BA vs RTX: Boeing and Raytheon Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Raytheon Technologies is the larger company, worth $245.4B, about 1.8 times Boeing.
- Raytheon Technologies grew revenue faster over the last year (+14.5% vs +8.0%).
- Raytheon Technologies keeps more of each dollar of revenue as operating profit (11.2% vs 4.9%).
- On earnings, Raytheon Technologies is the cheaper stock (34.2x vs 68.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BA | RTX |
|---|---|---|
| Market cap | $137.5B | $245.4B |
| Share price | $190.37 | $185.97 |
| Revenue (last fiscal year) | $89.5B | $88.6B |
| Free cash flow (last fiscal year) | -$1.9B | $7.9B |
| Revenue growth, last year | +8.0% | +14.5% |
| Revenue growth per year, last 5 fiscal years | +9.5% | +8.3% |
| Operating margin | 4.9% | 11.2% |
| Net margin | 2.6% | 8.3% |
| Return on equity | 39.9% | 11.7% |
| P/E (trailing) | 68.7x | 34.2x |
| Price / free cash flow | — | 30.9x |
| EV / EBITDA | 23.5x | 19.4x |
| FCF growth the price implies | — | 10.7% |
| Dividend yield | — | 1.5% |
| Debt / equity | 26.2x | 1.59x |
| Fundamental grade | D | C |
| Superinvestors holding it | 9 | 11 |
| Insider purchases, last 12 months | 10 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Boeing
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $62.3B | -$4.4B | -4.6% |
| 2022 | $66.6B | $2.3B | -5.3% |
| 2023 | $77.8B | $4.4B | -0.99% |
| 2024 | $66.5B | -$14.3B | -16.1% |
| 2025 | $89.5B | -$1.9B | 4.8% |
Raytheon Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $64.4B | $5.0B | 8.0% |
| 2022 | $67.1B | $4.9B | 8.2% |
| 2023 | $68.9B | $5.5B | 5.2% |
| 2024 | $80.7B | $4.5B | 8.1% |
| 2025 | $88.6B | $7.9B | 10.5% |
Where the revenue comes from
Boeing · by segments, 2025
Commercial Airplanes$41.5B46%
Defense, Space & Security$27.2B30%
Global Services$20.9B23%
Raytheon Technologies · by segments, 2025
Pratt & Whitney$32.9B36%
Collins Aerospace$30.2B33%
Raytheon$28.0B31%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BA in InvestinglyQuestions
Which is bigger, Boeing or Raytheon Technologies?
Raytheon Technologies (RTX), at $245.4B against $137.5B.
Is BA or RTX cheaper?
By trailing P/E, Raytheon Technologies (34.2x) is cheaper than Boeing (68.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BA or RTX?
Raytheon Technologies: revenue grew +14.5% over the last year, against +8.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.