Honeywell International Inc (HON)
Industrials · Industrial Conglomerates · US stock · S&P 500 component
$218.31
▲ +3.58 (1.67%)
Fair valueUndervalued
$309 +41.6% to fair value
$155fair band $263–$375$464
Day's range
$205.20 – $218.55
52-week range
$186.76 – $252.00
About Honeywell International Inc
Honeywell is a diversified industrial technology company. Its businesses make aerospace components, building automation and safety systems, industrial automation equipment, process technologies and performance materials. Revenue comes from selling products, software and services to aircraft makers, airlines, building owners and industrial plants, with long-term service and aftermarket work adding recurring income to new equipment sales.
Revenue over the last twelve months came to $38.1 billion. Revenue growth over three years averaged 1.8% a year. Operating margin is 20.7% and return on invested capital is 14%. Net debt to EBITDA is 2.8 times. It pays a dividend with a yield of 2.0%. The X-Ray Score is 55 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $186.76 – $252.00Volume 5,284,349Daily, split-adjusted
Vitals
Market cap$69.6B
52-week range$186.76 – $252.00
Volume (last day)5,284,349
P/E (TTM)14.9
EBIT / EV yield8.2%
Free-cash-flow yield5.8%
Dividend yield2.0%
Revenue (TTM)$38.1B
Net income (TTM)$8.2B
Operating margin20.7%
Return on capital14.2%
Debt incl. leases$35.0B
Cash & securities$9.2B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$309middle half of models $299 – $333
Undervalued
+41.6% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $218
Undervalued < $263Fair $263 – $375Overvalued > $375
P/E multiple
$280
P/B multiple
$360
P/S multiple
$374
EV/EBITDA multiple
$311
EV/EBIT multiple
$334
EV/revenue multiple
$332
10-year DCF, EBITDA exit
$320
5-year DCF, EBITDA exit
$302
10-year DCF, revenue exit
$319
5-year DCF, revenue exit
$302
10-year DCF, growth exit
$314
5-year DCF, growth exit
$295
Dividend discount, stable
$163
Dividend discount, multi-stage
$236
Earnings power value
$396
Growth the price implies
3.9%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
92/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield8.2%
Free-cash-flow yield5.8%
Fair value vs price1.4×
Growth
Weak
38/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)1.8%
EPS growth (3y)0.4%
Growth consistency70%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital14.2%
Operating margin20.7%
Gross profitability18.0%
Financial health
Weak
40/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA2.8×
Interest coverNo interest cost
Dividends
Fair
55/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.0%
Dividends vs free cash flow34%
Dividend growth3.1%
Quarterly results: last 6 quarters
+9.4%
Mar '25
+8.7%
Jun '25
+7.0%
Sep '25
+6.4%
Dec '25
+2.4%
Mar '26
+4.3%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.7B, diluted EPS $17.83.
Compare with peers
MMM 3m Co38 DD DuPont de Nemours, Inc...24Other Industrial Conglomerates companies by X-Ray Score.
SWOT analysis: Honeywell International Inc
Strengthsinside the company
- Free cash flow equals 5.8% of the market value, which funds dividends, buybacks or debt paydown.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 7.8% last year from 1.8% a year over three years.
- Dividends use only 34% of free cash flow, which leaves room to raise them.
- Trades at 8.5x earnings, 71% below the 29.3x median of sector peers.
- The price is 42% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare HON with peers and sector
Medians of 80 Industrials peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): CAT 43, GE 49, RTX 51, GEV 50, UNP 45, DE 43.
| Metric | HON | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 55 | 50 | 50 |
| Valuation | 92 | 44 | 44 |
| Growth | 38 | 51 | 51 |
| Profitability | 44 | 51 | 51 |
| Financial health | 40 | 49 | 49 |
| Dividends | 55 | 53 | 53 |
Sector leaders: highest X-Ray Score in Industrials
HON ranks #26 of 81 in Industrials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for HON
Each factor is rated by where HON stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 5 Average · 8 Bad of 23
Growth: 1 · 1 · 1
Profitability: 3 · 2 · 0
Financial strength: 1 · 1 · 2
Valuation: 5 · 0 · 0
Cash flow: 0 · 0 · 4
Efficiency: 0 · 1 · 1
| Factor | HON | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +1.8% | Bad beats 29% | +5.6% | – | – |
| Revenue growth, last year | +7.8% | Good beats 71% | +4.5% | +5.2% | ▲ Better |
| EPS growth, 3 years a year | +0.4% | Average beats 36% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 36.5% | Average beats 44% | 38.0% | 37.0% | ≈ In line |
| Operating margin | 20.7% | Good beats 72% | 17.5% | 22.1% | ≈ In line |
| Net margin | 21.6% | Good beats 91% | 12.8% | 16.1% | ▲ Better |
| Return on invested capital | 14.2% | Average beats 44% | 14.9% | – | – |
| Return on equity | 44.3% | Good beats 85% | 23.7% | 30.6% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.8x | Bad beats 17% | 1.8x | 1.4x | ▼ Worse |
| Interest cover | 50.0x | Good beats 76% | 21.4x | – | – |
| Current ratio | 1.21 | Average beats 42% | 1.25 | 1.30 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 8.5x | Good beats 99% | 28.9x | 26.0x | ▲ Better |
| Price / book | 3.8x | Good beats 73% | 6.2x | 8.7x | ▲ Better |
| Price / sales | 1.8x | Good beats 77% | 3.5x | 4.2x | ▲ Better |
| EV / EBITDA | 10.5x | Good beats 93% | 18.5x | 17.6x | ▲ Better |
| Free cash flow yield | 5.8% | Good beats 79% | 3.8% | 3.6% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 10.5% | Bad beats 31% | 13.8% | 14.5% | ▼ Worse |
| Cash from operations / net income | 0.62 | Bad beats 2% | 1.39 | 1.07 | ▼ Worse |
| Free cash flow growth, 3 years a year | +6.3% | Bad beats 23% | +14.5% | – | – |
| Accruals (lower is better) | +4.0% | Bad beats 1% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 3.6x | Average beats 37% | 4.0x | 3.8x | ≈ In line |
| Days sales outstanding | 80 days | Bad beats 15% | 57 days | 76 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 5 Average · ● 6 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $34.4B | $35.5B | $33.0B | $34.7B | $37.4B |
| Operating income | $7.2B | $8.0B | $7.6B | $7.7B | $8.1B |
| Net income | $5.5B | $5.0B | $5.7B | $5.7B | $4.7B |
| Operating cash flow | $6.0B | $5.3B | $5.3B | $6.1B | $6.4B |
| Operating margin | 21.0% | 22.6% | 22.9% | 22.1% | 21.7% |
| Free cash flow | $5.1B | $4.5B | $4.6B | $5.2B | $5.4B |
| Diluted EPS | $7.91 | $7.27 | $8.47 | $8.71 | $7.36 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
8 bullish · 2 neutral · 6 bearish
Weekly
Neutral
5 bullish · 1 neutral · 6 bearish
Monthly
Neutral
3 bullish · 1 neutral · 4 bearish
Moving averages (daily)
| SMA 10 | 211.1 | Bullish |
| EMA 10 | 212.5 | Bullish |
| SMA 20 | 211.3 | Bullish |
| EMA 20 | 211.6 | Bullish |
| SMA 50 | 212.5 | Bullish |
| EMA 50 | 214.6 | Bullish |
| SMA 100 | 222.9 | Bearish |
| EMA 100 | 219.6 | Bearish |
| SMA 200 | 229.4 | Bearish |
| EMA 200 | 221.8 | Bearish |
Oscillators (daily)
| RSI (14) | 62.61 | Neutral |
| MACD (12, 26) | 0.35 | Bullish |
| Momentum (12) | 2.56 | Bullish |
| Stochastic %K (14) | 98.32 | Bearish |
| Williams %R (14) | -1.68 | Bearish |
| CCI (20) | 99.94 | Neutral |
Pivot points (classic, last session)
S3 196.1 | S2 200.7 | S1 209.5 | Pivot 214.0 | R1 222.8 | R2 227.4 | R3 236.2 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.27 USD
Yield on today's price
1.96%
Frequency
Quarterly
Next ex-dividend date
13 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.7000 |
| 0.7000 | |
| 1.1900 | |
| 1.1900 | |
| 1.1900 | |
| 1.1300 | |
| 1.1300 | |
| 1.1300 | |
| 1.1300 | |
| 1.0800 | |
| 1.0800 | |
| 1.0800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold HON
| ETF | Share of the fund |
|---|---|
| VIS Vanguard Industrials | 2.14% |
| DDM ProShares Ultra Dow30 | 2.06% |
| MFSV MFS Active Value | 1.82% |
| UDOW ProShares UltraPro Dow30 | 1.58% |
| SPLV Invesco S&P 500 Low Volatility | 0.98% |
| MGV Vanguard Mega Cap Value | 0.73% |
| CRTC Xtrackers US National Critical Technol... | 0.70% |
| CGUS Capital Group Core Equity | 0.70% |
The eight funds with the largest weight in HON among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
HON stock splits
HON has split its stock 2 times since 1994. The latest was a 2-for-1 split on 16 Sep 1997.
Full HON stock split history →HON SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
10-Q/ASEC EDGAR
Quarterly report
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement; Completed an acquisition or disposal
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.