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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
RTX Corp., historical price multiples (quarterly data)
Based on: 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 varied trends over the observed period. Generally, ratios fluctuated, with notable increases observed in the latter half of the period, particularly in the most recent quarters. This suggests a potential shift in investor sentiment or company performance impacting valuation multiples.
- Price to Earnings (P/E)
- The Price to Earnings ratio generally decreased from 35.16 in March 2022 to 26.67 in March 2023, indicating increasing earnings relative to share price or decreasing investor confidence. A subsequent increase to 38.31 by December 2023 was followed by a significant jump to 66.73 in June 2024. The ratio then moderated to 39.61 by December 2025, remaining elevated compared to earlier periods. This volatility suggests sensitivity to earnings announcements or broader market conditions.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio followed a similar pattern to the P/E ratio, declining from 29.36 in March 2022 to 20.81 in June 2023. An increase was then observed, peaking at 34.37 in December 2023, before a substantial rise to 52.96 in June 2024. The ratio settled at 28.67 by December 2025, still higher than levels seen in 2022 and early 2023. This mirrors the trend in P/E, indicating a connection between earnings and operating profit valuations.
- Price to Sales (P/S)
- The Price to Sales ratio demonstrated a relatively stable trend with a slight downward movement from 2.27 in March 2022 to 1.68 in September 2022. It then experienced a gradual increase, reaching 3.01 by December 2025. This suggests a growing premium placed on each dollar of revenue generated, potentially reflecting expectations of future revenue growth or improved sales efficiency. The increase is more pronounced in the later quarters.
- Price to Book Value (P/BV)
- The Price to Book Value ratio exhibited a consistent upward trend throughout the period. Starting at 2.04 in March 2022, it increased to 4.09 by December 2025. This indicates that the market is increasingly willing to pay a premium for the company’s net asset value, potentially reflecting improved profitability, growth prospects, or a reassessment of the company’s intrinsic value. The acceleration in the increase is noticeable in the later quarters.
Overall, the observed increases in valuation ratios, particularly in the most recent quarters, suggest a strengthening of market confidence or a change in the company’s fundamentals. The P/S and P/BV ratios show a more consistent upward trend, while the P/E and P/OP ratios demonstrate greater volatility, potentially linked to earnings performance. Continued monitoring of these ratios is recommended to assess the sustainability of these trends.
Price to Earnings (P/E)
RTX Corp., historical P/E calculation (quarterly data)
| 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-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 Q4 2025 Calculation
EPS
= (Net income (loss) attributable to common shareownersQ4 2025
+ Net income (loss) attributable to common shareownersQ3 2025
+ Net income (loss) attributable to common shareownersQ2 2025
+ Net income (loss) attributable to common shareownersQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a declining trend from March 31, 2022, to June 30, 2022, followed by relative stability through the end of 2022. A subsequent increase was noted in the first quarter of 2023, before declining sharply in the following quarters. The latter half of 2023 and the beginning of 2024 saw a significant surge, peaking in June 2024, before moderating and then increasing again through December 2025.
- Initial Decline (Q1 2022 - Q2 2022)
- The P/E ratio decreased from 35.16 to 29.83, suggesting a potential increase in investor confidence relative to earnings, or a decrease in perceived risk. This period coincided with a slight increase in earnings per share (EPS).
- Stability and Subsequent Increase (Q3 2022 - Q1 2023)
- From September 30, 2022, to March 31, 2023, the P/E ratio remained relatively stable, fluctuating between 29.12 and 26.67. An increase to 26.67 was observed in Q1 2023, potentially driven by increasing EPS.
- Sharp Decline and Recovery (Q2 2023 - Q1 2024)
- A substantial decline in the P/E ratio occurred between June 30, 2023 (22.79) and September 30, 2023 (35.32), followed by a further decrease. This coincided with a significant drop in EPS. The ratio then experienced a dramatic increase, reaching 66.73 by June 2024, despite a decrease in EPS, indicating a substantial shift in investor sentiment or expectations. The ratio then moderated to 35.41 by September 2024.
- Recent Trend (Q2 2024 - Q4 2025)
- From June 2024 through December 2025, the P/E ratio demonstrated an overall upward trend, increasing from 35.41 to 39.61. This increase occurred alongside generally increasing EPS, suggesting continued positive investor sentiment. The fluctuations within this period were less pronounced than those observed earlier.
Overall, the P/E ratio exhibited significant volatility throughout the analyzed period. The fluctuations appear to be influenced by both changes in share price and earnings per share, with periods of rapid increase suggesting shifts in market perception and investor expectations. The recent trend indicates a strengthening of investor confidence, supported by increasing earnings.
Price to Operating Profit (P/OP)
RTX Corp., historical P/OP calculation (quarterly data)
| 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-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 Q4 2025 Calculation
Operating profit per share
= (Operating profit (loss)Q4 2025
+ Operating profit (loss)Q3 2025
+ Operating profit (loss)Q2 2025
+ Operating profit (loss)Q1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q4 2025 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 for the observed period exhibits considerable fluctuation. Initially, the ratio demonstrated a declining trend from March 31, 2022, to June 30, 2023, before experiencing significant volatility. A subsequent increase was noted, peaking in the first half of 2024, followed by a moderation through the end of 2025.
- Initial Decline (Mar 31, 2022 – Jun 30, 2023)
- From 29.36 in March 2022, the P/OP ratio generally decreased to 20.81 by June 2023. This suggests that while the share price experienced some decline, operating profit per share remained relatively stable during this period, leading to a lower valuation multiple. The decrease indicates that the market was potentially valuing each dollar of operating profit at a lower premium over time.
- Volatility and Peak (Sep 30, 2023 – Jun 30, 2024)
- A sharp increase occurred between September 2023 and June 2024, with the P/OP ratio rising from 35.06 to a peak of 52.96. This surge was driven by a combination of factors: a substantial increase in share price alongside a more moderate increase in operating profit per share. This period reflects a significant shift in market sentiment, with investors willing to pay a considerably higher premium for each dollar of operating profit.
- Moderation (Jul 31, 2024 – Dec 31, 2025)
- Following the peak, the P/OP ratio moderated, decreasing to 26.63 by September 2024 and stabilizing around 28.67 by December 2025. This suggests a recalibration of market expectations, potentially due to a combination of share price increases being tempered by continued growth in operating profit per share. The ratio’s stabilization indicates a more balanced valuation as of the end of the observed period.
The largest single-quarter increase in the P/OP ratio occurred between March 3, 2024, and June 30, 2024 (from 35.67 to 52.96). Conversely, the most substantial decrease was observed between June 30, 2023, and September 30, 2023 (from 20.81 to 35.06). These periods highlight the sensitivity of the P/OP ratio to changes in both share price and operating profit per share.
Overall, the P/OP ratio demonstrates a dynamic relationship between market valuation and underlying profitability. The observed fluctuations suggest that investor sentiment and expectations regarding future earnings play a significant role in determining the valuation of the company.
Price to Sales (P/S)
RTX Corp., historical P/S calculation (quarterly data)
| 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-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 Q4 2025 Calculation
Sales per share
= (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of RTX Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a declining trend from March 31, 2022, through June 30, 2023, before experiencing a period of increase and subsequent stabilization, followed by a notable upward surge towards the end of the observation window.
- Initial Decline (Mar 31, 2022 – Jun 30, 2023)
- From a value of 2.27 in March 2022, the P/S ratio decreased to 2.04 by June 2022, continuing to 1.97 by September 2022, and 2.14 by December 2022. This decline continued into the first half of 2023, reaching a low of 1.80 in June 2023. This period suggests a potential shift in investor sentiment regarding the company’s valuation relative to its sales, or potentially a reassessment of growth expectations.
- Stabilization and Increase (Sep 30, 2023 – Dec 31, 2024)
- Following the low in June 2023, the P/S ratio began to recover, reaching 1.68 in September 2023 and 1.78 in December 2023. This upward momentum continued through 2024, with the ratio increasing to 1.90 in March 2024, 2.08 in June 2024, 2.11 in September 2024, and 2.14 in December 2024. This indicates a renewed investor confidence or improved sales performance.
- Significant Surge (Mar 31, 2025 – Dec 31, 2025)
- The final period witnessed a substantial increase in the P/S ratio. From 1.86 in March 2025, the ratio rose to 2.39 in June 2025, 2.70 in September 2025, and peaked at 3.01 in December 2025. This represents a significant shift in valuation, potentially driven by strong sales growth, positive market outlook, or other company-specific factors. The magnitude of this increase warrants further investigation.
- Sales per Share Trend
- Sales per share generally increased throughout the period, from 43.61 in March 2022 to 66.01 in December 2025. This upward trend in sales per share likely contributed to the later increases observed in the P/S ratio, although the ratio’s movements were not always directly proportional to changes in sales per share, indicating the influence of other factors such as investor expectations and market conditions.
Overall, the P/S ratio exhibited a complex pattern over the observed period, characterized by an initial decline, a period of stabilization and moderate growth, and a substantial increase in the final quarters. The significant increase in the ratio towards the end of the period suggests a notable shift in market perception or underlying business performance.
Price to Book Value (P/BV)
RTX Corp., historical P/BV calculation (quarterly data)
| 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-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 Q4 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 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value (P/BV) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a declining trend from March 31, 2022, through September 30, 2023, before experiencing a substantial and consistent increase through December 31, 2025. This suggests a changing perception of the company’s value relative to its net asset value over time.
- Initial Decline (Mar 31, 2022 – Sep 30, 2023)
- From a starting point of 2.04 in March 2022, the P/BV ratio decreased to 1.62 by September 2023. This decline occurred alongside a decrease in share price and a slight reduction in book value per share. The period suggests a potential loss of investor confidence or a reassessment of the company’s intrinsic value during this timeframe.
- Subsequent Increase (Dec 31, 2023 – Dec 31, 2025)
- Beginning in December 2023, the P/BV ratio began a pronounced upward trajectory, rising from 2.05 to 4.09 by December 2025. This increase coincided with a significant rise in share price, while book value per share experienced a more moderate increase. This suggests that market expectations regarding the company’s future earnings potential improved considerably, leading investors to pay a premium for each dollar of net asset value.
- Peak and Recent Fluctuations
- The ratio peaked at 4.09 in December 2025. Prior to this peak, the ratio demonstrated consistent growth, indicating strong positive market sentiment. The earlier fluctuations, particularly the decline in the latter half of 2023, highlight the sensitivity of the P/BV ratio to both share price and book value changes.
- Book Value per Share Trend
- Book value per share remained relatively stable throughout the analyzed period, fluctuating between approximately US$44 and US$50. The primary driver of the P/BV ratio’s movements appears to be the share price, indicating that investor sentiment and market conditions have a more significant impact on the ratio than changes in the company’s net asset value.
In summary, the P/BV ratio experienced a period of decline followed by a substantial increase, driven primarily by changes in the share price. The ratio’s recent peak suggests a positive market outlook, although the earlier fluctuations demonstrate the potential for volatility.