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Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 17
HOLD 9
SELL 0
STRONG
SELL
0
| PRICE TARGET: $238.50 DETAILS
HIGH: $250.00
LOW: $215.00
MEDIAN: $240.00
CONSENSUS: $238.50
UPSIDE: 12.68%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Cyclical & Capital-Intensive 80% confidence

Primary model: Normalized Earnings × Cycle Multiple

Valuation Signal Overvalued Strong
Trading 174.9% above fair value
Current Price $211.67
Bear Case $63.00 70.2% downside ($63.00 - $211.67) / $211.67 = -70.2% $3.50 × 18x
Fair Value $77.00 63.6% downside ($77.00 - $211.67) / $211.67 = -63.6% $3.50 × 22x
Bull Case $91.00 57.0% downside ($91.00 - $211.67) / $211.67 = -57.0% $3.50 × 26x

Adjust Assumptions

22.0x
3.5$

Key Value Driver

Through-cycle normalized EPS ($3.50)

Implied Market Multiple 60.5x

Plain-Language Summary

Using 7-year normalized EPS of $3.50 at a 22x cycle multiple, the base-case value is $77.00 per share.

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.

Average Target (26 analysts) $238.50
Analyst Range $215.00 – $250.00
Divergence from AlphaVal 68%

Warnings

This company has a built-in lending arm whose debt is mixed in with the main business. We capped the debt adjustment to avoid overstating what the core business owes.
Recent profits ($4.96/share) are 42% above the mid-cycle average ($3.50). Buying based on peak profits is the most common mistake with boom-and-bust businesses.
Wall Street's average price target is $238.50 (from 26 analysts). Our estimate is 68% below the consensus -- consider that gap carefully.

Key Risks

  • Standard 10-year DCF produces unreliable terminal values for cyclicals
  • 'Cheap' P/E at cycle peak is the most common value trap — normalize first
  • Captive finance subsidiaries have different risk profiles from manufacturing