RTX Corporation (NYSE:RTX) just received one of the largest missile production awards in its history. The Pentagon awarded RTX's Raytheon business a five-year multiyear contract with two option years valued at up to $20.7 billion. This is part of the Pentagon's efforts to increase weapons production to replenish dwindling stockpiles amid the conflicts in Ukraine and the Middle East. The headline figure is significant. But investors should resist treating it as immediate revenue for RTX Corporation. Instead, the more important question is whether Raytheon can convert the strong defense demand into profitable growth. RTX Corporation (RTX) recently doubled down on defense manufacturing — is the stock still a buy?
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