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
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
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Historical Valuation Ratios (Summary)
Raytheon Co., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio shows a general upward trend from early 2015 through late 2017, starting at approximately 18.25 and peaking at around 30.3 by the end of 2017. From that peak, the ratio then exhibits a downward trajectory through 2018 and into 2019, declining to a low of about 16.24 before a slight recovery toward the end of 2019 to around 19.14. This pattern suggests initial market optimism or increasing earnings expectations followed by a moderation of valuation levels in the subsequent periods.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio follows a somewhat similar pattern to the P/E ratio, rising from around 12.56 in early 2015 to a peak of 18.48 at the end of 2017. Afterwards, it declines steadily throughout 2018 and early 2019, reaching a low near 10.77, before an uptick to approximately 13.4 by the end of 2019. This indicates increasing valuation per unit of operating profit up to 2017, followed by a significant correction and partial recovery.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio reveals a gradual increase over the entire span, starting at about 1.63 in early 2015 and reaching above 2.4 at the end of 2017. After peaking, the ratio decreases modestly through 2018 to about 1.9 but then stabilizes and even rises toward the end of 2019 to a level of approximately 2.19. This suggests that the market valuation relative to sales grew over time with some volatility, indicating changing market perceptions of sales growth or profitability.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio begins in early 2015 around 3.41 and shows a consistent upward trend reaching a notable peak of 6.16 by the end of 2017. Following this peak, the ratio declines through 2018 to about 4.44 and remains relatively stable with a slight rise throughout 2019, finishing near 5.23. This pattern indicates rising investor valuation compared to the company's net asset value over time, with a peak in late 2017 followed by a correction and stabilization.
Price to Earnings (P/E)
Raytheon Co., historical P/E calculation (quarterly data)
| Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income attributable to Raytheon Company (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. | ||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
EPS
= (Net income attributable to Raytheon CompanyQ4 2019
+ Net income attributable to Raytheon CompanyQ3 2019
+ Net income attributable to Raytheon CompanyQ2 2019
+ Net income attributable to Raytheon CompanyQ1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Raytheon Co. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall upward trajectory from March 2015 through December 2019. Initially valued at $108.55 in March 2015, the stock price increased steadily, peaking at $212.58 in December 2017. Following this peak, a decline was observed during 2018 reaching a low of $176.52 in September 2018. However, from late 2018 onwards, the share price resumed growth, rising to $229.76 by the end of December 2019. This pattern reflects periods of both strong appreciation and correction, with a notable recovery in late 2018 through 2019.
- Earnings Per Share (EPS)
- EPS data begins from April 2016, starting at $6.94. Over the observed periods, EPS generally increased, albeit with some fluctuations. From $6.94 in early 2016, EPS declined slightly to $6.57 in July 2016 but then rose consistently, reaching $7.62 in December 2016. A gradual increase continued into 2017, stabilizing mostly between $7.02 and $7.86. Notably, a marked rise occurred after 2017, with EPS climbing to $8.41 in September 2018 and further accelerating to $12.01 by December 2019. This reflects significant improvements in profitability towards the later periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was first recorded in April 2016 at 18.25, displaying some volatility throughout the periods. The ratio rose from 18.25 to a peak of 30.3 in April 2018, suggesting a period when the share price was valued more highly compared to earnings. Post-peak, the P/E ratio declined steadily into 2019, reaching lows around 16.24 by mid-year, before experiencing a slight increase to 19.14 by year-end. This movement suggests changing market perceptions about the company's growth prospects or earnings quality, with relatively elevated valuations in 2018 followed by normalization in 2019.
- Overall Financial Trends
- The observed financial metrics collectively indicate that the company underwent phases of strong market confidence and improving profitability over the four-year span. Despite interim corrections in share price and fluctuations in the P/E ratio, the steady increase in EPS supports the interpretation of strengthening earnings performance. Meanwhile, the P/E ratio's peak and subsequent moderation may reflect investor adjustments to growth expectations or market conditions.
Price to Operating Profit (P/OP)
Raytheon Co., historical P/OP calculation (quarterly data)
| Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (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. | ||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Operating profit per share
= (Operating incomeQ4 2019
+ Operating incomeQ3 2019
+ Operating incomeQ2 2019
+ Operating incomeQ1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Raytheon Co. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals distinct patterns in share price movements, operating profit per share, and the price-to-operating profit (P/OP) ratio over the observed time frame.
- Share Price
- The share price demonstrated a general upward trend from early 2015 through the end of 2019. Starting at $108.55 in March 2015, it increased steadily with some fluctuations, reaching as high as $212.58 by December 2017. After peaking, the price experienced some declines and moderate volatility during 2018, dropping to around $176.52 by September 2018. Subsequently, the share price resumed its upward trajectory, culminating at $229.76 by the end of 2019. Overall, the share price roughly doubled over the five-year period.
- Operating Profit Per Share
- Operating profit per share data, available from April 2016 onward, revealed consistent growth throughout the period. Beginning at $10.08 in April 2016, it increased steadily each quarter to $17.15 by December 2019. This reflects a strong upward trend in operational profitability on a per-share basis, indicating improved earnings performance over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited moderate fluctuations but generally reflected a decreasing trend from 2016 through 2019. The ratio started at 12.56 in April 2016 and increased to a peak of 18.48 by December 2017, coinciding with the share price peak. Following this, the ratio declined substantially to 11.25 by March 2019, indicating that the share price growth was somewhat outpaced by operating profit increases during this period. Toward the end of 2019, the ratio experienced a slight rebound, rising to 13.40 in December 2019.
In summary, the company experienced strong operational profitability growth from 2016 onwards, supported by a rising share price which doubled over five years. The P/OP ratio's mid-period increase followed by a decline suggests market valuation adjustments where operating profit improvements increasingly justified the share price, leading to a more attractive valuation multiple by the end of the period analyzed.
Price to Sales (P/S)
Raytheon Co., historical P/S calculation (quarterly data)
| Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Sales per share
= (Net salesQ4 2019
+ Net salesQ3 2019
+ Net salesQ2 2019
+ Net salesQ1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Raytheon Co. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited a generally upward trend from March 2015 to December 2019. Starting at $108.55 in March 2015, it increased steadily to peak at $229.76 by December 2019. The growth was marked by a few fluctuations, with a significant rise noted between July 2017 and December 2017, climbing from $169.53 to $212.58. There was a period of decline in mid-2018, with the price dropping to $176.52 in September 2018 before recovering again in subsequent quarters.
- Sales Per Share
- Sales per share data became available starting in April 2016, beginning at $77.75 and showing a consistent upward trajectory throughout the following quarters. By December 2019, sales per share had increased to $104.78, representing steady growth and indicating improved sales performance or increased revenue generation per share over time.
- Price-to-Sales Ratio (P/S)
- The P/S ratio demonstrated variability throughout the observed period. After initial values around 1.6 in early 2016, the ratio rose steadily reaching a peak of 2.42 in April 2018. This peak signifies a period when the share price growth outpaced sales increases. Subsequently, the P/S ratio declined to approximately 1.9 by the end of 2018, reflecting either an acceleration in sales growth relative to share price or a stabilization of stock valuation. The ratio rose again moderately towards the end of 2019, reaching 2.19.
Overall, the data suggest a robust increase in share price accompanied by steady growth in sales per share. The fluctuations in the P/S ratio indicate varying market valuation dynamics relative to sales performance, highlighting periods where investor valuation was more optimistic as well as adjustments aligning price with sales growth.
Price to Book Value (P/BV)
Raytheon Co., historical P/BV calculation (quarterly data)
| Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jul 1, 2018 | Apr 1, 2018 | Dec 31, 2017 | Oct 1, 2017 | Jul 2, 2017 | Apr 2, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Total Raytheon Company stockholders’ 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. | ||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
BVPS = Total Raytheon Company stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Raytheon Co. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price generally exhibits an upward trend from March 2015 through December 2019, increasing from $108.55 to $229.76 over the period. Notably, there are fluctuations including a peak at $212.58 in December 2017, a subsequent decline through September 2018 to $176.52, and a recovery thereafter, reaching new highs towards the end of 2019. The price progression indicates periods of strong investor confidence punctuated by temporary corrections.
- Book Value Per Share (BVPS)
- Book value per share shows a steady and gradual increase across the observed quarters, rising from $31.81 in March 2015 to a peak of $46.62 in September 2019 before a moderate decline to $43.90 in December 2019. This overall growth suggests consistent accumulation of net assets on a per-share basis, reflecting potentially improving underlying equity value despite minor reversals toward the end of the period.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio experiences significant variation, starting at 3.41 in March 2015 and reaching a pronounced peak of 6.16 in December 2017. After this peak, the ratio declines to a minimum of 4.24 in June 2019, followed by an increase to 5.23 by December 2019. The elevated P/BV levels during the latter years compared to earlier periods suggest that the market price increasingly exceeded the book value, indicating market optimism or expectations of future growth. However, the fluctuations also indicate shifts in market sentiment and valuation expectations throughout the timeframe.
- Summary Insights
- The data reflects a company experiencing growth in equity value as indicated by the increasing BVPS, accompanied by a dynamic market valuation as evidenced by fluctuating share prices and P/BV ratios. The divergence between steady book value growth and more volatile share prices and P/BV ratios signals periods of changing market perceptions, possibly driven by external factors or company-specific developments influencing investor expectations. The peak in valuation multiples around late 2017, followed by a correction and later recovery, highlights sensitivity to market conditions and valuation reassessments over the five-year span.