HON
HONEYWELL INTERNATIONAL INC
Industrials • CIK: 0000773840
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Market Cap
$142.06B
P/E (TTM)
34.7x
Rev Growth (TTM)
+6.1%
Net Margin (TTM)
10.9%
FCF Yield (TTM)
2.9%
FCF Margin (TTM)
11.0%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$4.1B
Q1 '26
$-873M-176%
Q4 '25
$1.1B-61%
FCF Margin
TTM11.0%
Q1 '26-9.5%-181%
Sector: 4.8%Top 25%
OCF Margin13.7%
OCF/NI1.26x
CapEx Coverage5.1x
FCF Yield2.9%
FCF Growth (2Y)+4%
Cash Conversion Cycle
80 days
DSO: 81+DIO: 105−DPO: 107
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.1%
Div Yield2.1%
+Buyback (TTM)2.0%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.1%
FCF Payout Ratio71.2%
Free Cash Flow (TTM)$4.1B
Stock Repurchases (TTM)$2.9B
Capital Return / FCF143.1%
Est. Dividends Paid (TTM)$2.9B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
13.5%
Stable
+0.0% YoY-2.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
18.0%
8Q: 20.2%
Asset Turnover
0.49x
8Q: 0.49x
Leverage (1+D/E)
3.47x
D/E: 2.47x
DuPont: 30.6% ≈ 13.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
6.51x
8Q:6.04x
+136.3%
Invested Cap Turn
0.87x
8Q:0.88x
Flat
CapEx Intensity
2.3%
8Q:2.5%
CapEx/Depreciation
0.74x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $37.7B | $9.1B↓6.3% | $9.8B↑3.4% | $9.4B↑1.2% | $9.3B↑4.4% | $8.9B↓2.7% | $9.2B↑4.0% | $8.8B↑2.9% | $8.6B |
Operating Income | $8.0B | $2.1B↑94.3% | $1.1B↓54.5% | $2.4B↑1.7% | $2.4B↑18.2% | $2.0B↑85.7% | $1.1B↓53.0% | $2.3B↑4.4% | $2.2B |
Net Income | $4.1B | $821.0M↑813.9% | $-115.0M↓106.3% | $1.8B↑16.2% | $1.6B↑8.4% | $1.4B↑12.8% | $1.3B↓9.1% | $1.4B↓8.5% | $1.5B |
Operating Cash Flow | $5.2B | $-650.0M↓154.0% | $1.2B↓63.4% | $3.3B↑149.3% | $1.3B↑120.9% | $597.0M↓73.8% | $2.3B↑14.2% | $2.0B↑45.7% | $1.4B |
Free Cash Flow | $4.1B | $-873.0M↓176.2% | $1.1B↓60.7% | $2.9B↑205.1% | $955.0M↑134.6% | $407.0M↓81.3% | $2.2B↑26.9% | $1.7B↑54.5% | $1.1B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
34.7x
Volatile
8Q: 94.6x-45296%
High PEG ratio (5.7x) suggests expensive for growth
Valuation Lenses
Earnings
34.7x
vs – sector
Cash Flow
39.8x
EV/FCF vs –
Growth-Adj
5.7xPEG
Expensive for growth
Quality-Adj
2.6P/E per %ROIC
ROIC: 13.5%
Shareholder Returns
Dividend
2.1%
Buyback
2.0%
Total Yield
4.1%
Market Cap$142.06B
EV$164.77B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
94/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
26.3%
8Q:–
Return on Invested Capital (ROIC)Top 25%
13.5%
8Q:–
-2.0%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 18.0%
Asset Turnover: 0.49x
Earnings Quality
Cash Conversion
1.26x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin38.4%
Capital Efficiency
Invested Capital Turnover0.87x
Working Capital
Cash Conversion Cycle80 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
58/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
6.1%
OpInc Growth YoY
6.3%
EPS Growth YoY
-26.2%
FCF 3Y CAGR
4.0%
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
38.4%
Operating
21.2%
Top 25% in sector
Net
10.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+0.1 pts
FCF: 11.0% | Net: 10.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $21.22B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.47x
Balance sheet risk & solvency analysis