Honeywell Technologies

HON · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

HON · Last close · October 26, 2026

$219.28

Honeywell Technologies' revenue rose 7.8% to $37.4 billion in fiscal 2025. Its operating margin was 21.7%, down from 22.1% a year earlier. Free cash flow was $5.4 billion, up 3.8%. It paid out $6.8 billion in dividends and buybacks, 125% of free cash flow. The diluted share count fell 1.9%.

Honeywell International Inc Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0000773840-26-000013 Updated October 22, 2026

Revenue

$37.4B

7.8%

Operating margin

21.7%

0.4 pts

Net income

$4.7B

17.1%

Free cash flow

$5.4B

3.8%

Return on capital

17.1%

0.6 pts

Market cap

$70.0B

Oct 26 close

P/E

14.9x

On $14.72 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Honeywell Technologies does

Honeywell makes equipment, software and services for aircraft, factories, buildings and energy plants. It sells them around the world to aircraft makers, airlines, the U.S. government, plant operators, building owners, and refining and chemical companies. Its products range from aircraft engines, avionics (flight electronics) and wheels and brakes to factory control systems, sensors, fire and security systems, and licensed technology and catalysts for refineries.

In 2025 Honeywell's sales grew 8% to $37.4 billion. It reported four segments. Aerospace Technologies had revenue of $17,510 million, Industrial Automation $9,401 million, Building Automation $7,367 million, and Energy and Sustainability Solutions $3,134 million. The competitors it names include RTX, Safran and Thales in aerospace; Johnson Controls, Schneider Electric and Siemens in buildings; and Emerson Electric and Rockwell Automation in industrial automation.

At the end of 2025 Honeywell employed about 101,000 people in 79 countries, about 36,000 of them in the United States. In October 2025 it spun off its Advanced Materials business as a separate public company, Solstice Advanced Materials, and in June 2025 it spent $2.2 billion to buy Sundyne. It plans to split into two public companies, Honeywell and Honeywell Aerospace, and expects to finish the separation in the third quarter of 2026.

Its biggest risks, as it describes them

Downturns in the industries it sells to, such as aerospace, building construction, and refining and chemical plants.
Its planned separation from Honeywell Aerospace may not be completed as planned or bring the benefits it expects.
Relying on single or sole suppliers for many parts, especially in aerospace, and swings in raw material prices.
Its large business outside the U.S., which exposes it to tariffs, trade limits, currency swings and political change.
Environmental cleanup costs and injury claims tied to its past operations and those of companies it took over.

From Honeywell Technologies's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 1.9% a year and net income fell 0.2% a year, as buybacks cut the share count by 17%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Honeywell Technologies yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Honeywell Technologies says to expect

Full year 2026: sales, margin and earningsThe company now expects full-year sales of $20.0 billion to $20.1 billion with organic 1 sales growth of 4% to 5%, and 5% to 6% organic 1 growth in the fourth quarter; segment margin 1 of approximately 20.5%, at the upper end of its previous guidance range, representing segment margin 1 expansion of approximately 290 basis points; and adjusted earnings per share 1 of $8.40 to $8.45, up 30% to 31%, representing a $0.23 increase from the midpoint of its previous guidance range.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Honeywell Technologies' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Honeywell Technologies' fiscal 2025 free cash flow of $5.4B, net cash of −$22.1B at December 31, 2025 and 319 million diluted shares, from its filings. The scenarios are fitted to Honeywell Technologies: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Industrial Conglomerates); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in the quarter to September 30, 2026. The count changed sharply since the 10-K (a stock split, merger or spin-off can do that), so this is the one that matches the share price.

Your assumptions

Start from

Fitted to Honeywell Technologies's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 10% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $219.28
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Honeywell Technologies' earnings per share of $14.72 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24.6×, the middle of Honeywell Technologies' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K, put on today's share count after a 1-for-2 reverse split since.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: 3M, Carlisle Companies, GE Vernova.

Earnings growth in the years ahead (% a year) Starts at Honeywell Technologies' revenue growth over the last 3 years, 1.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $219.28
Value at this multiple, against the last close: —
Honeywell Technologies' P/E at the last close: 14.9×

Company	Last close	Earnings per share	P/E today
3MMMM	$172.79	$6.71	25.8×
GE VernovaGEV	$855.12	$34.83	24.6×
Carlisle CompaniesCSL	$345.97	$17.47	19.8×
Honeywell TechnologiesHON	$219.28	$14.72	14.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	11.5	10.1	8.1	10.3	12.9
Debt incl. finance leases	19.8	19.8	20.6	31.6	35.0
Net debt (negative means net cash)	8.2	9.7	12.5	21.3	22.1
Net debt to EBITDA	0.9x	1.1x	1.5x	2.4x	2.3x
Debt to equity	1.1x	1.2x	1.3x	1.7x	2.5x
Interest coverage	22.1x	19.4x	10.1x	7.3x	6.0x
Current ratio	1.3x	1.2x	1.3x	1.3x	1.3x
Quick ratio	1.0x	1.0x	0.9x	1.0x	1.0x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Honeywell Technologies shares on the open market, and 5 insiders sold $10.7 million, $5.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 3, 2026	Kenneth J WestPres/CEO Process Technologies	Sold plan	316	$245.47	$77,569	Form 4
Jul 27, 2026	Kenneth J WestPres/CEO Process Technologies	Sold	17,032	$243.77	$4.2 million	Form 4
Mar 2, 2026	James E CurrierPres/CEO Aero Technologies	Sold	2,248	$243.65	$547,725	Form 4
Mar 2, 2026	Kenneth J WestPres/CEO Process Technologies	Sold plan	873	$242.70	$211,877	Form 4
Feb 23, 2026	Grace LiebleinDirector	Sold plan	5,847	$243.73	$1.4 million	Form 4
Feb 19, 2026	Davis D ScottDirector	Sold	2,367	$240.00	$568,080	Form 4
Feb 6, 2026	Robert D. MaillouxVice President & Controller	Sold plan	5,274	$239.00	$1.3 million	Form 4
Jan 30, 2026	Robert D. MaillouxVice President & Controller	Sold plan	10,549	$229.00	$2.4 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	6 of 9	8 of 9	4 of 9
Accruals ratio	0.5%	−0.6%	−2.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Honeywell Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Honeywell Technologies	FY25	7.8%	21.7%	14.5%	17.1%	2.3x	4
3M	FY25	1.5%	18.6%	5.6%	34.2%	1.1x	5	Compare
DuPont	FY25	1.9%	—	3.3%	1.1%	2.1x	6	Compare
Carlisle Companies	FY25	0.3%	20.0%	19.3%	21.9%	1.5x	6	Compare
GE Vernova	FY25	9.0%	3.6%	9.8%	—	−3.8x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	39.3	40.5	41.8	36.7	32.6	34.4	35.5	33.0	34.7	37.4
Revenue growth	1.9%	3.1%	3.1%	−12.2%	−11.1%	5.4%	3.1%	−6.9%	5.2%	7.8%
Gross profit	12.2	12.4	12.8	12.4	10.5	12.3	13.1	12.4	13.4	13.8
Research and development	1.9	1.8	1.8	1.6	1.3	1.3	1.5	1.4	1.5	1.8
Operating income	—	—	—	—	—	—	8.0	7.6	7.7	8.1
Net income	4.8	1.5	6.8	6.1	4.8	5.5	5.0	5.7	5.7	4.7
Diluted EPS (US$)	6.21	2.00	8.98	8.41	6.72	7.91	7.27	8.47	8.71	7.36
Diluted shares (millions)	775	772	753	730	711	700	683	668	655	643
Cash flow
Cash from operations	5.5	6.0	6.4	6.9	6.2	6.0	5.3	5.3	6.1	6.4
Capital expenditure	1.1	1.0	0.8	0.8	0.9	0.9	0.8	0.7	0.9	1.0
Free cash flow	4.4	4.9	5.6	6.1	5.3	5.1	4.5	4.6	5.2	5.4
Dividends paid	1.9	2.1	2.3	2.4	2.6	2.6	2.7	2.9	2.9	3.0
Share buybacks	2.1	2.9	4.0	4.4	3.7	3.4	4.2	3.7	1.7	3.8
Acquisitions	2.6	0.1	0.5	0.1	0.3	1.3	0.2	0.7	8.9	2.2
Stock-based compensation	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Balance sheet at fiscal year end
Cash and short-term investments	9.4	10.8	10.9	10.4	15.2	11.5	10.1	8.1	10.3	12.9
Debt incl. finance leases	15.8	17.9	16.2	16.2	22.6	19.8	19.8	20.6	31.6	35.0
Total assets	54.6	59.5	57.8	58.7	64.6	64.5	62.3	61.5	75.2	73.7
Total liabilities	35.3	42.8	39.4	40.0	46.8	45.2	45.0	45.1	56.0	58.7
Shareholders' equity	19.4	16.5	18.2	18.5	17.5	18.6	16.7	15.9	18.6	13.9
Margins and ratios
Gross margin	30.9%	30.6%	30.5%	33.7%	32.1%	35.9%	37.0%	37.5%	38.5%	36.9%
Operating margin	—	—	—	—	—	—	22.6%	22.9%	22.1%	21.7%
Net margin	12.2%	3.8%	16.2%	16.7%	14.6%	16.1%	14.0%	17.1%	16.4%	12.6%
Free cash flow margin	11.2%	12.2%	13.4%	16.5%	16.2%	14.9%	12.7%	13.9%	15.1%	14.5%
Return on capital	20.3%	14.8%	30.2%	27.1%	20.8%	22.3%	22.9%	21.5%	17.7%	17.1%
Return on equity	25.6%	8.6%	39.0%	33.5%	26.5%	30.7%	28.2%	34.8%	33.1%	29.1%
Return on assets	9.3%	2.7%	11.5%	10.6%	7.8%	8.6%	7.8%	9.1%	8.3%	6.3%
Net debt to EBITDA	0.8x	0.8x	0.6x	0.6x	1.0x	0.9x	1.1x	1.5x	2.4x	2.3x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Honeywell Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Honeywell Technologies.