Raytheon's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Raytheon (RTN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Raytheon vs Its Competitors
- TTM: Trailing 12-month revenue of 29,176M vs 126,031M combined for tracked competitors (18.8% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+7.5% annualized vs trailing 12 months), vs decelerating (-25.5%) for its tracked peer group.
- Growth: Raytheon generated 6.6% revenue growth year over year in Q4 2019, vs -29.7% for its tracked competitors combined.
- Profitability: Its 11.2% net margin compares with -2.9% for the peer group.
- Peer revenue share: Raytheon accounted for 25.1% of combined revenue among its tracked peer group, up from 18.1% a year earlier.
- Peer differentiation: Revenue per employee of $0.48M compares with $0.45M for the peer group (1.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
RTN Sales vs. its Competitors, Q4 2019
Raytheon reported revenue growth of 6.55 % year on year in Q4 2019, above its competitors' combined revenue change of -29.66 %.
With a net margin of 11.23 %, Raytheon achieved higher profitability than its competitors (-2.89 %).
Raytheon generated 25.05 % of the combined sales of its peer group, up from 18.08 % a year earlier.
Raytheon vs. its Competitors, Q4 2019
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Raytheon and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Raytheon Company | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (16) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Raytheon's competitor groups requires a Commercial License.
For context: the Aerospace & Defense industry grew revenue 13.0% year over year, combined, vs 6.6% for Raytheon. Raytheon's share of combined industry revenue moved from 6.59% to 6.22%, a loss of 0.38 percentage points.
Raytheon's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Raytheon Company | Yes | Yes | No | No |
| Competitors combined (6) | ||||
| High-Confidence Competitors (18) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 12.50 % (1 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
RTN Stock Performance relative to its Competitors
RTN Stock Performance relative to High-Confidence Competitors
RTN Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Huntington Ingalls Industries Inc | 282.9% | Outperformed |
| 2 | The Boeing Company | 282.9% | Outperformed |
| 3 | Leidos Holdings Inc | 282.9% | Outperformed |
| 4 | Kratos Defense and Security Solutions inc | 282.9% | Outperformed |
| 5 | Applied Energetics Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Raytheon's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Raytheon Company
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Raytheon Company | 32,699.34 | 29,176.00 |
| The Boeing Company | 145,778.73 | 93,995.00 |
| Leidos Holdings Inc | 15,660.80 | 17,329.00 |
| Huntington Ingalls Industries Inc | 10,153.48 | 13,185.00 |
| Kratos Defense and Security Solutions inc | 8,377.71 | 1,521.60 |
| Applied Energetics Inc | 206.91 | 0.46 |
| SUBTOTAL | 212,924.87 | 155,210.50 |
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Sources: Raytheon Company's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Raytheon Company versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Raytheon's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Applied Energetics Inc | Named by the company | 85% |
| Leidos Holdings Inc | Named by the company | 85% |
| The Boeing Company | Named by the company | 85% |
| Kratos Defense and Security Solutions inc | Named by the company | 85% |
| Geospace Technologies Corp | Named by the company | 85% |
| Northrop Grumman Corp | Named by the company | 85% |
| Semtech Corp | Named by the company | 85% |
| Rada Electronic Industries Ltd | Named by the company | 85% |
| Woodward Inc | Named by the company | 85% |
| American Superconductor Corp | Named by the company | 85% |
| Garmin Ltd | Named by the company | 85% |
| One Stop Systems Inc | Named by the company | 85% |
| Voyager Technologies Inc | Named by the company | 85% |
| Leonardo Drs Inc | Named by the company | 85% |
| Moog Inc | Named by the company | 85% |
| Science applications International corporation | Named by the company | 85% |
| Parsons Corporation | Named by the company | 85% |
| Rockwell Collins Inc | Named by the company | 85% |
| Viasat Inc | Named by the company | 85% |
| Momentus Inc | Named by the company | 85% |
| Huntington Ingalls Industries Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Raytheon's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Raytheon's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| The Boeing Company | Commercial Airplanes 47.85 % |
| Leidos Holdings Inc | Intelligence and Digital 33.11 % |
| Huntington Ingalls Industries Inc | Newport News Shipbuilding 53.73 % |
| Kratos Defense and Security Solutions inc | Kratos Government Solutions 82.76 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Raytheon's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Raytheon Company | 32,699 | 478,295 | 54,574 |
| The Boeing Company | 145,779 | 516,456 | 13,440 |
| Leidos Holdings Inc | 15,661 | 346,580 | 28,640 |
| Huntington Ingalls Industries Inc | 10,153 | 299,659 | 15,023 |
| Kratos Defense and Security Solutions inc | 8,378 | 353,860 | 7,186 |
| Applied Energetics Inc | 207 | 17,757 | -617,990 |
| PEERS TOTAL | 180,226 | 449,544 | 16,115 |
Raytheon's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Leidos Holdings Inc | United States 91.54 % |
| Kratos Defense and Security Solutions inc | United States 78.55 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Raytheon's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Aerospace & Defense industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (56 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 36.05 % | 30.24 % (avg) | +5.8 pp |
| Operating Margin | 16.36 % | industry median | +9.4 pp |
| EBITDA Margin | 16.04 % | 4.83 % (avg) | +11.2 pp |
| Capital Intensity (Capex / Revenue) | 3.45 % | 7.10 % (avg) | -3.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Raytheon's Valuation vs Competitive Position
Valuation multiples vs the Aerospace & Defense industry average (56 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 18.5x | 36.0x | -17.5x |
| EV / EBITDA | 13.7x | 21.5x | -7.8x |
| P/B | 5.0x | 5.2x | -0.2x |
| Return on Equity | 27.11 % | industry aggregate | -6.59 % |
| Return on Invested Capital | 12.92 % | 2.69 % (avg) | 10.23 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Raytheon's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2011 | 2012 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -1.29 % | -1.78 % | -2.90 % | 1.84 % | 3.54 % | 5.13 % | 6.75 % | 7.83 % |
| Operating Margin | 11.49 % | 12.24 % | 12.39 % | 12.96 % | 13.46 % | 13.09 % | 16.77 % | 16.36 % |
| Return on Invested Capital | 9.98 % | 10.45 % | 9.79 % | 9.12 % | 9.62 % | 9.72 % | 13.19 % | 12.92 % |
| P/E | 8.8x | 10.1x | 14.0x | 18.1x | 19.5x | 27.3x | 16.6x | 18.5x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Raytheon's Strategic Group Map
Every company in Raytheon's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Raytheon is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Raytheon's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.45 % vs industry average 7.10 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Raytheon's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Raytheon's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Raytheon's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Raytheon falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Raytheon's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 9.4 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+7.5% annualized vs trailing 12 months).
Weaknesses
- Return on equity 6.6 points below the industry aggregate.
Opportunities
- Industry revenue growing at a healthy 15.0% median pace.
- Trades at a lower P/E than the industry average (18.5x vs 36.0x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-25.5% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Raytheon's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Raytheon Company | 0.34 | 1.44 | 0.40 |
| The Boeing Company | 0.08 | 1.17 | 22.01 |
| Leidos Holdings Inc | 0.29 | 1.58 | 1.04 |
| Huntington Ingalls Industries Inc | 0.00 | 1.17 | 0.53 |
| Kratos Defense and Security Solutions inc | 2.81 | 5.00 | - |
| Applied Energetics Inc | 1.86 | 3.82 | 0.04 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Raytheon's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Raytheon Company | Q4 2019 | +6.5 % | +6.5 % |
| The Boeing Company | Q2 2026 | +8.0 % | - |
| Leidos Holdings Inc | Q1 2026 | +3.7 % | -8.2 % |
| Huntington Ingalls Industries Inc | Q2 2026 | +10.9 % | +36.8 % |
| Kratos Defense and Security Solutions inc | Q2 2026 | +30.8 % | +51.7 % |
| Applied Energetics Inc | Q2 2026 | -11.9 % | - |
| PEERS TOTAL | +7.7 % | +36.3 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Raytheon's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Raytheon Company | Q4 2019 | -33.9 % | +32.2 % |
| The Boeing Company | Q2 2026 | +9.0 % | +71.7 % |
| Leidos Holdings Inc | Q1 2026 | +4.3 % | +40.9 % |
| Huntington Ingalls Industries Inc | Q2 2026 | - | +24.0 % |
| Kratos Defense and Security Solutions inc | Q2 2026 | +29.5 % | -16.1 % |
| Applied Energetics Inc | Q2 2026 | -54.6 % | -96.4 % |
Raytheon's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Raytheon Company | 10.15% | 13.49% | 27.11% |
| The Boeing Company | 1.51% | 4.33% | 105.14% |
| Leidos Holdings Inc | 10.23% | 12.77% | 29.10% |
| Huntington Ingalls Industries Inc | 5.26% | 6.56% | 12.89% |
| Kratos Defense and Security Solutions inc | 0.95% | 1.05% | 1.14% |
| Applied Energetics Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Raytheon's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Raytheon Company | 9.78 | 1.12 |
| The Boeing Company | 67.05 | 1.55 |
| Leidos Holdings Inc | 11.21 | 0.90 |
| Huntington Ingalls Industries Inc | 15.31 | 0.77 |
| Kratos Defense and Security Solutions inc | 244.83 | 5.51 |
| Applied Energetics Inc | - | 448.17 |
| PEERS AVERAGE | 27.13 | 1.37 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.