United Technologies Corp. (UTX)


Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

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Historical Valuation Ratios (Summary)

United Technologies Corp., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Price to earnings (P/E) 24.29 22.64 22.83 19.74 19.82 21.22 21.95 21.97 18.40 17.85 18.13 17.55 11.26 12.51 11.86 9.31 15.38 14.05 16.07 17.52
Price to operating profit (P/OP) 13.67 13.97 14.00 12.16 11.49 12.07 11.76 11.53 11.38 11.24 11.22 10.86 11.90 12.92 12.38 9.71 9.43 8.92 10.49 11.15
Price to sales (P/S) 1.63 1.61 1.74 1.56 1.54 1.72 1.60 1.67 1.62 1.63 1.65 1.55 1.45 1.60 1.56 1.26 1.52 1.45 1.62 1.67
Price to book value (P/BV) 3.05 2.87 3.05 2.71 3.07 3.43 3.21 3.38 3.18 3.34 3.46 3.22 2.82 3.10 3.08 2.59 2.92 2.91 3.61 3.49 2.78 2.95 3.32

Based on: 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-09), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-28), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-23), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24), 10-K (filing date: 2015-02-05), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-25).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. United Technologies Corp.’s P/E ratio declined from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 exceeding Q1 2019 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. United Technologies Corp.’s P/OP ratio declined from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. United Technologies Corp.’s P/S ratio declined from Q1 2019 to Q2 2019 but then slightly increased from Q2 2019 to Q3 2019.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. United Technologies Corp.’s P/BV ratio declined from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 not reaching Q1 2019 level.

Price to Earnings (P/E)

United Technologies Corp., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 863,268,940 862,831,280 862,291,415 861,748,797 800,984,201 800,093,285 800,059,478 799,778,295 798,569,921 798,772,783 801,227,504 805,861,740 823,405,687 836,926,949 836,865,684 836,432,010 887,020,937 890,597,745 890,201,794 907,156,995 911,658,325 914,810,016 916,731,329
Selected Financial Data (US$)
Net income attributable to common shareowners (in millions) 1,148  1,900  1,346  686  1,238  2,048  1,297  397  1,330  1,439  1,386  1,013  1,480  1,379  1,183  3,278  1,362  1,542  1,426  1,473  1,854  1,680  1,213 
Earnings per share (EPS)2 5.88 5.99 6.17 6.11 6.22 6.34 5.58 5.69 6.47 6.66 6.56 6.27 8.89 8.61 8.80 9.10 6.54 7.07 7.23 6.86 0.00 0.00 0.00
Share price1, 3 142.96 135.63 140.78 120.72 123.23 134.53 122.46 125.03 119.07 118.87 118.99 110.09 100.07 107.65 104.37 84.66 100.62 99.31 116.16 120.11 103.82 108.88 117.21
Valuation Ratio
P/E ratio4 24.29 22.64 22.83 19.74 19.82 21.22 21.95 21.97 18.40 17.85 18.13 17.55 11.26 12.51 11.86 9.31 15.38 14.05 16.07 17.52
Benchmarks
P/E Ratio, Competitors5
Boeing Co. 50.46 40.72 20.85 21.87 19.81 21.17 21.66 24.68 22.99 19.37 21.39 20.50 20.94 22.83 17.26 14.89 16.84 18.87 17.97 19.15
General Dynamics Corp. 14.89 16.37 15.86 14.95 16.70 20.19 21.62 21.37 20.14 19.48 19.59 18.75 15.75 15.06 14.80 13.88 16.43 16.89 17.16 17.93
Lockheed Martin Corp. 17.47 17.27 16.68 16.88 27.66 35.10 39.27 48.70 24.31 16.40 15.14 14.14 13.88 20.92 19.62 18.36 18.61 17.50 17.48 16.86
Northrop Grumman Corp. 19.96 17.46 14.62 14.48 16.27 20.98 26.19 29.23 22.46 19.81 18.96 18.21 18.84 18.99 18.12 17.15 17.06 16.30 15.62 15.27
Raytheon Co. 17.88 17.45 16.24 17.56 20.34 22.89 28.19 30.30 24.17 23.08 19.88 20.13 17.88 18.90 19.40 18.25 16.94 14.55 15.06 14.67

Based on: 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-09), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-28), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-23), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24), 10-K (filing date: 2015-02-05), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-25).

1 Data adjusted for splits and stock dividends.

2 Q3 2019 Calculation
EPS = (Net income attributable to common shareownersQ3 2019 + Net income attributable to common shareownersQ2 2019 + Net income attributable to common shareownersQ1 2019 + Net income attributable to common shareownersQ4 2018) ÷ No. shares of common stock outstanding
= (1,148,000,000 + 1,900,000,000 + 1,346,000,000 + 686,000,000) ÷ 863,268,940 = 5.88

3 Closing price as at the filing date of United Technologies Corp.’s Quarterly or Annual Report.

4 Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= 142.96 ÷ 5.88 = 24.29

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. United Technologies Corp.’s P/E ratio declined from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 exceeding Q1 2019 level.

Price to Operating Profit (P/OP)

United Technologies Corp., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 863,268,940 862,831,280 862,291,415 861,748,797 800,984,201 800,093,285 800,059,478 799,778,295 798,569,921 798,772,783 801,227,504 805,861,740 823,405,687 836,926,949 836,865,684 836,432,010 887,020,937 890,597,745 890,201,794 907,156,995 911,658,325 914,810,016 916,731,329
Selected Financial Data (US$)
Operating profit (in millions) 2,486  2,584  2,045  1,911  1,838  2,876  1,928  1,952  2,163  2,290  2,267  1,639  2,251  2,337  1,945  392  2,302  2,415  2,182  2,570  2,746  2,355  2,098 
Operating profit per share2 10.46 9.71 10.05 9.93 10.73 11.15 10.42 10.84 10.47 10.57 10.60 10.14 8.41 8.34 8.43 8.72 10.68 11.13 11.07 10.77 0.00 0.00 0.00
Share price1, 3 142.96 135.63 140.78 120.72 123.23 134.53 122.46 125.03 119.07 118.87 118.99 110.09 100.07 107.65 104.37 84.66 100.62 99.31 116.16 120.11 103.82 108.88 117.21
Valuation Ratio
P/OP ratio4 13.67 13.97 14.00 12.16 11.49 12.07 11.76 11.53 11.38 11.24 11.22 10.86 11.90 12.92 12.38 9.71 9.43 8.92 10.49 11.15
Benchmarks
P/OP Ratio, Competitors5
Boeing Co. 43.51 37.86 18.43 19.08 18.58 18.09 17.95 19.69 16.32 15.29 18.07 17.20 18.67 16.60 12.11 10.36 11.39 12.68 13.15 13.96
General Dynamics Corp. 11.05 12.14 11.70 11.22 12.03 14.41 15.35 14.90 14.53 13.63 13.70 12.86 10.89 10.68 10.44 9.85 11.32 11.59 11.27 11.68
Lockheed Martin Corp. 12.68 12.47 11.82 11.62 11.87 13.50 14.48 16.47 16.08 14.77 14.12 13.51 13.48 15.04 13.58 12.17 12.10 11.38 11.28 10.89
Northrop Grumman Corp. 15.93 14.52 12.29 12.37 13.77 15.70 17.50 17.85 15.77 13.74 13.18 12.55 13.17 12.88 12.31 11.10 11.03 10.40 9.85 9.88
Raytheon Co. 12.49 11.45 10.77 11.25 11.98 14.19 16.76 18.48 15.88 15.10 13.50 13.74 12.48 13.15 13.60 12.56 11.56 10.04 10.25 10.36

Based on: 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-09), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-28), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-23), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24), 10-K (filing date: 2015-02-05), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-25).

1 Data adjusted for splits and stock dividends.

2 Q3 2019 Calculation
Operating profit per share = (Operating profitQ3 2019 + Operating profitQ2 2019 + Operating profitQ1 2019 + Operating profitQ4 2018) ÷ No. shares of common stock outstanding
= (2,486,000,000 + 2,584,000,000 + 2,045,000,000 + 1,911,000,000) ÷ 863,268,940 = 10.46

3 Closing price as at the filing date of United Technologies Corp.’s Quarterly or Annual Report.

4 Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 142.96 ÷ 10.46 = 13.67

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. United Technologies Corp.’s P/OP ratio declined from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Price to Sales (P/S)

United Technologies Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 863,268,940 862,831,280 862,291,415 861,748,797 800,984,201 800,093,285 800,059,478 799,778,295 798,569,921 798,772,783 801,227,504 805,861,740 823,405,687 836,926,949 836,865,684 836,432,010 887,020,937 890,597,745 890,201,794 907,156,995 911,658,325 914,810,016 916,731,329
Selected Financial Data (US$)
Net sales (in millions) 19,496  19,634  18,365  18,044  16,510  16,705  15,242  15,680  15,062  15,280  13,815  14,659  14,354  14,874  13,357  14,300  13,788  14,690  13,320  16,996  16,168  17,191  14,745 
Sales per share2 87.50 84.09 80.74 77.17 80.07 78.35 76.57 74.82 73.65 72.75 72.02 71.03 69.09 67.29 67.08 67.07 66.28 68.69 71.53 71.76 0.00 0.00 0.00
Share price1, 3 142.96 135.63 140.78 120.72 123.23 134.53 122.46 125.03 119.07 118.87 118.99 110.09 100.07 107.65 104.37 84.66 100.62 99.31 116.16 120.11 103.82 108.88 117.21
Valuation Ratio
P/S ratio4 1.63 1.61 1.74 1.56 1.54 1.72 1.60 1.67 1.62 1.63 1.65 1.55 1.45 1.60 1.56 1.26 1.52 1.45 1.62 1.67
Benchmarks
P/S Ratio, Competitors5
Boeing Co. 2.20 2.21 2.10 2.26 2.05 2.10 2.09 2.17 1.69 1.52 1.18 1.06 0.95 0.88 0.90 0.80 0.98 1.05 1.13 1.15
General Dynamics Corp. 1.29 1.42 1.38 1.38 1.50 1.85 2.05 2.01 2.00 1.88 1.89 1.77 1.49 1.44 1.40 1.31 1.49 1.52 1.45 1.47
Lockheed Martin Corp. 1.79 1.76 1.65 1.58 1.60 1.76 1.82 1.91 1.78 1.70 1.63 1.59 1.57 1.68 1.53 1.43 1.45 1.39 1.38 1.34
Northrop Grumman Corp. 1.81 1.76 1.51 1.55 1.74 1.90 2.21 2.28 2.08 1.82 1.74 1.63 1.69 1.65 1.59 1.45 1.45 1.36 1.28 1.32
Raytheon Co. 2.05 1.91 1.80 1.89 1.90 2.11 2.37 2.42 2.12 2.00 1.87 1.85 1.66 1.70 1.60 1.63 1.53 1.38 1.47 1.44

Based on: 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-09), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-28), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-23), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24), 10-K (filing date: 2015-02-05), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-25).

1 Data adjusted for splits and stock dividends.

2 Q3 2019 Calculation
Sales per share = (Net salesQ3 2019 + Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018) ÷ No. shares of common stock outstanding
= (19,496,000,000 + 19,634,000,000 + 18,365,000,000 + 18,044,000,000) ÷ 863,268,940 = 87.50

3 Closing price as at the filing date of United Technologies Corp.’s Quarterly or Annual Report.

4 Q3 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 142.96 ÷ 87.50 = 1.63

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. United Technologies Corp.’s P/S ratio declined from Q1 2019 to Q2 2019 but then slightly increased from Q2 2019 to Q3 2019.

Price to Book Value (P/BV)

United Technologies Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 863,268,940 862,831,280 862,291,415 861,748,797 800,984,201 800,093,285 800,059,478 799,778,295 798,569,921 798,772,783 801,227,504 805,861,740 823,405,687 836,926,949 836,865,684 836,432,010 887,020,937 890,597,745 890,201,794 907,156,995 911,658,325 914,810,016 916,731,329
Selected Financial Data (US$)
Shareowners’ equity (in millions) 40,468  40,754  39,738  38,446  32,106  31,364  30,534  29,610  29,881  28,442  27,594  27,579  29,187  29,090  28,353  27,358  30,525  30,377  28,650  31,213  34,049  33,785  32,317 
Book value per share (BVPS)2 46.88 47.23 46.08 44.61 40.08 39.20 38.16 37.02 37.42 35.61 34.44 34.22 35.45 34.76 33.88 32.71 34.41 34.11 32.18 34.41 37.35 36.93 35.25
Share price1, 3 142.96 135.63 140.78 120.72 123.23 134.53 122.46 125.03 119.07 118.87 118.99 110.09 100.07 107.65 104.37 84.66 100.62 99.31 116.16 120.11 103.82 108.88 117.21
Valuation Ratio
P/BV ratio4 3.05 2.87 3.05 2.71 3.07 3.43 3.21 3.38 3.18 3.34 3.46 3.22 2.82 3.10 3.08 2.59 2.92 2.91 3.61 3.49 2.78 2.95 3.32
Benchmarks
P/BV Ratio, Competitors5
Boeing Co. 1,689.96 674.83 163.46 569.92 141.72 1,154.49 122.80 43.00 144.98 21.60 12.17 14.03 15.89 13.22 12.04 5.97 6.49 6.56
General Dynamics Corp. 3.72 4.21 4.27 4.26 4.02 5.03 5.41 5.44 5.35 5.32 5.55 5.05 4.07 4.07 4.15 3.83 4.44 4.29 3.95 3.84 3.22 3.08 2.79
Lockheed Martin Corp. 26.86 35.45 37.84 61.11 92.42 220.82 42.08 65.95 52.77 49.61 31.34 25.94 22.39 21.37 23.65 21.12 17.67 17.92 12.52 12.35 10.62
Northrop Grumman Corp. 6.18 6.30 5.44 5.71 5.45 6.25 7.55 8.36 8.17 7.76 7.79 7.62 6.97 6.85 6.65 6.18 6.10 5.27 4.57 4.37 2.55 2.56 2.46
Raytheon Co. 4.53 4.40 4.24 4.45 4.44 5.18 5.92 6.16 4.84 4.55 4.38 4.42 3.82 3.95 3.74 3.74 3.48 3.12 3.41 3.46 2.59 2.48 2.63

Based on: 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-09), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-28), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-23), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24), 10-K (filing date: 2015-02-05), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-25).

1 Data adjusted for splits and stock dividends.

2 Q3 2019 Calculation
BVPS = Shareowners’ equity ÷ No. shares of common stock outstanding
= 40,468,000,000 ÷ 863,268,940 = 46.88

3 Closing price as at the filing date of United Technologies Corp.’s Quarterly or Annual Report.

4 Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 142.96 ÷ 46.88 = 3.05

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. United Technologies Corp.’s P/BV ratio declined from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 not reaching Q1 2019 level.