Rtx Corp
RTXAbove valueExpectations · demandingHeld by 8 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +9.7%
- Net margin
- 7.6%
- ROE
- 10.3%
- FCF margin
- 9.0%
Valuation · value band
Above fair value
Zero-growth floor
$34
Central IV
$47
Optimistic top
$55
Rtx Corp (RTX): A conservative value band $34–$55 / sh (zero-growth floor to growth-capped optimistic top); central read about $47. Today’s price sits above that band (price $212 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.8% · Zero-growth downside $34
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $41.29 – $53.78 · Greenwald zero-growth $54.72 · zero-growth base $54.72 · reproduction $22.45
Moat Franchise (moat) · terminal value 36% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$33.97 – $45.38 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 89% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$44.97 – $54.72 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.2–11.2% band (9–11% base + 0.2pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 89% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.2pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 3.5 years of owner earnings, adding 0.2pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $-17.59B + capitalized R&D $6.25B（FY 2026, 2024, 2023, 2022） = $22.45 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 15% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 3.5 years of owner earnings → +0.2pp cost-of-equity premium → effective 9.2%–11.2%.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.39%–12.23% (DGS10 +4.5% to a 12% strict end, each +0.23pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 29.8% a year in owner-earnings for the next few years. Revenue actually grew 8.8% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
8 holders · $7.23B combined · this quarter +1 opened / -1 exited
- Value$6.66BWeight (prev→now)3.8% → 3.5% ▼
- Value$294.2MWeight (prev→now)3.1% → 2.7% ▼
- Value$218.5MWeight (prev→now)2.3% → 2.1% ▼
- Value$42.5MWeight (prev→now)0.4% → 0.3% ▼
- Value$5.0MWeight (prev→now)New · 0.0%
- Value$2.2MWeight (prev→now)0.6% → 0.5% ▼
- Value$661,968Weight (prev→now)0.0% → 0.0% ▼
- Value$367,128Weight (prev→now)0.3% → 0.3% ▲
SEC 13F · notes
Written summary
Written summary
Rtx Corp (RTX) is held by 8 of the superinvestors tracked on Compounder, with a combined $7.23B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 3.5% of the portfolio.
Other notable holders by value include Lee Ainslie (2.7% of its book), Jim Cullen (2.1% of its book) and Thomas Gayner (0.3% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in RTX, 1 added to existing ones, 3 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Rtx Corp (RTX) also commonly hold →
- Microsoft CorpMSFT8 holders
- Walt Disney Co/TheDIS7 holders
- Alphabet Inc-Cl CGOOG6 holders
- Amazon.Com IncAMZN6 holders
- Apple IncAAPL6 holders
- Cvs Health CorpCVS5 holders
RTX's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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