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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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
RTX Corp., historical price multiples (quarterly data)
Based on: 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 price to earnings ratio shows significant fluctuations over the observed periods. Starting from values around 60.91 in mid-2020, it decreased steadily to a low near 22.79 by early 2023. This decline suggests an improvement in earnings relative to the market price or a perception of lower growth risk during this time. However, from early 2023 onward, the ratio increased sharply, peaking again at 66.73 by the end of 2024, before falling back to 33.04 at the first quarter of 2025. This volatility may reflect changing market sentiments, earnings variability, or both.
- Price to Operating Profit (P/OP) Ratio
- A trend similar to the P/E ratio is observed in the price to operating profit ratio. The ratio decreased from around 46.33 in mid-2020 to about 20.81 in early 2023, indicating either improved operating profitability or a stock price adjustment. From this low, a subsequent rise is apparent, with a peak near 52.96 at the end of 2024, followed by a decline to 22.67 in the first quarter of 2025. The movement suggests fluctuations in operating profit relative to market valuation.
- Price to Sales (P/S) Ratio
- The price to sales ratio exhibits more stability compared to P/E and P/OP ratios, fluctuating between 1.68 and 2.27 throughout the entire period. There is a subtle upward trend from early 2020 to mid-2022, peaking near 2.27, followed by a slight downtrend and renewed increases near 2.14 in late 2024. Overall, this ratio indicates a relatively consistent market valuation of sales over time with moderate volatility.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio demonstrates a clear upward trajectory over the reporting periods. Beginning at 1.25 in early 2020, the ratio increases steadily to levels above 2.0 by early 2022 and attains a peak of 2.88 by late 2024. This growth implies an increasing market valuation relative to the company's book value, possibly reflecting improved investor confidence or asset revaluation. The ratio dips slightly to 2.47 as of the first quarter of 2025, indicating some recent moderation in this trend.
Price to Earnings (P/E)
RTX Corp., historical P/E calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to common shareownersQ1 2025
+ Net income (loss) attributable to common shareownersQ4 2024
+ Net income (loss) attributable to common shareownersQ3 2024
+ Net income (loss) attributable to common shareownersQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price generally exhibited an upward trajectory over the examined period, starting at $57.01 in the first quarter of 2020 and reaching a peak of $129.92 by the third quarter of 2024. There were fluctuations observed, notably a decline from $101.09 in the first quarter of 2023 to $78.38 in the third quarter of 2023, followed by a recovery to $92.24 at the end of that year and subsequent increases. Overall, the price more than doubled over the span, indicating positive market sentiment or improved company prospects.
- Earnings Per Share (EPS) Behavior
- The EPS data is available starting only from the first quarter of 2021, where it initially showed negative values (-2.32 to -1.77). This shifted to positive from the third quarter of 2021 onward, rising steadily to a high of 3.82 in the third quarter of 2023. However, some volatility is apparent as EPS declined to 2.22 by the fourth quarter of 2023 before experiencing moderate fluctuations but remaining positive throughout. The EPS overall reflects a recovery and growth in profitability after an initial loss period.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio became available starting in the third quarter of 2021, initially indicating a high ratio of 60.91, which declined gradually to around 26.67 by the second quarter of 2023. This suggests that earnings were increasing faster relative to the share price or that price growth had stabilized. However, a sharp increase in the P/E ratio occurred at the end of 2023, peaking at 66.73, indicating a period where share price growth outpaced earnings improvement or there was increased investor optimism. The ratio thereafter declined to about 33 by the first quarter of 2025, indicating some normalization.
- Overall Insights
- The financial data illustrates several phases: an initial period where the company moved from earnings losses to profitability; a consistent long-term rise in share price; and a P/E ratio showing periods of both contraction and expansion reflecting changing investor perceptions and company performance. Volatility in EPS and P/E around late 2023 may warrant further investigation to understand underlying operational or market factors. The sustained share price increase suggests positive investor confidence despite EPS fluctuations.
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Operating profit per share
= (Operating profit (loss)Q1 2025
+ Operating profit (loss)Q4 2024
+ Operating profit (loss)Q3 2024
+ Operating profit (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits notable fluctuations over the observed period. Starting at $57.01 in March 2020, it increased to a peak of $99.19 by March 2022. Subsequently, the share price experienced a decline, reaching a low of $78.38 in September 2023. After this trough, it regained value, climbing steadily to $113.75 by March 2025. Overall, the share price demonstrates growth with intermittent volatility.
- Operating Profit per Share (OPPS) Trend
- The operating profit per share shows an initial period of negative values, with -$1.24 in December 2020 and -$1.43 in March 2021. From June 2021 onwards, OPPS turned positive, starting at $1.90 and generally increasing with some variability. It peaked at $5.02 in March 2025, indicating improved operational profitability over time despite short-term fluctuations, including a notable dip to $2.14 in September 2024.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio, a valuation metric that compares share price to operating profit per share, has shown considerable variation. Data availability begins in September 2021 with a relatively high ratio of 46.33, which generally trended downwards to 20.81 in March 2023, suggesting improved earnings relative to price or a more attractive valuation. However, from mid-2023, the ratio increased again, peaking at 52.96 in September 2024 before declining to 22.67 by March 2025. These oscillations indicate changing market perceptions of value relative to profitability.
- Insights and Interpretation
- The company experienced initial operating challenges with negative profits per share in late 2020 and early 2021. The subsequent turnaround to positive operating profits suggests successful operational adjustments. The steady ascent in operating profit per share from mid-2021 to early 2025 correlates with overall upward share price movement, although share price volatility reflects broader market dynamics and investor sentiment. The P/OP ratio fluctuations illustrate variable market valuation conditions, with periods of premium valuation alternating with more conservative pricing. The most recent decrease in the P/OP ratio implies a more favorable valuation given the improved profitability.
Price to Sales (P/S)
RTX Corp., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 2025-03-31), 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 Q1 2025 Calculation
Sales per share
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trajectory from March 31, 2020, starting at $57.01, reaching a peak of $129.92 by September 30, 2024. The increase was steady with some volatility; for example, the price rose significantly in late 2020 and early 2021, reaching above $95 by December 31, 2021. Subsequently, there were fluctuations with a decline around mid-2023, dropping to $78.38 in September 2023, followed by a recovery to over $125 in late 2024. The price fell again towards the end of the period, settling at $113.75 by March 31, 2025.
- Sales per Share Analysis
- Sales per share data starts from March 31, 2021, beginning at $37.24. A consistent upward trend is observed, hitting $61.18 by March 31, 2025. Growth appeared incremental and steady, with no noticeable downturns. The rise from $37.24 to over $61 represents substantial growth in sales efficiency or revenue generation per share over four years.
- Price-to-Sales Ratio (P/S) Evaluation
- The P/S ratio shows moderate variability over the reported periods. Starting at 1.95 in March 2021, it generally fluctuated within the range of 1.68 to 2.27. Peaks occurred around June 2022 with a ratio of 2.27, indicating relatively high valuation compared to sales. A noticeable dip to 1.68 took place around June 2023, possibly reflecting either increased sales per share or decreased investor valuation. Towards the end of the reported periods, the ratio stabilized around the 2.0 mark, closing at 1.86 by March 2025. This suggests a return to a slightly more conservative valuation relative to sales.
- Overall Insights
- The data indicates positive growth in both share price and sales per share over the examined intervals, with sales per share showing a consistent rise. The share price, while generally increasing, experienced several cycles of growth and correction, potentially reflecting market reactions to earnings or broader economic conditions. The P/S ratio's oscillations imply changes in investor sentiment or market valuation relative to the company's sales growth, but no extreme valuation outliers emerge. The combination of rising sales per share and a stable to slightly high P/S ratio suggests an overall strengthening in market confidence and company performance during this period.
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 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 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 31, 2020, through March 31, 2025, with fluctuations in between. Initially priced at $57.01, the price increased to a peak of $129.92 around September 30, 2024, before declining to $113.75 by March 31, 2025. Notable dips occurred around June 30, 2022, and from June to September 2023. The recovery following these dips showed resilience, with prices rebounding above $100 in several quarters.
- Book Value Per Share (BVPS) Pattern
- The BVPS remained relatively stable over the analyzed period, fluctuating between approximately $44 and $50. Starting at $45.50 in March 2020, it reached a high near $49.82 in March 2023, then experienced a slight decline afterward, settling around $46.05 by March 2025. The variations were moderate, indicating consistent underlying asset value per share with no significant volatility.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio increased considerably over the five years, starting at 1.25 in March 2020 and rising to a peak of 2.88 by December 2024, before moderating to 2.47 in March 2025. This trend suggests a growing market valuation relative to the book value, indicating increased investor confidence or perceived growth prospects beyond the net asset value. Temporary declines in P/BV corresponded with dips in share price but the general trend was upward, signifying a premium valuation environment especially prominent after early 2021.
- Interrelation of Metrics
- The growth in share price outpaced the relatively stable book value per share, leading to the consistent increase in the P/BV ratio. This pattern reflects a market environment where price appreciation was driven primarily by factors other than changes in book value, such as earnings growth expectations, market sentiment, or external economic conditions. The stability of BVPS alongside more volatile share prices implies that tangible equity value did not undergo major structural changes.
- Summary Insight
- Overall, the data indicates that the underlying book value remained steady while market valuation of the company’s shares increased significantly over the period. The elevated and rising P/BV ratio highlights enhanced investor optimism or strategic factors elevating market valuation. Although experiencing intermittent declines, especially post mid-2022 and mid-2023, the share price recovered strongly by the end of the period, corroborating positive market sentiment despite relatively stable fundamental book value measures.