RTX
RTX Corporation
Hybrid Industrial
★ Quality 20/100Price today
$200.79
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What this business is made of
The business
Sell the engine once, collect on parts for thirty years.
RTX makes engines (Pratt & Whitney), avionics and systems (Collins Aerospace), and missiles and defense (Raytheon). 2025 revenue of $88.6B, split roughly half commercial, half defense. It charges for equipment sales and, above all, for decades of maintenance and parts on the installed fleet.
The real moat is in the aftermarket: every engine sold generates contracted maintenance for 20-30 years, at margins far above the original equipment. In defense, certifications and multi-year programs with the Pentagon create high barriers. It's not a monopoly — Boeing, GE and Lockheed compete hard.
Revenue history
From $64.4B to $88.6B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $88.6B · FY2025
Of every $100 in sales, $92 goes to costs and operations; $8 is left as net profit (8% margin).
Catalysts and risks
Record backlog near $218B gives revenue visibility for years.
Recovery of the GTF program after the powder metal contamination, normalizing deliveries toward 2026.
Rising defense budgets in the U.S. and Europe due to geopolitical tensions.
The GTF powder metal defect already cost billions; the final bill isn't closed yet.
Debt of $34.3B against cash of $7.4B limits flexibility if rates rise.
Reliance on public spending: a budget cut hits the defense segment directly.
Charlie's note
“A decent business with an aftermarket that prints money, bought at a reasonable price. The GTF mess was expensive and self-inflicted, but the planes keep flying and someone has to fix them.”
Analysis · June 2026
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