RTX · NYSE
RTX (Raytheon)
Coyote kinetic/non-kinetic interceptors, KuRFS radar, LIDS
Research score
73
Adjust weights in Scoring
Last Q revenue
n.d.
2026-08-24
Q YoY
n.d.
Backlog
n.d.
unable
Last print · Yahoo Finance spark (query1)
What it actually does
Makes the Coyote C-UAS interceptor and KuRFS radar, among a vast missile/engine/avionics book.
Core C-UAS company in product terms; not a drone stock in portfolio terms.
The clearest funded U.S. kinetic C-UAS production line in public markets (Coyote / LIDS). Included as core C-UAS with a single-digit pure-play score.
Buy-side thesis
If the thesis is 'the U.S. will spend tens of billions defeating drones,' Coyote is the funded production answer.
Multi-year Army push (FY27 framework talk, Apr 2026) would further de-risk the line.
Sell-side thesis
$5.04B over eight years on a ~$280B company is not an equity catalyst by itself.
Interceptor cost-per-kill vs. cheap drones is the strategic debate — Congress can push cheaper effectors.
Financial quality
Highest. Do not apply small-cap drone multiples.
Earnings review
Read Raytheon segment commentary, not DRNZ correlation.
Why the score / why it can break
Supports
- Procurement validation is above the universe median.
- Balance-sheet heat is a relative strength.
- The clearest funded U.S. kinetic C-UAS production line in public markets (Coyote / LIDS). Included as core C-UAS with a single-digit pure-play score.
Risks to the score
- Immateriality
- Cost-per-kill
- Incomplete disclosure in this research set.
Scenarios — not a price target
| Case | P | Revenue | Margins | Dilution | Multiple | Impl. cap / px |
|---|---|---|---|---|---|---|
| bear | 20% | Prime | prime | none | compression | n.d. / defense cut tape |
| base | 55% | Coyote orders grind inside RTX | stable | none | in-line | n.d. / prime beta |
| bull | 25% | Multi-year Coyote + export | stable+ | none | slight premium | n.d. / missile-cycle premium |
Implied prices are arithmetic from stated assumptions. They are not recommendations.