 million to approximately $31,248 million by September 30, 2021. Post this period, debt levels stabilized with minor fluctuations around the $31,000-$33,000 million range until December 31, 2022. Starting in early 2023, there was a noticeable upward trend, peaking at $43,827 million by December 31, 2023. Subsequently, debt levels gradually decreased, reaching around $41,300 million by March 31, 2025.
Total Assets
Total assets showed an overall stable pattern with some fluctuations throughout the observed periods. The asset base increased significantly from $139,572 million in March 2020 to a peak near $162,399 million by September 30, 2020, then fluctuated slightly but hovered around the $158,000-$162,000 million mark for most of the timeframe. Towards the end of the period, total assets demonstrated a mild upward movement, closing at approximately $164,864 million by March 31, 2025.
Debt to Assets Ratio
The debt to assets ratio declined sharply from 0.33 in March 2020 to stabilize around 0.20 during the majority of 2020 and 2021, indicative of improved leverage and a stronger asset base relative to debt. From early 2023 onwards, this ratio increased noticeably to about 0.27 by the end of 2023, reflecting the rising debt levels relative to assets during that period. After reaching this peak, the ratio gradually reduced again, settling around 0.25 by March 2025, suggesting a modest improvement in the company's leverage position in the latest quarters.
Overall Trends and Insights
The financial data reveals a strategic deleveraging effort in 2020 and early 2021, with falling debt and increasing assets leading to a lower debt to assets ratio. However, starting in 2023, the company appeared to increase leverage significantly, as seen in rising debt and a corresponding increase in the debt to assets ratio. The gradual reduction in leverage from late 2023 to early 2025 suggests a subsequent focus on managing and possibly reducing debt relative to assets. The asset base remained relatively consistent, indicating stable underlying operational or capital investment activities during the period. This pattern of debt and asset fluctuation may reflect responses to external market conditions or internal financial strategies affecting capital structure.

Debt to Assets (including Operating Lease Liability)

RTX Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings 212 183 220 231 166 189 1,170 1,076 224 625 2,195 113 140 134 206 196 234 247 228 243 1,725
Long-term debt currently due 2,844 2,352 3,113 1,617 344 1,283 1,389 1,554 1,545 595 193 26 24 24 274 1,370 1,369 550 1,307 1,297 1,362
Long-term debt, excluding currently due 38,244 38,726 38,823 40,303 42,334 42,355 32,701 32,723 32,717 30,694 31,059 31,274 31,308 31,327 30,768 29,916 29,935 31,026 31,246 31,210 43,232
Total debt 41,300 41,261 42,156 42,151 42,844 43,827 35,260 35,353 34,486 31,914 33,447 31,413 31,472 31,485 31,248 31,482 31,538 31,823 32,781 32,750 46,319
Operating lease liabilities, non-current 1,646 1,632 1,592 1,415 1,410 1,412 1,523 1,570 1,624 1,586 1,539 1,593 1,627 1,657 1,541 1,563 1,552 1,516 1,651 1,723 2,126
Total debt (including operating lease liability) 42,946 42,893 43,748 43,566 44,254 45,239 36,783 36,923 36,110 33,500 34,986 33,006 33,099 33,142 32,789 33,045 33,090 33,339 34,432 34,473 48,445
 
Total assets 164,864 162,861 164,822 161,169 160,187 161,869 162,443 162,161 161,636 158,864 158,225 159,017 159,366 161,404 158,772 158,838 160,608 162,153 162,399 161,517 139,572
Solvency Ratio
Debt to assets (including operating lease liability)1 0.26 0.26 0.27 0.27 0.28 0.28 0.23 0.23 0.22 0.21 0.22 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.35
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Eaton Corp. plc 0.27 0.26 0.26 0.27 0.25 0.26 0.26 0.27 0.26 0.26 0.28 0.29 0.28 0.26 0.28 0.34 0.31 0.26 0.28 0.28 0.28

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 42,946 ÷ 164,864 = 0.26

2 Click competitor name to see calculations.


Total Debt (Including Operating Lease Liability)
The total debt experienced a noticeable decline from US$48,445 million in March 2020 to approximately US$33,000 million by December 2020, representing a significant reduction in leverage during that period. Throughout 2021, the debt level remained relatively stable, fluctuating slightly around the US$33,000 million mark. However, beginning in late 2022 and continuing into 2023 and early 2024, there was a marked increase in total debt, peaking at US$45,239 million by December 2023. Following this peak, the debt figures showed a modest decrease but remained elevated relative to the mid-2020 levels, with values around US$42,900 million by March 2025.
Total Assets
Total assets increased significantly from US$139,572 million in March 2020 to a peak of approximately US$162,443 million by December 2021. After this peak, asset levels fluctuated slightly but generally held within a range close to US$160,000 million to US$164,800 million through to March 2025. This indicates that the asset base remained largely stable with moderate volatility over the observed periods.
Debt to Assets Ratio (Including Operating Lease Liability)
The debt-to-assets ratio demonstrated a sharp decline from 0.35 in March 2020 to around 0.21 by mid-2020, reflecting a rapid deleveraging relative to asset size. This ratio remained relatively constant at approximately 0.21 through 2021 and most of 2022, indicative of a stable leverage position during this timeframe. Beginning in late 2022, the ratio increased steadily, reaching approximately 0.28 by December 2023, coinciding with the increase in total debt during the same period while assets remained relatively flat. Towards the end of the timeframe presented, the ratio exhibited a slight downward trend but stabilized around 0.26 by early 2025, suggesting a modest reduction in leverage after a period of increase.
Overall Observations
The periods analyzed reveal distinct phases in the company's financial structure. Initially, there was a significant reduction in total debt and leverage with stable asset levels, possibly indicating debt repayment or restructuring efforts. Subsequently, total debt and debt-to-assets ratios increased notably starting from late 2022, while total assets remained comparatively stable. This pattern suggests an increased reliance on debt financing in recent periods. The current leverage remains higher than the low levels observed in mid-2020. The trends imply a shift in capital structure strategy or external factors influencing debt levels, warranting further analysis for understanding implications on financial risk and flexibility.

Financial Leverage

RTX Corp., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Total assets 164,864 162,861 164,822 161,169 160,187 161,869 162,443 162,161 161,636 158,864 158,225 159,017 159,366 161,404 158,772 158,838 160,608 162,153 162,399 161,517 139,572
Shareowners’ equity 61,516 60,156 61,114 58,985 60,485 59,798 69,596 72,480 72,795 72,632 70,187 70,441 72,462 73,068 71,308 71,115 71,710 72,163 68,379 67,225 39,411
Solvency Ratio
Financial leverage1 2.68 2.71 2.70 2.73 2.65 2.71 2.33 2.24 2.22 2.19 2.25 2.26 2.20 2.21 2.23 2.23 2.24 2.25 2.37 2.40 3.54
Benchmarks
Financial Leverage, Competitors2
Boeing Co.
Caterpillar Inc. 4.70 4.50 4.45 4.86 4.75 4.49 4.24 4.68 4.61 5.16 5.19 5.16 4.82 5.02 4.85 4.85 4.87 5.11 5.13 5.57 5.35
Eaton Corp. plc 2.12 2.08 2.05 2.05 2.00 2.02 2.03 2.05 2.04 2.06 2.14 2.15 2.12 2.07 2.14 2.39 2.27 2.13 2.14 2.14 2.17
GE Aerospace 6.45 6.37 6.71 6.62 5.49 5.96 5.47 5.23 5.20 5.16 5.75 5.35 4.92 4.93 6.33 7.09 7.30 7.13 7.64 7.62 7.43
Honeywell International Inc. 4.31 4.04 4.22 4.09 3.99 3.88 3.56 3.60 3.54 3.73 3.40 3.55 3.45 3.47 3.60 3.56 3.53 3.68 3.51 3.50 3.25
Lockheed Martin Corp. 8.48 8.78 7.71 8.92 8.27 7.67 6.11 6.17 5.66 5.71 4.35 4.53 5.15 4.64 5.38 7.99 8.15 8.43 10.25 13.22 14.29

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Shareowners’ equity
= 164,864 ÷ 61,516 = 2.68

2 Click competitor name to see calculations.


Total Assets
The total assets show an initial significant increase from March 31, 2020 (139,572 million USD) to June 30, 2020 (161,517 million USD), after which the asset base stabilizes and fluctuates slightly within a narrow range over the subsequent periods. From June 2020 onward through March 31, 2025, total assets remain generally around the 160,000 million USD mark, with minor variations but no clear upward or downward long-term trend.
Shareowners’ Equity
Shareowners’ equity experiences a sharp rise between March 31, 2020 (39,411 million USD) and June 30, 2020 (67,225 million USD), nearly doubling in value. This elevated equity level is maintained through the end of 2020 and into early 2021. Subsequently, equity exhibits a gradual decline with noticeable fluctuations, reaching a local low around December 31, 2023 (59,798 million USD), before recovering somewhat toward the later periods, closing at 61,516 million USD by March 31, 2025. Overall, the equity base shows a peak in mid-2020 with a subsequent moderate downward trend followed by partial recovery in the latest periods.
Financial Leverage
Financial leverage, defined as the ratio of total assets to equity, declines dramatically from 3.54 on March 31, 2020, to about 2.21 by December 31, 2021, indicating a reduction in leverage during this period. This corresponds with the sharp increase in equity relative to assets observed earlier. Following this low point, leverage begins to rise steadily, reaching peaks of about 2.71 to 2.73 between late 2023 and early 2025, reflecting increased leverage consistent with the partial decline in equity. Despite these fluctuations, financial leverage remains generally below the early 2020 levels through the entire period analyzed.