  We model the broad-band X-ray spectrum of Cyg X-3 in all states displayed by
this source as observed by the Rossi X-ray Timing Explorer. From our models, we
derive for the first time unabsorbed spectral shapes and luminosities for the
full range of spectral states. We interpret the unabsorbed spectra in terms of
Comptonization by a hybrid electron distribution and strong Compton reflection.
We study the spectral evolution and compare with other black hole as well as
neutron star sources. We show that a neutron star accretor is not consistent
with the spectral evolution as a function of Ledd and especially not with the
transition to a hard state. Our results point to the compact object in Cyg X-3
being a massive, ~30 Msun black hole.
