Arlington, Virginia-based RTX Corporation (RTX) operates as an aerospace and defense company. It focuses on advancing aviation, building smarter defense systems, and creating innovations to take humanity deeper into space. With a market cap of $212.3 billion, RTX employs over 185,000 people across its Collins Aerospace, Pratt & Whitney, and Raytheon businesses.

Companies worth $200 billion or more are generally described as "mega-cap stocks." RTX fits this bill perfectly. Given its dominance in the defense space, its valuation above this mark is not surprising. The company’s defense products and technology protect approximately 50% of the world's population and support 90% of the Department of Defense and commercial space launches and 70% of the airborne communications for the U.S. and allied nations​.

RTX touched its all-time high of $161.26 on Aug. 28 and is currently trading 1.6% below that peak. Meanwhile, RTX stock prices have surged 17.7% over the past three months, notably outperforming the iShares U.S. Aerospace & Defense ETF’s (ITA) 12.5% gains during the same time frame.

Furthermore, RTX stock prices have soared 37.1% on a YTD basis, outpacing ITA’s 36.5% gains during the same time frame. However, RTX has gained 31.3% over the past 52 weeks, slightly underperforming ITA’s 36.6% returns over the past year.

To confirm the bullish trend, RTX has remained mostly above its 200-day moving average over the past year and consistently above its 50-day moving average since May.

Despite reporting better-than-expected results, RTX stock prices dipped 1.6% following the release of its Q2 results on Jul. 22. Continuing its solid momentum of organic sales growth and robust profitability, the company reported a 9.4% year-over-year growth in sales to $21.6 billion, surpassing the Street’s expectations by 5.1%. Meanwhile, RTX also reported a solid 10.6% year-over-year surge in adjusted EPS to $1.56, exceeding the consensus estimates by 7.6%. Following the initial dip, RTX stock prices surged 4.9% in the subsequent trading session.

Meanwhile, RTX has lagged behind its peer, GE Aerospace’s (GE) 65% gains on a YTD basis and 60.1% surge over the past 52 weeks.

Among the 25 analysts covering the RTX stock, the consensus rating is a “Moderate Buy.” As of writing, its mean price target of $161.22 represents a modest 1.7% premium to current price levels.