We initiate with a Buy rating. RTX is benefiting from a dual tailwind of surging global defense spending and commercial aerospace recovery, evidenced by 37% revenue growth from 2021 to 2025 and a $271B backlog. The stock trades at a discount to peers on P/E (32.9x vs. median 34.9x) while delivering accelerating free cash flow ($7.9B in 2025). Recent insider selling appears routine profit-taking, while smart money accumulation surged to 58 funds in Q1 2026.