Stock Analysis on Net
Stock Analysis on Net

RTX Corp. (NYSE:RTX)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

RTX Corp., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Short-term borrowings and long-term debt1 ÷ Shareowners’ equity1
Dec 31, 2024 = ÷
Dec 31, 2023 = ÷
Dec 31, 2022 = ÷
Dec 31, 2021 = ÷
Dec 31, 2020 = ÷
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Dec 31, 2005 = ÷

Based on: 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), 10-K (reporting date: 2020-12-31), 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 US$ in millions

The analysis of the financial data reveals several notable trends in the company’s leverage and capital structure over the period under review.

Short-term Borrowings and Long-term Debt
The company’s total debt levels show fluctuations with an overall rising trend from 2005 through 2024. Debt increased gradually from 8,240 million USD in 2005, peaking significantly at 45,537 million USD in 2018. Following this peak, debt levels decreased sharply to 31,823 million USD in 2020 before stabilizing around 41,000 to 43,000 million USD in the subsequent years till 2024. This pattern suggests periods of both aggressive borrowing and subsequent deleveraging or stabilization.
Shareowners’ Equity
Shareowners’ equity experienced a general upward trajectory across the years, though with some volatility. It started at 16,991 million USD in 2005, followed by steady growth and a notable increase after 2017, reaching a peak of 73,068 million USD by 2021. Equity then slightly declined to approximately 60,000 million USD in the last two years reported. This growth indicates increasing retained earnings or capital contributions, enhancing the firm’s net worth over time.
Debt to Equity Ratio
The debt to equity ratio exhibits considerable variability. Initially low and relatively stable around 0.43-0.48 through 2005-2007, the ratio rose sharply during 2008 to 0.72, reflecting an increase in leverage. It hovered near or below 1.0 until 2017, then spiked to 1.18 in 2018, coinciding with peak debt levels. After 2018, the ratio declined significantly to below 0.5 by 2020-2021, indicating reduced relative leverage. However, in the last two years, the ratio rose again above 0.7, reflecting a moderate increase in leverage relative to equity.

Overall, the data indicate cycles of increasing and decreasing leverage, with periods of heightened borrowing followed by deleveraging phases. The strong increase in equity capital during recent years helped improve the company’s financial stability despite fluctuations in debt. Monitoring the debt to equity ratio closely will be important to maintain balanced financial risk going forward.

Comparison to Competitors

RTX Corp., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
RTX Corp. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp.
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Based on: 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), 10-K (reporting date: 2020-12-31), 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).

Comparison to Sector (Capital Goods)

RTX Corp., debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
RTX Corp. Capital Goods
Dec 31, 2024
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Based on: 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), 10-K (reporting date: 2020-12-31), 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).

Comparison to Industry (Industrials)

RTX Corp., debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
RTX Corp. Industrials
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Based on: 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), 10-K (reporting date: 2020-12-31), 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).