Honeywell International (HON)
Market Price (3/31/2026): $223.01 | Market Cap: $141.6 BilSector: Industrials | Industry: Industrial Conglomerates
Honeywell International (HON)
Market Price (3/31/2026): $223.01Market Cap: $141.6 BilSector: IndustrialsIndustry: Industrial Conglomerates
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%, Dividend Yield is 2.1% | Weak multi-year price returns3Y Excs Rtn is -25% | Key risksHON key risks include [1] potential liabilities from a history of litigation and legacy pollution sites and [2] increased compliance costs from evolving environmental regulations on substances like PFAS. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 6.4 Bil, FCF LTM is 5.4 Bil | ||
| Low stock price volatilityVol 12M is 25% | ||
| Megatrend and thematic driversMegatrends include Automation & Robotics, Smart Buildings & Proptech, Advanced Aviation & Space, and Energy Transition & Decarbonization. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%, Dividend Yield is 2.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 6.4 Bil, FCF LTM is 5.4 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Smart Buildings & Proptech, Advanced Aviation & Space, and Energy Transition & Decarbonization. Show more. |
| Weak multi-year price returns3Y Excs Rtn is -25% |
| Key risksHON key risks include [1] potential liabilities from a history of litigation and legacy pollution sites and [2] increased compliance costs from evolving environmental regulations on substances like PFAS. |
Qualitative Assessment
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Honeywell International (HON) stock has gained about 15% since 11/30/2025 because of the following key factors:
1. Q4 2025 Adjusted Earnings Beat and Strong 2026 Outlook. Honeywell reported adjusted earnings per share (EPS) of $2.59 for the fourth quarter of 2025, surpassing analyst estimates of $2.54 by 2.1%. The company also provided an optimistic adjusted EPS guidance for the full year 2026, projecting a midpoint of $10.50, which exceeded analyst expectations by 0.8%.
2. Robust Organic Order Growth and Record Backlog. The company demonstrated significant organic order growth of 23% in Q4 2025, largely fueled by strong demand in its Aerospace Technologies and Energy and Sustainability Solutions segments. This performance contributed to a record backlog exceeding $37 billion, providing a solid foundation for future revenue.
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1. Q4 2025 Adjusted Earnings Beat and Strong 2026 Outlook. Honeywell reported adjusted earnings per share (EPS) of $2.59 for the fourth quarter of 2025, surpassing analyst estimates of $2.54 by 2.1%. The company also provided an optimistic adjusted EPS guidance for the full year 2026, projecting a midpoint of $10.50, which exceeded analyst expectations by 0.8%.
2. Robust Organic Order Growth and Record Backlog. The company demonstrated significant organic order growth of 23% in Q4 2025, largely fueled by strong demand in its Aerospace Technologies and Energy and Sustainability Solutions segments. This performance contributed to a record backlog exceeding $37 billion, providing a solid foundation for future revenue.
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Stock Movement Drivers
Fundamental Drivers
The 16.9% change in HON stock from 11/30/2025 to 3/30/2026 was primarily driven by a 51.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 191.24 | 223.48 | 16.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36,889 | 37,442 | 1.5% |
| Net Income Margin (%) | 16.6% | 12.6% | -24.0% |
| P/E Multiple | 19.8 | 30.0 | 51.4% |
| Shares Outstanding (Mil) | 635 | 635 | 0.0% |
| Cumulative Contribution | 16.9% |
Market Drivers
11/30/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HON | 16.9% | |
| Market (SPY) | -5.3% | 41.1% |
| Sector (XLI) | 2.2% | 62.7% |
Fundamental Drivers
The 9.2% change in HON stock from 8/31/2025 to 3/30/2026 was primarily driven by a 31.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.72 | 223.48 | 9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36,209 | 37,442 | 3.4% |
| Net Income Margin (%) | 15.8% | 12.6% | -20.0% |
| P/E Multiple | 22.8 | 30.0 | 31.5% |
| Shares Outstanding (Mil) | 638 | 635 | 0.4% |
| Cumulative Contribution | 9.2% |
Market Drivers
8/31/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HON | 9.2% | |
| Market (SPY) | 0.6% | 35.8% |
| Sector (XLI) | 3.8% | 60.8% |
Fundamental Drivers
The 13.7% change in HON stock from 2/28/2025 to 3/30/2026 was primarily driven by a 33.9% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 196.53 | 223.48 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,717 | 37,442 | 7.8% |
| Net Income Margin (%) | 16.4% | 12.6% | -23.1% |
| P/E Multiple | 22.4 | 30.0 | 33.9% |
| Shares Outstanding (Mil) | 651 | 635 | 2.4% |
| Cumulative Contribution | 13.7% |
Market Drivers
2/28/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HON | 13.7% | |
| Market (SPY) | 9.8% | 61.9% |
| Sector (XLI) | 16.5% | 73.0% |
Fundamental Drivers
The 32.0% change in HON stock from 2/28/2023 to 3/30/2026 was primarily driven by a 31.3% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 169.32 | 223.48 | 32.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,466 | 37,442 | 5.6% |
| Net Income Margin (%) | 14.0% | 12.6% | -9.8% |
| P/E Multiple | 22.9 | 30.0 | 31.3% |
| Shares Outstanding (Mil) | 670 | 635 | 5.6% |
| Cumulative Contribution | 32.0% |
Market Drivers
2/28/2023 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HON | 32.0% | |
| Market (SPY) | 69.4% | 54.7% |
| Sector (XLI) | 62.4% | 65.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HON Return | -0% | 5% | 0% | 10% | -6% | 15% | 24% |
| Peers Return | 35% | -2% | 26% | 43% | 41% | 3% | 246% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -7% | 70% |
Monthly Win Rates [3] | |||||||
| HON Win Rate | 58% | 42% | 33% | 42% | 33% | 67% | |
| Peers Win Rate | 70% | 45% | 57% | 63% | 65% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| HON Max Drawdown | -8% | -19% | -17% | -9% | -19% | 0% | |
| Peers Max Drawdown | -4% | -26% | -15% | -4% | -12% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RTX, GE, ETN, JCI, EMR. See HON Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/30/2026 (YTD)
How Low Can It Go
| Event | HON | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -28.6% | -25.4% |
| % Gain to Breakeven | 40.0% | 34.1% |
| Time to Breakeven | 774 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.4% | 51.3% |
| Time to Breakeven | 227 days | 148 days |
| 2018 Correction | ||
| % Loss | -25.0% | -19.8% |
| % Gain to Breakeven | 33.3% | 24.7% |
| Time to Breakeven | 115 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -62.7% | -56.8% |
| % Gain to Breakeven | 168.0% | 131.3% |
| Time to Breakeven | 1,320 days | 1,480 days |
Compare to RTX, GE, ETN, JCI, EMR
In The Past
Honeywell International's stock fell -28.6% during the 2022 Inflation Shock from a high on 8/16/2021. A -28.6% loss requires a 40.0% gain to breakeven.
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About Honeywell International (HON)
Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Its Aerospace segment offers auxiliary power units, propulsion engines, integrated avionics, environmental control and electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, advanced systems and instruments, satellite and space components, and aircraft wheels and brakes; spare parts; repair, overhaul, and maintenance services; thermal systems, as well as wireless connectivity and management services. The company's Honeywell Building Technologies segment offers software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and upgrades of systems. Its Performance Materials and Technologies segment offers automation control, instrumentation, and software and related services; catalysts and adsorbents, equipment, and consulting; and materials to manufacture end products, such as bullet-resistant armor, nylon, computer chips, and pharmaceutical packaging, as well as provides reduced and low global-warming-potential materials based on hydrofluoro-olefin technology. The company's Safety and Productivity Solutions segment provides personal protection equipment, apparel, gear, and footwear; gas detection technology; cloud-based notification and emergency messaging; mobile devices and software; supply chain and warehouse automation equipment, and software solutions; custom-engineered sensors, switches, and controls; and data and asset management productivity software solutions. The company was founded in 1906 and is headquartered in Charlotte, North Carolina.
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Here are 1-2 brief analogies to describe Honeywell International:
- Honeywell is a diversified industrial technology powerhouse, much like a Siemens with a significant aerospace division, providing essential systems and software for airplanes, smart buildings, and manufacturing.
- Consider Honeywell as the 'Intel Inside' for the industrial world, supplying critical systems and software that power everything from aircraft and building infrastructure to factory automation and worker safety.
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- Aerospace Systems and Components: Provides auxiliary power units, propulsion engines, avionics, flight safety systems, and related hardware for aircraft.
- Building Control Systems: Offers software applications, sensors, switches, and control systems for energy management, access control, video surveillance, and fire safety in buildings.
- Industrial Automation Solutions: Delivers automation control, instrumentation, and software to optimize industrial processes.
- Advanced Materials and Chemicals: Manufactures catalysts, adsorbents, and specialized materials used in products such as bullet-resistant armor, computer chips, and pharmaceutical packaging.
- Personal Protective Equipment (PPE): Supplies personal protection equipment, apparel, footwear, and gas detection technology for various industries.
- Supply Chain and Warehouse Automation Equipment: Provides equipment, including robotics and material handling systems, to enhance supply chain and warehouse efficiency.
- Aerospace Services: Offers repair, overhaul, maintenance, and wireless connectivity management services for aerospace products.
- Building Technologies Services: Provides installation, maintenance, and upgrade services for building control, security, and fire systems.
- Industrial Software and Consulting: Delivers software solutions and consulting related to automation control and process optimization.
- Productivity Software: Offers cloud-based notification, emergency messaging, data, and asset management software solutions.
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Honeywell International Inc. (HON) primarily sells its products and services to other businesses rather than directly to individual consumers. Based on the company's diversified operations, its major customers are found across several industries:
-
Aerospace Manufacturers and Airlines: Honeywell's Aerospace segment provides critical components, systems, and services for aircraft. Key customers in this area include major aircraft manufacturers and large airlines.
- Boeing Co. (BA)
- Airbus SE (EADSY) - *U.S. OTC symbol for the European company*
- Lockheed Martin Corp. (LMT)
- Delta Air Lines Inc. (DAL)
- United Airlines Holdings, Inc. (UAL)
-
Industrial and Process Companies: The Performance Materials and Technologies segment serves industries requiring automation control, advanced materials, and catalysts.
- Large oil and gas companies, such as Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), for process automation and refining technologies.
- Chemical and petrochemical companies.
- Semiconductor manufacturers.
- Pharmaceutical companies.
- Commercial Building Owners and Developers: The Honeywell Building Technologies segment provides solutions for building control, energy management, security, and fire safety. Customers are typically commercial real estate entities, facility management companies, and large institutional clients (e.g., hospitals, universities).
-
Logistics, Manufacturing, and Industrial Companies: The Safety and Productivity Solutions segment supplies personal protection equipment, warehouse automation, and mobile solutions.
- E-commerce and logistics giants, such as Amazon.com, Inc. (AMZN), for warehouse automation and supply chain solutions.
- Large manufacturing companies across various sectors.
- Government and public safety entities for personal protection and emergency communication.
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Honeywell International Inc. (HON) features a robust management team led by its Chairman and CEO, Vimal Kapur, and Senior Vice President and CFO, Mike Stepniak.Vimal Kapur
Chairman and Chief Executive Officer
Vimal Kapur is the Chairman and Chief Executive Officer of Honeywell. He joined a Honeywell joint venture in 1989, progressing through various leadership roles, including Managing Director of Honeywell Automation India Ltd., President of Honeywell Process Solutions, President and CEO of Honeywell Building Technologies, and President and CEO of Performance Materials and Technologies. He was appointed President and Chief Operating Officer in July 2022, became CEO in June 2023, and assumed the role of Chairman in June 2024. Kapur has been instrumental in the planned separation of Honeywell into three independent public companies: Honeywell Aerospace, Solstice Advanced Materials, and Honeywell.
Mike Stepniak
Senior Vice President and Chief Financial Officer
Mike Stepniak serves as the Senior Vice President and Chief Financial Officer for Honeywell. He assumed this role following the company's announcement of its fourth quarter and full-year financial results for fiscal year 2024. Stepniak joined Honeywell in 2020 and has held positions as Vice President and CFO of Honeywell Building Technologies and Vice President and CFO of Honeywell Aerospace Technologies. Prior to his tenure at Honeywell, he spent nearly two decades at General Electric (GE) and Baker Hughes, where he was most recently the CFO of the Oilfield Equipment division.
Anne T. Madden
Senior Vice President, General Counsel
Anne T. Madden is the Senior Vice President and General Counsel at Honeywell. She is responsible for the company's legal affairs and compliance.
Sheila Jordan
Senior Vice President, Chief Digital Technology Officer
Sheila Jordan holds the position of Senior Vice President and Chief Digital Technology Officer. Her role involves overseeing the company's digital technology strategy and initiatives.
Suresh Venkatarayalu
Senior Vice President and Chief Technology Officer
Suresh Venkatarayalu is the Senior Vice President and Chief Technology Officer. He leads Honeywell's technological innovation and research and development efforts.
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Here are the key risks to Honeywell International (HON):
- Supply Chain Disruptions, Geopolitical Tensions, and Macroeconomic Volatility: Honeywell operates globally and is susceptible to disruptions in its supply chain, including raw material inflation, labor market challenges, and geopolitical events such as trade policy volatility and tariffs. These factors can lead to increased costs and affect the company's ability to meet demand. Furthermore, Honeywell's performance is closely tied to global economic conditions, and an economic downturn could lead to reduced demand in its cyclical industries, like aerospace and industrial manufacturing.
- Intensifying Competition and the Need for Continuous Innovation: Honeywell operates in highly competitive markets across its segments, facing both established industrial giants and agile technology-focused firms. To maintain its market position, the company must continuously invest significantly in research and development to foster innovation and technological advancements. This high R&D spending can be a near-term drag on earnings, with no guarantee of immediate returns.
- Regulatory and Environmental Challenges, including PFAS, and Risks from Portfolio Transformation: As a global enterprise, Honeywell is subject to a wide array of evolving regulatory and environmental challenges. Notably, the company faces potential compliance costs related to emerging legislation, such as Minnesota's ban on "forever chemicals" (PFAS), which could impact a significant number of parts in its aerospace, defense, and pharmaceutical packaging materials businesses. Additionally, Honeywell's planned spin-offs of certain businesses, including its Advanced Materials and Aerospace segments, involve significant incremental costs and pose financial risks, as analysts have noted that the company's debt may not be adequately covered by operating cash flow during this restructuring period.
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Honeywell International Inc. (HON) operates in several diversified technology and manufacturing segments, each addressing significant global markets:
Aerospace Segment
- Aerospace Maintenance, Repair, and Overhaul (MRO): The global aerospace MRO market was valued at approximately USD 87.63 billion in 2024 and is expected to reach around USD 145.48 billion by 2034. North America held a dominant market position, capturing over 32% share, with USD 28.04 billion in revenue in 2024. The U.S. Aerospace MRO market alone was valued at USD 26.4 billion in 2024. Other estimates place the global aircraft MRO market at USD 91.35 billion in 2024, projected to reach USD 678.58 billion by 2032, or USD 120.3 billion in 2025, reaching USD 172.73 billion by 2035.
Honeywell Building Technologies Segment
- Building Automation Systems: The global intelligent building automation technologies market was valued at USD 102.74 billion in 2022 and is expected to grow to USD 204.53 billion by 2030. Another report indicates the global building automation systems market size was valued at USD 87.85 billion in 2025 and is projected to reach USD 184.42 billion by 2034. The U.S. market within this segment is projected to reach USD 26.94 billion by 2026.
- Fire Products (Fire Safety Equipment): The global fire safety equipment market generated a revenue of USD 53,197.4 million in 2023 and is expected to reach USD 82,273.5 million by 2030. North America was the largest revenue-generating market in 2023. The global fire and life safety protection services market, a broader category, was valued at USD 148.5 billion in 2024 and is projected to grow to USD 232.5 billion by 2034.
Performance Materials and Technologies Segment
- Industrial Automation and Control Systems: The global industrial automation and control systems market size was estimated at USD 226.76 billion in 2025 and is projected to reach USD 504.38 billion by 2033. North America accounted for a significant market share of over 28% in 2025. Other estimates for the global industrial automation market range from USD 256.02 billion in 2025 to USD 613.25 billion by 2035.
- Catalysts: The global catalyst market size was estimated at USD 43.6 billion in 2025 and is projected to reach USD 61.5 billion by 2033. Asia Pacific dominated this market, holding a 35.3% revenue share in 2025.
- Adsorbents: The global adsorbents market size was valued at USD 5.10 billion in 2024 and is expected to reach USD 7.78 billion by 2033. Asia Pacific currently dominates the market, holding over 36.8% market share in 2024.
- Advanced Materials: The global advanced materials market size was worth around USD 67.85 billion in 2024 and is predicted to grow to around USD 130.88 billion by 2034. North America is expected to grow at a steady rate in this market. Other sources estimate the global advanced materials market size at USD 73.63 billion in 2025, reaching USD 134.49 billion by 2035, or USD 87.55 billion in 2025, reaching USD 162.35 billion by 2035.
Safety and Productivity Solutions Segment
- Personal Protective Equipment (PPE): The global personal protective equipment (PPE) market size was valued at USD 82.54 billion in 2025 and is projected to grow to USD 129.18 billion by 2034. North America dominated the PPE market with a market share of 36% in 2025. Other estimates include USD 90.42 billion in 2025, reaching USD 159.76 billion by 2033.
- Gas Detection Technology: The global gas detection equipment market size was estimated at USD 5.60 billion in 2024 and is projected to reach USD 10.66 billion by 2030. Another estimate for the global gas detection equipment market size is USD 5.75 billion in 2024, projected to reach USD 16.14 billion by 2034. The global gas detection system market was valued at USD 5.61 billion in 2025 and is estimated to grow to USD 7.46 billion by 2031.
- Warehouse Automation Equipment and Software Solutions: The global warehouse automation market size was valued at USD 31.21 billion in 2025, projected to grow to USD 119.86 billion by 2034. North America held a dominant market position in 2023, capturing more than a 36.7% share, with demand valued at US$ 7.6 billion. Other estimates for the global warehouse automation market range from USD 25.27 billion in 2025 to USD 107.36 billion by 2035.
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Expected Revenue Growth Drivers for Honeywell International (HON)
- Aerospace Sector Growth: Honeywell anticipates continued strong demand within its Aerospace segment, particularly in commercial aviation. This growth is expected from rising commercial original equipment (OE) build rates, leading to an increase in shipset deliveries, and sustained strength in commercial aftermarket services. Furthermore, increased defense budgets and new content wins for next-generation aircraft and Urban Air Mobility/Unmanned Aerial Systems (UAM/UAS) are projected to contribute to revenue growth through 2028. Honeywell's substantial backlog in the aerospace unit is also a significant catalyst for future sales.
- Automation and Digital Industrial Expansion: The company is focused on expanding its digital industrial offerings, notably through Honeywell Connected Enterprise (HCE) and advanced software solutions, including Software-as-a-Service (SaaS) based revenue streams and the Honeywell Forge IoT platform. This includes the rollout of connected building operating systems and Forge for Buildings modules, with a specific focus on smart hospitals, airports, and data centers. Strategic bolt-on mergers and acquisitions in areas like warehouse automation software, operational technology (OT) cybersecurity, and AI inspection are also expected to bolster growth in the automation sector, which is viewed as a foundational element for AI and data-driven expansion.
- Energy Transition and Sustainability Solutions (ETS): Honeywell is actively scaling its portfolio of sustainable technologies. Key areas of focus include hydrogen processing, carbon capture (both solvent and membrane technologies), refrigerant transitions, and battery safety controls. The company is targeting multi-hundred-million-dollar projects in regions such as the United States, the Middle East, and Europe. Acquisitions, such as the liquefied natural gas (LNG) process technology and equipment business from Air Products, are strategically enhancing Honeywell's capabilities to provide comprehensive solutions for the ongoing energy transformation.
- Portfolio Optimization and Strategic Acquisitions: Honeywell is committed to actively optimizing its business portfolio through strategic acquisitions that offer accretive growth and align with its core megatrends: automation, the future of aviation, and energy transition. Recent acquisitions, including CAES Systems for electromagnetic defense technology and Civitanavi Systems for autonomous operations in aircraft, are enhancing capabilities and creating significant revenue tailwinds. The company has articulated plans to deploy capital towards further mergers and acquisitions to accelerate overall growth.
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Share Repurchases
- Honeywell's Board of Directors authorized a share repurchase program of up to $10.0 billion of its common stock on February 12, 2021, which included approximately $2.8 billion remaining from a previous authorization. This authorization has no expiration date. The company announced another share repurchase program for up to $10 billion worth of common stock on April 25, 2024.
- Honeywell's annual share buybacks were $3.715 billion in 2023, $1.655 billion in 2024, and $3.804 billion in 2025.
- On average, Honeywell deployed approximately $4 billion per year on share buybacks between 2021 and 2023. For the full year 2025, $3.8 billion was deployed to repurchase 18 million shares.
Share Issuance
- Information specifically detailing the dollar amount of shares issued over the last 3-5 years is not explicitly available in the provided search results.
Outbound Investments
- Honeywell committed to deploy at least $25 billion towards dividends, acquisitions, capital expenditures, and share buybacks through 2025, a commitment it was on pace to exceed.
- Since December 2023, Honeywell completed nearly $9 billion of accretive acquisitions to accelerate growth and support its pivot to higher-growth verticals. Key acquisitions include Carrier Access Solutions for $4.95 billion (completed in June 2024), CAES Systems for $1.9 billion, and Air Products' liquefied natural gas (LNG) business for $1.81 billion.
- In 2025, Honeywell completed a $2.2 billion acquisition of Sundyne and announced a £1.8 billion (approximately $2.2 billion USD) agreement to acquire Johnson Matthey's Catalyst Technologies. For the full year 2025, $2.2 billion was deployed to acquisitions.
Capital Expenditures
- Honeywell's capital expenditures averaged $851.8 million for the fiscal years ending December 2021 to 2025.
- Annual capital expenditures were $895 million in 2021, $766 million in 2022, $741 million in 2023, $871 million in 2024, and $986 million in 2025. For the full year 2025, $1 billion was deployed to capital expenditures.
- Capital expenditures are anticipated to increase by approximately $250 million in 2026 to support growth investment.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 205.31 |
| Mkt Cap | 137.7 |
| Rev LTM | 32,445 |
| Op Inc LTM | 5,888 |
| FCF LTM | 4,488 |
| FCF 3Y Avg | 4,198 |
| CFO LTM | 5,440 |
| CFO 3Y Avg | 5,045 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.8% |
| Rev Chg 3Y Avg | 9.5% |
| Rev Chg Q | 10.4% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 16.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 16.4% |
| CFO/Rev 3Y Avg | 14.1% |
| FCF/Rev LTM | 13.6% |
| FCF/Rev 3Y Avg | 11.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 137.7 |
| P/S | 3.8 |
| P/EBIT | 24.8 |
| P/E | 31.3 |
| P/CFO | 26.8 |
| Total Yield | 3.9% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.2% |
| 3M Rtn | 3.1% |
| 6M Rtn | 5.3% |
| 12M Rtn | 32.1% |
| 3Y Rtn | 106.5% |
| 1M Excs Rtn | -2.4% |
| 3M Excs Rtn | 11.2% |
| 6M Excs Rtn | 10.4% |
| 12M Excs Rtn | 17.2% |
| 3Y Excs Rtn | 52.2% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial Automation | 21,035 | 22,026 | |||
| Aerospace Technologies | 16,966 | 12,976 | 12,189 | 11,490 | 11,035 |
| Corporate and All Other | 15,420 | 11,752 | 14,708 | 17,174 | 19,788 |
| Building Automation | 11,438 | 6,723 | 6,599 | 6,543 | 6,351 |
| Energy and Sustainability Solutions | 10,337 | 8,048 | |||
| Performance Materials and Technologies | 17,887 | 18,021 | 16,772 | ||
| Safety and Productivity Solutions | 10,892 | 11,242 | 10,640 | ||
| Total | 75,196 | 61,525 | 62,275 | 64,470 | 64,586 |
Price Behavior
Price Behavior
| Market Price | $223.48 | |
| Market Cap ($ Bil) | 142.0 | |
| First Trading Date | 01/02/1970 | |
| Distance from 52W High | -9.9% | |
| 50 Days | 200 Days | |
| DMA Price | $232.39 | $208.96 |
| DMA Trend | up | up |
| Distance from DMA | -3.8% | 6.9% |
| 3M | 1YR | |
| Volatility | 23.8% | 25.5% |
| Downside Capture | 0.17 | 0.49 |
| Upside Capture | 123.01 | 72.21 |
| Correlation (SPY) | 47.2% | 63.7% |
HON Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.33 | 0.69 | 0.51 | 0.54 | 0.80 | 0.74 |
| Up Beta | 0.77 | 0.99 | 0.85 | 0.68 | 0.86 | 0.81 |
| Down Beta | 1.68 | 1.30 | 1.03 | 0.90 | 0.96 | 0.79 |
| Up Capture | 68% | 131% | 98% | 53% | 56% | 36% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 25 | 36 | 62 | 130 | 386 |
| Down Capture | -121% | -73% | -67% | 15% | 65% | 87% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 16 | 25 | 62 | 121 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HON | |
|---|---|---|---|---|
| HON | 13.1% | 25.4% | 0.44 | - |
| Sector ETF (XLI) | 19.2% | 19.3% | 0.78 | 74.0% |
| Equity (SPY) | 14.8% | 19.0% | 0.60 | 63.7% |
| Gold (GLD) | 48.2% | 27.7% | 1.42 | 10.9% |
| Commodities (DBC) | 17.5% | 17.6% | 0.83 | 27.1% |
| Real Estate (VNQ) | 1.1% | 16.4% | -0.11 | 60.4% |
| Bitcoin (BTCUSD) | -24.0% | 44.3% | -0.49 | 24.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HON | |
|---|---|---|---|---|
| HON | 4.8% | 21.4% | 0.16 | - |
| Sector ETF (XLI) | 12.3% | 17.2% | 0.56 | 72.5% |
| Equity (SPY) | 12.0% | 17.0% | 0.55 | 62.3% |
| Gold (GLD) | 20.9% | 17.7% | 0.97 | 11.9% |
| Commodities (DBC) | 12.2% | 18.8% | 0.53 | 18.7% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 52.7% |
| Bitcoin (BTCUSD) | 3.9% | 56.6% | 0.29 | 19.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HON | |
|---|---|---|---|---|
| HON | 10.6% | 23.2% | 0.43 | - |
| Sector ETF (XLI) | 12.8% | 19.8% | 0.57 | 81.9% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 71.8% |
| Gold (GLD) | 13.4% | 15.8% | 0.70 | 4.5% |
| Commodities (DBC) | 8.2% | 17.6% | 0.38 | 27.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 60.7% |
| Bitcoin (BTCUSD) | 66.2% | 66.9% | 1.06 | 14.1% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/29/2026 | 4.9% | 8.6% | 13.0% |
| 10/23/2025 | 6.8% | 3.0% | -2.8% |
| 7/24/2025 | -6.2% | -7.2% | -8.7% |
| 4/29/2025 | 5.4% | 6.8% | 12.5% |
| 2/6/2025 | -5.6% | -7.8% | -3.0% |
| 10/24/2024 | -5.1% | -7.3% | 3.1% |
| 7/10/2024 | 1.8% | 3.7% | -6.0% |
| 4/25/2024 | -0.9% | 0.3% | 2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 14 |
| # Negative | 14 | 13 | 10 |
| Median Positive | 3.5% | 4.2% | 3.8% |
| Median Negative | -3.2% | -5.3% | -3.6% |
| Max Positive | 6.8% | 8.6% | 17.1% |
| Max Negative | -7.6% | -7.8% | -10.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 38.80 Bil | 39.30 Bil | 39.80 Bil | -3.7% | Lowered | Actual: 40.80 Bil for 2025 | |
| 2026 Revenue Growth | 3.0% | 4.5% | 6.0% | -25.0% | -1.5% | Lowered | Actual: 6.0% for 2025 |
| 2026 Operating Margin | 22.7% | 22.9% | 23.1% | -0.2% | -0.0% | Lowered | Actual: 22.95% for 2025 |
| 2026 EPS | 10.3 | 10.5 | 10.7 | -1.4% | Lowered | Actual: 10.7 for 2025 | |
| 2026 Operating Cash Flow | 4.70 Bil | 4.85 Bil | 5.00 Bil | -26.5% | Lowered | Actual: 6.60 Bil for 2025 | |
| 2026 Free Cash Flow | 5.30 Bil | 5.45 Bil | 5.60 Bil | 0.9% | Raised | Actual: 5.40 Bil for 2025 | |
| 2026 Free Cash Flow Growth | 4.0% | 7.0% | 10.0% | ||||
Prior: Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 40.70 Bil | 40.80 Bil | 40.90 Bil | -0.6% | Lowered | Guidance: 41.05 Bil for 2025 | |
| 2025 Revenue Growth | 6.0% | 33.3% | 1.5% | Raised | Guidance: 4.5% for 2025 | ||
| 2025 Operating Margin | 22.9% | 22.95% | 23.0% | -0.6% | -0.2% | Lowered | Guidance: 23.1% for 2025 |
| 2025 EPS | 10.6 | 10.7 | 10.7 | 1.0% | Raised | Guidance: 10.6 for 2025 | |
| 2025 Operating Cash Flow | 6.40 Bil | 6.60 Bil | 6.80 Bil | -4.4% | Lowered | Guidance: 6.90 Bil for 2025 | |
| 2025 Free Cash Flow | 5.20 Bil | 5.40 Bil | 5.60 Bil | -3.6% | Lowered | Guidance: 5.60 Bil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boldea, Lucian | President and CEO, IA | Direct | Sell | 8282025 | 221.58 | 42,149 | 9,339,396 | 2,289,813 | Form |
| 2 | West, Kenneth J | President and CEO, ESS | Direct | Sell | 8042025 | 218.10 | 3,448 | 752,026 | 328,248 | Form |
| 3 | Mailloux, Robert D | Vice President & Controller | Direct | Sell | 2032026 | 229.00 | 10,549 | 2,415,721 | 1,099,887 | Form |
| 4 | Mailloux, Robert D | Vice President & Controller | Direct | Sell | 2092026 | 239.00 | 5,274 | 1,260,486 | 1,147,917 | Form |
| 5 | Davis, D Scott | Direct | Sell | 2202026 | 240.00 | 2,367 | 568,080 | 7,459,440 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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