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HONEYWELL INTERNATIONAL INC

HON· Nasdaq· Aircraft Engines & Engine Parts

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
14.5%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+2.8%
We record prices for the companies we cover; HON is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
642.8M
Revenue
$37.4B
Free cash flow
$5.4B
Owner earnings
$5.2B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
21.7%
Net
12.6%
Free cash flow
14.5%
Owner earnings
14.0%
Stock pay
0.5%

Returns

ROIC, FY2025
18.5%
ROIC, 5 yr avg
–
ROE, FY2025
34.0%
ROE, 5 yr avg
32.0%

Growth (CAGR)

Revenue, 3 yr
1.8%
Revenue, 5 yr
2.8%
Revenue, 9 yr
-0.5%
Diluted EPS, 3 yr
0.4%
Diluted EPS, 5 yr
1.8%
Diluted EPS, 9 yr
1.9%
Free cash flow, 3 yr
6.3%
Free cash flow, 5 yr
0.4%
Free cash flow, 9 yr
2.3%

Financial health · FY2025

Cash and investments
$12.9B
Total debt
$34.9B
Net debt
$22.0B
Debt/Equity
2.5x
Debt/FCF
6.4x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
62.9%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$37.4B

-0.5% a year over 9 years

FY2016: Revenue $39.3BFY2017: Revenue $40.5BFY2018: Revenue $41.8BFY2019: Revenue $36.7BFY2020: Revenue $32.6BFY2021: Revenue $34.4BFY2022: Revenue $35.5BFY2023: Revenue $33.0BFY2024: Revenue $34.7BFY2025: Revenue $37.4B
FY2016FY2025

Margins

Gross–Operating21.7%Net12.6%

FY2025

FY2016: Gross 30.9%, Operating –, Net 12.2%FY2017: Gross 30.6%, Operating –, Net 3.8%FY2018: Gross 30.5%, Operating –, Net 16.2%FY2019: Gross 33.7%, Operating –, Net 16.7%FY2020: Gross 32.1%, Operating –, Net 14.6%FY2021: Gross –, Operating –, Net 16.1%FY2022: Gross –, Operating 22.6%, Net 14.0%FY2023: Gross –, Operating 22.9%, Net 17.1%FY2024: Gross –, Operating 22.1%, Net 16.4%FY2025: Gross –, Operating 21.7%, Net 12.6%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$5.4BOwner earnings$5.2B

Free cash flow +2.3% a year

FY2016: Free cash flow $4.4B, Owner earnings $4.2BFY2017: Free cash flow $4.9B, Owner earnings $4.8BFY2018: Free cash flow $5.6B, Owner earnings $5.4BFY2019: Free cash flow $6.1B, Owner earnings $5.9BFY2020: Free cash flow $5.3B, Owner earnings $5.1BFY2021: Free cash flow $5.1B, Owner earnings $4.9BFY2022: Free cash flow $4.5B, Owner earnings $4.3BFY2023: Free cash flow $4.6B, Owner earnings $4.4BFY2024: Free cash flow $5.2B, Owner earnings $5.0BFY2025: Free cash flow $5.4B, Owner earnings $5.2B
FY2016FY2025

Diluted shares

642.8M

-17.1% over 9 years, net buybacks

FY2016: Diluted shares 775.3MFY2017: Diluted shares 772.1MFY2018: Diluted shares 753.0MFY2019: Diluted shares 730.3MFY2020: Diluted shares 711.2MFY2021: Diluted shares 700.4MFY2022: Diluted shares 683.1MFY2023: Diluted shares 668.2MFY2024: Diluted shares 655.3MFY2025: Diluted shares 642.8M
FY2016FY2025

Return on invested capital

18.5%

FY2025

FY2016: ROIC –FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC –FY2022: ROIC 23.9%FY2023: ROIC 21.3%FY2024: ROIC 15.4%FY2025: ROIC 18.5%
FY2016FY2025

Net debt (below zero)

-$22.0B

$22.0B more debt than cash

FY2016: Net cash -$6.4BFY2017: Net cash -$7.1BFY2018: Net cash -$5.3BFY2019: Net cash -$5.6BFY2020: Net cash -$7.2BFY2021: Net cash -$8.1BFY2022: Net cash -$9.5BFY2023: Net cash -$12.3BFY2024: Net cash -$21.2BFY2025: Net cash -$22.0B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$39.3B$40.5B$41.8B$36.7B$32.6B$34.4B$35.5B$33.0B$34.7B$37.4B
Revenue growth1.9%3.1%3.1%-12.2%-11.1%5.4%3.1%-6.9%5.2%7.8%
Gross margin30.9%30.6%30.5%33.7%32.1%–––––
Operating margin––––––22.6%22.9%22.1%21.7%
Net income$4.8B$1.5B$6.8B$6.1B$4.8B$5.5B$5.0B$5.7B$5.7B$4.7B
Net margin12.2%3.8%16.2%16.7%14.6%16.1%14.0%17.1%16.4%12.6%
Diluted EPS$6.21$2.00$8.98$8.41$6.72$7.91$7.27$8.47$8.71$7.36
Return on invested capital?––––––23.9%21.3%15.4%18.5%
Cash
Operating cash flow$5.5B$6.0B$6.4B$6.9B$6.2B$6.0B$5.3B$5.3B$6.1B$6.4B
Capital expenditure$1.1B$1.0B$828.0M$839.0M$906.0M$895.0M$766.0M$741.0M$871.0M$986.0M
Free cash flow$4.4B$4.9B$5.6B$6.1B$5.3B$5.1B$4.5B$4.6B$5.2B$5.4B
Stock-based compensation$184.0M$176.0M$175.0M$153.0M$168.0M$217.0M$188.0M$197.0M$189.0M$196.0M
Owner earnings?$4.2B$4.8B$5.4B$5.9B$5.1B$4.9B$4.3B$4.4B$5.0B$5.2B
Free cash flow per share$5.68$6.39$7.44$8.30$7.46$7.34$6.60$6.88$7.97$8.43
Capital allocation
Dividends paid$1.9B$2.1B$2.3B$2.4B$2.6B$2.6B$2.7B$2.9B$2.9B$3.0B
Share repurchases$2.1B$2.9B$4.0B$4.4B$3.7B$3.4B$4.2B$3.7B$1.7B$3.8B
Diluted shares775.3M772.1M753.0M730.3M711.2M700.4M683.1M668.2M655.3M642.8M
Share count change?-1.8%-0.4%-2.5%-3.0%-2.6%-1.5%-2.5%-2.2%-1.9%-1.9%
Balance sheet
Cash and equivalents$7.8B$7.1B$9.3B$9.1B$14.3B$11.0B$9.6B$7.9B$9.9B$12.5B
Short-term investments$1.5B$3.8B$1.6B$1.3B$945.0M$564.0M$483.0M$170.0M$386.0M$443.0M
Total debt$15.8B$17.9B$16.2B$16.0B$22.4B$19.6B$19.6B$20.4B$31.5B$34.9B
Net debt$6.4B$7.1B$5.3B$5.6B$7.2B$8.1B$9.5B$12.3B$21.2B$22.0B
Shareholders' equity$19.4B$16.5B$18.2B$18.5B$17.5B$18.6B$16.7B$15.9B$18.6B$13.9B

Latest filings

All on EDGAR
2026-10-2210-QQuarterly report
2026-10-228-KEarnings release
2026-07-2310-QQuarterly report
2026-07-238-KEarnings release
2026-06-298-KEarnings release
2026-04-2310-QQuarterly report
2026-04-238-KEarnings release
2026-04-10DEF 14AProxy statement
2026-02-1710-KAnnual report
2026-01-298-KEarnings release

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