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CIK 101829 · Aerospace & Defense
RTX Corporation is a public company in Aerospace & Defense, tracked in the aerospace and defense sub-sector, with $90B TTM revenue and $14B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, RTX filings, SEC EDGAR
$237,137
Market cap ($MM)
$269,254
Enterprise value ($MM)
$90,373
Revenue · LTM ($MM)
$13,808
EBITDA · LTM ($MM)
15%
EBITDA margin
3.0x
EV / revenue
19.5x
EV / EBITDA
1.9x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 1.9x net debt / EBITDA with EBITDA of $14B.
$6,818
Cash & equiv. ($MM)
$33,200
Total debt ($MM)
$26,382
Net debt ($MM)
1.9x
Net debt / EBITDA
Valuation
RTX versus the scaled public Aerospace & Defense comparables.
Indexed share-price performance
RTX versus available Aerospace & Defense peers and SPY.
+102%
RTX
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| RTX Corporation | RTX | $90,373 | $13,808 | 15% | $237,137 | $269,254 | 3.0x | 19.5x | 1.9x |
| Lockheed Martin Corporation | LMT | $75,115 | $8,089 | 11% | $116,783 | $135,586 | 1.8x | 16.8x | 2.3x |
| Aerospace & Defense median | $82,744 | $10,949 | 13% | $176,960 | $202,420 | 2.4x | 18.1x | 2.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
RTX's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
47
Active years
13
Named deals
10
Avg / active year
3.6
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
RTX count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
3 / 1
Last three years is up 200% vs prior three.
Peak count year
FY09
3 disclosed acquisitions in the peak visible year.
Recent spend
$1.6B
is down 91% vs prior three; peak FY12 at $16B.
Named evidence
10 rows
21% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Apr 3, 2020 | Raytheon Company | Aerospace and defense | $33,166 | Raytheon Merger. As noted above, on April 3, 2020, pursuant to the Agreement and Plan of Merger dated June 9, 2019, as amended (the Raytheon Merger Agreement) UTC and Raytheon C... | 10-K† |
| Sep 21, 2011 | Goodrich Corporation | Aerospace and defense | $18,400 | On September 21, 2011 we announced an agreement to acquire Goodrich Corporation (Goodrich), a global supplier of systems and services to the aerospace and defense industry with... | 10-K† |
| Jul 20, 2023 | Safran S.A. | Aerospace and defense | $1,800 | On July 20, 2023, we entered into a definitive agreement to sell the actuation and flight control business within our Collins segment to Safran S.A. for gross proceeds of approx... | 10-K† |
| Jun 29, 2012 | IAE International Aero Engines AG | Aerospace and defense | $1,500 | On June 29, 2012, Pratt & Whitney, Rolls-Royce plc (Rolls-Royce), MTU Aero Engines AG (MTU), and Japanese Aero Engines Corporation (JAEC), participants in the IAE International... | 10-K† |
| Mar 29, 2024 | Sale of Cybersecurity, Intelligence and Services (CIS) business | Aerospace and defense | $1,300 | On March 29, 2024, we completed the sale of our Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment for proceeds of approximately $1.3 billion in... | 10-K† |
| Oct 18, 2023 | Cybersecurity, Intelligence and Services (CIS) business sale | Aerospace and defense | $1,300 | On October 18, 2023, we entered into a definitive agreement to sell our Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment for proceeds of appro... | 10-K† |
| Nov 1, 2021 | FlightAware | Aerospace and defense | $1,100 | In November 2021, we completed the acquisitions of FlightAware and SEAKR Engineering Inc., for a total of approximately $1.1 billion, net of cash received. FlightAware is a lead... | 10-K† |
| Nov 1, 2021 | SEAKR Engineering Inc. | Aerospace and defense | $1,100 | In November 2021, we completed the acquisitions of FlightAware and SEAKR Engineering Inc., for a total of approximately $1.1 billion, net of cash received. FlightAware is a lead... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 6 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
20
Named deal filings
5
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 6, 2026 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Feb 3, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Feb 5, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Feb 7, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $66.0MM | N/A | SEC filing |
| FY2021 | Feb 11, 2022 | Annual M&A 10-K | quarantined (2 issue) | 2 | $1.1B | $1.1B | SEC filing |
| FY2020 | Feb 8, 2021 | Annual M&A 10-K | quarantined (1 issue) | 2 | $35.1MM | $33B | SEC filing |
| FY2019 | Feb 6, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Feb 7, 2019 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2017 | Feb 9, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 9, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Feb 11, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 5, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 6, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Feb 7, 2013 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2011 | Feb 9, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Feb 11, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Feb 8, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2005 | Feb 9, 2006 | Annual M&A 10-K | accepted | N/A | N/A | $4.6B | SEC filing |
| FY2004 | Feb 10, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Feb 5, 2004 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 3, 2025 | 10-K | Safran S.A.; Sale of Cybersecurity, Intelligence and Services (CIS) business | Annual M&ANamed deals | SEC filing |
| Feb 5, 2024 | 10-K | Cybersecurity, Intelligence and Services (CIS) business sale; FlightAware; SEAKR Engineering Inc.; Forcepoint +1 more | Annual M&ANamed deals | SEC filing |
| Feb 8, 2021 | 10-K | Raytheon Company | Annual M&ANamed deals | SEC filing |
| Feb 6, 2014 | 10-K | IAE International Aero Engines AG | Annual M&ANamed deals | SEC filing |
| Feb 9, 2012 | 10-K | Goodrich Corporation | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 6, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ARecent SEC | SEC filing |
| May 4, 2026 | 8-K | 5.07 | 8-K | Recent SEC | SEC filing |
| Apr 21, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 21, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 9, 2026 | DEFA14A | N/A | DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS | Recent SEC | SEC filing |
| Mar 9, 2026 | DEF 14A | N/A | DEFINITIVE PROXY STATEMENT | Recent SEC | SEC filing |
| Mar 5, 2026 | 8-K | 5.02 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Jan 27, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
Raytheon Merger
10-K - Feb 8, 2021
Raytheon Merger. As noted above, on April 3, 2020, pursuant to the Agreement and Plan of Merger dated June 9, 2019, as amended (the Raytheon Merger Agreement) UTC and Raytheon Company completed their previously announce…
Goodrich Corporation acquisition
10-K - Feb 9, 2012
On September 21, 2011 we announced an agreement to acquire Goodrich Corporation (Goodrich), a global supplier of systems and services to the aerospace and defense industry with 2010 sales of $7 billion. Under the terms…
Sale of actuation and flight control business
10-K - Feb 3, 2025
On July 20, 2023, we entered into a definitive agreement to sell the actuation and flight control business within our Collins segment to Safran S.A. for gross proceeds of approximately $1.8 billion. During the fourth qu…
IAE International Aero Engines AG restructuring
10-K - Feb 6, 2014
On June 29, 2012, Pratt & Whitney, Rolls-Royce plc (Rolls-Royce), MTU Aero Engines AG (MTU), and Japanese Aero Engines Corporation (JAEC), participants in the IAE International Aero Engines AG (IAE) collaboration, which…
Sale of Cybersecurity, Intelligence and Services (CIS) business
10-K - Feb 3, 2025
On March 29, 2024, we completed the sale of our Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment for proceeds of approximately $1.3 billion in cash, resulting in an aggregate pre-tax g…
Cybersecurity, Intelligence and Services (CIS) business sale
10-K - Feb 5, 2024
On October 18, 2023, we entered into a definitive agreement to sell our Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment for proceeds of approximately $1.3 billio...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.