Annual Sales $21.3 billion

Rank 7th (Revenue greater than $5 billion)

Average Five-Year Score Improvement 3d (up 12.8%)

An under-celebrated performance story, Raytheon's steady improvement during the past five years has moved it up in the TPC rankings. Last year's sale of business aircraft builder Hawker Beechcraft at a handsome premium helped the company retire $1.7 billion (43%) of its debt and repurchase $1.4 billion in stock, increasing its enterprise value. Impressive contract wins in border security, missile defense and naval systems integration have positioned it well.