RTX's (NYSE: RTX) recent results strengthened the investment case, with management raising guidance for sales, earnings, and cash flow. It's probably the most attractive defense company on the market, with a $340 billion backlog and a long stream of commercial aerospace original equipment and aftermarket revenue, balanced with a relatively low-risk defense business. Still, is it the best-value defense stock? I think RTX is better positioned than Lockheed Martin (NYSE: LMT), and commercial-aerospace-focused GE Aerospace (NYSE: GE) is a very strong company. I will use those companies as benchmarks for defense and commercial aerospace valuations to see whether RTX is a good value. Unfortunately, RTX doesn't break out its defense and commercial aerospace earnings separately, but we know the Raytheon segment is almost entirely defense, and Collins Aerospace and Pratt & Whitney account for roughly 30% of revenue, so let's assume their operating profit is in line with revenue.
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