RTX RESEARCH CARD · NOT ADVICE
RTX (Raytheon)
Core counter-UAS · NYSE · px 201.29 · cap $268.7B · score 73
What it 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.
Bull
- 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.
Bear
- $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.
Snapshot
Last Q n.d. (n.d. YoY) · GM n.d. · backlog n.d. · cash n.d.
Sep 2025: $5.04B Army contract for Coyote systems and KuRFS through 2033 — an IDIQ-style long-term vehicle. Orders determine funded value. Do not book $5.04B as 2026 revenue.
Score notes
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: Immateriality Cost-per-kill Incomplete disclosure in this research set.
Educational research only. Not investment advice, a solicitation, or a recommendation to buy, sell, or hold any security. Datapoints are labeled disclosed, analyst judgment, or unable to verify. Contract ceilings, IDIQ vehicles, MOUs, and partnership announcements are not funded revenue.