[mbreese]

You need to normalize against something when comparing the share price of one company vs. another company. EPS helps you determine the worth of any single share.

Yes, if you're curious how well a particular company is doing over time, then it's arbitrary and not very helpful. But if you are comparing the relative value of a single share of company A vs company B, then it's helpful.

(Which is then also related to the sibling comment about dividends).