Textron Inc. (TXT) 10-Year Financial Performance & Capital Metrics

TXT • • Industrial / General

IndustrialsAerospace & DefenseAircraft ManufacturingBusiness & Regional Jets

AboutTextron Inc. operates in the aircraft, defense, industrial, and finance businesses. The company's Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts. Its Bell segment supplies military and commercial helicopters, tiltrotor aircrafts, and related spare parts and services. The company's Textron Systems segment offers unmanned aircraft systems, electronic systems and solutions, advanced marine crafts, piston aircraft engines, live military air-to-air and air-to-ship training, weapons and related components, and armored and specialty vehicles. Its Industrial segment offers blow-molded plastic fuel systems, including conventional plastic fuel tanks and pressurized fuel tanks for hybrid vehicle applications, clear-vision systems, and plastic tanks for catalytic reduction systems primarily to automobile original equipment manufacturers; and golf cars, off-road utility vehicles, recreational side-by-side and all-terrain vehicles, snowmobiles, light transportation vehicles, aviation ground support equipment, professional turf-maintenance equipment, and turf-care vehicles to golf courses and resorts, government agencies and municipalities, consumers, outdoor enthusiasts, and commercial and industrial users. The company's Finance segment provides financing services to purchase new and pre-owned aircraft and bell helicopters. It serves in the United States, Europe, Asia, Australia, and internationally. Textron Inc. was founded in 1923 and is headquartered in Providence, Rhode Island.Show more

Revenue $13.7B +6.5%
EBITDA $1.23B -3.3%
Net Income $824M -4.3%
EPS (Diluted) 4.33 +8.1%
Gross Margin 18.26% -12.0%
EBITDA Margin 9% -9.2%
Operating Margin 6.24% -9.1%
Net Margin 6.01% -10.1%
ROE 11.61% -4.9%
ROIC 7.11% -7.0%
Debt/Equity 0.50 -10.2%
Interest Coverage 8.81 -23.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.1% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.25%

5Y-0.39%

3Y5.55%

TTM5.43%

Profit (Net Income) CAGR

10Y5.16%

5Y-7.58%

3Y38.67%

TTM-6.01%

EPS CAGR

10Y9.48%

5Y-2.14%

3Y47.49%

TTM1.15%

ROCE

10Y Avg8.4%

5Y Avg6.87%

3Y Avg6.91%

Latest6.86%

Peer Comparison

Business & Regional Jets

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ERJEmbraer S.A.	12B	65.43	34.08	21.38%	4.34%	7.99%	3.38%	0.78
TXTTextron Inc.	16.49B	93.56	21.61	6.47%	6.3%	11.9%	5.24%	0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.88B	13.42B	13.79B	14.2B	13.97B	13.63B	11.65B	12.38B	12.87B	13.7B
Revenue Growth %	0.15%	-0.03%	0.03%	0.03%	-0.02%	-0.02%	-0.15%	0.06%	0.04%	0.06%
Cost of Goods Sold+	10.73B	10.2B	10.63B	11.19B	10.95B	10.78B	9.49B	9.68B	10.2B	11.2B
COGS % of Revenue	0.77%	0.76%	0.77%	0.79%	0.78%	0.79%	0.81%	0.78%	0.79%	0.82%
Gross Profit+	3.15B	3.22B	3.15B	3B	3.02B	2.85B	2.16B	2.7B	2.67B	2.5B
Gross Margin %	0.23%	0.24%	0.23%	0.21%	0.22%	0.21%	0.19%	0.22%	0.21%	0.18%
Gross Profit Growth %	0.2%	0.02%	-0.02%	-0.05%	0.01%	-0.06%	-0.24%	0.25%	-0.01%	-0.06%
Operating Expenses+	2.06B	2.08B	1.98B	1.97B	1.92B	1.8B	1.59B	1.84B	1.79B	1.65B
OpEx % of Revenue	0.15%	0.16%	0.14%	0.14%	0.14%	0.13%	0.14%	0.15%	0.14%	0.12%
Selling, General & Admin	1.36B	1.3B	1.3B	1.33B	1.27B	1.15B	1.04B	1.22B	1.19B	1.23B
SG&A % of Revenue	0.1%	0.1%	0.09%	0.09%	0.09%	0.08%	0.09%	0.1%	0.09%	0.09%
Research & Development	694M	778M	677M	634M	643M	647M	549M	619M	601M	570M
R&D % of Revenue	0.05%	0.06%	0.05%	0.04%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-148M
Operating Income+	1.1B	1.14B	1.17B	1.04B	1.1B	1.05B	567M	864M	883M	855M
Operating Margin %	0.08%	0.08%	0.09%	0.07%	0.08%	0.08%	0.05%	0.07%	0.07%	0.06%
Operating Income Growth %	0.25%	0.04%	0.03%	-0.12%	0.06%	-0.04%	-0.46%	0.52%	0.02%	-0.03%
EBITDA+	1.54B	1.58B	1.61B	1.47B	1.53B	1.46B	946M	1.24B	1.27B	1.23B
EBITDA Margin %	0.11%	0.12%	0.12%	0.1%	0.11%	0.11%	0.08%	0.1%	0.1%	0.09%
EBITDA Growth %	0.23%	0.03%	0.01%	-0.09%	0.04%	-0.04%	-0.35%	0.31%	0.03%	-0.03%
D&A (Non-Cash Add-back)	441M	444M	434M	431M	424M	405M	379M	376M	392M	378M
EBIT	1.04B	1.14B	1.05B	936M	1.55B	1.11B	448M	1.01B	1.12B	1.04B
Net Interest Income+	-169M	-174M	-174M	-166M	-171M	-166M	-142M	-107M	-77M	-97M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	169M	174M	174M	166M	171M	166M	142M	107M	77M	97M
Other Income/Expense	-243M	-169M	-297M	-275M	281M	-112M	-285M	9M	133M	88M
Pretax Income+	853M	971M	876M	762M	1.38B	942M	282M	873M	1.02B	943M
Pretax Margin %	0.06%	0.07%	0.06%	0.05%	0.1%	0.07%	0.02%	0.07%	0.08%	0.07%
Income Tax+	248M	273M	33M	456M	162M	127M	-27M	126M	154M	118M
Effective Tax Rate %	0.7%	0.72%	1.1%	0.4%	0.88%	0.87%	1.1%	0.85%	0.85%	0.87%
Net Income+	600M	697M	962M	307M	1.22B	815M	309M	746M	861M	824M
Net Margin %	0.04%	0.05%	0.07%	0.02%	0.09%	0.06%	0.03%	0.06%	0.07%	0.06%
Net Income Growth %	0.2%	0.16%	0.38%	-0.68%	2.98%	-0.33%	-0.62%	1.41%	0.15%	-0.04%
Net Income (Continuing)	605M	698M	843M	306M	1.22B	815M	309M	747M	862M	825M
Discontinued Operations	-5M	-1M	119M	1M	0	0	0	-1M	-1M	-1M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.13	2.50	3.53	1.14	4.83	3.50	1.35	3.29	4.01	4.33
EPS Growth %	0.22%	0.17%	0.41%	-0.68%	3.22%	-0.27%	-0.61%	1.44%	0.22%	0.08%
EPS (Basic)	2.15	2.52	3.55	1.15	4.88	3.52	1.35	3.33	4.05	4.38
Diluted Shares Outstanding	281.79M	278.73M	272.37M	268.75M	253.24M	232.71M	228.98M	226.52M	214.97M	201.77M
Basic Shares Outstanding	279.41M	276.68M	270.77M	266.38M	250.2M	231.31M	228.54M	224.11M	212.81M	199.72M
Dividend Payout Ratio	0.05%	0.03%	0.02%	0.07%	0.02%	0.02%	0.06%	0.02%	0.02%	0.02%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	7.62B	8.15B	8.03B	7.49B	7.92B	8.25B	8.05B	8.04B	8.4B	7.75B
Cash & Short-Term Investments	1B	1.3B	1.26B	1.11B	1.36B	2.25B	2.12B	2.04B	2.18B	1.44B
Cash Only	1B	1.3B	1.26B	1.11B	1.36B	2.25B	2.12B	2.04B	2.18B	1.44B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.13B	2B	2.18B	1.78B	1.6B	1.53B	1.44B	1.42B	1.45B	1.55B
Days Sales Outstanding	56.13	54.36	57.76	45.86	41.88	41	45.21	41.8	41.21	41.34
Inventory	4.14B	4.46B	4.15B	3.82B	4.07B	3.51B	3.47B	3.55B	3.91B	4.07B
Days Inventory Outstanding	141	159.73	142.44	124.5	135.62	118.98	133.38	133.89	140.07	132.67
Other Current Assets	341M	388M	435M	785M	894M	950M	1.02B	1.03B	857M	687M
Total Non-Current Assets+	7.08B	7.21B	7.31B	6.77B	7.09B	7.2B	7.78B	8.26B	8.45B	9.09B
Property, Plant & Equipment	2.49B	2.58B	2.72B	2.62B	2.53B	2.52B	2.54B	2.52B	2.48B	2.53B
Fixed Asset Turnover	5.57x	5.20x	5.07x	5.43x	5.53x	5.42x	4.59x	4.91x	5.20x	5.42x
Goodwill	2.02B	2.11B	2.36B	2.22B	2.15B	2.16B	2.15B	2.28B	2.29B	2.29B
Intangible Assets	0	0	765M	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	2.57B	1.75B	2.23B	1.94B	2.42B	2.52B	3.09B	3.45B	3.68B	4.27B
Total Assets+	14.71B	15.36B	15.34B	14.26B	15.02B	15.4B	15.83B	16.29B	16.86B	16.84B
Asset Turnover	0.94x	0.87x	0.90x	1.00x	0.93x	0.89x	0.74x	0.76x	0.76x	0.81x
Asset Growth %	0.01%	0.04%	-0%	-0.07%	0.05%	0.03%	0.03%	0.03%	0.03%	-0%
Total Current Liabilities+	3.79B	3.89B	3.66B	3.51B	3.85B	3.27B	3.14B	3.67B	4.38B	4.39B
Accounts Payable	1.06B	1.27B	1.21B	1.1B	1.38B	776M	786M	1.02B	1.02B	943M
Days Payables Outstanding	36.17	45.55	41.36	35.84	45.93	26.28	30.23	38.39	36.61	30.73
Short-Term Debt	262M	363M	14M	258M	561M	509M	6M	7M	357M	357M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	1.1B	892M	830M	846M	762M	815M	937M	904M
Current Ratio	2.01x	2.09x	2.19x	2.14x	2.06x	2.52x	2.57x	2.19x	1.92x	1.76x
Quick Ratio	0.92x	0.95x	1.06x	1.05x	1.00x	1.45x	1.46x	1.22x	1.03x	0.84x
Cash Conversion Cycle	160.96	168.53	158.85	134.53	131.57	133.7	148.36	137.29	144.67	143.28
Total Non-Current Liabilities+	5.95B	5.89B	6.03B	5.57B	5.65B	6.33B	5.88B	5.51B	5.49B	5.24B
Long-Term Debt	3.35B	3.32B	3.9B	3.53B	3.25B	3.86B	3.76B	3.55B	3.52B	3.23B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.6B	2.57B	2.13B	2.04B	2.4B	2.47B	2.12B	1.96B	1.97B	2.01B
Total Liabilities	9.74B	9.78B	9.69B	9.07B	9.5B	9.55B	9.01B	9.18B	9.87B	9.63B
Total Debt+	3.61B	3.68B	3.91B	3.78B	3.81B	4.37B	3.77B	3.56B	3.87B	3.59B
Net Debt	2.6B	2.38B	2.65B	2.68B	2.45B	2.12B	1.65B	1.52B	1.69B	2.15B
Debt / Equity	0.73x	0.66x	0.69x	0.73x	0.69x	0.75x	0.55x	0.50x	0.55x	0.50x
Debt / EBITDA	2.35x	2.32x	2.43x	2.58x	2.50x	2.99x	3.98x	2.87x	3.04x	2.91x
Net Debt / EBITDA	1.69x	1.50x	1.65x	1.82x	1.61x	1.45x	1.74x	1.23x	1.33x	1.74x
Interest Coverage	6.49x	6.55x	6.74x	6.25x	6.45x	6.35x	3.99x	8.07x	11.47x	8.81x
Total Equity+	4.96B	5.57B	5.65B	5.19B	5.52B	5.84B	6.82B	7.11B	6.99B	7.2B
Equity Growth %	0.16%	0.12%	0.01%	-0.08%	0.06%	0.06%	0.17%	0.04%	-0.02%	0.03%
Book Value per Share	17.62	20.00	20.73	19.32	21.79	25.12	29.76	31.40	32.50	35.70
Total Shareholders' Equity	4.96B	5.57B	5.65B	5.19B	5.52B	5.84B	6.82B	7.11B	6.99B	7.2B
Common Stock	36M	34M	33M	30M	29M	29M	28M	26M	24M	23M
Retained Earnings	5.3B	5.55B	5.37B	5.41B	5.68B	5.97B	5.87B	5.9B	5.86B	5.61B
Treasury Stock	-559M	0	-48M	-129M	-20M	-203M	-157M	-84M	-165M	-82M
Accumulated OCI	-1.4B	-1.6B	-1.38B	-1.76B	-1.85B	-1.74B	-789M	-612M	-644M	-304M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.21B	1.09B	1.01B	936M	1.11B	1.01B	768M	1.6B	1.49B	1.27B
Operating CF Margin %	0.09%	0.08%	0.07%	0.07%	0.08%	0.07%	0.07%	0.13%	0.12%	0.09%
Operating CF Growth %	0.49%	-0.1%	-0.07%	-0.08%	0.18%	-0.08%	-0.24%	1.08%	-0.07%	-0.15%
Net Income	605M	698M	843M	306M	1.22B	815M	309M	747M	862M	922M
Depreciation & Amortization	441M	444M	434M	431M	424M	405M	379M	376M	392M	392M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-19M	4M	48M	346M	49M	89M	-7M	23M	-220M	-192M
Other Non-Cash Items	115M	119M	145M	126M	-283M	103M	206M	97M	99M	431M
Working Capital Changes	66M	-175M	-458M	-273M	-305M	-398M	-119M	355M	355M	-287M
Change in Receivables	56M	-14M	42M	-169M	72M	144M	60M	73M	9M	-97M
Change in Inventory	-209M	-239M	-352M	412M	41M	-292M	434M	45M	-55M	-194M
Change in Payables	-228M	43M	215M	-156M	-63M	280M	-613M	13M	235M	-69M
Cash from Investing+	-1.92B	-388M	-523M	-645M	620M	-266M	-248M	-281M	-447M	-317M
Capital Expenditures	-429M	-420M	-446M	-423M	-369M	-339M	-317M	-375M	-354M	-402M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	138M	113M	109M	109M	205M	75M	51M	53M	87M	68M
Cash from Financing+	335M	-504M	-168M	-360M	-1.86B	-502M	360M	-1.45B	-1.09B	-813M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-28M	-22M	-22M	-21M	-20M	-18M	-18M	-18M	-17M	-16M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-10M	0	-9M	-4M	-4M	-3M	-5M	-2M	-3M	-6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	779M	670M	566M	513M	738M	675M	451M	1.22B	1.13B	864M
FCF Margin %	0.06%	0.05%	0.04%	0.04%	0.05%	0.05%	0.04%	0.1%	0.09%	0.06%
FCF Growth %	1.13%	-0.14%	-0.16%	-0.09%	0.44%	-0.09%	-0.33%	1.71%	-0.07%	-0.24%
FCF per Share	2.76	2.40	2.08	1.91	2.91	2.90	1.97	5.40	5.28	4.28
FCF Conversion (FCF/Net Income)	2.01x	1.56x	1.05x	3.05x	0.91x	1.24x	2.49x	2.14x	1.73x	1.54x
Interest Paid	157M	164M	162M	0	0	0	0	123M	122M	142M
Taxes Paid	198M	174M	48M	0	0	0	0	356M	352M	191M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.99%	13.23%	17.15%	5.66%	22.82%	14.34%	4.88%	10.71%	12.21%	11.61%
Return on Invested Capital (ROIC)	11.04%	11.01%	10.83%	9.62%	10.45%	9.92%	5.18%	7.58%	7.65%	7.11%
Gross Margin	22.71%	24%	22.88%	21.16%	21.62%	20.93%	18.55%	21.84%	20.75%	18.26%
Net Margin	4.32%	5.19%	6.98%	2.16%	8.75%	5.98%	2.65%	6.02%	6.69%	6.01%
Debt / Equity	0.73x	0.66x	0.69x	0.73x	0.69x	0.75x	0.55x	0.50x	0.55x	0.50x
Interest Coverage	6.49x	6.55x	6.74x	6.25x	6.45x	6.35x	3.99x	8.07x	11.47x	8.81x
FCF Conversion	2.01x	1.56x	1.05x	3.05x	0.91x	1.24x	2.49x	2.14x	1.73x	1.54x
Revenue Growth	14.66%	-3.28%	2.72%	2.97%	-1.59%	-2.45%	-14.52%	6.27%	3.93%	6.47%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Textron Aviation	4.82B	4.92B	4.69B	4.97B	5.19B	3.97B	4.57B	5.08B	5.41B	5.32B
Textron Aviation Growth	-	2.05%	-4.78%	6.08%	4.35%	-23.39%	14.90%	11.26%	6.40%	-1.63%
Bell	3.45B	3.24B	3.32B	3.18B	3.25B	3.31B	3.36B	3.09B	3.15B	3.58B
Bell Growth	-	-6.22%	2.41%	-4.13%	2.33%	1.69%	1.66%	-8.12%	1.81%	13.73%
Industrial	3.54B	3.79B	4.29B	4.29B	3.8B	3B	3.13B	3.46B	3.84B	3.52B
Industrial Growth	-	7.05%	12.97%	0.12%	-11.49%	-21.01%	4.33%	10.70%	10.85%	-8.49%
Textron Systems	1.52B	1.76B	1.84B	1.46B	1.32B	1.13B	1.13B	1.05B	1.24B	1.24B
Textron Systems Growth	-	15.53%	4.78%	-20.43%	-9.49%	-14.79%	-0.27%	-6.39%	17.17%	0.49%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	8.3B	8.57B	8.79B	8.67B	8.96B	7.94B	8.57B	8.7B	9.3B	9.68B
UNITED STATES Growth	-	3.31%	2.47%	-1.35%	3.42%	-11.38%	7.92%	1.52%	6.93%	3.99%
International	-	-	-	1.86B	1.61B	1.27B	1.31B	2.7B	2.96B	2.82B
International Growth	-	-	-	-	-13.62%	-21.42%	3.32%	106.35%	9.82%	-4.99%
Europe	2.17B	2.59B	2.41B	2.19B	1.99B	1.34B	1.37B	1.47B	1.41B	1.21B
Europe Growth	-	19.33%	-6.84%	-9.25%	-9.19%	-32.73%	2.47%	7.23%	-3.68%	-14.43%
Asia And Australia	1.32B	998M	1.21B	1.25B	1.07B	1.11B	1.13B	-	-	-
Asia And Australia Growth	-	-24.62%	20.84%	3.90%	-14.60%	3.36%	2.44%	-	-	-
CANADA	531M	652M	913M	-	-	-	-	-	-	-
CANADA Growth	-	22.79%	40.03%	-	-	-	-	-	-	-
Latin America and Mexico	1.1B	977M	883M	-	-	-	-	-	-	-
Latin America and Mexico Growth	-	-11.26%	-9.62%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Textron Inc. (TXT) has a price-to-earnings (P/E) ratio of 21.6x. This is roughly in line with market averages.

Growth & Financials

Textron Inc. (TXT) reported $14.16B in revenue for fiscal year 2024. This represents a 34% increase from $10.53B in 2011.

Textron Inc. (TXT) grew revenue by 6.5% over the past year. This is steady growth.

Yes, Textron Inc. (TXT) is profitable, generating $892.0M in net income for fiscal year 2024 (6.0% net margin).

Dividend & Returns

Textron Inc. (TXT) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Textron Inc. (TXT) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Textron Inc. (TXT) generated $728.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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