VanderWolf-Images RTX (NYSE:RTX) may not be a top pure play in defense given it’s only 40% of the backlog, but in my view, is fundamentally a more defensive (non-cyclical) play than the average stock in the current market environment. The business has a strong set of commercial operations and remains exposed to the bullish trends of growing defense spending, especially in Europe. Revenue growth on fixed costs, as well as some cost restructuring, is also expected to drive margin growth for all divisions  ...