Boeing vs RTX
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The short version
- Boeing is the larger business, with $89.5B of revenue in fiscal 2025 against $88.6B for RTX.
- Boeing grew revenue faster (34.5%, against 9.7%).
- RTX kept more of each dollar of sales as operating profit (10.5% operating margin, against 4.8%).
- RTX turned more of its sales into free cash flow (9.0% FCF margin, against −2.1%).
- Boeing earned a higher return on the capital invested in it (13.5%, against 7.8%).
- Investors pay more for each dollar of Boeing’s earnings: a P/E of 67.0x against 31.0x for RTX.
| Latest fiscal year | BA · FY25 | RTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $148.9B | $261.3B |
| Revenue | $89.5B | $88.6B |
| Free cash flow | −$1.9B | $7.9B |
| Net income | $2.2B | $6.7B |
| Growth | ||
| Revenue growth | 34.5% | 9.7% |
| 5-year growth | 9.0% | 9.4% |
| Share count change | 17.8% | 1.0% |
| Profitability | ||
| Gross margin | 4.8% | — |
| Operating margin | 4.8% | 10.5% |
| Net margin | 2.5% | 7.6% |
| FCF margin | −2.1% | 9.0% |
| Return on capital | 13.5% | 7.8% |
| Return on equity | — | 10.7% |
| Balance sheet | ||
| Net debt | $24.7B | $29.7B |
| Net debt / EBITDA | 4.0x | 2.2x |
| Dividends and buybacks | $331M | $3.6B |
| Valuation & quality | ||
| P/E | 67.0x | 31.0x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
BA $93.5B
RTX $57.2B
FY17
BA $94.0B
RTX $59.8B
FY18
BA $101.1B
RTX $34.7B
FY19
BA $76.6B
RTX $45.3B
FY20
BA $58.2B
RTX $56.6B
FY21
BA $62.3B
RTX $64.4B
FY22
BA $66.6B
RTX $67.1B
FY23
BA $77.8B
RTX $68.9B
FY24
BA $66.5B
RTX $80.7B
FY25
BA $89.5B
RTX $88.6B
BA
RTX
Operating margin
FY16
BA 7.0%
RTX 14.4%
FY17
BA 11.0%
RTX 13.6%
FY18
BA 11.9%
RTX 8.3%
FY19
BA −2.6%
RTX 10.8%
FY20
BA −22.0%
RTX −3.3%
FY21
BA −4.6%
RTX 8.0%
FY22
BA −5.3%
RTX 8.2%
FY23
BA −1.0%
RTX 5.2%
FY24
BA −16.1%
RTX 8.1%
FY25
BA 4.8%
RTX 10.5%
BA
RTX
Free cash flow
FY16
BA $7.9B
RTX $4.7B
FY17
BA $11.6B
RTX $3.6B
FY18
BA $13.6B
RTX $1.2B
FY19
BA −$4.3B
RTX $4.0B
FY20
BA −$19.7B
RTX $2.5B
FY21
BA −$4.4B
RTX $5.0B
FY22
BA $2.3B
RTX $4.9B
FY23
BA $4.4B
RTX $5.5B
FY24
BA −$14.3B
RTX $4.5B
FY25
BA −$1.9B
RTX $7.9B
BA
RTX
Return on capital
FY16
BA —
RTX 14.2%
FY17
BA —
RTX 10.8%
FY18
BA —
RTX 2.4%
FY19
BA —
RTX 5.4%
FY20
BA —
RTX −1.7%
FY21
BA —
RTX 4.3%
FY22
BA −11.0%
RTX 4.9%
FY23
BA −2.9%
RTX 3.2%
FY24
BA −39.8%
RTX 5.4%
FY25
BA 13.5%
RTX 7.8%
BA
RTX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.