HWM vs RTX: Howmet Aerospace 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 2.9 times Howmet Aerospace.
- Howmet Aerospace grew revenue faster over the last year (+24.1% vs +14.5%).
- Howmet Aerospace keeps more of each dollar of revenue as operating profit (27.4% vs 11.2%).
- On earnings, Raytheon Technologies is the cheaper stock (34.2x vs 48.6x).
- Howmet Aerospace's price assumes faster free cash flow growth: about 19% a year, against 11% for Raytheon Technologies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HWM | RTX |
|---|---|---|
| Market cap | $83.5B | $245.4B |
| Share price | $225.26 | $185.97 |
| Revenue (last fiscal year) | $8.3B | $88.6B |
| Free cash flow (last fiscal year) | $1.4B | $7.9B |
| Revenue growth, last year | +24.1% | +14.5% |
| Revenue growth per year, last 5 fiscal years | +13.5% | +8.3% |
| Operating margin | 27.4% | 11.2% |
| Net margin | 20.5% | 8.3% |
| Return on equity | 32.6% | 11.7% |
| P/E (trailing) | 48.6x | 34.2x |
| Price / free cash flow | 58.4x | 30.9x |
| EV / EBITDA | 33.8x | 19.4x |
| FCF growth the price implies | 19.1% | 10.7% |
| Dividend yield | 0.22% | 1.5% |
| Debt / equity | 1.31x | 1.59x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 11 |
| Insider purchases, last 12 months | 2 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Howmet Aerospace
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.0B | $250M | 15.0% |
| 2022 | $5.7B | $540M | 16.2% |
| 2023 | $6.6B | $682M | 18.1% |
| 2024 | $7.4B | $977M | 22.0% |
| 2025 | $8.3B | $1.4B | 24.8% |
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
Howmet Aerospace · by segments, 2025
Engine Products$4.3B52%
Fastening Systems$1.7B21%
Engineered Structures$1.1B14%
Forged Wheels$1.0B13%
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 HWM in InvestinglyQuestions
Which is bigger, Howmet Aerospace or Raytheon Technologies?
Raytheon Technologies (RTX), at $245.4B against $83.5B.
Is HWM or RTX cheaper?
By trailing P/E, Raytheon Technologies (34.2x) is cheaper than Howmet Aerospace (48.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, HWM or RTX?
Howmet Aerospace: revenue grew +24.1% over the last year, against +14.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.