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).
Paying user area
Try for free
RTX Corp. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to RTX Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
RTX Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 ratios exhibit a period of initial compression followed by significant volatility and a subsequent expansion in premiums, particularly concerning book value and sales. Between March 2022 and June 2023, most multiples trended downward, suggesting a period of valuation contraction. However, a sharp reversal occurred in the latter half of 2023 and early 2024, leading into a period of sustained growth in asset-based and revenue-based multiples through mid-2026.
- Price to Earnings (P/E)
- The P/E ratio declined from 35.16 in March 2022 to a low of 22.79 in June 2023. A period of high volatility followed, characterized by a dramatic peak of 66.73 in June 2024. Following this spike, the ratio stabilized, fluctuating within a range of 32.49 to 39.61 from December 2023 through June 2026, indicating a higher baseline valuation than seen in the 2022-2023 period.
- Price to Operating Profit (P/OP)
- A trend similar to the P/E ratio is observed, with a decline from 29.36 in March 2022 to 20.81 in June 2023. The ratio peaked at 52.96 in June 2024 before correcting sharply to 26.63 by September 2024. For the remainder of the period, the P/OP ratio remained relatively stable, ending at 26.89 in June 2026.
- Price to Sales (P/S)
- The P/S ratio reached its lowest point of 1.68 in September 2023 after a gradual descent from 2.27 in March 2022. From late 2023 onward, a consistent upward trajectory is evident, with the ratio climbing to 3.01 by December 2024 and maintaining a high of 3.01 through June 2026, signaling an increase in the market's valuation of each dollar of revenue generated.
- Price to Book Value (P/BV)
- The P/BV ratio demonstrates the most significant growth trend. After dipping to a low of 1.62 in September 2023, the ratio entered a sustained ascent. The premium over book value expanded steadily from 2.05 in December 2023 to a peak of 4.25 in June 2026, reflecting a substantial increase in the market value of the equity relative to its accounting value.
Price to Earnings (P/E)
RTX Corp., historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to common shareownersQ2 2026
+ Net income (loss) attributable to common shareownersQ1 2026
+ Net income (loss) attributable to common shareownersQ4 2025
+ Net income (loss) attributable to common shareownersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through June 2026 reveals a significant expansion in both share price and earnings capacity, characterized by a period of high valuation volatility followed by a phase of fundamental growth and multiple stabilization.
- Share Price Trajectory
- From March 2022 to September 2023, the share price remained relatively range-bound, fluctuating between a low of $78.38 and a high of $101.09. A sustained bullish trend emerged in early 2024, with the price climbing to $129.92 by December 31, 2024. This upward momentum intensified through 2025 and the first half of 2026, resulting in a peak valuation of $209.16 by June 30, 2026.
- Earnings Per Share (EPS) Trends
- Earnings performance exhibited notable volatility between 2022 and mid-2024. While 2022 showed steady growth, a contraction occurred in late 2023, with EPS falling to $2.22 in September. A further decline to $1.70 was observed in June 2024. However, a strong recovery began in the second half of 2024, with earnings increasing consistently throughout 2025 and 2026 to reach $5.74, indicating a significant improvement in bottom-line profitability.
- Price-to-Earnings (P/E) Ratio Interpretation
- The P/E ratio experienced extreme fluctuations during the observed period. After decreasing to a low of 22.79 in June 2023, the ratio rose sharply as share prices decoupled from temporary earnings dips. A significant anomaly occurred in June 2024, where the P/E ratio spiked to 66.73, reflecting the convergence of a declining EPS and an increasing share price. In the subsequent period from March 2025 to June 2026, the ratio normalized and stabilized within a range of 32.49 to 39.61, suggesting a more consistent market valuation as earnings growth aligned with price appreciation.
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Operating profit (loss)Q2 2026
+ Operating profit (loss)Q1 2026
+ Operating profit (loss)Q4 2025
+ Operating profit (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits a period of significant volatility between 2023 and mid-2024, followed by a phase of stabilization through June 2026. While the share price experienced a substantial long-term increase, the valuation ratio remained relatively anchored to a baseline range of 22 to 29 for the majority of the observed period, except during specific quarters of operating profit contraction.
- Valuation Volatility and Peaks
- A notable surge in the P/OP ratio occurred between September 2023 and June 2024, peaking at 52.96. This spike was not driven by an exponential increase in share price, but rather by a sharp decline in operating profit per share, which reached a low of 2.14 in June 2024. This inverse relationship indicates a temporary decoupling of market valuation from immediate operating performance.
- Operating Profit Trajectory
- Operating profit per share demonstrated a strong upward trajectory over the long term, rising from 3.38 in March 2022 to 7.78 by June 2026. Despite intermittent quarterly dips in 2023 and early 2024, the fundamental earnings capacity expanded consistently, supporting the overall rise in share price.
- Price and Ratio Convergence
- From December 2024 through June 2026, the P/OP ratio stabilized between 22.67 and 28.67. This convergence suggests that the market's valuation of the stock aligned with the normalized growth of operating profits. During this window, the share price climbed from 129.92 to 209.16, while the operating profit per share simultaneously scaled from 4.91 to 7.78, maintaining a consistent valuation multiple.
Price to Sales (P/S)
RTX Corp., historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory is characterized by a period of initial volatility followed by a significant expansion in both market price and valuation multiples. While sales per share exhibited consistent growth throughout the analyzed period, the Price-to-Sales (P/S) ratio underwent a distinct cycle of contraction and subsequent acceleration.
- Sales per Share Performance
- A consistent upward trend is observed in sales per share, increasing from 43.61 US$ in March 2022 to 69.37 US$ by June 2026. This steady growth suggests a fundamental increase in revenue generation per share, providing a stable foundation for the company's market valuation.
- Share Price Dynamics
- The share price experienced a period of instability between 2022 and late 2023, reaching a low of 78.38 US$ in September 2023. Following this trough, a sustained bullish trend emerged starting in early 2024, with the price accelerating from 101.38 US$ in March 2024 to a high of 209.16 US$ by June 2026.
- Price-to-Sales (P/S) Ratio Interpretation
- The P/S ratio indicates a shift in investor sentiment and valuation premiums. After declining from 2.27 in March 2022 to a minimum of 1.68 in September 2023, the ratio entered a recovery and expansion phase. A significant increase is noted between March 2025 (1.86) and December 2025 (3.01), with the ratio maintaining a level of 3.01 through June 2026. This expansion reveals that the market is paying a higher premium per dollar of sales, suggesting increased confidence in future growth or improved profitability margins.
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile of the entity exhibits a significant expansion in market pricing relative to its book value over the analyzed period from March 2022 through June 2026. While the underlying book value per share remained relatively stagnant, the market price experienced substantial growth, leading to a marked increase in the Price to Book Value (P/BV) ratio.
- Share Price Dynamics
- The share price demonstrated initial volatility, characterized by a decline from 99.19 USD in March 2022 to a trough of 78.38 USD in September 2023. Following this period, a sustained bullish trend emerged. Starting in early 2024, the price climbed consistently, surpassing the 100 USD threshold and accelerating through 2025 and 2026 to reach a peak of 209.16 USD by June 30, 2026.
- Book Value Per Share (BVPS) Stability
- The BVPS remained remarkably stable throughout the duration of the analysis. Values fluctuated within a narrow band, ranging from a low of 44.34 USD in June 2023 to a high of 49.82 USD in March 2023. The absence of a significant upward trend in BVPS indicates that the increase in total market capitalization was not driven by growth in net assets or retained earnings per share.
- Price to Book Value (P/BV) Ratio Trend
- The P/BV ratio transitioned from a period of contraction to one of aggressive expansion. Between March 2022 and September 2023, the ratio declined from 2.04 to 1.62, reflecting a decrease in market confidence or a correction in valuation. However, from December 2023 onward, the ratio entered a steep upward trajectory, rising from 2.05 to 4.25 by June 2026. This indicates that the market began assigning a significantly higher premium to the entity's assets, effectively doubling the valuation multiple relative to the book value over the final three years of the period.
The divergence between the stable book value and the surging share price suggests that the valuation increase is primarily driven by intangible factors, such as improved future earnings expectations, strategic growth prospects, or increased market demand, rather than an increase in the tangible accounting value of the company.