Price to Earnings (P/E)
since 2005
Calculation
RTX Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to common shareowners1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2025 | 36.25 | = | 129.92 | ÷ | 3.58 | 3.58 | = | 4,774 | ÷ | 1,332,122,758 | |
| Feb 5, 2024 | 38.31 | = | 92.24 | ÷ | 2.41 | 2.41 | = | 3,195 | ÷ | 1,326,826,896 | |
| Feb 7, 2023 | 27.59 | = | 97.87 | ÷ | 3.55 | 3.55 | = | 5,197 | ÷ | 1,464,954,584 | |
| Feb 11, 2022 | 36.79 | = | 95.27 | ÷ | 2.59 | 2.59 | = | 3,864 | ÷ | 1,492,330,987 | |
| Feb 8, 2021 | — | = | 72.49 | ÷ | -2.32 | -2.32 | = | -3,519 | ÷ | 1,519,478,134 | |
| Feb 6, 2020 | 24.41 | = | 156.20 | ÷ | 6.40 | 6.40 | = | 5,537 | ÷ | 865,308,981 | |
| Feb 7, 2019 | 19.74 | = | 120.72 | ÷ | 6.11 | 6.11 | = | 5,269 | ÷ | 861,748,797 | |
| Feb 9, 2018 | 21.97 | = | 125.03 | ÷ | 5.69 | 5.69 | = | 4,552 | ÷ | 799,778,295 | |
| Feb 9, 2017 | 17.55 | = | 110.09 | ÷ | 6.27 | 6.27 | = | 5,055 | ÷ | 805,861,740 | |
| Feb 11, 2016 | 9.31 | = | 84.66 | ÷ | 9.10 | 9.10 | = | 7,608 | ÷ | 836,432,010 | |
| Feb 5, 2015 | 17.52 | = | 120.11 | ÷ | 6.86 | 6.86 | = | 6,220 | ÷ | 907,156,995 | |
| Feb 6, 2014 | 17.51 | = | 109.45 | ÷ | 6.25 | 6.25 | = | 5,721 | ÷ | 915,236,403 | |
| Feb 7, 2013 | 16.07 | = | 89.95 | ÷ | 5.60 | 5.60 | = | 5,130 | ÷ | 916,639,918 | |
| Feb 9, 2012 | 15.29 | = | 83.78 | ÷ | 5.48 | 5.48 | = | 4,979 | ÷ | 908,863,486 | |
| Feb 10, 2011 | 17.84 | = | 84.75 | ÷ | 4.75 | 4.75 | = | 4,373 | ÷ | 920,456,248 | |
| Feb 11, 2010 | 16.33 | = | 66.71 | ÷ | 4.08 | 4.08 | = | 3,829 | ÷ | 937,400,008 | |
| Feb 11, 2009 | 9.57 | = | 47.62 | ÷ | 4.98 | 4.98 | = | 4,689 | ÷ | 942,294,242 | |
| Feb 7, 2008 | 16.61 | = | 71.47 | ÷ | 4.30 | 4.30 | = | 4,224 | ÷ | 981,518,066 | |
| Feb 8, 2007 | 18.16 | = | 68.05 | ÷ | 3.75 | 3.75 | = | 3,732 | ÷ | 995,786,259 | |
| Feb 9, 2006 | 18.76 | = | 56.71 | ÷ | 3.02 | 3.02 | = | 3,069 | ÷ | 1,015,427,109 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of RTX Corp. Annual Report.
The share price exhibited overall growth from 2006 to 2015, rising from $56.71 to a peak of $120.11, despite a notable dip in 2009 where it dropped to $47.62. After peaking in 2015, the share price showed volatility, with significant fluctuations observed between 2016 and 2025. For instance, a sharp decline to $72.49 was seen in 2021, followed by a recovery up to $129.92 by 2025.
Earnings per share (EPS) generally followed an upward trend from 2006 through 2016, increasing from $3.02 to a peak of $9.10 in 2016. However, EPS displayed considerable inconsistency thereafter, including a substantial loss of -$2.32 in 2021, which contrasted with positive earnings in prior periods. The EPS partially recovered in subsequent years, reaching $3.58 by 2025, although this was still below earlier highs.
The Price-to-Earnings (P/E) ratio showed variability reflecting changing market valuations relative to earnings. Initially, the P/E ratio declined sharply from 18.76 in 2006 to 9.57 in 2009, corresponding with the period’s reduced share prices and increasing EPS. Subsequently, the P/E climbed steadily, peaking at 24.41 in 2020. Missing data in 2021 makes trend analysis difficult for that year, but high P/E values resumed in the following years, reaching 36.25 by 2025. This suggests the market priced the shares at a premium despite comparatively lower earnings in recent periods.
Overall, the data portrays a company experiencing growth in share price and earnings through 2015-2016, followed by increased volatility in both price and earnings in later years. The P/E ratio indicates shifts in market sentiment and valuation, particularly a higher valuation relative to earnings in the most recent years despite EPS declines, highlighting possible investor optimism or expectations of future recovery.
Comparison to Competitors
RTX Corp., P/E, long-term trends, comparison to competitors
| RTX Corp. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | |
|---|---|---|---|---|---|---|---|
| Feb 3, 2025 | 36.25 | — | 15.65 | 30.00 | 33.42 | 23.10 | 20.18 |
| Feb 5, 2024 | 38.31 | — | 15.55 | 35.88 | 16.18 | 22.73 | 15.35 |
| Feb 7, 2023 | 27.59 | — | 19.15 | 27.93 | — | 26.97 | 20.48 |
| Feb 11, 2022 | 36.79 | — | 16.82 | 27.77 | — | 23.14 | 16.70 |
| Feb 8, 2021 | — | — | 36.80 | 37.46 | 19.67 | 29.63 | 13.44 |
| Feb 6, 2020 | 24.41 | — | 12.36 | 18.06 | — | 20.97 | 19.87 |
| Feb 7, 2019 | 19.74 | 21.87 | 12.42 | 15.92 | — | 16.02 | 16.88 |
| Feb 9, 2018 | 21.97 | 24.68 | 126.80 | 11.90 | — | 67.20 | 48.70 |
| Feb 9, 2017 | 17.55 | 20.50 | — | 16.96 | 32.22 | 19.29 | 14.14 |
| Feb 11, 2016 | 9.31 | 14.89 | 18.07 | 13.17 | — | 16.70 | 18.36 |
| Feb 5, 2015 | 17.52 | 19.15 | 14.01 | 18.73 | 17.17 | 19.27 | 16.86 |
| Feb 6, 2014 | 17.51 | 21.10 | 16.25 | 19.35 | 19.59 | 18.91 | 17.56 |
| Feb 7, 2013 | 16.07 | 14.71 | 11.02 | 23.99 | 17.57 | 18.78 | 10.34 |
| Feb 9, 2012 | 15.29 | 14.09 | 15.11 | 12.83 | 15.52 | 22.54 | 10.81 |
| Feb 10, 2011 | 17.84 | 16.17 | 24.14 | 19.59 | 19.49 | 22.48 | 9.58 |
| Feb 11, 2010 | 16.33 | 33.40 | 40.66 | 29.60 | 16.09 | 13.44 | 9.56 |
| Feb 11, 2009 | 9.57 | 11.63 | 4.51 | 5.65 | 6.62 | 8.71 | 8.47 |
| Feb 7, 2008 | 16.61 | 15.99 | 12.54 | 11.89 | 15.45 | 17.07 | 14.15 |
| Feb 8, 2007 | 18.16 | 32.40 | 12.28 | 12.47 | 17.11 | 18.37 | 16.95 |
| Feb 9, 2006 | 18.76 | 22.62 | 17.17 | 12.82 | 21.07 | 20.71 | 17.45 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
RTX Corp., P/E, long-term trends, comparison to sector (capital goods)
| RTX Corp. | Capital Goods | |
|---|---|---|
| Feb 3, 2025 | 36.25 | 41.71 |
| Feb 5, 2024 | 38.31 | 25.10 |
| Feb 7, 2023 | 27.59 | 40.21 |
| Feb 11, 2022 | 36.79 | 57.31 |
| Feb 8, 2021 | — | 123.55 |
| Feb 6, 2020 | 24.41 | 39.03 |
| Feb 7, 2019 | 19.74 | 56.00 |
| Feb 9, 2018 | 21.97 | 55.16 |
| Feb 9, 2017 | 17.55 | 23.62 |
| Feb 11, 2016 | 9.31 | 33.10 |
| Feb 5, 2015 | 17.52 | 17.47 |
| Feb 6, 2014 | 17.51 | 18.85 |
| Feb 7, 2013 | 16.07 | 15.74 |
| Feb 9, 2012 | 15.29 | 15.20 |
| Feb 10, 2011 | 17.84 | 18.46 |
| Feb 11, 2010 | 16.33 | 17.22 |
| Feb 11, 2009 | 9.57 | 7.48 |
| Feb 7, 2008 | 16.61 | 15.28 |
| Feb 8, 2007 | 18.16 | 17.63 |
| Feb 9, 2006 | 18.76 | 20.11 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
RTX Corp., P/E, long-term trends, comparison to industry (industrials)
| RTX Corp. | Industrials | |
|---|---|---|
| Feb 3, 2025 | 36.25 | 28.42 |
| Feb 5, 2024 | 38.31 | 24.85 |
| Feb 7, 2023 | 27.59 | 36.06 |
| Feb 11, 2022 | 36.79 | 35.59 |
| Feb 8, 2021 | — | — |
| Feb 6, 2020 | 24.41 | 43.95 |
| Feb 7, 2019 | 19.74 | 33.70 |
| Feb 9, 2018 | 21.97 | 29.83 |
| Feb 9, 2017 | 17.55 | 22.92 |
| Feb 11, 2016 | 9.31 | 22.89 |
| Feb 5, 2015 | 17.52 | 18.79 |
| Feb 6, 2014 | 17.51 | 19.13 |
| Feb 7, 2013 | 16.07 | 17.77 |
| Feb 9, 2012 | 15.29 | 15.75 |
| Feb 10, 2011 | 17.84 | 18.72 |
| Feb 11, 2010 | 16.33 | 19.17 |
| Feb 11, 2009 | 9.57 | 9.73 |
| Feb 7, 2008 | 16.61 | 16.93 |
| Feb 8, 2007 | 18.16 | 11.65 |
| Feb 9, 2006 | 18.76 | 50.62 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).