RTX Corporation Common Stock (RTX) : juste valeur

Thèse ACCE

RTX makes the engines, avionics and missile systems that sit underneath much of the commercial and military aerospace market, through Pratt & Whitney, Collins Aerospace and Raytheon. Its moat is installed-base economics: once a jet is flying on a Pratt GTF or a Collins system, aftermarket parts and service revenue follow for decades, and that is where the margin lives. The near-term driver is the commercial aftermarket recovery as airlines keep older aircraft flying longer while new-engine deliveries catch up, alongside rising munitions and air-defense demand. Revenue growth of 14.5% is well above what most of the sector is printing, and forward earnings at 23.8 times sit meaningfully below the trailing 31.1, which suggests the market is pricing in earnings growth that has not yet appeared in reported results. The 12.7% operating margin and 12.3% return on equity are solid rather than exceptional, and the score of 57 out of 100 says the name fits the defense and aerospace sleeve but does not clear a high bar on its own, so a deeper look should focus on GTF engine reliability and whether the aftermarket ramp converts into margin.