Enterprise Value (EV)
Current Enterprise Value (EV)
RTX Corp., current enterprise value calculation
| Current share price (P) | $207.26 |
| No. shares of common stock outstanding | 1,342,287,676 |
| US$ in millions | |
| Common equity (market value)1 | 278,203) |
| Add: Preferred stock, $1 par value; none issued or outstanding (per books) | —) |
| Add: Noncontrolling interest (per books) | 1,857) |
| Total equity | 280,060) |
| Add: Short-term borrowings (per books) | 204) |
| Add: Long-term debt currently due (per books) | 3,412) |
| Add: Long-term debt, excluding currently due (per books) | 34,288) |
| Total equity and debt | 317,964) |
| Less: Cash and cash equivalents | 7,435) |
| Enterprise value (EV) | 310,529) |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 207.26 × 1,342,287,676
Historical Enterprise Value (EV)
RTX Corp., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of RTX Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 198.66 × 1,342,287,676
The enterprise value (EV) exhibited a fluctuating pattern over the five-year period. While initial years showed modest increases, more recent periods demonstrate significant growth. A closer examination of the components contributing to EV reveals further insights into these trends.
- Enterprise Value Trend
- The enterprise value began at US$167,423 million in 2021, increasing to US$170,615 million in 2022. A slight decrease was observed in 2023, with EV falling to US$161,239 million. However, 2024 and 2025 saw substantial increases, reaching US$210,519 million and US$298,985 million respectively. This indicates accelerating growth in enterprise value in the latter part of the period.
- Common Equity (Market Value) and Total Equity
- Common equity (market value) mirrored the EV trend to some extent, increasing from US$142,174 million in 2021 to US$266,659 million in 2025, with a dip in 2023 to US$122,387 million. Total equity followed a similar pattern, starting at US$143,770 million and reaching US$268,516 million in 2025, also experiencing a decline in 2023 to US$123,999 million. The close alignment between common equity and total equity suggests that changes in market valuation are largely reflected in the overall equity position.
- Total Equity and Debt
- Total equity and debt increased steadily throughout the period, from US$175,255 million in 2021 to US$306,420 million in 2025. This consistent growth suggests a continuous expansion of the company’s capital structure, incorporating both equity and debt financing. The rate of increase in total equity and debt appears to be accelerating in the later years, coinciding with the significant rise in enterprise value.
- Relationship between Components and EV
- The enterprise value generally tracks the combined value of total equity and debt. The fluctuations in EV appear to be driven by changes in both equity market valuation and the overall capital structure. The substantial increase in EV from 2023 to 2025 is associated with significant growth in both common equity and total equity and debt, indicating that market confidence and capital investment are contributing factors.
In summary, the enterprise value demonstrates a clear upward trajectory, particularly in the most recent years. This growth is supported by increases in both equity and debt components of the capital structure, and is reflected in the market valuation of the company’s common equity.