Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Current Valuation Ratios
RTX Corp., current price multiples
| RTX Corp. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | Capital Goods | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||
| Current share price (P) | ||||||||||||
| No. shares of common stock outstanding | ||||||||||||
| Growth rate (g) | ||||||||||||
| Earnings per share (EPS) | ||||||||||||
| Next year expected EPS | ||||||||||||
| Operating profit per share | ||||||||||||
| Sales per share | ||||||||||||
| Book value per share (BVPS) | ||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||
| Price to earnings (P/E) | ||||||||||||
| Price to next year expected earnings | ||||||||||||
| Price-earnings-growth (PEG) | ||||||||||||
| Price to operating profit (P/OP) | ||||||||||||
| Price to sales (P/S) | ||||||||||||
| Price to book value (P/BV) | ||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
RTX Corp., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio data begins from the year ending 2021, with an initial value of 36.79. In 2022, the ratio decreased to 27.59, indicating a reduction in the market valuation relative to earnings. However, in 2023, the ratio rose sharply to 38.31, suggesting increased market optimism or a rise in stock price relative to earnings. By 2024, the ratio slightly declined to 36.25 but remained elevated compared to 2022, reflecting sustained investor confidence or a higher valuation relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio also starts recording from 2021 at 28.68. It decreased marginally to 26.48 in 2022, suggesting improved operating profit relative to the stock price. In 2023, the ratio increased significantly to 34.37, implying either a rise in stock price or a fall in operating profit relative to price. The figure then decreased considerably back to 26.47 in 2024, reflecting a more favorable valuation relative to operating profit similar to the 2022 level.
- Price to Sales (P/S) Ratio
- This ratio shows a slight fluctuation over the reported period. Starting at 1.95 in 2020, it rose to 2.21 in 2021, indicating a higher valuation relative to sales. It then slightly decreased to 2.14 in 2022, further dropped notably to 1.78 in 2023, showing a reduced market pricing relative to sales, before rebounding to 2.14 in 2024. The pattern suggests variability in market pricing dynamics relative to sales over the years.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio reflects a consistent upward trend across the entire timeline. Beginning at 1.53 in 2020, it increased steadily each year: 1.95 in 2021, 1.97 in 2022, 2.05 in 2023, and then a notable jump to 2.88 in 2024. This upward trajectory indicates a growing market valuation in relation to the book value of the company, possibly reflecting increasing investor confidence or asset revaluation perceptions.
Price to Earnings (P/E)
RTX Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to common shareowners (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/E Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to common shareowners ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of RTX Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period exhibit notable fluctuations and trends in key metrics.
- Share Price
- The share price demonstrates an overall upward trajectory with some variability. It increased significantly from $72.49 at the end of 2020 to $95.27 in 2021 and further to $97.87 in 2022. However, there was a moderate decline in 2023 to $92.24. In 2024, the share price recovered strongly, reaching $129.92, marking the highest level in the observed period.
- Earnings Per Share (EPS)
- EPS shows a transition from negative to positive figures and some volatility thereafter. The EPS was negative at -$2.32 in 2020, indicating a loss during that year. In 2021, it reversed to a positive $2.59, continuing to grow to $3.55 in 2022. The EPS then decreased to $2.41 in 2023, before rising again to $3.58 in 2024, which is the highest recorded value in the period.
- Price to Earnings Ratio (P/E)
- The P/E ratio was not available for 2020 but appeared at 36.79 in 2021 when earnings turned positive. It declined to 27.59 in 2022, reflecting a relatively higher earnings growth compared to share price increases. The ratio then increased again to 38.31 in 2023, despite the drop in EPS, suggesting share price did not fall proportionally. In 2024, the P/E ratio slightly decreased to 36.25 even as the share price reached its peak and EPS improved.
Overall, the data reflect a company recovering from losses in 2020 to profitability in subsequent years, with earnings growth impacting valuation multiples and share price movements. The volatility in EPS and P/E ratios in the most recent years may indicate fluctuations in market expectations or company performance dynamics. The substantial increase in share price in 2024, paired with a robust EPS, suggests renewed investor confidence or favorable fundamental developments.
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating profit (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/OP Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating profit (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of RTX Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited an overall upward trend during the observed period, increasing from $72.49 at the end of 2020 to $129.92 by the end of 2024. However, the progression was not strictly linear. After a substantial rise from 2020 to 2022, reaching $97.87, there was a slight decline in 2023 to $92.24 before recovering significantly in 2024.
Operating profit per share (OPPS) showed a marked improvement over the five years. Starting from a negative value of -$1.24 at the end of 2020, OPPS turned positive in 2021, increased steadily through 2022, and despite a dip in 2023, reached a peak of $4.91 by the end of 2024. This pattern suggests an overall strengthening of profitability on a per-share basis, with a minor setback in 2023.
The price-to-operating profit (P/OP) ratio reveals insights into market valuation relative to operational earnings. It was not available for 2020 due to negative operating profit per share. For the years 2021 to 2024, the ratio fluctuated notably: an initial value of 28.68 in 2021 declined slightly to 26.48 in 2022, then increased to 34.37 in 2023, before dropping sharply back to 26.47 in 2024. This volatility may indicate changing market perceptions about the value of the operating profits or shifts in investor sentiment, particularly during the 2023 period when the ratio peaked despite a reduction in operating profit per share.
In summary, the financial data reflects a company improving its operational earnings while experiencing a generally positive but somewhat volatile share price trajectory. The P/OP ratio’s fluctuations suggest intermittent shifts in market valuation dynamics relative to operating profitability.
Price to Sales (P/S)
RTX Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/S Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of RTX Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trajectory over the observed period. Starting at $72.49 at the end of 2020, it increased significantly to $95.27 by the end of 2021, followed by a moderate rise to $97.87 in 2022. There was a slight decline to $92.24 in 2023, after which the price surged notably to $129.92 in 2024, marking the highest price in the examined timeframe.
- Sales per Share
- Sales per share showed consistent growth each year. Beginning at $37.24 in 2020, it rose steadily to $43.15 in 2021, $45.79 in 2022, and $51.94 in 2023. The most significant increase occurred in 2024, with sales per share reaching $60.61. This trend indicates improving revenue generation efficiency on a per-share basis.
- Price-to-Sales Ratio (P/S)
- The P/S ratio fluctuated throughout the period analyzed. Initially, it increased from 1.95 in 2020 to 2.21 in 2021, indicating growing market valuation relative to sales. It then marginally declined to 2.14 in 2022 and more notably to 1.78 in 2023, suggesting a potential reassessment or market adjustment. However, in 2024, the P/S ratio recovered to 2.14, aligning with the increased share price and sales per share, which may reflect renewed investor confidence or improved valuation metrics.
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Shareowners’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/BV Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of RTX Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall upward trajectory over the five-year period. Starting at $72.49 in 2020, it increased significantly to $95.27 in 2021, and continued to rise reaching $97.87 in 2022. A slight decline occurred in 2023 with the price falling to $92.24, but this was followed by a notable surge to $129.92 in 2024, indicating strong market confidence or positive developments affecting the company’s valuation.
- Book Value per Share (BVPS)
- BVPS showed relative stability but with a slight downward trend starting from $47.49 in 2020 to $45.16 in 2024. The value peaked marginally at $49.58 in 2022 before declining in the subsequent years to $45.07 in 2023, and remaining almost unchanged in 2024. This modest decrease suggests either limited growth in net asset value or possible adjustments in the company’s equity base.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited a marked increase over the period, rising from 1.53 in 2020 to 2.88 in 2024. This increasing ratio indicates that the market price of the shares is growing at a faster pace than the company’s book value. The steady escalation particularly from 2.05 in 2023 to 2.88 in 2024 suggests growing investor optimism, possibly driven by expectations of future profitability or improved operational performance despite the relatively stable book value.