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).
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
RTX Corp., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to earnings (P/E) ratio
- The P/E ratio displays data beginning in mid-2021, initially at 60.91 and subsequently declining to 40.28 by the end of 2021. Through 2022, it further decreased, reaching 22.79 in March 2023. From this low point, the ratio increased again in late 2023 and early 2024, peaking at 66.73 by December 2024 before settling back around the mid-30s level by mid-2025. Overall, the P/E ratio demonstrates considerable volatility with an initial downward trend followed by a sharp upward movement and some stabilization afterwards.
- Price to operating profit (P/OP) ratio
- Initially available from mid-2021, the P/OP ratio declined from 46.33 to approximately 20.81 by early 2023, signaling improving operating profit valuation. However, subsequent months saw volatility with peaks over 35 in early 2024 and a rise to 52.96 by December 2024, before retreating again to 24 by mid-2025. This pattern suggests fluctuating investor sentiment toward operating profits, with phases of both valuation compression and expansion.
- Price to sales (P/S) ratio
- The P/S ratio is recorded from late 2020 and remains relatively stable, fluctuating between approximately 1.68 and 2.39. Notable is a decline in late 2023 to the lower end of the range, followed by a recovery back above 2.0 by March 2025. The consistency within a fairly narrow band suggests stable market valuation relative to sales over the period with moderate short-term fluctuations.
- Price to book value (P/BV) ratio
- Beginning at 1.25 in early 2020, the P/BV ratio shows a general upward trend, reaching 2.03 by March 2023. There is a slight dip observed in mid-2023, but the ratio then continues its ascent, peaking at 3.2 by mid-2025. This progressive increase indicates growing investor valuation relative to the company’s book value, reflecting either improved market confidence or asset revaluation effects over time.
Price to Earnings (P/E)
RTX Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to common shareownersQ2 2025
+ Net income (loss) attributable to common shareownersQ1 2025
+ Net income (loss) attributable to common shareownersQ4 2024
+ Net income (loss) attributable to common shareownersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined period.
- Share Price
- The share price exhibits an overall upward trajectory from March 31, 2020, through June 30, 2025. The price started at $57.01 and experienced fluctuations with a general increase, reaching a notable peak of $149.17 by June 30, 2025. Periodic dips occurred, such as between March 31, 2022 ($99.19) and June 30, 2023 ($87.10), followed by recoveries and new highs towards the end of the timeline.
- Earnings per Share (EPS)
- EPS data begins from December 31, 2020, showing initial negative values of -$2.32 and -$1.77, indicating losses during that time. From March 31, 2021, onwards, EPS turns positive and reveals consistent growth peaking around September 30, 2022 at $3.82. However, a moderate decline is observed in subsequent quarters, with EPS dropping to $1.70 on September 30, 2024, before showing recovery later, culminating at $4.59 by June 30, 2025. This reflects fluctuating profitability with an overall improving trend toward the end of the period.
- P/E Ratio
- The price-to-earnings ratio displays high variability. It is relatively elevated during periods when EPS is recovering from negative values, such as early 2021, with the highest P/E noted at 66.73 on September 30, 2024. Generally, P/E ratios decline as EPS increases steadily from early 2021 to late 2022, indicating enhanced earnings relative to price. Yet, volatility arises in later periods, where rising share prices and fluctuating EPS cause the P/E ratio to swing between mid-30s to nearly 40, signifying market variability in investor valuation metrics.
In summary, the company’s share price demonstrates sustained growth with intermittent corrections, while EPS shows initial losses followed by consistent profitability with some fluctuations. The P/E ratio reflects these EPS changes alongside share price movements, evidencing periods of both high and moderate investor optimism throughout the timeline.
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating profit (loss)Q2 2025
+ Operating profit (loss)Q1 2025
+ Operating profit (loss)Q4 2024
+ Operating profit (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trajectory from March 31, 2020, continuing through to June 30, 2025, with some fluctuations. Initially, it rose steadily from $57.01 to a peak of $99.19 by March 31, 2022. Subsequently, the price showed some volatility, declining notably to $78.38 by September 30, 2023, before resuming an upward trend to reach $149.17 by June 30, 2025. This pattern indicates a strong overall market valuation increase, albeit with intermittent periods of price correction or consolidation.
- Operating Profit Per Share (OPPS) Development
- Operating profit per share showed no reported values until December 31, 2020, when figures turned negative at -$1.24 and -$1.43 for the subsequent quarter, suggesting initial operational challenges. From March 31, 2021, OPPS entered positive territory with $1.90 and demonstrated consistent growth thereafter, reaching $6.22 by December 31, 2025. The progression indicates improving operational efficiency and profitability over the longer term, despite some dips such as the reduction to $2.14 on December 31, 2023.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio data begins from September 30, 2021. Early values ranged at a relatively elevated 46.33, decreasing steadily to the mid-20s by mid-2023, reflecting increasing operating profits relative to share price. Towards the end of the period, P/OP ratios fluctuated between approximately 22 and 35, with a notable spike to 52.96 on December 31, 2023, suggesting temporary market overvaluation or profit decline at that point. The ratio's volatility suggests intermittent market concerns or reassessments of future profit sustainability, yet maintains a moderate level consistent with growing profits over the overall span.
- General Observations
- The data portrays a company transitioning from early operating losses to steady profitability gains, reflected in improving operating profit per share. The share price growth generally corresponds with the profitability trend, albeit incorporating market-driven fluctuations. The P/OP ratio variations highlight periods of reevaluation by investors regarding earnings quality or growth prospects. Overall, the financial metrics demonstrate progressive operational improvement and increasing shareholder value over the analyzed periods.
Price to Sales (P/S)
RTX Corp., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited an overall upward trend from March 2020 through June 2025, despite some fluctuations. Starting at $57.01 in March 2020, the price increased steadily, reaching peaks above $100 multiple times, notably $101.09 in March 2023 and $129.92 in September 2024. However, intermittent declines occurred, such as from $101.09 in March 2023 to $78.38 in September 2023, and a drop from $125.53 in September 2024 to $113.75 in March 2025, before rebounding again to $149.17 by June 2025. This pattern indicates volatility but a strong long-term growth trajectory in equity value.
Sales per share data, available from March 2021 onwards, demonstrated a generally consistent upward movement. Beginning at $37.24 in March 2021, sales per share rose gradually with minor fluctuations, reaching $62.46 by June 2025. This steady increase in sales per share suggests improving revenue generation capacity on a per-share basis over the examined periods.
The price-to-sales (P/S) ratio showed more variability over time but maintained a range mostly between 1.6 and 2.4. Starting at 1.95 in March 2021, the ratio increased slightly through mid-2021, followed by a decrease towards the latter part of 2022. Notably, the P/S ratio dipped to 1.68 in June 2023 before rising again to a peak of 2.39 in June 2025. These fluctuations imply varying market valuations relative to sales, reflecting changing investor sentiment or shifts in sales growth relative to share price changes.
- Summary of trends:
- - Share price generally increased over time with several periods of volatility.
- - Sales per share consistently rose, indicating improving sales performance per equity unit.
- - The P/S ratio fluctuated within a moderate range, reflecting dynamic valuation multiples influenced by market conditions and sales trends.
Overall, the data indicates a company experiencing growth in underlying sales metrics alongside an appreciating share price, albeit with notable short-term price volatility. The variable P/S ratio suggests changing investor perceptions of value relative to sales, underscoring the importance of monitoring both operational performance and market valuation dynamics.
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 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 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited a general upward trend over the analyzed period, with fluctuations occurring at various points. Initially, the share price increased consistently from $57.01 at the beginning of 2020 to a peak of $99.19 by the first quarter of 2022. This was followed by some volatility, with declines observed mid-2022 and mid-2023, before ascending again toward $149.17 in the middle of 2025. The share price demonstrated a notable recovery after each dip, suggesting resilience and positive market sentiment over the long term.
The book value per share (BVPS) presented relative stability throughout the same timeframe. BVPS fluctuated moderately, starting at $45.50 in early 2020 and demonstrating minor variations around the mid-$40 range, ending at $46.62 by mid-2025. These slight movements indicate that the company maintained stable equity levels on a per-share basis, without substantial growth or deterioration in net asset value.
The price-to-book value ratio (P/BV) reveals insights into market valuation relative to company equity. The ratio increased steadily from 1.25 in the first quarter of 2020 to a peak of 3.2 by mid-2025. This upward trajectory reflects that the market increasingly valued the shares at a premium to their book value. Notably, the P/BV ratio aligns with the share price trend, indicating that rising share prices were not accompanied by equivalent increases in book value, which could imply heightened investor expectations for future earnings or growth prospects.
- Summary of Trends
- The share price generally appreciated with intermittent volatility, suggesting sustained investor confidence with periodic market corrections.
- Book value per share remained stable with minor fluctuations, reflecting steady equity levels over the period.
- The upward trend in the price-to-book value ratio highlights an increasing market premium on the company's shares, indicating optimistic valuation relative to its net assets.