GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX
Raytheon Technologies Corp (NYSE:RTX)
[1]
Fairly Valued[5]$ 90.25
GF Score: 73/100Market Cap: $ 134,221 Mil
Industry: Industrials - Aerospace & Defense
United Technologies Corp is a diversified industrial conglomerate. It provides high technology products and services to the building systems and aerospace industries.
GF Value Rank
Rank: 5 /10CurrentIndustry MedianHistorical Median
PE Ratio32.3428.5411.10
Forward P/E18.7720.31N/A
PB Ratio1.862.211.93
PS Ratio2.091.911.06
P/FCF30.6120.2713.75
Shiller P/E14.4229.7312.25
PEG RatioN/A2.692.19
Valuation Analysis
Current% of Price
NCAV-31.04-34
Tangible Book-13.43-15
EPV18.7821
Median PS Value46.1851
GF Value84.8394
Price90.25
Dividend & Ownership
Dividend Yield (TTM) %2.26
Dividend Yield (Forward) %2.45
Dividend Payout Ratio0.73
Dividend Growth (5Y) %-5.50
Yield on Cost (5Y) %1.70
Continuous Div. since2021
Insider Ownership %0.28
Institution Ownership %84.44
Financial Strength
Rank: 5 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.180.810.29
Equity-to-Asset0.460.460.32
Interest Coverage3.708.607.40
Piotroski F-Score656
Profitability Rank
Rank: 7 /10CurrentIndustry MedianHistorical Median
Operating Margin %7.714.7013.16
Net Margin %6.473.419.50
ROE %5.834.4017.16
ROA %2.631.695.30
ROC (Joel Greenblatt) %38.217.3175.03
Growth Rank(* per share data)
Rank: 3 /1010-Yr5-Yr1-Yr
Revenue Growth %-4.1-10.77.4
EBITDA Growth %-7.9-19.6198.3
Oprt. Income Growth %-14.3-29.4457.0
EPS w/o NRI Growth %N/AN/AN/A
FCF Growth %-6.4-4.0165.3
Book Value Growth %6.87.82.9
Momentum Rank
Rank: 6 /10CurrentIndustry MedianHistorical Median
5-Day RSI30.9050.55N/A
9-Day RSI32.6747.05N/A
14-Day RSI34.6045.90N/A
6-1M Momentum %22.38-8.45N/A
12-1M Momentum %22.70-3.25N/A
Quarterly
Mar21Jun21Sep21Dec21Mar22
Revenue15,25115,88016,21317,04415,716
Net Income753.001,0321,393686.001,084
EPS0.500.680.930.460.72
Revenue YoY %34.2512.949.943.813.05
Net Income YoY %-1,007-126.91427.65408.1543.96
EPS YoY %-600.00-126.67447.06411.1144.00
Warning Signs
SEVERERevenue per Share: Declined
SEVEREGross Margin %: Declined
SEVEREOperating Margin %: Declined
Good Signs
GOODBeneish M-Score: Unlikely manipulator
Insider Trades
InsiderPositionDateTradesCur. Shares
Winnefeld James A JrDirector04/27/222007,700
Dumais Michael REVP,Chf Transfo02/28/22-1432664,269
Atkinson Tracy ADirector02/18/22-53406,880
Kremer Wesley DPresident, RMD02/17/22-1508373,519
Dumais Michael REVP,Chf Transfo11/05/21-300049,234
Kremer Wesley DPresident, RMD08/04/21-551278,925
Ortberg Robert KellyDirector07/15/21-6000065,548
Dumais Michael REVP,Chf Transfo06/01/21-600052,224
Dumais Michael REVP,Chf Transfo05/24/21-927458,225
Jimenez Frank REVP and General05/21/21-140050,898
As of 05-20-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
%GainSP500
1W-0.74-0.73
1M-13.15-12.49
3M-2.21-10.03
6M6.88-16.39
YTD6.10-17.75
1Y8.95-3.96
3Y4.8212.66
5Y6.1312.26
10Y9.6813.75
104.97
30.18
44.61
19M
9.5M
2012201320142015201620172018201920202021CurrentPerformance
54.6871.6275.5778.1069.8480.6389.4194.8498.6991.86106.02Highest Stock Price
44.6152.5862.4154.6453.2868.0864.2365.1247.1765.5079.00Lowest Stock Price
47,42165,64965,81250,68455,78864,15557,72781,462108,655128,512134,221Market Cap
906.6915.1911.6883.2826.1799.1810.1863.91,3581,5091,498Shares Outstanding-Diluted
9.1211.4610.617.0211.2514.0810.3114.70At Loss33.6232.34PE Ratio
1.832.062.111.852.022.171.501.951.511.761.86PB Ratio
0.811.161.140.951.001.071.561.801.722.022.09PS Ratio
7.217.947.037.087.267.7517.8014.4042.0214.3314.93EV-to-EBITDA
2012201320142015201620172018201920202021TTMPer Share Data
63.6561.8563.5263.5269.2974.8842.8452.4941.6842.6843.11Revenue per Share
5.666.256.828.616.135.706.506.41-2.592.562.79Earnings per Share
4.105.015.634.862.174.055.507.711.213.152.95Free Cash Flow per Share
2.032.202.362.562.622.722.842.942.162.012.04Dividends per Share
-18.58-12.90-12.94-18.54-18.75-17.75-41.89-22.34-14.91-13.32-13.43Tangible Book per Share
54.8153.8458.6955.6461.6568.3042.1961.0444.3045.1046.18Median PS Value
----------------------Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
57,70856,60057,90056,09857,24459,83734,70145,34956,58764,38864,853Revenue
15,55516,13217,00215,66715,77315,6367,23610,7518,53112,49112,933Gross Profit
26.9528.5029.3627.9327.5526.1320.8523.7115.0819.4019.94Gross Margin %
7,8717,5837,4098,3767,5527,4984,3595,8377,2377,5337,936Total Operating Expense
7,6848,5499,5937,2918,2218,1382,8774,9141,2944,9584,997Operating Income
13.3215.1016.5713.0014.3613.608.2910.842.297.707.71Operating Margin %
5,1305,7216,2207,6085,0554,5525,2695,537-3,5193,8644,195Net Income
8.8910.1110.7413.568.837.6115.1812.21-6.226.006.47Net Margin %
7,8048,6869,8117,4128,2948,7803,6865,863-945.006,2896,365EBIT
9,32810,42111,6319,27510,25610,9205,5828,5713,21110,84610,813EBITDA
21.4719.8019.7225.9818.4015.9215.4813.80-6.185.325.83ROE %
6.806.366.848.525.714.884.564.04-2.332.392.63ROA %
2012201320142015201620172018201920202021Mar22Balance Sheet
4,8194,6195,2297,0757,1578,9856,1524,9378,8027,8326,040Cash & Equivalents
89,40990,59491,20687,48489,70696,920134,211139,615162,153161,404159,366Total Assets
1,624500.001,9171,1052,2042,4964,3455,551797.00158.00164.00Short-Term Debt & CLO
21,59719,74117,78419,32021,69724,98941,19238,79432,54232,98432,935Long-Term Debt & CLO
62,10257,26458,50258,51860,24165,36893,49295,28988,26986,70585,344Total Liabilities
25,91431,86631,21327,35827,57929,61038,44641,77472,16373,06872,462Total Stockholders Equity
27,30733,33032,70428,96629,46531,55240,71944,32673,88474,69974,022Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
6,6466,8777,3216,3833,8805,6316,3228,8833,6067,0716,829Cash Flow from Operations
-15,821-1,113-2,0806,206-2,503-3,019-16,973-3,0923,102-1,364-2,464Cash Flow from Investing
8,021-5,940-4,261-10,785-1,188-993.007,965-4,564-5,274-6,685-6,891Cash Flow from Financing
-1,124-217.00824.001,63069.001,829-2,8061,2081,412-979.00-2,535Net Change in Cash
4,8364,6195,2297,0757,1578,9856,2124,9378,8027,8326,040Ending Cash Position
-2,932-2,291-2,187-2,089-2,087-2,394-1,867-2,219-1,967-2,322-2,392Capital Expenditure
3,7144,5865,1344,2941,7933,2374,4556,6641,6394,7494,437Free Cash Flow
Competitor
TickerCompanyMarket Cap
($M)
PE RatioGF Score
/100
Financial
Strength /10
Profitability
Rank /10
GF Value
Rank /10
Growth
Rank /10
Momentum
Rank /10
XKRX:010140Samsung Heavy Industries Co Ltd162,130At Loss6252719
NYSE:RTXRaytheon Technologies Corp134,22132.347357536
NYSE:LMTLockheed Martin Corp113,26018.808468593
XPAR:AIRAirbus SE88,47016.537365738
NYSE:BABoeing Co75,221At Loss6536427
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Financial Strength[2] (Quarterly data, as of Mar. 2022) : Fair (5/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.18

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.46

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.46

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 6

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 9.23% vs ROIC : 3.30%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 2.06%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Profitability[3] (Annual data, as of Dec. 2021) : Good (7/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $15,716 Mil vs Net Income : $1,084 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $6,040 Mil vs Long-Term Debt* : $32,935 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 6.69%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $0.74

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.51

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-0.01

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Valuation (Quarterly data, as of Mar. 2022)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $90.25)


PE Ratio without NRI : 35.13

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 2.03

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 2.30

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 33.61

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 27.64

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Revenue per Share : Declined

Raytheon Technologies Corp revenue per share has been in decline for the last 5 years.

Gross Margin % : Declined

Raytheon Technologies Corp gross margin has been in long term decline. The average rate of decline per year is -8.9%.

Operating Margin % : Declined

Raytheon Technologies Corp operating margin has been in 5-year decline. The average rate of decline per year is -20.9%.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

PE Ratio : Close to 1-year low

Raytheon Technologies Corp stock PE Ratio (=33.20) is close to 1-year low of 31.32

Insider Buy : Insider Buying

There were 1 insider buying transaction over the past 3 months. The total number of shares bought is 200.

Medium Warning Signs

Altman Z-Score : Grey

Altman Z-score of 1.99 is in grey area. The implies that the company is in some kind of financial stress. If it is below 1.8, the company may faces bankrupcy risk.

Dividend Payout Ratio : Too high

If a company dividend payout ratio is too high, its dividend may not be sustainable. The dividend payout ratio of Raytheon Technologies Corp is 0.73, which seems too high.

ROIC vs. WACC : Return on invested capital is less than weighted average cost of capital.

Companys's return on invested capital is less than weighted average cost of capital. It might not be capital efficient
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
XPAR:AIRAirbus SE6/101.340.101.1917.6971.39-2.519.995.55
NYSE:LHXL3Harris Technologies Inc6/100.050.560.417.6462.75-2.446.015.22
NYSE:LMTLockheed Martin Corp6/100.160.191.1615.6254.090.006.2916.75
NYSE:NOCNorthrop Grumman Corp6/100.150.321.096.9853.44-2.655.668.28
XPAR:SAFSafran SA6/100.750.310.5610.3561.290.008.570.84
NYSE:GDGeneral Dynamics Corp5/100.220.350.7310.3683.28-2.827.007.91
NYSE:RTXRaytheon Technologies Corp5/100.180.460.463.7061.99-2.819.233.30
XKRX:010140Samsung Heavy Industries Co Ltd5/100.550.340.550.00415.47-3.813.49-10.77
NYSE:BABoeing Co3/100.21-0.11-3.750.0041.22-4.289.09-3.67
NYSE:TDGTransDigm Group Inc3/100.21-0.15-6.861.8771.52-2.419.1913.03

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NYSE:NOCNorthrop Grumman Corp9/1010.5516.3348.5913.7042.8983.558.7031.7033.00
NYSE:TDGTransDigm Group Inc9/1039.3817.700.004.6639.4398.316.202.80-13.80
NYSE:GDGeneral Dynamics Corp8/1010.748.5219.986.4711.4482.044.101.801.00
NYSE:LHXL3Harris Technologies Inc8/1011.7610.689.445.2427.0190.3119.8016.1016.30
NYSE:LMTLockheed Martin Corp8/1013.409.4571.5112.0515.85107.648.808.509.00
NYSE:RTXRaytheon Technologies Corp7/107.716.475.832.6330.6138.21-0.101.4019.80
XPAR:SAFSafran SA7/107.800.280.340.1125.118.30-10.60-13.10-67.60
NYSE:BABoeing Co6/10-7.23-8.000.00-3.390.00-20.67-15.000.000.00
XPAR:AIRAirbus SE5/1011.049.4455.804.6645.5438.99-6.602.0011.00
XKRX:010140Samsung Heavy Industries Co Ltd2/10-19.81-21.82-42.26-11.674.39-20.492.20-120.70-46.80

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NYSE:BABoeing CoAt Loss0.001.230.000.001.000.000.00-2.865.17
XKRX:010140Samsung Heavy Industries Co LtdAt Loss1.140.564.870.001.180.000.00-0.59-21.75
NYSE:NOCNorthrop Grumman Corp12.445.252.011.970.451.270.700.009.2620.71
XPAR:AIRAirbus SE16.537.711.579.110.001.900.000.008.10-10.67
NYSE:GDGeneral Dynamics Corp18.653.361.591.301.381.113.250.006.1010.56
NYSE:LMTLockheed Martin Corp18.8011.281.781.510.831.081.750.006.4715.17
NYSE:LHXL3Harris Technologies Inc25.042.342.681.320.001.232.920.004.8911.89
NYSE:RTXRaytheon Technologies Corp32.341.862.091.460.001.950.000.003.95-16.33
NYSE:TDGTransDigm Group Inc37.690.006.354.941.321.286.760.004.518.47
XPAR:SAFSafran SA1917.603.192.791.770.001.580.000.000.90-10.39
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Per Share Data


Per Share Data

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
47.54
55.37
62.51
56.44
56.65
61.48
63.65
61.85
63.52
63.52
69.29
74.88
42.84
52.49
41.68
42.68
43.11
Revenue per Share
7.09
8.31
9.36
8.32
8.99
10.24
10.29
11.39
12.76
10.50
12.42
13.67
6.89
9.92
2.37
7.19
7.19
EBITDA per Share
6.06
7.13
7.98
6.96
7.59
8.85
8.61
9.49
10.76
8.39
10.04
10.99
4.55
6.79
-0.70
4.17
4.23
EBIT per Share
3.71
4.27
4.90
4.12
4.74
5.49
5.66
6.25
6.82
8.61
6.13
5.70
6.50
6.41
-2.59
2.56
2.79
Earnings per Share (Diluted)
3.71
4.27
4.90
4.12
4.55
5.33
5.35
5.75
6.65
4.53
6.13
5.70
1.50
4.06
-2.29
2.58
2.82
EPS without NRI
4.13
4.90
5.41
6.21
6.40
6.03
6.41
7.08
6.68
8.90
5.30
8.00
7.55
6.81
-0.28
4.18
3.85
Owner Earnings per Share (TTM)
3.83
4.22
5.17
4.87
5.49
6.24
4.10
5.01
5.63
4.86
2.17
4.05
5.50
7.71
1.21
3.15
2.95
Free Cash Flow per Share
4.77
5.39
6.45
5.76
6.40
7.27
7.33
7.52
8.03
7.23
4.70
7.05
7.80
10.28
2.66
4.69
4.54
Operating Cash Flow per Share
2.56
2.95
4.59
4.75
4.43
6.57
5.25
5.04
5.75
8.44
8.85
11.24
7.14
5.71
5.79
5.25
4.06
Cash per Share
1.02
1.17
1.35
1.54
1.70
1.87
2.03
2.20
2.36
2.56
2.62
2.72
2.84
2.94
2.16
2.01
2.04
Dividends per Share
17.37
21.71
16.73
21.42
23.21
24.12
28.20
34.76
34.32
32.63
34.10
37.05
44.63
48.33
47.49
48.93
48.72
Book Value per Share
-0.07
1.50
-3.23
0.25
-0.43
0.02
-18.58
-12.90
-12.94
-18.54
-18.75
-17.75
-41.89
-22.34
-14.91
-13.32
-13.43
Tangible Book per Share
7.97
9.30
12.18
10.40
11.17
11.31
25.27
22.08
21.66
24.36
29.56
34.39
52.86
51.30
21.94
22.19
22.26
Total Debt per Share
39.34
48.17
33.73
43.68
49.54
46.00
51.61
71.62
72.37
60.46
68.98
80.28
67.01
94.25
71.51
86.06
90.25
Month End Stock Price

Ratios

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
21.77
21.86
25.27
21.37
21.10
23.02
21.47
19.80
19.72
25.98
18.40
15.92
15.48
13.80
-6.18
5.32
5.83
ROE %
9.63
9.85
12.51
10.48
9.91
12.05
11.73
9.61
9.35
14.04
9.11
7.34
10.32
7.08
-4.09
3.02
3.13
ROE % Adjusted to Book Value
8.02
8.31
8.42
6.80
7.65
8.30
6.80
6.36
6.84
8.52
5.71
4.88
4.56
4.04
-2.33
2.39
2.63
ROA %
868
598
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E
--
Neg. E
Neg. E Return-on-Tangible-Equity
12.52
13.10
12.89
10.35
12.04
13.05
11.93
12.26
13.08
16.39
11.04
9.10
9.34
8.01
-4.83
5.69
6.30
Return-on-Tangible-Asset
79.97
83.75
84.95
73.85
82.65
109
97.45
91.62
94.38
73.76
84.71
76.30
30.14
33.50
-4.78
37.24
38.21
ROC (Joel Greenblatt) %
19.51
20.42
20.57
17.27
17.81
19.19
14.39
13.02
14.48
11.18
12.50
12.51
4.20
5.99
-0.86
4.99
5.11
ROCE %
14.48
15.31
15.83
13.27
13.90
13.95
10.33
9.06
10.03
7.13
9.36
7.42
1.79
3.88
1.27
3.07
3.30
ROIC %
7.42
7.14
6.89
8.89
8.56
7.77
7.34
8.58
7.89
7.23
6.77
6.88
7.31
7.74
7.96
8.85
9.23
WACC %
7.49
7.80
6.68
6.64
7.50
6.55
5.33
4.75
5.50
4.71
5.24
3.96
3.24
3.81
3.62
4.09
4.09
Effective Interest Rate on Debt %
27.37
27.10
26.98
25.87
27.40
27.59
26.95
28.50
29.36
27.93
27.55
26.13
20.85
23.71
15.08
19.40
19.94
Gross Margin %
12.75
12.87
12.76
12.16
13.20
14.07
13.32
15.10
16.57
13.00
14.36
13.60
8.29
10.84
2.29
7.70
7.71
Operating Margin %
7.80
7.71
7.85
7.30
8.37
8.93
8.89
10.11
10.74
13.56
8.83
7.61
15.18
12.21
-6.22
6.00
6.47
Net Margin %
14.91
15.02
14.97
14.73
15.88
16.66
16.16
18.41
20.09
16.53
17.92
18.25
16.09
18.90
5.67
16.84
16.67
EBITDA Margin %
8.05
7.63
8.28
8.64
9.69
10.15
6.44
8.10
8.87
7.65
3.13
5.41
12.84
14.69
2.90
7.38
6.84
FCF Margin %
0.46
0.43
0.73
0.49
0.48
0.47
0.90
0.64
0.63
0.75
0.87
0.93
1.18
1.06
0.46
0.45
0.46
Debt-to-Equity
0.37
0.39
0.28
0.36
0.37
0.36
0.29
0.35
0.34
0.31
0.31
0.31
0.29
0.30
0.45
0.45
0.46
Equity-to-Asset
0.17
0.17
0.20
0.18
0.18
0.17
0.26
0.22
0.22
0.23
0.27
0.28
0.34
0.32
0.21
0.21
0.21
Debt-to-Asset
0.62
0.59
0.71
0.62
0.61
0.62
0.70
0.63
0.64
0.67
0.67
0.67
0.70
0.68
0.54
0.54
0.54
Liabilities-to-Assets
28.13
29.17
28.94
24.09
25.07
25.65
20.62
17.92
18.70
17.54
17.80
16.76
6.26
7.85
5.65
7.72
8.09
Gross-Profit-to-Asset %
1.03
1.08
1.07
0.93
0.92
0.93
0.77
0.63
0.64
0.63
0.65
0.64
0.30
0.33
0.38
0.40
0.41
Asset Turnover
0.27
0.27
0.27
0.37
0.37
0.35
0.38
0.38
0.36
0.57
0.43
0.48
1.89
0.72
--
0.78
0.73
Dividend Payout Ratio
56.93
55.07
55.96
62.48
60.73
60.46
65.29
72.73
69.05
68.65
70.57
73.43
141
92.62
58.04
53.61
53.16
Days Sales Outstanding
42.46
42.61
44.55
48.03
47.32
48.72
51.96
60.41
58.97
59.24
63.18
70.45
137
99.67
62.49
61.15
60.34
Days Payable
64.70
67.46
68.76
74.43
73.45
70.36
75.05
89.59
80.20
71.22
74.10
76.73
133
101
70.10
65.37
66.64
Days Inventory
79.17
79.92
80.17
88.88
86.86
82.10
88.38
102
90.28
80.63
81.49
79.71
137
93.86
65.65
57.83
59.46
Cash Conversion Cycle
5.64
5.41
5.31
4.90
4.97
5.19
4.86
4.07
4.55
5.13
4.93
4.76
2.75
3.62
5.21
5.58
5.48
Inventory Turnover
0.73
0.73
0.73
0.74
0.73
0.72
0.73
0.71
0.71
0.72
0.72
0.74
0.79
0.76
0.85
0.81
0.80
COGS-to-Revenue
0.13
0.14
0.14
0.15
0.15
0.14
0.15
0.18
0.16
0.14
0.15
0.16
0.29
0.21
0.16
0.14
0.15
Inventory-to-Revenue
0.02
0.02
0.02
0.02
0.02
0.02
0.05
0.04
0.04
0.04
0.04
0.04
0.05
0.05
0.04
0.04
0.04
Capex-to-Revenue
0.16
0.16
0.16
0.13
0.12
0.12
0.38
0.27
0.23
0.29
0.25
0.29
0.65
0.45
1.52
0.47
0.48
Capex-to-Operating-Income
0.20
0.22
0.20
0.15
0.14
0.14
0.44
0.33
0.30
0.33
0.54
0.43
0.30
0.25
0.55
0.33
0.35
Capex-to-Operating-Cash-Flow
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Financial Statement

Income Statement

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
47,829
54,759
59,757
52,425
52,275
55,754
57,708
56,600
57,900
56,098
57,244
59,837
34,701
45,349
56,587
64,388
64,853
Revenue
34,740
39,922
43,637
38,861
37,954
40,369
42,153
40,468
40,898
40,431
41,471
44,201
27,465
34,598
48,056
51,897
51,920
Cost of Goods Sold
13,089
14,837
16,120
13,564
14,321
15,385
15,555
16,132
17,002
15,667
15,773
15,636
7,236
10,751
8,531
12,491
12,933
Gross Profit
27.37
27.10
26.98
25.87
27.40
27.59
26.95
28.50
29.36
27.93
27.55
26.13
20.85
23.71
15.08
19.40
19.94
Gross Margin %
5,462
6,109
6,724
6,036
5,798
6,161
6,452
6,364
6,172
5,886
5,958
6,429
2,864
3,711
5,540
5,224
5,473
Selling, General, & Admin. Expense
1,529
1,678
1,771
1,558
1,656
1,951
2,371
2,342
2,475
2,279
2,376
2,427
1,878
2,452
2,582
2,732
2,778
Research & Development
--
--
--
-407
-31.00
-573
-952
-1,123
-1,238
211
-782
-1,358
-383
-326
-885
-423
-315
Other Operating Expense
6,991
7,787
8,495
7,187
7,423
7,539
7,871
7,583
7,409
8,376
7,552
7,498
4,359
5,837
7,237
7,533
7,936
Total Operating Expense
6,098
7,050
7,625
6,377
6,898
7,846
7,684
8,549
9,593
7,291
8,221
8,138
2,877
4,914
1,294
4,958
4,997
Operating Income
12.75
12.87
12.76
12.16
13.20
14.07
13.32
15.10
16.57
13.00
14.36
13.60
8.29
10.84
2.29
7.70
7.71
Operating Margin %
--
--
--
88.00
101
177
120
137
218
121
122
108
150
120
42.00
36.00
56.00
  Interest Income
-606
-666
-689
-705
-751
-673
-893
-1,032
-1,099
-945
-1,161
-1,017
-1,182
-1,711
-1,408
-1,358
-1,350
  Interest Expense
-606
-666
-689
-617
-650
-496
-773
-895
-881
-824
-1,039
-909
-1,032
-1,591
-1,366
-1,322
-1,294
Net Interest Income
--
--
--
--
--
--
--
--
--
--
-49.00
534
659
829
-2,281
1,295
1,312
Other Income (Expense)
5,492
6,384
6,936
5,760
6,248
7,350
6,911
7,654
8,712
6,467
7,133
7,763
2,504
4,152
-2,353
4,931
5,015
Pre-Tax Income
-1,494
-1,836
-1,883
-1,581
-1,725
-2,134
-1,711
-1,999
-2,244
-2,111
-1,697
-2,843
-1,098
-421
-575
-786
-557
Tax Provision
27.20
28.76
27.15
27.45
27.61
29.03
24.76
26.12
25.76
32.64
23.79
36.62
43.85
10.14
-24.44
15.94
11.11
Tax Rate %
3,998
4,548
5,053
4,179
4,523
5,216
5,200
5,655
6,468
4,356
5,436
4,920
1,406
3,731
-2,928
4,145
4,458
Net Income (Continuing Operations)
--
--
--
--
188
148
283
456
154
3,612
-10.00
--
4,053
2,217
-367
-33.00
-33.00
Net Income (Discontinued Operations)
-266
-324
-364
-350
-338
-385
-353
-390
-402
-360
-371
-368
-190
-411
-224
-248
-230
  Other Income (Minority Interest)
3,732
4,224
4,689
3,829
4,373
4,979
5,130
5,721
6,220
7,608
5,055
4,552
5,269
5,537
-3,519
3,864
4,195
Net Income
7.80
7.71
7.85
7.30
8.37
8.93
8.89
10.11
10.74
13.56
8.83
7.61
15.18
12.21
-6.22
6.00
6.47
Net Margin %
3.81
4.38
5.00
4.17
4.82
5.58
5.73
6.35
6.92
8.72
6.18
5.76
6.58
6.48
-2.59
2.57
2.81
EPS (Basic)
3.71
4.27
4.90
4.12
4.74
5.49
5.66
6.25
6.82
8.61
6.13
5.70
6.50
6.41
-2.59
2.56
2.79
EPS (Diluted)
1,006
989
956
929
923
907
907
915
912
883
826
799
810
864
1,358
1,509
1,498
Shares Outstanding (Diluted Average)
6,098
7,050
7,625
6,465
6,999
8,023
7,804
8,686
9,811
7,412
8,294
8,780
3,686
5,863
-945
6,289
6,365
EBIT
1,033
1,173
1,321
1,258
1,300
1,263
1,524
1,735
1,820
1,863
1,962
2,140
1,896
2,708
4,156
4,557
4,448
Depreciation, Depletion and Amortization
7,131
8,223
8,946
7,723
8,299
9,286
9,328
10,421
11,631
9,275
10,256
10,920
5,582
8,571
3,211
10,846
10,813
EBITDA
14.91
15.02
14.97
14.73
15.88
16.66
16.16
18.41
20.09
16.53
17.92
18.25
16.09
18.90
5.67
16.84
16.67
EBITDA Margin %
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Financial Statement

Cashflow Statement

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
3,998
4,548
5,053
4,179
4,523
5,216
5,200
5,655
6,468
4,356
5,436
4,920
1,406
3,731
-2,928
4,145
4,458
Net Income From Continuing Operations
1,033
1,173
1,321
1,258
1,300
1,263
1,524
1,735
1,820
1,863
1,962
2,140
1,896
2,708
4,156
4,557
4,448
Depreciation, Depletion and Amortization
-35.00
-462
-546
955
-313
-697
-165
-476
111
-438
-941
-448
-1,798
-591
1,381
-2,164
-717
  Change In Receivables
-789
-1,111
-562
695
-259
-330
-539
-465
-636
-766
-719
-1,074
-417
-1,267
412
163
-311
  Change In Inventory
990
1,561
843
-582
1,168
760
811
1,023
-89.00
490
450
1,571
2,738
1,111
-1,666
917
63.00
  Change In Payables And Accrued Expense
25.00
44.00
35.00
-3.00
-20.00
-24.00
-4.00
72.00
-115
-55.00
49.00
1,478
-320
250
684
806
724
  Change In Other Working Capital
191
32.00
-230
1,065
576
-291
103
154
-729
-769
-1,161
1,527
203
-497
811
-278
-241
Change In Working Capital
-214
58.00
45.00
451
425
334
120
268
403
662
398
62.00
763
38.00
-99.00
-88.00
-842
Deferred Tax
180
198
211
153
148
221
210
250
219
158
152
192
169
268
330
442
461
Stock Based Compensation
--
--
--
--
--
--
--
--
--
--
--
--
--
--
3,183
--
-- Asset Impairment Charge
--
--
--
--
186
130
41.00
-437
342
-372
-2,532
--
3,652
3,062
-728
-71.00
-66.00
Cash from Discontinued Operating Activities
-385
-679
-239
-1,753
-1,252
-283
-552
-748
-1,202
485
-375
-3,210
-1,767
-427
-1,119
-1,636
-1,389
Cash Flow from Others
4,803
5,330
6,161
5,353
5,906
6,590
6,646
6,877
7,321
6,383
3,880
5,631
6,322
8,883
3,606
7,071
6,829
Cash Flow from Operations
-954
-1,153
-1,216
-826
-838
-929
-2,932
-2,291
-2,187
-2,089
-2,087
-2,394
-1,867
-2,219
-1,967
-2,322
-2,392
Purchase Of Property, Plant, Equipment
-911
-2,037
-1,252
-703
-2,742
-357
-16,026
-151
-402
-538
-710
-231
-15,039
-9.00
-419
-1,088
-- Purchase Of Business
451
298
337
158
205
494
425
1,560
344
200
211
666
74.00
134
5,764
1,879
865
Sale Of Business
--
-2,037
-1,252
--
-219
-42.00
-100.00
-565
-202
-364
-438
-1,514
-988
-787
-312
-247
-79.00
Purchase Of Investment
--
--
--
--
162
92.00
75.00
108
424
277
466
222
744
470
368
389
135
Sale Of Investment
--
--
--
--
--
--
-1,543
-722
-593
-437
-388
-380
-400
-351
-172
-188
-206
Net Intangibles Purchase And Sale
--
--
--
--
-37.00
-35.00
2,974
210
-113
9,000
6.00
--
286
-416
-241
--
-- Cash From Discontinued Investing Activities
153
1,747
1,047
267
282
70.00
1,306
738
649
157
437
612
217
86.00
81.00
213
-787
Cash From Other Investing Activities
-1,261
-3,182
-2,336
-1,104
-3,187
-707
-15,821
-1,113
-2,080
6,206
-2,503
-3,019
-16,973
-3,092
3,102
-1,364
-2,464
Cash Flow from Investing
346
415
163
342
386
226
--
--
--
1,100
--
--
--
--
--
--
-- Issuance of Stock
-2,068
-2,001
-3,160
-1,100
-2,200
-2,175
--
-1,200
-1,500
-10,000
-2,254
-1,453
-325
-151
-47.00
-2,327
-2,695
Repurchase of Stock
1,109
1,223
2,339
37.00
2,362
621
10,899
89.00
98.00
2,539
6,469
4,954
13,337
896
2,004
4,062
4,078
  Issuance of Debt
-1,642
-330
-48.00
-1,774
-1,892
-616
-1,056
-2,977
-650
-1,764
-2,783
-1,875
-2,890
-2,712
-18,123
-4,367
-4,078
  Payments of Debt
-533
893
2,291
-1,737
470
5.00
9,843
-2,888
-552
775
3,686
3,079
10,447
-1,816
-16,119
-305
-- Net Issuance of Debt
-951
-1,080
-1,210
-1,356
-1,482
-1,602
-1,752
-1,908
-2,048
-2,184
-2,069
-2,074
-2,170
-2,442
-2,732
-2,957
-2,997
Cash Flow for Dividends
-136
-182
-322
-340
-327
-459
-70.00
56.00
-161
-476
-551
-545
13.00
-155
13,624
-1,096
-1,199
Other Financing
-3,342
-1,955
-2,238
-4,191
-3,153
-4,005
8,021
-5,940
-4,261
-10,785
-1,188
-993
7,965
-4,564
-5,274
-6,685
-6,891
Cash Flow from Financing
2,247
2,546
2,904
4,327
4,449
4,083
5,960
4,836
4,405
5,445
7,088
7,156
9,018
3,729
7,390
8,811
8,575
Beginning Cash Position
99.00
165
-164
64.00
68.00
-1.00
30.00
-41.00
-156
-174
-120
210
-120
-19.00
-22.00
-1.00
-9.00
  Effect of Exchange Rate Changes
299
358
1,423
122
-366
1,877
-1,124
-217
824
1,630
69.00
1,829
-2,806
1,208
1,412
-979
-2,535
Net Change in Cash
2,546
2,904
4,327
4,449
4,083
5,960
4,836
4,619
5,229
7,075
7,157
8,985
6,212
4,937
8,802
7,832
6,040
Ending Cash Position
-954
-1,153
-1,216
-826
-838
-929
-2,932
-2,291
-2,187
-2,089
-2,087
-2,394
-1,867
-2,219
-1,967
-2,322
-2,392
Capital Expenditure
3,849
4,177
4,945
4,527
5,068
5,661
3,714
4,586
5,134
4,294
1,793
3,237
4,455
6,664
1,639
4,749
4,437
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Financial Satement

Balance Sheet

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
2,546
2,904
4,327
4,449
4,083
5,960
4,819
4,619
5,229
7,075
7,157
8,985
6,152
4,937
8,802
7,832
6,040
  Cash And Cash Equivalents
2,546
2,904
4,327
4,449
4,083
5,960
4,819
4,619
5,229
7,075
7,157
8,985
6,152
4,937
8,802
7,832
6,040
Cash, Cash Equivalents, Marketable Securities
7,679
8,844
9,480
8,469
8,925
9,546
11,099
11,458
10,448
10,653
11,481
12,595
14,271
8,743
9,254
9,661
9,076
  Accounts Receivable
--
--
--
--
--
1,662
1,611
1,964
1,923
--
--
--
3,486
4,462
9,931
11,361
11,566
  Other Current Receivables
7,679
8,844
9,480
8,469
8,925
11,208
12,710
13,422
12,371
10,653
11,481
12,595
17,757
13,205
19,185
21,022
20,642
Total Receivables
1,082
1,281
1,271
1,281
1,221
1,321
1,861
1,983
1,948
2,037
2,040
2,038
3,052
2,984
3,015
3,024
3,079
  Inventories, Raw Materials & Components
6,012
7,536
9,408
9,576
9,599
10,074
11,505
12,529
10,282
11,090
12,182
13,571
2,673
2,586
2,924
3,085
3,471
  Inventories, Work In Process
-3,393
-4,410
-5,973
-6,237
-6,080
-6,676
-7,034
-7,542
-7,563
-8,175
-8,823
-9,573
--
--
--
--
--   Inventories, Inventories Adjustments
2,956
3,694
3,634
2,889
3,026
3,078
3,205
3,360
2,975
3,183
3,305
3,845
4,358
3,477
3,472
3,069
3,199
  Inventories, Finished Goods
6,657
8,101
8,340
7,509
7,766
7,797
9,537
10,330
7,642
8,135
8,704
9,881
10,083
9,047
9,411
9,178
9,749
Total Inventories
1,962
2,222
2,320
2,767
2,736
793
2,544
1,071
6,241
843
1,208
1,397
1,511
34,388
5,978
4,018
4,309
Other Current Assets
18,844
22,071
24,467
23,194
23,510
25,758
29,610
29,442
31,483
26,706
28,550
32,858
35,503
61,577
43,376
42,050
40,740
Total Current Assets
--
--
--
--
--
1,035
1,150
1,156
958
1,018
1,398
2,372
3,023
3,463
3,144
2,848
2,766
Investments And Advances
344
351
334
345
342
335
433
434
392
384
392
412
425
292
773
765
--   Land And Improvements
4,306
4,561
4,681
4,898
4,908
4,885
5,436
5,633
5,098
5,030
5,180
5,727
6,486
4,978
7,067
7,271
--   Buildings And Improvements
8,561
9,394
9,486
9,941
10,010
9,994
10,880
11,353
11,398
11,717
12,471
13,476
15,119
12,936
15,994
16,729
--   Machinery, Furniture, Equipment
527
571
605
493
654
--
--
--
--
--
--
--
--
--
--
--
--   Construction In Progress
--
--
--
--
--
766
1,316
1,241
1,181
1,363
1,426
1,749
2,054
3,123
4,392
4,830
16,748
  Other Gross PPE
13,738
14,877
15,106
15,677
15,914
15,980
18,065
18,661
18,069
18,494
19,469
21,364
24,084
21,329
28,226
29,595
16,748
Gross Property, Plant and Equipment
-8,013
-8,581
-8,758
-9,313
-9,634
-9,779
-9,547
-9,795
-9,477
-9,762
-10,311
-11,178
-11,787
-9,755
-11,384
-12,665
--   Accumulated Depreciation
5,725
6,296
6,348
6,364
6,280
6,201
8,518
8,866
8,592
8,732
9,158
10,186
12,297
11,574
16,842
16,930
16,748
Property, Plant and Equipment
17,362
19,877
18,806
19,836
21,781
21,861
42,990
43,689
42,976
42,904
42,743
43,793
74,536
61,082
94,824
92,952
92,434
Intangible Assets
14,146
16,120
15,363
16,298
17,721
17,943
27,801
28,168
27,448
27,301
27,059
27,910
48,112
36,609
54,285
54,436
54,316
  Goodwill
5,210
6,331
7,216
6,368
6,922
6,597
7,141
7,441
7,197
8,124
7,857
7,711
8,852
1,919
3,967
6,624
6,678
Other Long Term Assets
28,297
32,504
32,370
32,568
34,983
35,694
59,799
61,152
59,723
60,778
61,156
64,062
98,708
78,038
118,777
119,354
118,626
Total Long-Term Assets
47,141
54,575
56,837
55,762
58,493
61,452
89,409
90,594
91,206
87,484
89,706
96,920
134,211
139,615
162,153
161,404
159,366
Total Assets
4,263
5,059
5,594
4,634
5,206
5,570
6,431
6,965
6,250
6,875
7,483
9,579
11,080
7,816
8,639
8,751
8,270
  Accounts Payable
--
--
--
--
--
744
1,434
820
585
2,790
671
543
737
--
--
--
--   Total Tax Payable
10,051
11,277
12,069
11,792
12,247
6,300
7,707
7,853
7,486
7,684
7,123
7,022
9,304
8,417
10,517
10,162
11,004
  Current Accrued Expense
14,314
16,336
17,663
16,426
17,453
12,614
15,572
15,638
14,321
17,349
15,277
17,144
21,121
16,233
19,156
18,913
19,274
Accounts Payable & Accrued Expense
894
1,133
2,139
1,487
279
759
1,624
500
1,917
1,105
2,204
2,496
4,345
5,551
797
158
164
  Short-Term Debt
894
1,133
2,139
1,487
279
759
1,624
500
1,917
1,105
2,204
2,496
4,345
5,551
797
158
164
Short-Term Debt & Capital Lease Obligation
--
--
--
--
--
5,028
5,936
6,444
4,241
3,952
4,217
4,547
5,720
9,014
12,889
13,720
13,739
  Current Deferred Revenue
--
--
--
--
--
5,028
5,936
6,444
4,241
3,952
4,217
4,547
5,720
9,014
12,889
13,720
13,739
DeferredTaxAndRevenue
--
--
--
--
--
215
654
218
2,996
212
208
204
182
15,796
3,006
2,658
1,880
Other Current Liabilities
15,208
17,469
19,802
17,913
17,732
18,616
23,786
22,800
23,475
22,618
21,906
24,391
31,368
46,594
35,848
35,449
35,057
Total Current Liabilities
7,037
8,015
9,337
8,257
10,010
9,501
21,597
19,741
17,784
19,320
21,697
24,989
41,192
37,701
31,026
31,327
31,308
  Long-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
1,093
1,516
1,657
1,627
  Long-Term Capital Lease Obligation
7,037
8,015
9,337
8,257
10,010
9,501
21,597
19,741
17,784
19,320
21,697
24,989
41,192
38,794
32,542
32,984
32,935
Long-Term Debt & Capital Lease Obligation
0.46
0.43
0.73
0.49
0.48
0.47
0.90
0.64
0.63
0.75
0.87
0.93
1.18
1.06
0.46
0.45
0.46
Debt-to-Equity
2,926
2,562
6,574
4,150
3,592
5,007
7,520
3,444
6,681
6,022
5,612
3,036
4,018
2,487
10,342
7,855
7,709
PensionAndRetirementBenefit
--
--
--
--
--
--
--
--
--
--
--
--
5,069
--
--
--
-- NonCurrent Deferred Liabilities
3,837
4,262
4,443
4,054
4,510
5,150
9,199
11,279
10,562
10,558
11,026
12,952
11,845
7,414
9,537
10,417
9,643
Other Long-Term Liabilities
13,800
14,839
20,354
16,461
18,112
19,658
38,316
34,464
35,027
35,900
38,335
40,977
62,124
48,695
52,421
51,256
50,287
Total Long-Term Liabilities
29,008
32,308
40,156
34,374
35,844
38,274
62,102
57,264
58,502
58,518
60,241
65,368
93,492
95,289
88,269
86,705
85,344
Total Liabilities
9,622
10,572
11,179
11,746
12,597
13,445
13,976
14,764
15,300
16,033
17,285
17,574
22,514
23,019
36,930
37,483
37,504
Common Stock
18,754
21,751
25,034
27,396
30,191
33,487
36,776
40,539
44,611
49,956
52,873
55,242
57,823
61,594
49,423
50,265
50,592
Retained Earnings
-1,439
584
-5,934
-3,487
-3,769
-5,490
-5,448
-2,880
-6,661
-7,619
-8,334
-7,525
-9,333
-10,149
-3,734
-1,915
-2,115
Accumulated other comprehensive income (loss)
-9,413
-11,338
-14,316
-15,408
-17,468
-19,410
-19,251
-20,431
-21,922
-30,907
-34,150
-35,596
-32,482
-32,626
-10,407
-12,727
-13,483
Treasury Stock
-227
-214
-200
-181
-166
-152
-139
-126
-115
-105
-95.00
-85.00
-76.00
-64.00
-49.00
-38.00
-36.00
Other Stockholders Equity
17,297
21,355
15,763
20,066
21,385
21,880
25,914
31,866
31,213
27,358
27,579
29,610
38,446
41,774
72,163
73,068
72,462
Total Stockholders Equity
836
912
918
1,322
1,264
1,298
1,393
1,464
1,491
1,608
1,886
1,942
2,273
2,552
1,721
1,631
1,560
Minority Interest
18,133
22,267
16,681
21,388
22,649
23,178
27,307
33,330
32,704
28,966
29,465
31,552
40,719
44,326
73,884
74,699
74,022
Total Equity
0.37
0.39
0.28
0.36
0.37
0.36
0.29
0.35
0.34
0.31
0.31
0.31
0.29
0.30
0.45
0.45
0.46
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Valuation Ratios

Valuation Ratios

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
10.60
11.28
6.88
10.60
10.45
8.38
9.12
11.46
10.61
7.02
11.25
14.08
10.31
14.70
At Loss
33.62
32.34
PE Ratio
10.60
11.28
6.88
10.60
10.89
8.63
9.65
12.45
10.88
13.35
11.25
14.08
44.67
23.21
At Loss
33.36
31.99
PE Ratio without NRI
9.52
9.82
6.24
7.03
7.74
7.63
8.06
10.12
10.83
6.80
13.01
10.03
8.88
13.83
--
20.59
23.46
Price-to-Owner-Earnings
2.26
2.22
2.02
2.04
2.13
1.91
1.83
2.06
2.11
1.85
2.02
2.17
1.50
1.95
1.51
1.76
1.86
PB Ratio
--
32.05
--
178
--
2,190
--
--
--
--
--
--
--
--
--
--
-- Price-to-Tangible-Book
10.28
11.41
6.52
8.96
9.02
7.37
12.60
14.29
12.85
12.43
31.79
19.82
12.19
12.22
59.25
27.34
30.61
Price-to-Free-Cash-Flow
8.24
8.94
5.23
7.58
7.74
6.33
7.04
9.53
9.01
8.37
14.69
11.39
8.59
9.17
26.92
18.36
19.86
Price-to-Operating-Cash-Flow
0.83
0.87
0.54
0.77
0.87
0.75
0.81
1.16
1.14
0.95
1.00
1.07
1.56
1.80
1.72
2.02
2.09
PS Ratio
0.98
0.69
0.33
0.66
1.43
1.72
2.36
1.99
1.46
2.23
5.07
4.60
42.14
--
--
--
-- PEG Ratio
0.95
1.00
0.67
0.91
1.02
0.85
1.16
1.46
1.41
1.17
1.30
1.41
2.86
2.72
2.38
2.41
2.48
EV-to-Revenue
6.37
6.63
4.45
6.15
6.40
5.10
7.21
7.94
7.03
7.08
7.26
7.75
17.80
14.40
42.02
14.33
14.93
EV-to-EBITDA
7.44
7.73
5.23
7.35
7.59
5.90
8.61
9.53
8.34
8.86
8.97
9.64
26.96
21.05
-143
24.72
25.34
EV-to-EBIT
13.44
12.94
19.12
13.61
13.18
16.95
11.61
10.49
11.99
11.29
11.15
10.37
3.71
4.75
-0.70
4.05
3.95
Earnings Yield (Joel Greenblatt) %
17.79
22.68
30.74
25.67
16.99
16.36
14.26
13.58
14.73
14.59
8.76
8.54
7.97
-4.15
-11.64
-17.25
-16.33
Forward Rate of Return (Yacktman) %
17.27
17.54
10.69
12.26
12.81
10.73
11.11
15.09
13.85
10.49
11.39
12.85
10.39
13.96
11.85
14.24
14.42
Shiller PE Ratio
1.62
1.53
2.51
2.22
2.16
2.55
2.48
1.93
2.05
2.66
2.39
2.13
2.66
1.96
3.02
2.33
2.26
Dividend Yield %

Valuation and Quality

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
39,175
47,375
31,784
40,917
45,639
41,729
47,421
65,649
65,812
50,684
55,788
64,155
57,727
81,462
108,655
128,512
134,221
Market Cap
45,396
54,531
39,851
47,534
53,109
47,327
67,216
82,735
81,775
65,642
74,418
84,597
99,385
123,422
134,913
155,453
164,790
Enterprise Value
39.34
48.17
33.73
43.68
49.54
46.00
51.61
71.62
72.37
60.46
68.98
80.28
67.01
94.25
71.51
86.06
90.25
Month End Stock Price
-27.42
-30.82
-39.00
-33.36
-35.85
-37.05
-63.86
-59.03
-60.22
-63.28
-67.97
-72.99
-104
-107
-53.43
-53.91
-54.37
Net Cash per Share
-11.05
-11.34
-17.62
-13.35
-14.76
-15.23
-36.88
-31.95
-31.35
-39.86
-41.52
-43.11
-69.95
-41.95
-30.68
-31.00
-31.04
Net Current Asset Value
-18.29
-19.96
-27.03
-22.57
-24.37
-24.86
-49.61
-44.02
-47.40
-48.90
-51.94
-54.98
-85.75
-94.66
-45.77
-45.99
-46.52
Net-Net Working Capital
51.50
64.77
69.52
79.28
72.90
73.53
73.79
77.69
80.51
78.62
77.17
76.26
81.54
86.82
62.68
63.77
61.61
Intrinsic Value: Projected FCF
42.51
50.24
56.00
48.95
48.26
52.46
54.81
53.84
58.69
55.64
61.65
68.30
42.19
61.04
44.30
45.10
46.18
Median PS Value
40.25
69.86
103
66.41
34.58
27.21
--
39.00
49.86
26.67
--
--
--
--
--
--
-- Peter Lynch Fair Value
--
12.02
--
4.78
--
1.59
--
--
--
--
--
--
--
--
--
--
-- Graham Number
35.69
41.23
48.97
55.00
58.59
64.65
48.00
48.88
53.70
47.60
45.63
42.83
12.89
8.54
25.82
21.18
18.78
Earnings Power Value (EPV)
2.86
2.95
2.68
2.84
2.89
2.89
2.05
2.34
2.49
2.30
2.41
2.41
1.36
1.80
1.55
1.90
1.99
Altman Z-Score
6.00
7.00
4.00
6.00
8.00
9.00
4.00
6.00
8.00
5.00
5.00
6.00
4.00
7.00
4.00
6.00
6.00
Piotroski F-Score
-2.60
-2.47
-2.60
-2.64
-2.57
-2.56
-2.35
-2.52
-2.58
-2.39
-2.36
-2.48
-1.78
-2.98
-2.03
-2.66
-2.81
Beneish M-Score
0.51
0.61
0.44
0.47
0.52
0.47
0.74
0.55
0.52
0.46
0.53
0.56
0.83
0.62
0.71
0.62
0.63
Scaled Net Operating Assets
0.40
3.80
1.52
-0.75
2.83
-1.47
16.00
-0.05
1.07
-5.69
4.10
2.00
11.86
-0.18
-6.31
-1.14
-0.11
Sloan Ratio %
1.24
1.26
1.24
1.29
1.33
1.38
1.24
1.29
1.34
1.18
1.30
1.35
1.13
1.32
1.21
1.19
1.16
Current Ratio
0.80
0.80
0.81
0.88
0.89
0.96
0.84
0.84
1.02
0.82
0.91
0.94
0.81
1.13
0.95
0.93
0.88
Quick Ratio
0.17
0.17
0.22
0.25
0.23
0.32
0.20
0.20
0.22
0.31
0.33
0.37
0.20
0.11
0.25
0.22
0.17
Cash Ratio
10.06
10.59
11.07
9.05
9.19
11.66
8.60
8.28
8.73
7.72
7.08
8.00
2.43
2.87
0.92
3.65
3.70
Interest Coverage
42.03
51.65
48.00
44.36
50.04
57.51
54.68
71.62
75.57
78.10
69.84
80.63
89.41
94.84
98.69
91.86
106
Highest Stock Price
34.28
39.31
27.20
23.64
39.78
42.44
44.61
52.58
62.41
54.64
53.28
68.08
64.23
65.12
47.17
65.50
79.00
Lowest Stock Price
1.79
1.22
4.19
0.59
1.65
1.52
-1.28
0.24
0.80
7.81
3.54
1.18
-7.80
-0.33
-75.79
1.72
1.84
Shares Buyback Ratio %
4.40
3.35
9.43
1.85
3.97
4.67
--
1.83
2.28
17.56
4.04
2.26
0.56
0.19
0.04
1.81
2.01
Buyback Yield %
12.84
16.46
12.89
-9.70
0.37
8.53
3.53
-2.83
2.69
--
9.10
8.06
-42.80
22.55
-20.61
2.42
7.38
YoY Rev. per Sh. Growth
22.44
15.09
14.75
-15.92
15.05
15.82
3.10
10.42
9.12
26.25
-28.80
-7.01
14.04
-1.38
-140
199
256
YoY EPS Growth
16.56
17.30
12.56
-11.15
8.17
13.85
0.48
10.68
12.04
-17.69
18.22
10.07
-49.57
43.97
-76.16
204
198
YoY EBITDA Growth
10.85
16.36
21.05
16.12
7.60
5.03
4.09
6.27
7.43
5.98
2.22
3.06
1.06
-9.43
-17.74
-22.32
-19.60
5-Year EBITDA Growth Rate
980
964
938
917
908
892
895
901
898
873
818
790
800
855
1,358
1,502
1,487
Shares Outstanding (Basic Average)
996
984
942
937
921
907
919
917
909
838
809
799
861
864
1,519
1,493
1,487
Shares Outstanding (EOP)
0.69
0.64
0.87
1.01
1.04
1.14
1.10
1.19
1.16
1.16
0.99
1.01
1.18
1.32
1.47
1.45
1.20
Beta
02/08/07
02/07/08
02/11/09
02/11/10
02/10/11
02/09/12
02/07/13
02/06/14
02/05/15
02/11/16
02/09/17
02/09/18
02/07/19
02/06/20
02/08/21
02/11/22
  Filing Date
02/07/08
02/11/09
02/11/10
02/10/11
02/07/13
02/06/14
02/05/15
02/11/16
02/09/17
02/09/18
02/07/19
02/06/20
02/08/21
02/11/22
02/11/22
02/11/22
  Restated Filing Date
01/27/10
01/26/11
01/25/12
01/23/13
01/22/14
01/26/15
01/27/16
01/25/17
01/24/18
01/23/19
01/28/20
01/26/21
01/25/22
  Earnings Release Date
--
24,200
--
--
24,784
23,633
22,210
21,364
20,639
--
--
18,393
--
30,010
45,151
--
-- Number of Shareholders
214,500
225,600
223,100
206,700
208,200
199,900
218,000
212,000
211,500
197,000
202,000
204,700
240,000
243,200
181,000
174,000
174,000
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Raytheon Technologies Corp (NYSE:RTX)
www.gurufocus.com/stock/NYSE:RTX

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.