Backlog is visibility, not certainty
It traded at 188.62, -1.74% on the session. A multi-year order book tells you what is coming. It does not tell you at what margin.
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RTXLMT
Stock
RTX
RTX
Delayed
Notes mentioning RTX
3Capacity in defence takes years to add, and the margin arrives last
How I read the early production lots before the margin shows up.
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Munitions get used, and that makes the demand cyclical in a useful way
Most defence equipment is bought once and serviced for decades. Munitions are consumed, and every stock drawn down has to be rebuilt.
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