Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
RTX Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation multiples exhibit a period of initial contraction followed by significant volatility and a subsequent expansion in asset-based and revenue-based valuations toward the end of the observed period.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios demonstrate a highly correlated trajectory. A gradual decline is observed from March 2022 through June 2023, with the P/E ratio falling from 35.16 to 22.79 and the P/OP ratio decreasing from 29.36 to 20.81. A sharp anomalous spike occurred in June 2024, where the P/E ratio reached 66.73 and the P/OP ratio climbed to 52.96. Following this peak, both metrics corrected and stabilized, with the P/E ratio fluctuating between 32.49 and 39.61 and the P/OP ratio normalizing within the 22.67 to 28.67 range through March 2026.
- Price to Sales (P/S)
- The P/S ratio remained relatively range-bound between 1.68 and 2.27 from March 2022 through March 2024. A distinct upward trend emerged starting in June 2025, with the ratio rising from 2.39 to a peak of 3.01 in December 2025, before settling at 2.79 by the end of the period.
- Price to Book Value (P/BV)
- The P/BV ratio experienced a period of decline reaching a trough of 1.62 in September 2023. Subsequently, a sustained and aggressive expansion is observed, with the ratio climbing steadily from 2.05 in December 2023 to a peak of 4.09 in December 2025. This trend indicates a significant increase in the market premium applied to the company's net assets, concluding at 3.80 in March 2026.
AI Ask an analyst for more
Price to Earnings (P/E)
RTX Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,346,683,428 | 1,342,287,676 | 1,340,771,942 | 1,338,541,827 | 1,335,953,770 | 1,332,122,758 | 1,331,016,397 | 1,330,239,366 | 1,329,506,013 | 1,326,826,896 | 1,437,901,284 | 1,455,514,944 | 1,461,142,016 | 1,464,954,584 | 1,470,060,775 | 1,476,514,046 | 1,487,215,106 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to common shareowners (in millions) | 2,059) | 1,622) | 1,918) | 1,657) | 1,535) | 1,482) | 1,472) | 111) | 1,709) | 1,426) | (984) | 1,327) | 1,426) | 1,422) | 1,387) | 1,304) | 1,084) | ||||||
| Earnings per share (EPS)2 | 5.39 | 5.02 | 4.92 | 4.59 | 3.44 | 3.58 | 3.54 | 1.70 | 2.62 | 2.41 | 2.22 | 3.82 | 3.79 | 3.55 | 3.03 | 3.03 | 2.82 | ||||||
| Share price1, 3 | 187.17 | 198.66 | 173.04 | 149.17 | 113.75 | 129.92 | 125.53 | 113.47 | 101.38 | 92.24 | 78.38 | 87.10 | 101.09 | 97.87 | 88.36 | 90.24 | 99.19 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 34.74 | 39.61 | 35.20 | 32.49 | 33.04 | 36.25 | 35.41 | 66.73 | 38.75 | 38.31 | 35.32 | 22.79 | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 94.81 | 97.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 45.28 | 40.55 | 28.80 | 21.23 | 15.18 | 15.65 | 18.85 | 14.35 | 14.40 | 15.55 | 12.95 | 17.55 | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | ||||||
| Eaton Corp. plc | 39.99 | 35.55 | 37.36 | 35.35 | 29.79 | 30.00 | 34.78 | 32.49 | 37.41 | 35.88 | 27.72 | 32.23 | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | ||||||
| GE Aerospace | 34.66 | 36.01 | 40.12 | 35.93 | 28.84 | 33.42 | 30.60 | 40.07 | 52.90 | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | ||||||
| Honeywell International Inc. | 33.12 | 32.62 | 22.86 | 24.93 | 23.88 | 23.10 | 23.93 | 22.74 | 21.95 | 22.73 | 21.44 | 23.92 | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | ||||||
| Lockheed Martin Corp. | 25.49 | 28.55 | 26.97 | 22.81 | 19.67 | 20.18 | 20.49 | 17.74 | 16.29 | 15.35 | 15.71 | 16.11 | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income (loss) attributable to common shareownersQ1 2026
+ Net income (loss) attributable to common shareownersQ4 2025
+ Net income (loss) attributable to common shareownersQ3 2025
+ Net income (loss) attributable to common shareownersQ2 2025)
÷ No. shares of common stock outstanding
= (2,059,000,000 + 1,622,000,000 + 1,918,000,000 + 1,657,000,000)
÷ 1,346,683,428 = 5.39
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 187.17 ÷ 5.39 = 34.74
5 Click competitor name to see calculations.
The valuation trajectory from March 2022 through March 2026 is characterized by significant volatility in earnings and a substantial appreciation in share price, leading to fluctuating price-to-earnings (P/E) multiples.
- Share Price Trends
- An initial period of stagnation and slight decline occurred between March 2022 and September 2023, with the price moving from 99.19 to a low of 78.38. This was followed by a strong bullish trend beginning in early 2024, with the price ascending to a peak of 198.66 by December 2025 before a slight correction to 187.17 in March 2026.
- Earnings per Share (EPS) Performance
- Earnings showed steady growth through the first half of 2023, peaking at 3.82. A notable contraction occurred between September 2023 and June 2024, where EPS dropped to a low of 1.70. Following this trough, a consistent recovery phase was observed, with EPS increasing quarterly to reach 5.39 by March 2026.
- P/E Ratio Analysis
- The P/E ratio experienced an initial compression from 35.16 in March 2022 to 22.79 by June 2023. A sharp expansion followed, resulting in a significant outlier in June 2024, where the ratio spiked to 66.73. This peak was driven by the convergence of a rising share price and a cyclical low in earnings. For the remainder of the period, from December 2023 through March 2026, the ratio stabilized within a range of 32.04 to 39.61, indicating a normalization of market valuation relative to earnings growth.
The overall data suggests that while the market maintained a positive outlook on the share price throughout 2024 and 2025, the valuation multiple became temporarily distorted during the earnings dip of mid-2024 before aligning with the subsequent recovery in profitability.
AI Ask an analyst for more
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,346,683,428 | 1,342,287,676 | 1,340,771,942 | 1,338,541,827 | 1,335,953,770 | 1,332,122,758 | 1,331,016,397 | 1,330,239,366 | 1,329,506,013 | 1,326,826,896 | 1,437,901,284 | 1,455,514,944 | 1,461,142,016 | 1,464,954,584 | 1,470,060,775 | 1,476,514,046 | 1,487,215,106 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating profit (loss) (in millions) | 2,555) | 2,596) | 2,523) | 2,146) | 2,035) | 2,111) | 2,028) | 529) | 1,870) | 1,847) | (1,396) | 1,458) | 1,652) | 1,501) | 1,480) | 1,353) | 1,080) | ||||||
| Operating profit per share2 | 7.29 | 6.93 | 6.57 | 6.22 | 5.02 | 4.91 | 4.71 | 2.14 | 2.84 | 2.68 | 2.24 | 4.18 | 4.10 | 3.70 | 3.56 | 3.45 | 3.38 | ||||||
| Share price1, 3 | 187.17 | 198.66 | 173.04 | 149.17 | 113.75 | 129.92 | 125.53 | 113.47 | 101.38 | 92.24 | 78.38 | 87.10 | 101.09 | 97.87 | 88.36 | 90.24 | 99.19 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 25.67 | 28.67 | 26.32 | 24.00 | 22.67 | 26.47 | 26.63 | 52.96 | 35.67 | 34.37 | 35.06 | 20.81 | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 42.72 | 42.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 36.63 | 32.30 | 23.39 | 17.41 | 12.44 | 12.92 | 15.15 | 11.63 | 11.78 | 12.40 | 10.25 | 13.99 | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | ||||||
| Eaton Corp. plc | 30.80 | 27.89 | 29.06 | 28.37 | 24.29 | 24.57 | 29.21 | 27.36 | 31.13 | 29.72 | 22.55 | 25.61 | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | ||||||
| GE Aerospace | 26.58 | 28.45 | 30.56 | 28.71 | 21.98 | 26.78 | 25.88 | 26.34 | 28.91 | 27.11 | 22.82 | 26.69 | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | ||||||
| Honeywell International Inc. | 25.50 | 27.68 | 19.10 | 19.16 | 18.61 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | ||||||
| Lockheed Martin Corp. | 16.46 | 18.53 | 18.58 | 16.10 | 14.72 | 15.35 | 15.88 | 14.04 | 12.99 | 12.49 | 12.87 | 13.18 | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating profit (loss)Q1 2026
+ Operating profit (loss)Q4 2025
+ Operating profit (loss)Q3 2025
+ Operating profit (loss)Q2 2025)
÷ No. shares of common stock outstanding
= (2,555,000,000 + 2,596,000,000 + 2,523,000,000 + 2,146,000,000)
÷ 1,346,683,428 = 7.29
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 187.17 ÷ 7.29 = 25.67
5 Click competitor name to see calculations.
The valuation trajectory of the entity between March 2022 and March 2026 is characterized by an initial period of volatility followed by a sustained expansion in both market price and operational profitability, leading to a stabilization of valuation multiples in the final quarters.
- Share Price Evolution
- The share price exhibited a fluctuating pattern during the first two years, declining from 99.19 US$ in March 2022 to a trough of 78.38 US$ in September 2023. Following this low, a strong and consistent upward trend developed, with the price reaching a peak of 198.66 US$ in December 2025 before a marginal correction to 187.17 US$ by March 2026.
- Operating Profit per Share Performance
- Operating profit per share grew steadily from 3.38 US$ in March 2022 to 4.18 US$ in June 2023. A significant contraction occurred in the latter half of 2023, falling to 2.24 US$ in September. After a period of instability in early 2024, a robust recovery trend was established, with operating profits increasing linearly to reach 7.29 US$ by March 2026, more than doubling the initial 2022 levels.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio underwent three distinct phases. First, a compression phase occurred from March 2022 to June 2023, where the ratio dropped from 29.36 to 20.81. Second, a period of extreme expansion was observed between September 2023 and June 2024, culminating in a peak ratio of 52.96; this spike was driven by a divergence where the share price rose while operating profits temporarily declined. Third, a normalization phase occurred from September 2024 through March 2026, with the ratio stabilizing between 22.67 and 28.67, indicating that the increase in share price became fundamentally aligned with the growth in operating profitability.
AI Ask an analyst for more
Price to Sales (P/S)
RTX Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,346,683,428 | 1,342,287,676 | 1,340,771,942 | 1,338,541,827 | 1,335,953,770 | 1,332,122,758 | 1,331,016,397 | 1,330,239,366 | 1,329,506,013 | 1,326,826,896 | 1,437,901,284 | 1,455,514,944 | 1,461,142,016 | 1,464,954,584 | 1,470,060,775 | 1,476,514,046 | 1,487,215,106 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in millions) | 22,076) | 24,238) | 22,478) | 21,581) | 20,306) | 21,623) | 20,089) | 19,721) | 19,305) | 19,927) | 13,464) | 18,315) | 17,214) | 18,093) | 16,951) | 16,314) | 15,716) | ||||||
| Sales per share2 | 67.11 | 66.01 | 64.13 | 62.46 | 61.18 | 60.61 | 59.38 | 54.44 | 53.41 | 51.94 | 46.66 | 48.49 | 46.93 | 45.79 | 44.91 | 44.22 | 43.61 | ||||||
| Share price1, 3 | 187.17 | 198.66 | 173.04 | 149.17 | 113.75 | 129.92 | 125.53 | 113.47 | 101.38 | 92.24 | 78.38 | 87.10 | 101.09 | 97.87 | 88.36 | 90.24 | 99.19 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 2.79 | 3.01 | 2.70 | 2.39 | 1.86 | 2.14 | 2.11 | 2.08 | 1.90 | 1.78 | 1.68 | 1.80 | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 1.98 | 2.05 | 2.01 | 2.27 | 1.87 | 1.98 | 1.32 | 1.60 | 1.32 | 1.66 | 1.42 | 1.91 | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | ||||||
| Caterpillar Inc. | 6.37 | 5.63 | 4.37 | 3.36 | 2.52 | 2.75 | 3.23 | 2.51 | 2.54 | 2.52 | 1.86 | 2.37 | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | ||||||
| Eaton Corp. plc | 5.59 | 5.29 | 5.51 | 5.34 | 4.63 | 4.58 | 5.33 | 4.91 | 5.38 | 4.98 | 3.67 | 3.96 | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | ||||||
| GE Aerospace | 6.66 | 7.41 | 8.02 | 7.34 | 5.60 | 6.24 | 4.37 | 3.63 | 3.02 | 2.30 | 1.84 | 1.85 | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | ||||||
| Honeywell International Inc. | 3.61 | 4.12 | 3.52 | 3.65 | 3.55 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | ||||||
| Lockheed Martin Corp. | 1.63 | 1.91 | 1.54 | 1.33 | 1.51 | 1.52 | 1.92 | 1.68 | 1.59 | 1.57 | 1.62 | 1.69 | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= (22,076,000,000 + 24,238,000,000 + 22,478,000,000 + 21,581,000,000)
÷ 1,346,683,428 = 67.11
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 187.17 ÷ 67.11 = 2.79
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio exhibits a cyclical pattern characterized by an initial contraction, a period of stabilization, and a subsequent significant expansion. Starting at 2.27 in March 2022, the ratio declined to a trough of 1.68 by September 2023, before trending upward to a peak of 3.01 in December 2025.
- Share Price Dynamics
- The share price experienced a period of volatility between March 2022 and December 2023, fluctuating between a high of 101.09 and a low of 78.38. However, a sustained bullish trend emerged starting in 2024, with the price accelerating from 113.75 in March 2025 to a peak of 198.66 in December 2025, before settling at 187.17 in March 2026.
- Sales per Share Growth
- A consistent and linear increase in sales per share is observed throughout the analyzed period. Revenue generation per share grew from 43.61 in March 2022 to 67.11 by March 2026. This steady growth indicates a consistent improvement in top-line performance per unit of equity, with only one minor quarterly contraction observed in September 2023.
- P/S Ratio Correlation and Valuation
- The P/S ratio's movement was heavily influenced by the divergence between share price growth and revenue growth. During the 2022-2023 period, the ratio compressed as share prices declined or stagnated despite rising sales per share. Conversely, the surge in the P/S ratio to 3.01 in late 2025 was driven by share price appreciation that significantly outpaced the growth rate of sales per share, indicating an expansion in the valuation multiple applied to the company's revenue.
AI Ask an analyst for more
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,346,683,428 | 1,342,287,676 | 1,340,771,942 | 1,338,541,827 | 1,335,953,770 | 1,332,122,758 | 1,331,016,397 | 1,330,239,366 | 1,329,506,013 | 1,326,826,896 | 1,437,901,284 | 1,455,514,944 | 1,461,142,016 | 1,464,954,584 | 1,470,060,775 | 1,476,514,046 | 1,487,215,106 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareowners’ equity (in millions) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Book value per share (BVPS)2 | 49.22 | 48.61 | 48.12 | 46.62 | 46.05 | 45.16 | 45.92 | 44.34 | 45.49 | 45.07 | 48.40 | 49.80 | 49.82 | 49.58 | 47.74 | 47.71 | 48.72 | ||||||
| Share price1, 3 | 187.17 | 198.66 | 173.04 | 149.17 | 113.75 | 129.92 | 125.53 | 113.47 | 101.38 | 92.24 | 78.38 | 87.10 | 101.09 | 97.87 | 88.36 | 90.24 | 99.19 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 3.80 | 4.09 | 3.60 | 3.20 | 2.47 | 2.88 | 2.73 | 2.56 | 2.23 | 2.05 | 1.62 | 1.75 | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 30.45 | 33.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 22.88 | 16.90 | 12.93 | 10.74 | 8.35 | 8.66 | 10.38 | 9.22 | 9.18 | 8.25 | 5.76 | 8.05 | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | ||||||
| Eaton Corp. plc | 8.09 | 7.48 | 7.79 | 7.46 | 6.34 | 6.16 | 6.85 | 6.17 | 6.60 | 6.07 | 4.52 | 4.87 | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | ||||||
| GE Aerospace | 16.57 | 16.78 | 17.19 | 14.57 | 10.48 | 11.33 | 10.13 | 10.03 | 5.96 | 5.43 | 4.31 | 4.09 | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | ||||||
| Honeywell International Inc. | 9.99 | 11.09 | 8.35 | 8.86 | 7.78 | 7.08 | 7.81 | 7.76 | 7.64 | 8.11 | 6.74 | 7.54 | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | ||||||
| Lockheed Martin Corp. | 16.31 | 21.31 | 18.33 | 17.98 | 16.20 | 17.00 | 19.00 | 19.35 | 16.60 | 15.54 | 11.80 | 12.31 | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Shareowners’ equity ÷ No. shares of common stock outstanding
= 66,280,000,000 ÷ 1,346,683,428 = 49.22
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 187.17 ÷ 49.22 = 3.80
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a significant upward trajectory over the analyzed period, transitioning from a state of relative stability to a phase of rapid valuation expansion.
- Stability Phase (March 2022 – December 2023)
- During this interval, the P/BV ratio remained within a consolidated range, fluctuating between a low of 1.62 in September 2023 and a high of 2.05 in December 2023. This stability was characterized by share prices moving between 78.38 and 101.09 US$, while the book value per share remained relatively flat, maintaining a range between 45.07 and 49.82 US$.
- Valuation Expansion (March 2024 – December 2025)
- A distinct acceleration in the P/BV ratio began in early 2024, ascending from 2.23 in March 2024 to a peak of 4.09 by December 2025. This expansion was driven almost exclusively by an increase in share price, which rose from 101.38 to 198.66 US$. In contrast, the book value per share remained stagnant, fluctuating minimally between 44.34 and 48.61 US$, indicating that the market valuation grew independently of the company's accounting book value.
- Recent Correction (March 2026)
- A moderate contraction in the valuation multiple is observed as of March 31, 2026, with the P/BV ratio declining to 3.80. This decrease aligns with a reduction in share price to 187.17 US$, despite a marginal increase in the book value per share to 49.22 US$.
AI Ask an analyst for more