A Business at a Glance
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HONEYWELL INTERNATIONAL INC
HON
$156.2B
Mkt Cap
$243.15
-1.27%
HONEYWELL INTERNATIONAL INC (HON) has a current P/E ratio of 33.0, compared to its historical median P/E of 23.4. The stock is currently considered Fair based on its historical valuation range.
HONEYWELL INTERNATIONAL INC (HON) has a 5-year average return on invested capital (ROIC) of 20.5%. This indicates strong capital allocation and a potential competitive advantage.
HONEYWELL INTERNATIONAL INC (HON) has a market capitalization of $154.1B. It is classified as a large-cap stock.
Yes, HONEYWELL INTERNATIONAL INC (HON) pays a dividend with a trailing twelve-month yield of 1.96%. The company also returns capital through share buybacks, with a buyback yield of 1.88%.
Based on historical P/E analysis, HONEYWELL INTERNATIONAL INC (HON) appears fair. The current P/E of 33.0 is 41% above its historical median of 23.4. The estimated fair value CAGR (P/E method) is 0.6%.
HONEYWELL INTERNATIONAL INC (HON) operates in the Aircraft Engines & Engine Parts industry, within the Industrials sector.
Honeywell International is an integrated operating company serving a broad range of industries and geographies through four reportable business segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. Aerospace Technologies supplies products, software, and services to original equipment manufacturers and operators across commercial air transport, business aviation, defense, and space, including auxiliary power units, propulsion engines, environmental control systems, avionics, connectivity services, and spare parts and maintenance; the segment generated $17.5 billion in 2025 revenue with commercial aviation aftermarket and defense and space as major revenue drivers. Building Automation provides products, software, and solutions for facility management including control systems, sensors, access control, video surveillance, and fire products, generating $7.4 billion in 2025 revenue with strong momentum in data center and healthcare verticals. Industrial Automation delivers automation control, instrumentation, sensing, gas detection, and software solutions for refining, petrochemicals, life sciences, utilities, and warehouse logistics, with a portfolio of millions of installed assets monetized through outcome-based solutions and proprietary machine learning algorithms integrated into the Honeywell Forge IoT platform. Process Automation and Technology, formed from a realignment of prior segments, supplies advanced technology, catalysts, equipment, and services for refining, petrochemicals, and life sciences projects, with significant long-cycle order visibility in liquefied natural gas and large modular equipment. The company's business model blends physical products with software and data analytics to drive recurring revenue streams from its vast installed base, supported by the Honeywell Accelerator operating system and Honeywell Forge platform, with geographic reach spanning North America, Europe, and high-growth regions including the Middle East and Asia.
【Separation and margin expansion】 Management expects to complete the separation of Honeywell Aerospace as an independent public company in the third quarter of 2026, positioning the remaining Honeywell as a pure-play automation company with enhanced strategic focus and tailored capital allocation. The company anticipates organic sales growth of 3% to 6% in 2026, with strength in Building Automation and Aerospace Technologies offset by a slower start in Process Automation and Technology that is expected to accelerate in the second half driven by order visibility and backlog conversion. Segment margins are projected to expand 20 to 60 basis points to 22.7% to 23.1%, driven by pricing discipline, productivity actions, and fixed cost reduction, with Industrial Automation expected to lead margin expansion through targeted cost takeout ahead of the separation. Management is pursuing aggressive stranded cost elimination in the 12 to 18 months following the aerospace spin and expects to continue deploying capital to high-return opportunities including the pending acquisition of Johnson Matthey's Catalyst Technologies business and the sale of Productivity Solutions and Services and Warehouse and Workflow Solutions businesses.
| Metric | Target | Period |
|---|---|---|
| Organic sales growth | 3%-6% | FY2026 |
| Segment margin | 22.7%-23.1% | FY2026 |
| Free cash flow | $5.3 billion-$5.6 billion | FY2026 |
Organic sales growth (FY2026): “For the full year 2026, we anticipate sales of $38.8 billion-$39.8 billion, up 3%-6% organically.”
Segment margin (FY2026): “Segment margins are expected to be up 20 to 60 basis points to 22.7%-23.1%”
Free cash flow (FY2026): “we expect free cash flow of $5.3 billion-$5.6 billion, up 4%-10%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 36.8B | 37.4B | 34.7B | 33.0B | 35.5B | 34.4B |
| Net Income | 4.1B | 4.7B | 5.7B | 5.7B | 5.0B | 5.5B |
| EPS | $6.46 | $7.36 | $8.71 | $8.47 | $7.27 | $7.91 |
| Free Cash Flow | 4.2B | 5.4B | 5.2B | 4.6B | 4.5B | 5.1B |
| ROIC | 18.1% | 17.5% | 17.9% | 21.7% | 23.2% | 22.2% |
| Gross Margin | - | 36.9% | 38.5% | 37.5% | 37.0% | 35.9% |
| Debt/Equity | 2.70 | 2.56 | 1.72 | 1.36 | 1.23 | 1.11 |
| Dividends/Share | $4.77 | $4.58 | $4.37 | $4.17 | $3.97 | $3.77 |
| Operating Income | 8.0B | 8.1B | 7.7B | 7.6B | 8.0B | 7.5B |
| Operating Margin | 21.8% | 21.7% | 22.1% | 22.9% | 22.6% | 21.8% |
| ROE | 30.2% | 29.1% | 33.1% | 34.8% | 28.2% | 30.7% |
| Shares Outstanding | 634M | 643M | 655M | 668M | 683M | 701M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 40.3B | 38.6B | 39.3B | 40.5B | 41.8B | 36.7B | 32.6B | 34.4B | 35.5B | 33.0B | 34.7B | 37.4B | 36.8B |
| Gross Margin | 28.2% | 30.7% | 30.9% | 30.6% | 30.5% | 33.7% | 32.1% | 35.9% | 37.0% | 37.5% | 38.5% | 36.9% | N/A |
| R&D | 1.9B | 1.9B | 1.9B | 1.8B | 1.8B | 1.6B | 1.3B | 1.3B | 1.5B | 1.4B | 1.5B | 1.8B | 1.9B |
| SG&A | 5.5B | 5.0B | 5.6B | 6.1B | 6.1B | 5.5B | 4.8B | 4.8B | 5.2B | 4.9B | 5.2B | 5.5B | 5.4B |
| EBIT | 6.0B | 6.8B | 6.8B | 7.2B | 7.8B | 7.8B | 6.3B | 7.5B | 8.0B | 7.6B | 7.7B | 8.1B | 8.0B |
| Op. Margin | 15.0% | 17.7% | 17.2% | 17.8% | 18.6% | 21.3% | 19.3% | 21.8% | 22.6% | 22.9% | 22.1% | 21.7% | 21.8% |
| Net Income | 4.2B | 4.8B | 4.8B | 1.5B | 6.8B | 6.1B | 4.8B | 5.5B | 5.0B | 5.7B | 5.7B | 4.7B | 4.1B |
| Net Margin | 10.5% | 12.4% | 12.2% | 3.8% | 16.2% | 16.7% | 14.6% | 16.1% | 14.0% | 17.1% | 16.4% | 12.6% | 11.2% |
| Non-Recurring | 184M | 216M | 369M | 507M | 530M | 438M | 565M | 331M | 420M | 335M | 221M | 934M | 224M |
| Returns on Capital | |||||||||||||
| ROIC | 24.0% | 22.8% | 20.0% | 17.6% | 30.2% | 26.7% | 20.5% | 22.2% | 23.2% | 21.7% | 17.9% | 17.5% | 18.1% |
| ROE | 24.1% | 26.5% | 25.6% | 8.6% | 39.0% | 33.5% | 26.5% | 30.7% | 28.2% | 34.8% | 33.1% | 29.1% | 30.2% |
| ROA | 9.3% | 10.1% | 9.3% | 2.7% | 11.5% | 10.6% | 7.8% | 8.6% | 7.8% | 9.1% | 8.3% | 6.4% | 5.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 5.1B | 5.5B | 5.5B | 6.0B | 6.4B | 6.9B | 6.2B | 6.0B | 5.3B | 5.3B | 6.1B | 6.4B | 5.2B |
| Free Cash Flow | 4.0B | 4.4B | 4.4B | 4.9B | 5.6B | 6.1B | 5.3B | 5.1B | 4.5B | 4.6B | 5.2B | 5.4B | 4.2B |
| Owner Earnings | 4.0B | 4.5B | 4.3B | 4.7B | 5.1B | 5.7B | 5.0B | 4.7B | 3.9B | 4.1B | 4.8B | 4.8B | 3.6B |
| CapEx | 1.1B | 1.1B | 1.1B | 1.0B | 828M | 839M | 906M | 895M | 766M | 741M | 871M | 986M | 958M |
| Maint. CapEx | 924M | 883M | 1.0B | 1.1B | 1.1B | 1.1B | 1.0B | 1.1B | 1.2B | 1.0B | 1.2B | 1.4B | 1.4B |
| Growth CapEx | 170M | 190M | 65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 924M | 883M | 1.0B | 1.1B | 1.1B | 1.1B | 1.0B | 1.1B | 1.2B | 1.0B | 1.2B | 1.4B | 1.4B |
| CapEx/OCF | 21.5% | 19.4% | 19.9% | 17.3% | 12.9% | 12.2% | 14.6% | 14.8% | 14.5% | 13.9% | 14.3% | 15.4% | 18.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.5B | 1.7B | 1.9B | 2.1B | 2.3B | 2.4B | 2.6B | 2.6B | 2.7B | 2.9B | 2.9B | 3.0B | 3.0B |
| Dividend Yield | 2.9% | 3.0% | 3.0% | 2.7% | 2.6% | 2.5% | 2.7% | 2.0% | 2.4% | 2.5% | 2.4% | 2.3% | 2.0% |
| Share Buybacks | 924M | 1.9B | 2.1B | 2.9B | 4.0B | 4.4B | 3.7B | 3.4B | 4.2B | 3.7B | 1.7B | 3.8B | 2.9B |
| Buyback Yield | 1.6% | 3.1% | 3.1% | 3.2% | 5.0% | 4.1% | 2.9% | 2.7% | 3.3% | 3.0% | 1.2% | 3.0% | 1.9% |
| Stock-Based Comp | 187M | 175M | 184M | 176M | 175M | 153M | 168M | 217M | 188M | 197M | 189M | 196M | 192M |
| Debt Repayment | 609M | 8.7B | 21.5B | 13.5B | 24.1B | 14.2B | 4.3B | 4.9B | 8.4B | 13.7B | 11.6B | 22.8B | 22.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.5B | 6.6B | 6.4B | 7.1B | 5.3B | 6.3B | 8.0B | 9.1B | 10.4B | 13.4B | 21.8B | 22.6B | 24.3B |
| Cash & Equiv. | 7.0B | 5.5B | 7.8B | 7.1B | 9.3B | 9.1B | 14.3B | 11.0B | 9.6B | 7.9B | 9.9B | 12.5B | 12.4B |
| Long-Term Debt | 6.0B | 5.6B | 12.2B | 12.6B | 9.8B | 11.1B | 16.3B | 14.3B | 15.1B | 16.6B | 25.4B | 27.1B | 29.0B |
| Debt/Equity | 0.49 | 0.66 | 0.81 | 1.08 | 0.89 | 0.90 | 1.32 | 1.11 | 1.23 | 1.36 | 1.72 | 2.56 | 2.70 |
| Interest Coverage | 19.0 | 22.0 | 20.0 | 22.9 | 21.2 | 21.9 | 17.5 | 21.9 | 19.4 | 10.1 | 7.3 | 6.0 | 109.6 |
| Equity | 17.7B | 18.3B | 19.4B | 16.5B | 18.2B | 18.5B | 17.5B | 18.6B | 16.7B | 15.9B | 18.6B | 13.9B | 13.6B |
| Total Assets | 45.5B | 49.3B | 54.6B | 59.5B | 57.8B | 58.7B | 64.6B | 64.5B | 62.3B | 61.5B | 75.2B | 73.7B | 74.0B |
| Total Liabilities | 27.7B | 30.9B | 35.0B | 42.8B | 39.4B | 40.0B | 46.8B | 45.2B | 45.0B | 45.1B | 56.0B | 58.7B | -825M |
| Intangibles | 2.2B | 4.6B | 4.6B | 4.5B | 4.1B | 3.7B | 3.6B | 3.6B | 3.2B | 3.2B | 6.6B | 6.7B | 6.6B |
| Retained Earnings | 23.1B | 26.1B | 28.7B | 27.5B | 34.0B | 37.7B | 39.9B | 42.8B | 45.1B | 48.0B | 50.8B | 51.0B | 51.0B |
| Working Capital | 7.4B | 1.7B | 6.7B | 7.1B | 5.4B | 6.2B | 9.0B | 5.9B | 5.0B | 5.0B | 6.7B | 7.0B | 8.5B |
| Current Assets | 22.2B | 20.1B | 23.1B | 26.0B | 24.4B | 24.3B | 28.2B | 25.4B | 25.0B | 23.5B | 27.9B | 30.4B | 30.6B |
| Current Liabilities | 14.8B | 18.4B | 16.3B | 18.9B | 18.9B | 18.1B | 19.2B | 19.5B | 19.9B | 18.5B | 21.3B | 23.4B | 22.1B |
| Per Share Data | |||||||||||||
| EPS | 5.33 | 6.04 | 6.21 | 2.00 | 8.98 | 8.41 | 6.72 | 7.91 | 7.27 | 8.47 | 8.71 | 7.36 | 6.46 |
| Owner EPS | 4.99 | 5.65 | 5.53 | 6.05 | 6.83 | 7.74 | 7.08 | 6.68 | 5.68 | 6.20 | 7.26 | 7.51 | 5.68 |
| Book Value | 22.20 | 23.16 | 25.00 | 21.36 | 24.13 | 25.32 | 24.68 | 26.50 | 24.44 | 23.74 | 28.43 | 21.64 | 21.45 |
| Cash Flow/Share | 6.39 | 6.99 | 7.10 | 7.72 | 8.54 | 9.44 | 8.73 | 8.62 | 7.72 | 7.99 | 9.31 | 9.97 | 8.64 |
| Dividends/Share | 1.87 | 2.15 | 2.45 | 2.74 | 3.06 | 3.36 | 3.63 | 3.77 | 3.97 | 4.17 | 4.37 | 4.58 | 4.77 |
| Shares Out. | 795.3M | 789.4M | 774.9M | 772.5M | 753.3M | 730.4M | 711.2M | 700.6M | 683.1M | 668.0M | 655.0M | 642.5M | 633.7M |
| Valuation | |||||||||||||
| P/E Ratio | 13.6 | 12.5 | 13.9 | 58.7 | 11.8 | 17.4 | 26.5 | 22.5 | 25.7 | 22.2 | 24.2 | 26.7 | 37.6 |
| P/FCF | 14.4 | 13.5 | 15.2 | 18.4 | 14.3 | 17.6 | 23.8 | 24.3 | 28.3 | 27.3 | 26.4 | 23.3 | 36.7 |
| EV/EBIT | 193.5 | 10.2 | 99.3 | 101.5 | 74.2 | 105.4 | 197.9 | 96.5 | 17.1 | 18.2 | 20.7 | 18.2 | 22.3 |
| Price/Book | 3.3 | 3.3 | 3.5 | 5.5 | 4.4 | 5.8 | 7.2 | 6.7 | 7.6 | 7.9 | 7.4 | 9.1 | 11.3 |
| Price/Sales | 6.6 | 7.4 | 8.0 | 9.5 | 2.1 | 2.7 | 3.0 | 3.8 | 3.2 | 3.5 | 3.5 | 3.4 | 4.2 |
| FCF Yield | 6.9% | 7.4% | 6.6% | 5.4% | 7.0% | 5.7% | 4.2% | 4.1% | 3.5% | 3.7% | 3.8% | 4.3% | 2.7% |
| Market Cap | 57.5B | 59.8B | 66.9B | 90.7B | 79.9B | 106.7B | 126.4B | 125.0B | 127.4B | 125.6B | 138.0B | 126.2B | 154.1B |
| Avg. Price | 66.06 | 73.43 | 82.24 | 101.39 | 117.04 | 134.93 | 136.84 | 186.26 | 168.54 | 173.84 | 188.15 | 199.21 | 243.15 |
| Year-End Price | 72.32 | 75.78 | 86.40 | 117.41 | 106.06 | 146.06 | 177.80 | 178.35 | 186.56 | 187.96 | 210.65 | 196.39 | 243.15 |
HONEYWELL INTERNATIONAL INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
HONEYWELL INTERNATIONAL INC trades at 33.0x trailing earnings, compared to its 15-year median P/E of 23.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 28.8x vs a median of 23.6x. The company's 5-year average ROIC is 20.5% with a gross margin of 37.1%. Total shareholder yield (dividends + buybacks) is 3.8%. At current prices, the estimated annualized return to fair value is -1.1%.
HONEYWELL INTERNATIONAL INC (HON) reported annual revenue of $37.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
HONEYWELL INTERNATIONAL INC (HON) has a net profit margin of 12.6%. This is a healthy margin.
HONEYWELL INTERNATIONAL INC (HON) generated $5.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HONEYWELL INTERNATIONAL INC (HON) has a debt-to-equity ratio of 2.56. This indicates higher leverage, which may increase financial risk.
HONEYWELL INTERNATIONAL INC (HON) reported earnings per share (EPS) of $7.36 in its most recent fiscal year.
HONEYWELL INTERNATIONAL INC (HON) has a return on equity (ROE) of 29.1%. This indicates the company generates strong returns for shareholders.
HONEYWELL INTERNATIONAL INC (HON) has a 5-year average gross margin of 37.1%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for HONEYWELL INTERNATIONAL INC (HON), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HONEYWELL INTERNATIONAL INC (HON) has a book value per share of $21.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to complete the separation of Honeywell Aerospace as an independent public company in the third quarter of 2026, positioning the remaining Honeywell as a pure-play automation company with enhanced strategic focus and tailored capital allocation. The company anticipates organic sales growth of 3% to 6% in 2026, with strength in Building Automation and Aerospace Technologies offset by a slower start in Process Automation and Technology that is expected to accelerate in the second half driven by order visibility and backlog conversion. Segment margins are projected to expand 20 to 60 basis points to 22.7% to 23.1%, driven by pricing discipline, productivity actions, and fixed cost reduction, with Industrial Automation expected to lead margin expansion through targeted cost takeout ahead of the separation. Management is pursuing aggressive stranded cost elimination in the 12 to 18 months following the aerospace spin and expects to continue deploying capital to high-return opportunities including the pending acquisition of Johnson Matthey's Catalyst Technologies business and the sale of Productivity Solutions and Services and Warehouse and Workflow Solutions businesses.
Based on recent SEC filings and earnings calls, HONEYWELL INTERNATIONAL INC (HON) has provided the following forward guidance: Organic sales growth: 3%-6% (FY2026); Segment margin: 22.7%-23.1% (FY2026); Free cash flow: $5.3 billion-$5.6 billion (FY2026).