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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings (P/E) ratio initially shows a downward trend from 60.91 in June 2021 to 22.79 in June 2023, indicating an improving valuation relative to earnings over this period. However, beginning mid-2023, the ratio experiences notable volatility, rising sharply to 66.73 in June 2024 before fluctuating and settling near 35.2 by September 2025. This pattern suggests increased uncertainty or changing investor sentiment regarding earnings prospects during the latter periods.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio generally declines from 46.33 in June 2021 to a low of 20.81 in June 2023, reflecting an improving valuation relative to operating profit. Post mid-2023, this ratio also demonstrates volatility, peaking at 52.96 in June 2024. Afterward, it decreases again and stabilizes around the mid-20s by the end of 2025. This trend mirrors the P/E ratio's pattern, indicating similar market dynamics affecting operating profit valuation.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio remains relatively stable, fluctuating mildly within the range of approximately 1.62 to 2.7 over the reported periods. There is a slight dip seen mid-2023 at 1.68, followed by a gradual increase through early 2025, reaching 2.7 by September 2025. This suggests that the market’s valuation relative to sales is less volatile than earnings-based metrics and signals a modestly improving sales valuation in recent quarters.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio exhibits a general upward trend throughout the period. Starting at 1.75 in March 2021, it increases somewhat steadily, with minor fluctuations, reaching 3.6 by September 2025. This consistent growth implies increasing market valuation relative to the company's book value, possibly reflecting investor confidence in asset growth or improvement in overall company valuation.
Price to Earnings (P/E)
RTX Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,492,330,987 | 1,496,777,742 | 1,507,878,091 | 1,515,089,870 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to common shareowners (in millions) | 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) | 686) | 1,393) | 1,032) | 753) | ||||||
| Earnings per share (EPS)2 | 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 | 2.59 | 2.21 | 1.45 | -1.77 | ||||||
| Share price1, 3 | 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 | 95.27 | 89.16 | 88.22 | 82.81 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 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 | 36.79 | 40.28 | 60.91 | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 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 | 16.82 | 21.38 | 25.50 | 37.92 | ||||||
| Eaton Corp. plc | — | 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 | 27.77 | 33.08 | 34.43 | 40.32 | ||||||
| GE Aerospace | 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. | 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 | 23.14 | 27.35 | 31.83 | 33.71 | ||||||
| Lockheed Martin Corp. | 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 | 16.70 | 15.11 | 14.27 | 15.48 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss) attributable to common shareownersQ3 2025
+ Net income (loss) attributable to common shareownersQ2 2025
+ Net income (loss) attributable to common shareownersQ1 2025
+ Net income (loss) attributable to common shareownersQ4 2024)
÷ No. shares of common stock outstanding
= (1,918,000,000 + 1,657,000,000 + 1,535,000,000 + 1,482,000,000)
÷ 1,340,771,942 = 4.92
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 173.04 ÷ 4.92 = 35.20
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 2021 through September 2025. Starting at $82.81 in March 2021, it experienced fluctuations but generally increased over time, reaching $173.04 by September 2025. Notable increases occurred particularly after March 2024, where the price rose from $101.38 to $173.04 over approximately 18 months. Some intermittent declines were observed, for example, between March 2023 and September 2023 where the price dropped from $101.09 to $78.38, followed by a recovery.
- Earnings Per Share (EPS) Development
- EPS showed considerable improvement over the period under review, moving from a negative figure of -1.77 in March 2021 to a positive and steadily increasing range thereafter. From June 2021 onwards, EPS remained positive and generally trended upward with some variability. It peaked at 4.92 in September 2025. There were occasional declines such as between June 2023 and September 2023 where EPS decreased from 3.82 to 2.22, but the overall long-term movement was positive.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio experienced significant fluctuations through the periods. Initially, it stood high at 60.91 in June 2021 and gradually declined to a low near 22.79 by March 2023, reflecting an improvement in earnings relative to share price. However, post-March 2023, the ratio increased again, reaching a peak of 66.73 in March 2024, indicating either a rising share price outpacing earnings gains or a temporary reduction in earnings. After this peak, the P/E ratio generally stabilized around the mid-30s towards the later quarters.
- Correlations and Insights
- The share price increase generally aligns with the positive trend in earnings per share, supporting the premise that improved profitability influenced market valuation positively. The fluctuations in the P/E ratio suggest periods of varying investor sentiment or changes in earnings expectations. The particularly high P/E in early 2024 may indicate market anticipation of future growth or temporary earnings softness. Despite some quarters with earnings dips or share price declines, the long-term outlook reflected in the data points to growth in both market valuation and profitability metrics.
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,492,330,987 | 1,496,777,742 | 1,507,878,091 | 1,515,089,870 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating profit (loss) (in millions) | 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) | 1,320) | 1,343) | 1,282) | 1,013) | ||||||
| Operating profit per share2 | 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 | 3.32 | 2.53 | 1.90 | -1.43 | ||||||
| Share price1, 3 | 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 | 95.27 | 89.16 | 88.22 | 82.81 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 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 | 28.68 | 35.30 | 46.33 | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 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 | 15.87 | 16.57 | 18.76 | 26.25 | ||||||
| Eaton Corp. plc | — | 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 | 19.33 | 22.62 | 27.06 | 30.03 | ||||||
| GE Aerospace | 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 | 17.46 | 20.90 | 23.40 | 35.58 | ||||||
| Honeywell International Inc. | 18.48 | 18.54 | 18.00 | 17.71 | 18.68 | 17.90 | 17.33 | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | 20.68 | 23.54 | 25.98 | 28.28 | ||||||
| Lockheed Martin Corp. | 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 | 11.56 | 10.22 | 11.57 | 12.37 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating profit (loss)Q3 2025
+ Operating profit (loss)Q2 2025
+ Operating profit (loss)Q1 2025
+ Operating profit (loss)Q4 2024)
÷ No. shares of common stock outstanding
= (2,523,000,000 + 2,146,000,000 + 2,035,000,000 + 2,111,000,000)
÷ 1,340,771,942 = 6.57
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 173.04 ÷ 6.57 = 26.32
5 Click competitor name to see calculations.
The analysis of the financial data over multiple quarters reveals several noteworthy trends and fluctuations related to the share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio.
- Share Price Trends
- The share price exhibits an overall upward movement from the initial value, starting at $82.81 and reaching a peak of $173.04 by the latest period. Despite this growth, there are periods of noticeable volatility. For example, after rising steadily to around $101 in early 2023, the share price declines to approximately $78.38 by September 2023 before rebounding strongly in subsequent quarters. The latest quarters show the highest recorded prices, indicating strong market performance and possibly improved investor confidence.
- Operating Profit Per Share Trends
- The operating profit per share demonstrates a general increasing trend across the quarters analyzed. Initially, there is a loss recorded (-$1.43) in the earliest quarter, followed by a rapid improvement turning positive and steadily growing from $1.90 to over $6 by the end of the period. While there are fluctuations and some declines in certain quarters (e.g., a decline from 4.18 to 2.24 between June and September 2023), the long-term trajectory is upward, signaling enhanced operational efficiency or profitability per share.
- Price-to-Operating Profit (P/OP) Ratio Trends
- The P/OP ratio experiences considerable variability throughout the timeline. Early data points are missing, but from the available information starting mid-2021, the ratio decreases from a high of approximately 46.33 toward the mid-20s range, reflecting a relative increase in operating profit compared to share price. Nevertheless, spikes occur, such as the rise to over 52.96 in early 2024, which suggests periods where share price advanced faster than operating profit or temporary declines in operating profit. Toward the end of the period, the ratio stabilizes around the mid-20s, indicating a more balanced relationship between the operating profit and share price.
- General Insights
- The data indicates progressive improvement in operational performance as observed through the increasing operating profit per share. The share price, while generally increasing, shows sensitivity to changes in profit and possibly broader market or company-specific events, leading to periods of volatility. The P/OP ratio's fluctuations highlight the varying market perceptions of profitability relative to share price at different times and may indicate phases of overvaluation or undervaluation relative to operational earnings. Overall, the company's financial indicators suggest growing profitability and market capitalization with intermittent volatility reflected in relative valuation metrics.
Price to Sales (P/S)
RTX Corp., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,492,330,987 | 1,496,777,742 | 1,507,878,091 | 1,515,089,870 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net sales (in millions) | 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) | 17,044) | 16,213) | 15,880) | 15,251) | ||||||
| Sales per share2 | 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 | 43.15 | 42.60 | 41.31 | 39.92 | ||||||
| Share price1, 3 | 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 | 95.27 | 89.16 | 88.22 | 82.81 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 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 | 2.21 | 2.09 | 2.14 | 2.07 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | 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 | 1.87 | 1.93 | 2.20 | 2.44 | ||||||
| Caterpillar Inc. | — | 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 | 2.26 | 2.41 | 2.59 | 3.23 | ||||||
| Eaton Corp. plc | — | 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 | 3.03 | 3.51 | 3.39 | 3.25 | ||||||
| GE Aerospace | 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 | 1.50 | 1.64 | 1.60 | 1.68 | ||||||
| Honeywell International Inc. | 3.44 | 3.56 | 3.47 | 3.42 | 3.59 | 3.52 | 3.41 | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | 3.73 | 4.32 | 4.66 | 4.78 | ||||||
| Lockheed Martin Corp. | 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 | 1.57 | 1.38 | 1.53 | 1.63 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ No. shares of common stock outstanding
= (22,478,000,000 + 21,581,000,000 + 20,306,000,000 + 21,623,000,000)
÷ 1,340,771,942 = 64.13
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 173.04 ÷ 64.13 = 2.70
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a general upward trajectory over the observed periods. Beginning at $82.81, the price increased to a peak of $129.92 by the end of 2024, followed by some fluctuations in early 2025, ultimately reaching $173.04 in the last quarter. Despite interim dips, the prevailing movement suggests strong growth momentum toward the end of the timeline.
- Sales Per Share Trend
- Sales per share steadily increased throughout the periods analyzed, starting at $39.92 and reaching $64.13 by the third quarter of 2025. The growth was relatively consistent, with occasional minor slowdowns but overall maintaining a positive trajectory, indicating continuous sales improvement contributing to the company’s revenue generation efficiency per share.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio exhibited significant variability across the quarters. Initially, it fluctuated around the 2.0 mark, peaking at 2.27 and declining to a low of 1.68 in mid-2023. Subsequently, it experienced a recovery phase, rising to as much as 2.39 and further to 2.70 by the end of the dataset. These fluctuations may indicate changing market valuation relative to sales growth, with the elevated ratios toward the end suggesting increased investor confidence or expectations of higher profitability relative to sales.
- Overall Observations
- The data reveals a pattern of overall growth in both share price and sales per share, albeit with some periods of volatility in market valuation as reflected by the P/S ratio. The rising share price combined with increasing sales per share suggests a robust underlying financial performance. Meanwhile, the P/S ratio variability highlights shifts in market perception and valuation that could be attributed to external factors or changes in expected future performance.
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 1,492,330,987 | 1,496,777,742 | 1,507,878,091 | 1,515,089,870 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareowners’ equity (in millions) | 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) | 73,068) | 71,308) | 71,115) | 71,710) | ||||||
| Book value per share (BVPS)2 | 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 | 48.96 | 47.64 | 47.16 | 47.33 | ||||||
| Share price1, 3 | 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 | 95.27 | 89.16 | 88.22 | 82.81 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 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 | 1.95 | 1.87 | 1.87 | 1.75 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 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 | 6.62 | 6.61 | 6.65 | 7.86 | ||||||
| Eaton Corp. plc | — | 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 | 3.63 | 4.28 | 4.21 | 3.84 | ||||||
| GE Aerospace | 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 | 2.64 | 3.15 | 3.43 | 3.53 | ||||||
| Honeywell International Inc. | 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 | 6.91 | 8.39 | 8.83 | 8.67 | ||||||
| Lockheed Martin Corp. | 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 | 9.62 | 9.50 | 15.63 | 17.05 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Shareowners’ equity ÷ No. shares of common stock outstanding
= 64,514,000,000 ÷ 1,340,771,942 = 48.12
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 173.04 ÷ 48.12 = 3.60
5 Click competitor name to see calculations.
- Share Price Trend
- The share price generally exhibited a positive upward trend over the observed periods. Starting at $82.81, it experienced fluctuations but showed strong growth, reaching $173.04 by the latest quarter. Notably, there were some periods of decline or correction such as between March and September 2023, where the price dipped from $101.09 to $78.38, followed by recovery and significant increases thereafter. The most pronounced growth occurred from June 2024 onwards, suggesting increased market optimism or improved company performance during this timeframe.
- Book Value per Share (BVPS) Trend
- The book value per share displayed relative stability across the periods, oscillating in a narrow range between approximately $44.34 and $49.82. While minor fluctuations are noticeable, there is no clear strong upward or downward trend, indicating consistent underlying net asset value per share. This stability contrasts with the more volatile share price movement and implies that changes in market valuation may be driven by factors other than fundamental book value changes.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio demonstrated increasing volatility and a pronounced upward trajectory over the timeline. Initially recorded at 1.75, it generally trended upwards with some fluctuations, reaching as high as 3.6 in the most recent period. This increase suggests that investors have been willing to pay a progressively higher premium over book value, reflecting perhaps heightened growth expectations, improved profitability, or favorable market sentiment toward the company. The peaks in P/BV ratio correspond to periods when the share price surged despite relatively stable BVPS, reinforcing the interpretation of market-driven valuation expansion.
- Summary Insights
- The financial data reveals a company whose market valuation has strengthened markedly over time, with share price gains outpacing changes in book value per share. The stable BVPS indicates consistent asset values, while the rising P/BV ratio highlights increased investor confidence or speculative interest. Periods of share price volatility, including corrections and recoveries, suggest sensitivity to external factors or changing investor perceptions. Overall, the data points to a positive market outlook for the company, supported by stable fundamentals but driven primarily by market sentiment and valuation multiples rather than significant shifts in net asset value.