HON Honeywell International Inc. - Common Stock

NASDAQ · Industrial Conglomerates · View on SEC EDGAR ↗

$216.30

Price · May 20, 2026

Fundamentals as of Apr 23, 2026

HON Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$216.29

Market Cap

$123.94B

P/E (TTM)

26.5

EPS (TTM)

$7.36

Revenue (TTM)

$37.44B

Div Yield

2.4%

ROE

29.1%

Debt/Equity

0.4

52W Range

$187 – $248

HON Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $37.44B

2016-12-31 → 2025-12-31

EPS $7.36

2016-12-31 → 2025-12-31

Free Cash Flow $5.42B

2016-12-31 → 2025-12-31

Margins 12.6%

2016-12-31 → 2020-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

HON

Peer Median

P/E (TTM)

26.5

22.3

P/S (TTM)

3.3

3.0

P/B

8.9

7.9

EV / EBITDA

12.3

—

Price / FCF

22.9

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

HON

Peer Median

Operating Margin

21.7%

—

Net Profit Margin

12.6%

13.0%

ROA

6.3%

7.9%

ROE

29.1%

35.5%

ROIC

33.5%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

HON

Peer Median

Debt / Equity

0.4

220.7

Current Ratio

1.3

1.7

Quick Ratio

0.9

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

HON

Peer Median

Revenue YoY

7.8%

—

Revenue CAGR 3Y

1.8%

—

Revenue CAGR 5Y

2.8%

—

EPS YoY

-15.5%

—

Net Income YoY

-17.1%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

HON

Peer Median

EPS (Diluted)

$7.36

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

HON

Peer Median

Payout Ratio

62.9%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

2.4%

Payout Ratio

62.9%

5Y Div CAGR

—

Ex-date	Amount
May 15, 2026	$1.1900
Feb. 27, 2026	$1.1900
Nov. 14, 2025	$1.1900
Aug. 15, 2025	$1.0650
May 16, 2025	$1.0650
Feb. 28, 2025	$1.0650
Nov. 15, 2024	$1.0650
Aug. 16, 2024	$1.0179
May 16, 2024	$1.0179
Feb. 29, 2024	$1.0179
Nov. 9, 2023	$1.0179
Aug. 10, 2023	$0.9708
May 11, 2023	$0.9708
Feb. 23, 2023	$0.9708
Nov. 9, 2022	$0.9708
Aug. 11, 2022	$0.9237
May 12, 2022	$0.9237
Feb. 24, 2022	$0.9237
Nov. 10, 2021	$0.9237
Aug. 12, 2021	$0.8765

HON Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 35 analysts

Strong Buy 5 14.3%
Buy 17 48.6%
Hold 12 34.3%
Sell 1 2.9%
Strong Sell 0 0.0%

12-Month Price Target

25 analysts · 2026-05-16

Median $244.47

Now $216.29

Low $198.00

High $294.00

Median target $244.47 +13.0%

Mean target $247.70 +14.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.14%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$2.45	$2.35	0.10%
Dec. 31, 2025	$2.59	$2.57	0.02%
Sept. 30, 2025	$2.82	$2.59	0.23%
June 30, 2025	$2.75	$2.68	0.07%
March 31, 2025	$2.51	$2.23	0.28%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
HON	$123.94B	26.5	7.8%	12.6%	29.1%	—
MMM	$84.90B	26.7	1.5%	13.0%	76.1%	—
IEP	—	—	-3.6%	-3.1%	—	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$37.44B	$34.72B	$33.01B	$35.47B	$34.39B	$32.64B	$36.71B	$41.80B	$40.53B	$39.30B	$38.58B	$40.31B
Cost of Revenue	$23.61B	$21.36B	$20.64B	$22.35B	$22.06B	$22.17B	$24.34B	$29.05B	$28.14B	$27.68B	$26.75B	$28.96B
Gross Profit	·	·	·	·	·	$10.47B	$12.37B	$12.76B	$12.39B	$12.15B	$11.83B	$11.35B
R&D Expense	$1.81B	$1.45B	$1.38B	$1.48B	$1.33B	$1.33B	$1.56B	$1.81B	$1.83B	$1.86B	$1.86B	$1.89B
SG&A Expense	$5.45B	$5.24B	$4.89B	$5.21B	$4.80B	$4.77B	$5.52B	$6.05B	$6.09B	$5.57B	$5.01B	$5.52B
Operating Income	$8.13B	$7.67B	$7.56B	$8.02B	·	·	·	·	·	·	·	·
Interest Income	$369M	$430M	$321M	$138M	$102M	$107M	$255M	$217M	$151M	$106M	$104M	$102M
Other Non-op	$1.25B	$843M	$830M	$366M	$1.38B	$675M	$1.06B	$1.15B	$963M	$739M	$68M	$305M
Pretax Income	$5.48B	$6.24B	$6.19B	$6.38B	$7.24B	$6.01B	$7.56B	$7.49B	$6.95B	$6.45B	$6.59B	$5.82B
Income Tax	$1.01B	$1.25B	$1.26B	$1.41B	$1.62B	$1.15B	$1.33B	$659M	$5.36B	$1.60B	$1.74B	$1.49B
Net Income	$4.73B	$5.71B	$5.66B	$4.97B	$5.54B	$4.78B	$6.14B	$6.76B	$1.54B	$4.81B	$4.77B	$4.24B
EPS (Basic)	$7.40	$8.76	$8.53	$7.33	$8.01	$6.79	$8.52	$9.10	$2.03	$6.30	$6.11	$5.40
EPS (Diluted)	$7.36	$8.71	$8.47	$7.27	$7.91	$6.72	$8.41	$8.98	$2.00	$6.21	$6.04	$5.33
Shares (Basic)	639,000,000	650,900,000	663,000,000	677,100,000	692,300,000	704,100,000	721,000,000	743,000,000	762,100,000	764,300,000	779,800,000	784,400,000
Shares (Diluted)	642,800,000	655,300,000	668,200,000	683,100,000	700,400,000	711,200,000	730,300,000	753,000,000	772,100,000	775,300,000	789,300,000	795,200,000
EBITDA	$9.52B	$10.03B	·	$1.20B	$1.14B	$1.00B	$1.09B	$1.12B	$1.11B	$1.03B	$883M	$924M

Balance Sheet 29

Annual Balance Sheet data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$12.49B	$9.91B	$7.92B	$9.63B	$10.96B	$14.28B	$9.07B	$9.29B	$7.06B	$7.84B	$5.46B	$6.96B
Short-term Investments	$443M	$386M	$170M	$483M	$564M	$945M	$1.35B	$1.62B	$3.76B	$1.52B	·	·
Receivables	$7.62B	$7.25B	$7.53B	$7.44B	$6.83B	$6.83B	$7.49B	$7.51B	$8.87B	$8.18B	$8.07B	$7.96B
Inventory	$6.16B	$5.88B	$6.18B	$5.54B	$5.14B	$4.49B	$4.42B	$4.33B	$4.61B	$4.37B	$4.42B	$4.41B
Other Current Assets	$1.18B	$1.26B	$1.70B	$1.89B	$1.88B	$1.64B	$1.97B	$1.62B	$1.71B	$1.15B	·	$2.15B
Current Assets	$30.39B	$27.91B	$23.50B	$24.98B	$25.37B	$28.18B	$24.30B	$24.36B	$26.00B	$23.06B	$20.05B	$22.19B
PP&E (Net)	·	·	·	$5.47B	$5.56B	$5.57B	$5.33B	$5.30B	$5.93B	$5.79B	$5.79B	$5.38B
PP&E (Gross)	·	·	·	$14.76B	$14.45B	$14.34B	$13.71B	$13.41B	$15.19B	$14.51B	$14.91B	$14.50B
Accum. Depreciation	·	·	·	$9.29B	$8.89B	$8.77B	$8.39B	$8.11B	$9.26B	$8.71B	$9.12B	$9.12B
Goodwill	$21.08B	$21.02B	$17.24B	$17.50B	$17.76B	$16.06B	$15.56B	$15.55B	$18.28B	$17.71B	$15.89B	$12.79B
Intangibles	$6.74B	$6.62B	$3.23B	$3.22B	$3.61B	$3.56B	$3.73B	$4.14B	$4.50B	$4.63B	$4.58B	$2.21B
Other Non-current Assets	$9.25B	$10.56B	$9.58B	$9.51B	$10.13B	$9.41B	$8.69B	$6.87B	$3.37B	$1.60B	$1.78B	$1.56B
Total Assets	$73.68B	$75.20B	$61.52B	$62.27B	$64.47B	$64.59B	$58.68B	$57.77B	$59.47B	$54.57B	$49.32B	$45.45B
Accounts Payable	$6.32B	$6.11B	$6.85B	$6.33B	$6.48B	$5.75B	$5.73B	$5.61B	$6.58B	$5.69B	$5.58B	$5.37B
Accrued Liabilities	$8.46B	$8.05B	$7.81B	$9.16B	$7.68B	$7.41B	$7.48B	$6.86B	$6.97B	$7.05B	$6.28B	$6.77B
Short-term Debt	$5.89B	$4.27B	$2.08B	$2.72B	$3.54B	$3.60B	$3.52B	$3.59B	$3.96B	$3.37B	$5.94B	$1.70B
Current Liabilities	$23.41B	$21.26B	$18.54B	$19.94B	$19.51B	$19.20B	$18.10B	$18.92B	$18.86B	$16.33B	$18.37B	$14.77B
Capital Leases	$809M	$863M	$897M	$775M	$847M	$641M	$534M	$0	·	·	·	·
Deferred Tax	$1.58B	$1.58B	$2.09B	$2.09B	$2.36B	$2.11B	$1.67B	$1.71B	$2.66B	$486M	$558M	$236M
Other Non-current Liabilities	$6.41B	$5.58B	$6.26B	$6.47B	$7.09B	$6.97B	$6.77B	$6.40B	$5.93B	$4.11B	$4.35B	$4.28B
Long-term Debt	$28.69B	$26.83B	$18.36B	$16.85B	$16.06B	$18.79B	$12.49B	$12.63B	$13.92B	$12.41B	$6.13B	$6.99B
Total Debt	$5.89B	$4.27B	$2.08B	$2.72B	$3.54B	$3.60B	$3.52B	$3.59B	$3.96B	$3.37B	$5.94B	$51M
Common Stock	·	·	·	·	$958M	$958M	$958M	$958M	$958M	$958M	$958M	$958M
Retained Earnings	$50.96B	$50.84B	$47.98B	$45.09B	$42.83B	$39.91B	$37.69B	$33.98B	$27.48B	$28.71B	$26.15B	$23.11B
Treasury Stock	$43.03B	$39.38B	$38.01B	$34.44B	$30.46B	$27.23B	$23.84B	$19.77B	$15.91B	$13.37B	$11.66B	$9.99B
AOCI	$-5.15B	$-3.49B	$-4.13B	$-3.48B	$-2.90B	$-3.38B	$-3.20B	$-3.44B	$-2.23B	$-2.71B	$-2.54B	$-1.46B
Stockholders' Equity	$13.90B	$18.62B	$15.86B	$16.70B	$18.57B	$17.55B	$18.49B	$18.18B	$16.50B	$19.37B	$18.28B	$17.66B
Liabilities + Equity	$73.68B	$75.20B	$61.52B	$62.27B	$64.47B	$64.59B	$58.68B	$57.77B	$59.47B	$54.15B	$49.32B	$45.45B
Shares Outstanding	635,300,000	649,800,000	651,800,000	957,600,000	957,600,000	957,600,000	711,100,000	729,600,000	750,900,000	760,800,000	770,400,000	782,200,000

Cash Flow 16

Annual Cash Flow data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$1.39B	$1.15B	$1.00B	$1.20B	$1.14B	$1.00B	$1.09B	$1.12B	$1.11B	$1.03B	$883M	$924M
Stock-based Comp	$196M	$189M	$197M	$188M	$217M	$168M	$153M	$175M	$176M	$184M	$175M	$187M
Deferred Tax	$18M	$-229M	$189M	$-180M	$178M	$-175M	$179M	$-586M	$2.45B	$78M	$315M	$132M
Amort. of Intangibles	$570M	$411M	$290M	$333M	$465M	$358M	$415M	$395M	$398M	$304M	$211M	$257M
Restructuring	$210M	$221M	$335M	$420M	$331M	$565M	$438M	$530M	$507M	$369M	$216M	$184M
Other Non-cash	$77M	$-903M	·	$-904M	$-1.04B	$433M	$-666M	$-1.04B	$726M	$-601M	$-687M	$-458M
Operating Cash Flow	$6.41B	$6.10B	$5.34B	$5.27B	$6.04B	$6.21B	$6.90B	$6.43B	$5.97B	$5.50B	$5.52B	$5.08B
CapEx	$986M	$871M	$741M	$766M	$895M	$906M	$839M	$828M	$1.03B	$1.09B	$1.07B	$1.09B
Investing Cash Flow	$-2.71B	$-10.16B	$-1.29B	$-93M	$-1.06B	$-987M	$-533M	$1.03B	$-3.57B	$-3.34B	$-6.51B	·
Stock Repurchased	$3.80B	$1.66B	$3.71B	$4.20B	$3.38B	$3.71B	$4.40B	$4.00B	$2.89B	$2.08B	$1.88B	$924M
Net Stock Activity	$-3.80B	$-1.66B	$-3.71B	$-4.20B	$-3.38B	$-3.71B	$-4.40B	$-4.00B	$-2.89B	$-2.08B	$-1.88B	$-924M
Dividends Paid	$2.98B	$2.90B	$2.85B	$2.72B	$2.63B	$2.59B	$2.44B	$2.27B	$2.12B	$1.92B	$1.73B	$1.51B
Financing Cash Flow	$-1.95B	$6.84B	$-5.76B	$-6.33B	$-8.25B	$-81M	$-6.60B	$-5.03B	$-3.52B	$346M	$37M	·
Net Change in Cash	$1.92B	$2.64B	$-1.70B	$-1.33B	$-3.32B	$5.21B	$-220M	$2.23B	$-784M	$2.39B	$-1.50B	$537M
Taxes Paid	$1.80B	$1.69B	$1.58B	$1.32B	$1.20B	$1.17B	$1.56B	$1.57B	$1.75B	$1.14B	$1.19B	$1.14B
Free Cash Flow	$5.42B	$4.93B	$4.30B	$4.51B	$5.14B	$5.30B	$6.06B	$5.61B	$4.93B	$4.40B	$4.38B	$3.93B

Profitability 8

Annual Profitability data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	·	·	·	·	·	32.1%	33.7%	30.5%	32.0%	30.9%	30.7%	28.2%
Operating Margin	21.7%	22.6%	·	·	·	·	·	·	·	·	·	·
Net Margin	12.6%	14.8%	15.4%	14.0%	16.1%	14.6%	16.7%	16.2%	4.1%	12.2%	12.4%	10.5%
Pretax Margin	14.6%	18.7%	19.5%	18.0%	21.0%	18.4%	20.6%	17.9%	17.0%	16.4%	17.1%	14.4%
EBITDA Margin	25.4%	26.1%	·	3.4%	3.3%	3.1%	3.0%	2.7%	2.8%	2.6%	2.3%	2.3%
ROA	6.3%	8.3%	9.1%	7.8%	8.6%	7.8%	10.5%	11.5%	2.9%	9.3%	10.1%	9.3%
ROE	29.1%	33.1%	34.8%	28.2%	30.7%	26.5%	33.5%	39.0%	9.0%	25.5%	26.5%	24.1%
ROIC	33.5%	30.2%	·	·	·	·	·	·	·	·	·	·

Liquidity & Solvency 3

Annual Liquidity & Solvency data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.3	1.3	1.3	1.3	1.3	1.5	1.3	1.3	1.4	1.4	1.1	1.5
Quick Ratio	0.9	0.9	0.8	0.9	0.9	1.1	1.0	1.0	1.0	1.0	0.7	1.0
Debt / Equity	0.4	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.0

Efficiency 3

Annual Efficiency data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.5	0.6	0.6	0.6	0.5	0.5	0.6	0.7	0.7	0.8	0.8	0.9
Inventory Turnover	3.9	3.8	3.9	4.5	4.9	5.0	5.6	6.5	6.1	6.2	6.1	6.7
Receivables Turnover	5.0	5.0	4.9	5.0	5.0	4.6	4.9	5.1	4.8	4.7	4.8	5.1

Per Share 6

Annual Per Share data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$21.89	$28.65	$24.33	$25.01	$27.12	$25.19	$26.01	$24.92	$23.01	$25.46	$23.73	$22.57
Revenue / Share	$58.25	$58.75	$54.87	$51.92	$49.10	$45.89	$50.27	$55.51	$52.50	$50.69	$48.88	$50.69
Cash Flow / Share	$9.97	$9.30	$7.99	$7.72	$8.62	$8.73	$9.44	$8.54	$7.73	$7.09	$6.91	$6.32
Cash / Share	$19.66	$16.26	$12.16	$14.42	$16.00	$20.49	$12.75	$12.73	$9.40	$10.31	$7.08	$8.90
Dividend Paid / Share	$5	$4	$4	$4	$4	$4	$3	$3	$3	$2	$2	$2
EPS (TTM)	$7.36	$8.71	$8.47	$7.27	$7.91	$6.72	$8.41	$8.98	$2.00	$6.21	$6.04	$5.33

Growth Rates 10

Annual Growth Rates data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	7.8%	5.2%	-6.9%	3.1%	5.4%	·	·	·	·	·	·	·
Revenue CAGR 3Y	1.8%	0.31%	0.38%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	2.8%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	-15.5%	2.8%	16.5%	-8.1%	17.7%	·	·	·	·	·	·	·
EPS CAGR 3Y	0.41%	3.3%	8.0%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	1.8%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	-17.1%	0.83%	13.9%	-10.4%	16.0%	·	·	·	·	·	·	·
Net Income CAGR 3Y	-1.6%	0.97%	5.8%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	-0.21%	·	·	·	·	·	·	·	·	·	·	·
Dividend CAGR 5Y	2.8%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 16

Annual Valuation (TTM) data for HON
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$37.44B	$34.72B	$33.01B	$35.47B	$34.39B	$32.64B	$36.71B	$41.80B	$40.53B	$39.30B	$38.58B	$40.31B
Net Income TTM	$4.73B	$5.71B	$5.66B	$4.97B	$5.54B	$4.78B	$6.14B	$6.76B	$1.54B	$4.81B	$4.77B	$4.24B
Market Cap	$123.94B	$138.34B	·	·	·	·	·	·	·	·	·	·
Enterprise Value	$116.90B	$131.66B	·	·	·	·	·	·	·	·	·	·
P/E	26.5	24.4	·	·	·	·	·	·	·	·	·	·
P/S	3.3	4.0	·	·	·	·	·	·	·	·	·	·
P/B	8.9	7.4	·	·	·	·	·	·	·	·	·	·
P / Cash Flow	19.3	22.7	·	·	·	·	·	·	·	·	·	·
P / FCF	22.9	28.0	·	·	·	·	·	·	·	·	·	·
EV / EBITDA	12.3	13.1	·	·	·	·	·	·	·	·	·	·
EV / FCF	21.6	26.7	·	·	·	·	·	·	·	·	·	·
EV / Revenue	3.1	3.8	·	·	·	·	·	·	·	·	·	·
Dividend Yield	2.4%	2.1%	·	·	·	·	·	·	·	·	·	·
Earnings Yield	3.8%	4.1%	·	·	·	·	·	·	·	·	·	·
Payout Ratio	62.9%	50.9%	50.5%	54.8%	47.4%	54.2%	39.8%	33.6%	128.0%	39.8%	36.2%	35.6%
Annual Payout	$2.98B	$2.90B	$2.85B	$2.72B	$2.63B	$2.59B	$2.44B	$2.27B	$2.12B	$1.92B	$1.73B	$1.51B

Income Statement 16

Quarterly Income Statement data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$9.14B	$9.76B	$9.44B	$9.32B	$8.93B	$9.17B	$8.82B	$8.57B	$8.16B	$5.79B	$9.21B	$9.15B	$8.86B	$9.19B	$8.95B	$8.95B
Cost of Revenue	$5.60B	$4.39B	$6.86B	$6.33B	$5.46B	$3.94B	$5.98B	$5.86B	$5.58B	$3.84B	$5.67B	$5.63B	$5.50B	$5.77B	$5.59B	$5.66B
Gross Profit	·	$3.47B	$3.23B	$3.66B	$3.46B	$3.37B	$3.42B	$3.35B	$3.22B	·	·	·	·	·	·	·
R&D Expense	$492M	$395M	$497M	$481M	$416M	$344M	$368M	$382M	$360M	$279M	$364M	$375M	$357M	$355M	$387M	$386M
SG&A Expense	$1.31B	$1.36B	$1.30B	$1.43B	$1.31B	$1.17B	$1.40B	$1.36B	$1.30B	$1.06B	$1.25B	$1.26B	$1.32B	$1.25B	$1.23B	$1.31B
Operating Income	$2.13B	$1.10B	$2.41B	$2.37B	$2.00B	$1.08B	$2.30B	$2.20B	$2.09B	$1.33B	$2.17B	$2.11B	$1.95B	$2.44B	$1.95B	$1.87B
Interest Income	$90M	$114M	$86M	$79M	$91M	$105M	$110M	$110M	$105M	$80M	$89M	$76M	$76M	$61M	$37M	$20M
Other Non-op	$7M	$138M	$822M	$87M	$229M	$103M	$263M	$246M	$231M	$115M	$247M	$208M	$260M	$-480M	$337M	$190M
Pretax Income	$886M	$-501M	$2.22B	$1.87B	$1.67B	$575M	$1.82B	$1.97B	$1.87B	$538M	$1.97B	$1.90B	$1.78B	$1.19B	$1.98B	$1.70B
Income Tax	$91M	$-74M	$363M	$302M	$369M	$30M	$409M	$414M	$396M	$33M	$452M	$403M	$374M	$168M	$432M	$441M
Net Income	$821M	$-115M	$1.82B	$1.57B	$1.45B	$1.28B	$1.41B	$1.54B	$1.46B	$1.26B	$1.51B	$1.49B	$1.39B	$1.02B	$1.55B	$1.26B
EPS (Basic)	$1.29	$-0.18	$2.87	$2.46	$2.24	$1.98	$2.17	$2.37	$2.24	$1.91	$2.29	$2.24	$2.09	$1.51	$2.30	$1.86
EPS (Diluted)	$1.29	$-0.18	$2.86	$2.45	$2.22	$1.96	$2.16	$2.36	$2.23	$1.91	$2.27	$2.22	$2.07	$1.51	$2.28	$1.84
Shares (Basic)	634,700,000	-1,282,000,000	635,300,000	637,500,000	648,200,000	-1,302,000,000	650,400,000	650,200,000	652,300,000	-1,332,500,000	662,400,000	665,300,000	667,800,000	-1,360,700,000	674,100,000	679,000,000
Shares (Diluted)	638,400,000	-1,288,600,000	638,800,000	640,900,000	651,700,000	-1,309,600,000	654,100,000	654,200,000	656,600,000	-1,342,000,000	667,000,000	670,200,000	673,000,000	-1,372,800,000	679,600,000	685,000,000
EBITDA	$2.49B	·	$2.80B	$2.77B	$2.63B	·	$2.30B	$2.20B	$2.02B	·	$2.08B	$2.05B	$1.95B	·	$1.95B	$1.87B

Balance Sheet 27

Quarterly Balance Sheet data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$11.98B	$12.49B	$12.93B	$10.35B	$9.66B	$9.91B	$10.64B	$9.58B	$11.76B	·	$7.77B	$8.63B	$6.87B	·	$7.45B	$8.25B
Short-term Investments	$413M	$443M	$429M	$328M	$402M	$386M	$275M	$231M	$249M	·	$164M	$143M	$371M	·	$516M	$411M
Receivables	$8.06B	$7.62B	$8.92B	$8.82B	$8.25B	$7.25B	$7.88B	$7.76B	$7.48B	·	$7.83B	$7.99B	$7.86B	·	$7.36B	$7.74B
Inventory	$6.37B	$6.16B	$7.12B	$7.01B	$6.61B	$5.88B	$6.34B	$6.32B	$6.32B	·	$6.00B	$5.89B	$5.78B	·	$5.50B	$5.58B
Other Current Assets	$1.39B	$1.18B	$1.35B	$1.45B	$1.33B	$1.26B	$1.50B	$1.48B	$1.64B	·	$1.55B	$1.53B	$1.63B	·	$1.70B	$1.87B
Current Assets	$30.59B	$30.39B	$30.75B	$27.97B	$27.64B	$27.91B	$28.16B	$25.37B	$27.43B	·	$23.32B	$24.18B	$22.51B	·	$22.52B	$23.85B
PP&E (Net)	·	·	·	·	·	·	·	·	·	·	$5.49B	$5.49B	$5.47B	·	·	·
Goodwill	$21.08B	$21.08B	$23.72B	$23.80B	$22.02B	$21.02B	$21.27B	$20.82B	$17.98B	$17.24B	$17.79B	$17.95B	$17.59B	$17.50B	$16.97B	$17.53B
Intangibles	$6.56B	$6.74B	$7.15B	$7.36B	$6.54B	$6.62B	$5.75B	$5.21B	$3.14B	·	$3.31B	$3.42B	$3.17B	·	$3.22B	$3.38B
Other Non-current Assets	$9.48B	$9.25B	$10.65B	$11.06B	$10.99B	$10.56B	$10.49B	$10.17B	$9.88B	·	$9.91B	$9.80B	$9.62B	·	$10.75B	$10.60B
Total Assets	$73.99B	$73.68B	$80.92B	$78.42B	$75.22B	$75.20B	$73.49B	$69.33B	$65.64B	·	$61.30B	$62.34B	$59.88B	·	$60.29B	$62.26B
Accounts Payable	$6.03B	$6.32B	$7.31B	$7.11B	$6.73B	$6.11B	$6.64B	$6.47B	$6.47B	·	$6.43B	$6.45B	$6.44B	·	$6.12B	$6.25B
Accrued Liabilities	$7.11B	$8.46B	$8.38B	$8.16B	$7.85B	$8.05B	$7.57B	$7.51B	$6.95B	·	$7.20B	$6.96B	$6.96B	·	$7.24B	$7.12B
Short-term Debt	$4.63B	$5.89B	$6.87B	$6.27B	$5.76B	$4.27B	$3.13B	$4.55B	$1.82B	·	$1.93B	$2.83B	$3.56B	·	$3.43B	$3.49B
Current Liabilities	$22.09B	$23.41B	$22.64B	$21.62B	$22.07B	$21.26B	$19.53B	$21.04B	$16.49B	·	$17.23B	$17.17B	$17.90B	·	$18.11B	$19.95B
Capital Leases	$833M	$809M	$967M	$928M	$954M	$863M	$941M	$904M	$902M	·	$822M	$799M	$756M	·	$771M	$798M
Deferred Tax	$1.58B	$1.58B	$1.90B	$1.89B	$1.75B	$1.58B	$2.08B	$2.14B	$2.06B	·	$2.23B	$2.26B	$2.30B	·	$2.41B	$2.42B
Other Non-current Liabilities	$6.54B	$6.41B	$7.06B	$6.73B	$6.23B	$5.58B	$6.42B	$6.20B	$6.26B	·	$6.15B	$6.14B	$6.20B	·	$7.30B	$7.21B
Long-term Debt	$32.11B	$29.05B	$30.16B	$30.24B	$27.08B	·	$27.69B	$23.38B	$23.44B	·	$18.35B	$18.55B	$15.61B	·	$13.55B	$15.59B
Total Debt	$4.63B	·	$6.87B	$6.27B	$5.76B	·	$3.13B	$4.55B	$1.82B	·	$1.93B	$2.83B	$3.56B	·	$3.43B	$3.49B
Common Stock	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$958M	$958M
Retained Earnings	$51.03B	$50.96B	$53.50B	$52.40B	$51.55B	$50.84B	$50.29B	$49.58B	$48.73B	·	$47.43B	$46.60B	$45.80B	·	$44.77B	$43.88B
Treasury Stock	$43.90B	$43.03B	$42.98B	$42.90B	$41.20B	$39.38B	$38.99B	$39.01B	$38.54B	·	$36.51B	$35.51B	$35.07B	·	$33.18B	$32.81B
AOCI	$-4.97B	$-5.15B	$-4.64B	$-4.41B	$-3.79B	$-3.49B	$-4.40B	$-4.08B	$-4.05B	·	$-3.55B	$-3.61B	$-3.54B	·	$-3.30B	$-2.88B
Stockholders' Equity	$13.59B	$13.90B	$16.78B	$16.09B	$17.46B	$18.62B	$17.41B	$16.95B	$16.45B	·	$17.23B	$17.30B	$16.92B	·	$17.71B	$17.54B
Liabilities + Equity	$73.99B	$73.68B	$80.92B	$78.42B	$75.22B	$75.20B	$73.49B	$69.33B	$65.64B	·	$61.30B	$62.34B	$59.88B	·	$60.29B	$62.26B
Shares Outstanding	633,700,000	635,300,000	634,900,000	634,900,000	642,700,000	649,800,000	650,200,000	649,700,000	651,200,000	651,800,000	659,300,000	664,000,000	665,700,000	667,600,000	672,300,000	673,700,000

Cash Flow 14

Quarterly Cash Flow data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$357M	$213M	$397M	$404M	$325M	$196M	$357M	$309M	$291M	·	·	·	·	·	·	·
Stock-based Comp	$57M	$42M	$36M	$57M	$59M	$36M	$45M	$55M	$53M	$49M	$39M	$50M	$59M	$25M	$50M	$53M
Amort. of Intangibles	$153M	$160M	$141M	$133M	$135M	$136M	$120M	$85M	$70M	$74M	$87M	$61M	$68M	·	·	·
Restructuring	$50M	$95M	$58M	$21M	$36M	$77M	$56M	$39M	$49M	$79M	$87M	$66M	$103M	$114M	$68M	$91M
Other Non-cash	$-1.89B	·	·	·	$-1.29B	·	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$-650M	$1.20B	$3.29B	$1.32B	$597M	$2.28B	$2.00B	$1.37B	$448M	$2.96B	$1.81B	$1.36B	$-784M	$2.37B	$2.08B	$789M
CapEx	$223M	$58M	$374M	$303M	$190M	$100M	$279M	$259M	$233M	$66M	$249M	$233M	$193M	$241M	$184M	$158M
Investing Cash Flow	$-119M	$-343M	$-488M	$-1.51B	$-371M	$-1.96B	$-2.80B	$-5.13B	$-273M	$-539M	$-45M	$-680M	$-29M	$-633M	$126M	$424M
Stock Repurchased	$1.00B	$100M	$100M	$1.70B	$1.90B	$455M	$0	$529M	$671M	$1.53B	$1.01B	$477M	$699M	$1.37B	$390M	$1.42B
Net Stock Activity	$-1.00B	·	·	·	$-1.90B	·	·	·	$-671M	·	·	·	$-699M	·	·	·
Dividends Paid	$781M	$762M	$735M	$747M	$732M	$741M	$715M	$743M	$703M	$711M	$728M	$691M	$725M	$691M	$669M	$691M
Financing Cash Flow	$267M	$-1.31B	$-219M	$759M	$-1.18B	$-219M	$1.76B	$1.60B	$3.70B	$-2.34B	$-2.56B	$1.11B	$-1.97B	$279M	$-2.78B	$-2.11B
Net Change in Cash	$-510M	$-443M	$2.58B	$692M	$-910M	$-77M	$1.07B	$-2.18B	$3.83B	$155M	$-856M	$1.76B	$-2.76B	$2.18B	$-799M	$-1.03B
Free Cash Flow	$-873M	·	·	·	$346M	·	·	·	$215M	·	·	·	$-977M	·	·	·

Profitability 7

Quarterly Profitability data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Operating Margin	23.3%	·	23.1%	22.9%	23.0%	·	23.6%	23.0%	22.2%	·	22.6%	22.4%	22.0%	·	21.8%	20.8%
Net Margin	9.0%	·	17.5%	15.2%	14.8%	·	14.5%	16.1%	16.1%	·	16.4%	16.3%	15.7%	·	17.3%	14.1%
Pretax Margin	9.7%	·	21.3%	18.1%	19.2%	·	18.8%	20.6%	20.5%	·	21.3%	20.8%	20.1%	·	22.1%	19.0%
EBITDA Margin	27.2%	·	26.9%	26.8%	26.8%	·	23.6%	23.0%	22.2%	·	22.6%	22.4%	22.0%	·	21.8%	20.8%
ROA	1.1%	·	2.4%	2.1%	2.1%	·	2.1%	2.4%	2.3%	·	2.5%	2.4%	2.3%	·	2.5%	2.0%
ROE	5.3%	·	10.7%	9.5%	8.5%	·	8.2%	9.0%	8.8%	·	8.7%	8.5%	7.9%	·	8.7%	7.1%
ROIC	10.5%	·	8.5%	8.9%	7.6%	·	8.7%	8.1%	8.7%	·	8.4%	8.0%	7.5%	·	7.2%	6.6%

Liquidity & Solvency 3

Quarterly Liquidity & Solvency data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	1.4	·	1.4	1.3	1.3	·	1.4	1.2	1.7	·	1.4	1.4	1.3	·	1.2	1.2
Quick Ratio	0.9	·	1.0	0.9	0.8	·	1.0	0.8	1.2	·	0.9	1.0	0.8	·	0.8	0.8
Debt / Equity	0.3	·	0.4	0.4	0.3	·	0.2	0.3	0.1	·	0.1	0.2	0.2	·	0.2	0.2

Efficiency 3

Quarterly Efficiency data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.2	0.1	0.1	·	0.1	0.1
Inventory Turnover	0.9	·	1.0	0.9	0.9	·	1.0	1.0	0.9	·	1.0	1.0	1.0	·	1.2	1.1
Receivables Turnover	1.1	·	1.2	1.2	1.2	·	1.2	1.2	1.2	·	1.2	1.2	1.2	·	1.3	1.2

Per Share 6

Quarterly Per Share data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$21.45	·	$26.43	$25.35	$27.17	·	$26.77	$26.08	$25.27	·	$26.14	$26.05	$25.42	·	$26.34	$26.04
Revenue / Share	$14.32	·	$16.29	$16.15	$15.07	·	$14.87	$14.64	$13.87	·	$13.81	$13.65	$13.17	·	$13.17	$13.07
Cash Flow / Share	$-1.02	·	·	·	$0.92	·	·	·	$0.68	·	·	·	$-1.16	·	·	·
Cash / Share	$18.90	·	$20.37	$16.30	$15.03	·	$16.37	$14.74	$18.05	·	$11.79	$12.99	$10.32	·	$11.08	$12.24
Dividend Paid / Share	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1
EPS (TTM)	$6.42	·	$9.49	$8.79	$8.70	·	$9.02	$9.08	$8.79	·	$8.84	$8.41	$7.83	·	$7.56	$7.32

Valuation (TTM) 14

Quarterly Valuation (TTM) data for HON
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$37.66B	·	$36.85B	$36.23B	$35.48B	·	$34.76B	$35.09B	$35.38B	·	$36.17B	$35.91B	$35.14B	·	$34.75B	$34.61B
Net Income TTM	$4.10B	·	$6.13B	$5.72B	$5.69B	·	$5.93B	$6.01B	$5.86B	·	$5.95B	$5.69B	$5.34B	·	$5.20B	$5.08B
Market Cap	$143.24B	·	$125.96B	$139.35B	$128.27B	·	$126.68B	$130.76B	$125.97B	·	·	·	·	·	·	·
Enterprise Value	$135.48B	·	$119.48B	$134.95B	$123.96B	·	$118.89B	$125.50B	$115.79B	·	·	·	·	·	·	·
P/E	35.2	·	20.9	25.0	22.9	·	21.6	22.2	22.0	·	·	·	·	·	·	·
P/S	3.8	·	3.4	3.8	3.6	·	3.6	3.7	3.6	·	·	·	·	·	·	·
P/B	10.5	·	7.5	8.7	7.3	·	7.3	7.7	7.7	·	·	·	·	·	·	·
P / Cash Flow	-220.4	·	·	·	214.9	·	·	·	281.2	·	·	·	·	·	·	·
P / FCF	-164.1	·	·	·	370.7	·	·	·	585.9	·	·	·	·	·	·	·
EV / EBITDA	54.5	·	42.6	48.7	47.1	·	51.8	57.1	57.3	·	·	·	·	·	·	·
EV / FCF	-155.2	·	·	·	358.3	·	·	·	538.6	·	·	·	·	·	·	·
EV / Revenue	3.6	·	3.2	3.7	3.5	·	3.4	3.6	3.3	·	·	·	·	·	·	·
Earnings Yield	2.8%	·	4.8%	4.0%	4.4%	·	4.6%	4.5%	4.5%	·	·	·	·	·	·	·
Payout Ratio	95.1%	·	·	·	50.5%	·	·	·	48.0%	·	·	·	52.0%	·	·	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$37.44B	$34.72B	$33.01B	$35.47B	$34.39B
Operating Margin %	21.7%	22.6%	—	—	—
Net Income	$4.73B	$5.71B	$5.66B	$4.97B	$5.54B
Diluted EPS	$7.36	$8.71	$8.47	$7.27	$7.91

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.4	0.2	0.1	0.2	0.2
Current Ratio	1.3	1.3	1.3	1.3	1.3
Quick Ratio	0.9	0.9	0.8	0.9	0.9

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$5.42B	$4.93B	$4.30B	$4.51B	$5.14B

HON AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75

↑ Bullish

I see Honeywell as a compelling hold into 2026Q2 because its profitability surge and defense tailwinds deliver reliable cash flow in a volatile world. ROE TTM hit 35.55%, up from 32.86% last quarter. That efficiency crushes most peers and stems from aero margins holding firm at 36.94%. EPS TTM rose to $9.49. For HON, this funds dividends and buybacks without straining liquidity, where current ratio stays comfy at 1.36. The March 25 $500M DoD deal cements multi-year revenue visibility.

↓ Bearish

Honeywell looks vulnerable because its sky-high leverage and fading market enthusiasm could amplify any industrial slowdown. Debt/Equity remains at 220.69. For a cyclical giant like HON, that means interest costs eat into profits if rates linger or recession hits. Market cap slipped to $123.9B from $137.8B in Q3 2025. Investors are pricing in conglomerate bloat ahead of the aero spin-off. Shares dropped 3.8% on March 22 debt payoff news, signaling balance sheet fears.

Claude NEUTRAL 0.62

↑ Bullish

Honeywell is trading at a structural discount to peers despite stronger profitability momentum. The P/E of 20.2 sits below MMM's 24.4, yet HON's net margin expanded to 15.07% and EPS grew year-over-year. The $500M DoD supplier agreement signals durable defense demand that Jim Currier says is not waning. At current multiples, you're paying for a conglomerate with real aerospace tailwinds and improving operational leverage, not a premium growth story.

↓ Bearish

The leverage story is the real problem here. A 220.69 debt-to-equity ratio means Honeywell is financing growth and shareholder returns on borrowed money, which inflates that 35.55% ROE into something less durable than it looks. The stock has already rallied 10% in seven weeks; the recent $7.6B debt paydown signals management sees valuation risk. If rates stay elevated or defense spending disappoints post-election, that leverage becomes a liability, not a feature.

Gemini NEUTRAL 0.70

↑ Bullish

Honeywell’s massive exposure to defense and aerospace creates a durable, high-margin revenue stream that the market is currently undervaluing. The company is generating a 35.55% ROE. This means they are exceptionally efficient at turning shareholder capital into actual profit, which is a rare feat for a diversified industrial player. With a P/E of 20.21, the stock is trading at a discount compared to its historical averages and broader industrial peers. This valuation gap suggests that investors are not yet fully pricing in the stability of their long-term government contracts, like the recent $500 million Department of War agreement.

↓ Bearish

The company’s aggressive reliance on debt creates a fragile balance sheet that limits future flexibility. Their debt-to-equity ratio sits at 220.69. This indicates that Honeywell is significantly leveraged, meaning a large portion of their future cash flow must be diverted to interest payments rather than reinvestment or dividends. Furthermore, the market is rightfully skeptical of their growth trajectory, as evidenced by their declining market capitalization over the last few quarters. If the anticipated aerospace spin-off fails to unlock the efficiency gains management promises, the stock could face a sustained period of underperformance relative to the broader market.

Chatgpt NEUTRAL 0.58

↑ Bullish

I think HON can unlock upside if defense demand stays robust and a potential aerospace spin-off cleanly unlocks value. ROE TTM: 35.6%. That shows the company is turning equity into profits very efficiently, signaling durable returns to shareholders. Net profit margin TTM: 15.1%. This level indicates HON can translate revenue into solid profits, supporting free cash flow even if input costs move. P/E TTM: 20.2x. The multiple is not cheap, but it reflects solid earnings and the potential re-rating if the aerospace spin-off advances and defense demand holds.

↓ Bearish

I think HON faces downside risk if leverage remains high and near-term catalysts stall. Debt/Equity: 220.69. That high leverage makes earnings and capex highly sensitive to rate moves and debt service. Market cap around $124B, down versus the prior quarter. That signals valuation skepticism and potential multiple compression if growth remains uncertain. It’s also facing mixed sentiment in the news cycle—a March 27, 2026 piece labeled HON overvalued—which doesn’t help the near-term setup.

Round 2 — Responses & Rebuttals

Grok

Claude, I disagree that the $7.6B debt paydown signals management sees valuation risk — it's a smart preemptive strike to ease leverage pressure amid steady rates. That move on March 22 shores up the balance sheet without diluting shareholders, especially with ROE climbing to 35.55% on expanding net margins to 15.07%. For HON, this bolsters cash flexibility for the aero spin-off and DoD contracts, turning a bearish flag into a buy signal.

Claude

I think Grok is conflating two different things when he cites that 35.55% ROE as proof of efficiency. Yes, ROE is up from 32.86% last quarter—but that improvement came while debt-to-equity stayed flat at 220.69. That means Honeywell didn't earn its way to higher returns; it squeezed margins tighter while keeping the leverage constant. For a company this levered, margin expansion under stable debt loads is actually a warning flag, not a feature—it signals management is wringing every last basis point out of operations to service that 220-point D/E ratio. The real question is whether those margins stick if defense orders slow or rates spike, not whether current ROE looks impressive on paper.

Gemini

Claude, your point about the debt-to-equity ratio being a liability is spot on, but I think you are underestimating the strategic necessity of that leverage for a firm like Honeywell. Their debt-to-equity ratio of 220.69 reflects a massive, capital-intensive industrial footprint that requires significant borrowing to maintain its competitive edge in aerospace. This high leverage essentially acts as a forced discipline mechanism, compelling management to prioritize the high-margin, defense-linked projects that keep that 35.55% ROE elevated. Without this scale and debt-backed investment, they would lose the very pricing power that currently anchors their valuation.

Chatgpt

Claude, your point about leverage misses the real driver here: durable defense demand and cash flow visibility. ROE TTM is 35.55%, a metric that shows HON turns equity into profits at a high rate. That level supports generous cash returns to shareholders and helps fund debt service, even if rates stay higher. The $500M DoD framework with the U.S. War Department adds multi-year revenue visibility that could justify the current leverage if defense demand remains firm.

Round 3 — Final Rebuttals

Grok

Claude, I disagree that margin expansion under flat debt is a warning flag—it's Honeywell delivering operational leverage from aero and defense tailwinds. Net margin TTM climbed to 15.07% from 14.3% last quarter. That directly funds debt service and buybacks without added borrowing pressure. ROE hit 35.55%, crushing IEP's -19.72%. For this conglomerate, it signals sustainable profitability into 2026Q2, not fragility.

Claude

I want to push back on something ChatGPT and Grok both glossed over: the $7.6B debt paydown on March 22 wasn't preemptive discipline, it was a capitulation signal. When a company with a 220.69 debt-to-equity ratio — that's debt nearly 2.2 times larger than shareholder equity — suddenly rushes to pay down $7.6B in a single move, it's not confidence. It's management signaling they see refinancing risk or rate pressure ahead. Grok, you called it a buy signal; I read it as the opposite. If HON truly believed in that 35.55% ROE and defense tailwinds, they'd be deploying cash into the aerospace spin-off or M&A, not de-risking the balance sheet. The stock dropped 3.8% that day because the market read it the same way I do: fear, not strength.

Gemini

Grok, I disagree that the $7.6B debt paydown is a pure liquidity win; the market reaction on March 22 proves investors fear the interest expense is still cannibalizing growth. My read is that we are ignoring the macro regime shift: the strengthening dollar is a massive headwind for Honeywell given their global aerospace footprint. With a net margin of 15.07%, this is the percentage of revenue that actually hits the bottom line after all costs are paid. A stronger dollar makes their exports less competitive globally, which could easily erode those margins faster than any defense contract can offset.

Chatgpt

I think we should widen the frame to regulatory and competitive dynamics that could move HON in 2026Q2. Metric: the $500M DoD supplier framework agreement Honeywell Aerospace signed adds multi-year revenue visibility that anchors cash flow and supports a protective moat. Claude, your point on leverage is valid, but policy backdrop — DoD budget trajectories and export controls — could tilt orders either way. Grok, a rival RTX Collins Aerospace roadmap could pressure HON's cockpit-sensors niche if backlog shifts. This outside frame keeps the upside and risk balanced.

Price Forecasts

Model	3M Target	6M Target	Reasoning
G Grok	3M Target $235.00	6M Target $250.00	Reasoning I think Honeywell's operational leverage from defense tailwinds will re-rate the stock higher into 2026Q2, justifying targets above the recent $222 close. The key catalyst is the Q2 2026 earnings release around late July, where management should quantify aero spin-off timelines and $500M DoD contract ramp-up for multi-year visibility. The main risk is a Fed rate hike in September 2026 that spikes interest costs on the 220.69 debt/equity ratio, crimping net margins from 15.07%. At a forward P/E expanding to 22x on $9.49 EPS, this embeds aero purity without conglomerate drag.
C Claude	3M Target $215.00	6M Target $228.00	Reasoning Honeywell's margin expansion and defense tailwinds justify a modest re-rating, but leverage remains the binding constraint. My thesis: HON trades at a structural discount to peers because the market is pricing in refinancing risk from that 220.69 debt-to-equity ratio, not fundamental weakness. The catalyst: a clean aerospace spin-off announcement in Q2 2026 that separates high-margin defense from lower-return industrial segments, unlocking a 15–18% multiple expansion. The risk: if rates stay elevated through mid-2026, debt service costs erode that 15.07% net margin faster than defense orders can offset. At 20.2x trailing P/E on $9.49 EPS, you're paying for stability, not growth—fair value if the spin-off de-risks the balance sheet.
G Gemini	3M Target $195.00	6M Target $210.00	Reasoning My thesis is that Honeywell’s persistent defense demand will eventually outweigh investor anxiety regarding their debt load. The primary catalyst for a move toward my 210 dollar target is the upcoming Q2 earnings report, where I expect management to provide clarity on how the aerospace spin-off will specifically deleverage the balance sheet. The major risk is a sudden spike in long-term interest rates, which would force a sharp re-pricing of their high debt-to-equity ratio of 220.69. This ratio represents the total debt relative to shareholder equity, and at this level, it means Honeywell is highly sensitive to the cost of borrowing to fund its operations.
C Chatgpt	3M Target $194.00	6M Target $205.00	Reasoning I think HON can drift higher into 2026Q2 on durable defense demand and a clearer aerospace spin-off path, but high leverage caps upside. Catalyst: the Q2 earnings print with updated guidance and a concrete aerospace spin-off timeline, plus ongoing DoD revenue visibility. Risk: a sharper pullback in defense orders or persistently high rates that raise debt service could derail the setup. ROE around 35.6% shows HON turns equity into profits efficiently, supporting cash returns and debt service.

Latest News Recent headlines mentioning this company

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Eli Lilly taps into its GLP-1 windfall, while Honeywell sheds a lower-margin unit CNBC · 1 month ago
“We Don’t See the Defense Demand Waning at All,” Says Honeywell International (HON)’s Jim Currier Yahoo Finance · 1 month, 3 weeks ago
Deere Moves Up In Market Cap Rank, Passing Honeywell International Nasdaq · 1 month, 3 weeks ago
Honeywell Signs $500 Mln Supplier Framework Agreement With U.S. DoW Nasdaq · 1 month, 3 weeks ago
Why Did Honeywell Stock Just Drop? Yahoo Finance · 1 month, 4 weeks ago
My Top 2 Megacap Stocks to Buy After GE Aerospace's Latest Pullback Nasdaq · 2 months ago
Morgan Stanley Lifts Price Target on Honeywell International Inc. (HON) to $245, Reiterates Equal Weight Rating Yahoo Finance · 2 months ago

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Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

HON AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Round 2 — Responses & Rebuttals

Round 3 — Final Rebuttals

Price Forecasts

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