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

03
Price $213.99
Market Cap (MRQ) $67.81B
P/E (TTM) 9.8
EPS (TTM) $21.80
Revenue (TTM) $38.06B
Div Yield 2.2%
ROE (TTM) 47.4%
Debt/Equity (MRQ) 0.1
52W Range $187–$452

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

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Stock splits 11
Ex-date Split Type
June 29, 2026 1-for-1 Reverse
Oct. 30, 2025 1061-for-1000 Forward
Oct. 29, 2018 129-for-125 Forward
Oct. 1, 2018 1011-for-1000 Forward
Oct. 3, 2016 566-for-563 Forward
Sept. 16, 1997 2-for-1 Forward
March 15, 1994 2-for-1 Forward
May 30, 1984 3-for-2 Forward
Feb. 3, 1967 51-for-50 Forward
Feb. 3, 1966 51-for-50 Forward
Feb. 4, 1965 51-for-50 Forward

About Honeywell International Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Honeywell International Inc. is an American publicly traded, multinational conglomerate corporation headquartered in Charlotte, North Carolina. It primarily operates in three areas of business: building automation, industrial automation, and energy and sustainability solutions (ESS). Honeywell also operates Sandia National Laboratories under contract with the U.S. Department of Energy. Honeywell is a Fortune 500 company, ranked 115th in 2023. In 2025, the corporation had a global workforce of approximately 101,000 employees. As of 2025, its chairman and chief executive officer was Vimal Kapur.

The corporation's name, Honeywell International Inc., is a product of the merger of Honeywell Inc. and AlliedSignal in 1999. The corporation headquarters were consolidated with AlliedSignal's headquarters in Morristown, New Jersey. The combined company chose the name "Honeywell" because of the considerable brand recognition. Honeywell was a component of the Dow Jones Industrial Average index from 1999 to 2008. Prior to 1999, its corporate predecessors were included dating back to 1925, including early entrants in the computing and thermostat industries.

In 2020, Honeywell rejoined the Dow Jones Industrial Average index. In 2021, it moved its stock listing from the New York Stock Exchange to the Nasdaq.

In 2025, Honeywell announced it would split into three companies: Honeywell Technologies, Honeywell Aerospace, and Solstice Advanced Materials. It has been estimated that the aerospace and automation businesses could be worth as much as $104 billion and $94 billion, respectively, after the split.

History

The Butz Thermo-Electric Regulator Company was founded in 1885 when the Swiss-born Albert Butz invented the damper-flapper, a thermostat used to control coal furnaces, bringing automated heating system regulation into homes. In 1888, after a falling out with his investors, Butz left the company and transferred the patents to the legal firm Paul, Sanford, and Merwin, who renamed the company the Consolidated Temperature Controlling Company.

As the years passed, CTCC struggled with debt and the company underwent several name changes. After it was renamed the Electric Heat Regulator Company in 1893, W. R. Sweatt, a stockholder in the company, was sold "an extensive list of patents" and named secretary-treasurer. By 1900, Sweatt had bought out the remaining shares of the company from the other stockholders.

1906 Honeywell Heating Specialty Company founded

In 1906, Mark Honeywell founded the Honeywell Heating Specialty Company in Wabash, Indiana, to manufacture and market his invention, the mercury seal generator.

1922–1934 Mergers and acquisitions

As Honeywell's company grew, thanks in part to the acquisition of Jewell Manufacturing Company in 1922 to better automate his heating system, it began to clash with the Electric Heat Regulator Company now-renamed Minneapolis Heat Regulator Company. In 1927, this led to the merging of both companies into the publicly held Minneapolis-Honeywell Regulator Company. Honeywell was named the company's first president, alongside W.R. Sweatt as its first chairman.

In 1929, combined assets were valued at over $3.5 million, with less than $1 million in liabilities just months before Black Monday. In 1931, Minneapolis-Honeywell began a period of expansion and acquisition when it purchased the Time-O-Stat Controls Company, giving the company access to a greater number of patents for its controls systems.

W.R. Sweatt and his son Harold provided 75 years of uninterrupted leadership for the company. W.R. Sweatt faced hardship and turned an innovative idea – thermostatic heating control – into a successful business.

1934–1941 International growth

Harold took over in 1934, leading Honeywell through a period of growth and global expansion that set the stage for Honeywell to become a global technology leader. The merger into the Minneapolis-Honeywell Regulator Company proved to be a saving grace for the corporation.

1934 marked Minneapolis-Honeywell's first foray into the international market, when it acquired the Brown Instrument Company and inherited its relationship with the Yamatake Company of Tokyo, a Japan-based distributor. Later in 1934, Minneapolis-Honeywell started distributorships across Canada, as well as one in the Netherlands, its first European office. This expansion into international markets continued in 1936, with its first distributorship in London, as well as its first foreign assembly facility being established in Canada. By 1937, ten years after the merger, Minneapolis-Honeywell had over 3,000 employees, with $16 million in annual revenue.

World War II

With the outbreak of World War II, Minneapolis-Honeywell was approached by the US military for engineering and manufacturing projects. In 1941, Minneapolis-Honeywell developed a superior tank periscope, camera stabilizers, and the C-1 autopilot.

The C-1 revolutionized precision bombing and was ultimately used on the two B-29 bombers that dropped atomic bombs on Japan in 1945. The success of these projects led Minneapolis-Honeywell to open an Aero division in Chicago on October 5, 1942. This division was responsible for the development of the formation stick to control autopilots, more accurate fuel quantity indicators for aircraft, and the turbo supercharger.

In 1950, Minneapolis-Honeywell's Aero division was contracted for the controls on the first US nuclear submarine, USS Nautilus. In 1951, the company acquired Intervox Company for their sonar, ultrasonic, and telemetry technologies. Honeywell also helped develop and manufacture the RUR-5 ASROC for the US Navy.

1950–1970s

In 1953, in cooperation with the USAF Wright-Air Development Center, Honeywell developed an automated control unit, that could control an aircraft through various stages of a flight, from taxiing to takeoff to the point where the aircraft neared its destination and the pilot took over for landing. Called the Automatic Master Sequence Selector, the onboard control operated similarly to a player piano to relay instructions to the aircraft's autopilot at certain way points during the flight, significantly reducing the pilot's workload. Technologically, this effort had parallels to contemporary efforts in missile guidance and numerical control. Honeywell also developed the Wagtail missile with the USAF.

From the 1950s until the mid-1970s, Honeywell was the United States' importer of Japanese company Asahi Optical's Pentax cameras and photographic equipment. These products were labeled "Heiland Pentax" and "Honeywell Pentax" in the U.S. In 1953, Honeywell introduced its most famous product, the T-86 Round thermostat.

In 1961, James H. Binger became Honeywell's president and in 1965 its chairman. Binger revamped the company sales approach, placing emphasis on profits rather than on volume. He stepped up the company's international expansion – it had six plants producing 12% of the company's revenue. He officially changed the company's corporate name from "Minneapolis-Honeywell Regulator Co." to "Honeywell", to better represent their colloquial name. Throughout the 1960s, Honeywell continued to acquire other businesses, including Security Burglar Alarm Company in 1969.

In the 1970s, after one member of a group called FREE on the Minneapolis campus (U of M) of the University of Minnesota asked five major companies with local offices to explain their attitudes toward gay men and women, three responded quickly, insisting that they did not discriminate against gay people in their hiring policies. Only Honeywell objected to hiring gay people. Later in the 1970s, when faced with a denial of access to students, Honeywell "quietly [reversed] its hiring policy".

The beginning of the 1970s saw Honeywell focus on process controls, with Honeywell merging its computer operations with GE's information systems in 1970, and later acquiring GE's process control business. With the acquisition, Honeywell took over responsibility for GE's ongoing Multics operating system project. The design and features of Multics greatly influenced the Unix operating system. Multics influenced many of the features of Honeywell/GE's GECOS and GCOS8 General Comprehensive Operating System operating systems. Honeywell, Groupe Bull, and Control Data Corporation formed a joint venture in Magnetic Peripherals Inc. which became a major player in the hard disk drive market.

Honeywell was the worldwide leader in 14-inch disk drive technology in the OEM marketplace in the 1970s and early 1980s, especially with its SMD (Storage Module Drive) and CMD (Cartridge Module Drive). In the second half of the 1970s, Honeywell started to look to international markets again, acquiring the French Compagnie Internationale pour l’Informatique in 1976. In 1984, Honeywell formed Honeywell High Tech Trading to lease their foreign marketing and distribution to other companies abroad, in order to establish a better position in those markets. Under Binger's stewardship from 1961 to 1978 he expanded the company into such fields as defense, aerospace, and computing.

During and after the Vietnam Era, Honeywell's defense division produced a number of products, including cluster bombs, missile guidance systems, napalm, and land mines. Minnesota-Honeywell Corporation completed flight tests on an inertia guidance sub-system for the X-20 project at Eglin Air Force Base, Florida, utilizing an NF-101B Voodoo by August 1963. The X-20 project was canceled in December 1963. The Honeywell Project, founded in 1968, organized protests against the company to persuade it to abandon weapons production

In 1980, Honeywell bought Incoterm Corporation to compete in both the airline reservations system networks and bank teller markets.

Honeywell Information Systems

In April 1955, Minneapolis-Honeywell started a joint venture with Raytheon called Datamatic to enter the computer market and compete with IBM. In 1957, its first computer, the DATAmatic 1000, was sold and installed. By the release of the DATAmatic 1000, however, Minneapolis-Honeywell bought Raytheon's interest in Datamatic and turned it into the Electronic Data Processing division, later Honeywell Information Systems (HIS) of Minneapolis-Honeywell.

Honeywell purchased minicomputer pioneer Computer Control Corporation (3C's) in 1966, renaming it as Honeywell's Computer Control Division. Through most of the 1960s, Honeywell was one of the "Snow White and the Seven Dwarfs" of computing. IBM was "Snow White", while the dwarfs were the seven significantly smaller computer companies: Burroughs, Control Data Corporation, General Electric, Honeywell, NCR, RCA, and UNIVAC. Later, when their number had been reduced to five, they were known as "The BUNCH", after their initials: Burroughs, UNIVAC, NCR, Control Data Corporation, and Honeywell.

In 1970, Honeywell acquired GE's computer business, rebadging General Electric's 600-series mainframes to Honeywell 6000 series computers, supporting GCOS, Multics, and CP-6, while forming Honeywell Information Systems. In 1973, it shipped a high speed non-impact printer called the Honeywell Page Printing System.

From 1974 to 1987, under the leadership of CEO Edson W. Spencer, the company began a shift away from computers and focused instead on aeronautics and industrial technology.

In 1975, it purchased Xerox Data Systems, whose Sigma computers had a small but loyal customer base. Some of Honeywell's systems were minicomputers, such as their Series 60 Model 6 and Model 62 and their Honeywell 200. The latter was an attempt to penetrate the IBM 1401 market. In 1987, HIS merged with Groupe Bull, a global joint venture with Compagnie des Machines Bull of France and NEC Corporation of Japan to become Honeywell Bull. In 1988 Honeywell Bull was consolidated into Groupe Bull and in 1989 renamed to Bull, a Worldwide Information Systems Company. By 1991, Honeywell was no longer involved in the computer business.

1985–1999 integrations

Aerospace and defense

1986 marked a new direction for Honeywell, beginning with the acquisition of the Sperry Aerospace Group from the Unisys Corporation. In 1990, Honeywell spun off its Defense and Marine Systems business into Alliant Techsystems, as well as their Test Instruments division and Signal Analysis Center to streamline the company's focus. Honeywell continues to supply aerospace products including electronic guidance systems, cockpit instrumentation, lighting, and primary propulsion and secondary power turbine engines. In 1996, Honeywell acquired Duracraft and began marketing its products in the home comfort sector.

Honeywell is in the consortium that runs the Pantex Plant that assembles all of the nuclear bombs in the United States arsenal. Honeywell Federal Manufacturing & Technologies, successor to the defense products of AlliedSignal, operates the Kansas City Plant which produces and assembles 85 percent of the non-nuclear components of the bombs.

Home and building controls

Honeywell began the SmartHouse project, to combine heating, cooling, security, lighting, and appliances into one easily controlled system. They continued the trend in 1987 by releasing new security systems, and fire and radon detectors. In 1992, in another streamlining effort, Honeywell combined its Residential Controls, Commercial Systems, and Protections Services divisions into Home and Building Control, which then acquired the Enviracare air cleaner business. By 1995, Honeywell had condensed into three divisions: Space and Aviation Control, Home and Building Control, and Industrial Control.

Industrial control

Honeywell dissolved its partnership with Yamatake Company and consolidated its Process Control Products Division, Process Management System Division, and Micro Switch Division into one Industrial Control Group in 1998. It has further acquired Measurex System and Leeds & Northrup to strengthen its portfolio in 1997.

1999–2002 merger, takeovers

AlliedSignal and Pittway

On June 7, 1999, Honeywell was acquired by AlliedSignal, who elected to retain the Honeywell name for its brand recognition. The former Honeywell moved their headquarters of 114 years to AlliedSignal's in Morristown, New Jersey. While "technically, the deal looks more like an acquisition than a merger...from a strategic standpoint, it is a merger of equals." AlliedSignal's 1998 revenue was reported at $15.1 billion to Honeywell's $8.4 billion, but together the companies share huge business interests in aerospace, chemical products, automotive parts, and building controls.

The corporate headquarters were consolidated to AlliedSignal's headquarters in Morristown, New Jersey, rather than Honeywell's former headquarters in Minneapolis, Minnesota. When Honeywell closed its corporate headquarters in Minneapolis, over one thousand employees lost their jobs. A few moved to Morristown or other company locations, but the majority were forced to find new jobs or retire. Soon after the merger, the company's stock fell significantly, and did not return to its pre-merger level until 2007.

In 2000, the new Honeywell acquired Pittway for $2.2 billion to gain a greater share of the fire-protection and security systems market, and merged it into their Home and Building Control division, taking on Pittway's $167 million in debt. Analyst David Jarrett commented that "while Honeywell offered a hefty premium, it's still getting Pittway for a bargain" at $45.50 per share, despite closing at $29 the week before. Pittway's Ademco products complemented Honeywell's existing unified controls systems.

General Electric Company

In October 2000, Honeywell, then valued at over $21 billion, accepted a takeover bid from then-CEO Jack Welch of General Electric. The American Department of Justice cleared the merger, while "GE teams swooped down on Honeywell" and "GE executives took over budget planning and employee reviews." However, on July 3, 2001, the European Commission's competition commissioner, Mario Monti, blocked the move. This decision was taken on the grounds that with GE's dominance of the large jet engine market, led by the General Electric CF34 turbofan engine, its leasing services (GECAS), and Honeywell's portfolio of regional jet engines and avionics, the new company would be able to "bundle" products and stifle competition through the creation of a horizontal monopoly.

US regulators disagreed, finding that the merger would improve competition and reduce prices; United States Assistant Attorney General Charles James called the EU's decision "antithetical to the goals of antitrust law enforcement." This led to a drop in morale and general tumult throughout Honeywell. The then-CEO Michael Bonsignore was fired as Honeywell looked to turn its business around.

2002–2014 acquisitions and further expansion

In January 2002, Knorr-Bremse —who had been operating in a joint venture with Honeywell International Inc. —assumed full ownership of its ventures in Europe, Brazil, and the USA. Bendix Commercial Vehicle Systems became a subsidiary of Knorr-Bremse AG.

In February 2002, Honeywell's board appointed its next CEO and chairman, David M. Cote. Since 2002, Honeywell has made more than 80 acquisitions and 60 divestitures, and increasing its labor force to 131,000 as a result of these acquisitions. Honeywell's stock nearly tripled from $35.23 in April 2002 to $99.39 in January 2015.

Honeywell made a £1.2bn ($2.3bn) bid for Novar plc in December 2004. The acquisition was finalized in March 2005. In October 2005, Honeywell bought out Dow's 50% stake in UOP for $825 million, giving them complete control over the joint venture in petrochemical and refining technology. In May 2010, Honeywell outbid UK-based Cinven and acquired the French company Sperian Protection for $1.4 billion, which was then incorporated into its automation and controls safety unit.

2015–present

In 2015, the headquarters were moved to Morris Plains, New Jersey. The headquarters in Morris Plains included a 475,000-square-foot building on 40 acres.

In December 2015, Honeywell acquired Elster for US$5.1B, entering the space of gas, electricity, and water meters with a specific focus on smart meters. Honeywell International Inc. then acquired the 30% stake in UOP Russell LLC it didn't own already for roughly $240 million in January 2016.

In April 2016, Honeywell acquired Xtralis, a provider of aspirating smoke detection, perimeter security technologies, and video analytics software, for $480 million, from funds advised by Pacific Equity Partners and Blum Capital Partners. In May 2016, Honeywell International Inc. settled its patent dispute regarding Google subsidiary Nest Labs, whose thermostats Honeywell claimed infringed on several of its patents. Google parent Alphabet Inc. and Honeywell said it reached a "patent cross-license" agreement that "fully resolves" the long-standing dispute. Honeywell sued Nest Labs in 2012. In 2017, Honeywell opened a new software center in Atlanta, Georgia.

David Cote stepped down as CEO on April 1, 2017, and was succeeded by Darius Adamczyk, who had been promoted to president and chief operating officer (COO) in 2016. Cote served as executive chairman until April 2018. In October 2017, Honeywell announced plans to spin off its Homes, ADI Global Distribution, and Transportation Systems businesses into two separate, publicly traded companies by the end of 2018.

In 2018, Honeywell spun off both Honeywell Turbo Technologies, now Garrett Advancing Motion, and its consumer products business, Resideo. Both companies are publicly traded on the New York Stock Exchange. For the fiscal year 2019, Honeywell reported net income of US$6.230 billion, with an annual revenue of US$36.709 billion, a decrease of 19.11% over the previous fiscal cycle. Honeywell's market capitalization was valued at over US$113.25 billion in September 2020.

Honeywell relocated its corporate headquarters in October 2019 to Charlotte, North Carolina. In July 2019, Honeywell moved employees into a temporary headquarters building in Charlotte before their new building was complete.

In 2020, Honeywell Forge launched as an analytics platform software for industrial and commercial applications such as aircraft, building, industrial, worker and cyber-security. In collaboration with Carnegie Mellon University National Robotics Engineering Center, the Honeywell Robotics was created in Pittsburgh to focus on supply chain transformation. The Honeywell robotic unloader grabs packages in tractor-trailers then places them on conveyor belts for handlers to sort.

In May 2019, GoDirect Trade launched as an online marketplace for surplus aircraft parts such as engines, electronics, and APU parts. In March 2020, Honeywell announced that its quantum computer is based on trapped ions. Its expected quantum volume is at least 64, which Honeywell's CEO called the world's most powerful quantum computer. In November 2021, Honeywell announced the spinoff of its quantum division into a separate company named "Quantinuum".

In March 2023, Honeywell announced Vimal Kapur as its next CEO, effective June 1, 2023. In December 2023, Honeywell agreed to acquire Carrier Global's security business for approximately $5 billion.

In February 2024, Honeywell filed a lawsuit against Lone Star Aerospace, Inc., alleging that their software products infringe on five patents.

On October 1, 2024, Honeywell partnered with Google to integrate data with generative AI with an aim to streamline autonomous operations for its customers.

On October 8, 2024, it was announced that the company's advanced materials division would be spun-off into a new company.

On February 6, 2025, it was announced that Honeywell would be spun-off into three independent companies after activist investor Elliott Investment Management who is in favor of the split took a major stake in the company. With its aerospace, automation, and previously announced advanced materials segments being split into separate companies.

On May 22, 2025, the company announced it was acquiring Johnson Matthey's Catalyst Technologies arm for £1.8 billion.

In October 2025, Honeywell spun of its Advanced Materials business as Solstice Advanced Materials, an independent publicly traded company.

In June 2026, Honeywell completed the spin-off of its Aerospace business, which began trading independently on the Nasdaq under the ticker HONA as Honeywell Aerospace. The remaining company continued as Honeywell Technologies.

In July 2026, Honeywell Technologies completed its acquisition of Johnson Matthey's Catalyst Technologies business for 1.325 billion. The business develops catalysts and process technologies used in areas including chemicals, energy and sustainable fuels.

In late July 2026, Honeywell Technologies completed its sale of its Warehouse and Workflow Solutions business to American Industrial Partners, creating an independent company focused on warehouse automation and material-handling technology.

COVID-19 pandemic

In response to the COVID-19 pandemic, Honeywell converted some of its manufacturing facilities in Rhode Island, Arizona, Michigan and Germany to produce supplies of personal protective equipment for healthcare workers. In April 2020, Honeywell began production of N95 masks at the company's factories in Smithfield and Phoenix, aiming to produce 20 million masks a month. Honeywell's facilities in Muskegon and Germany were converted to produce hand sanitiser for government agencies.

Several state governments contracted Honeywell to produce N95 particulate-filtering face masks during the pandemic. The North Carolina Task Force for Emergency Repurposing of Manufacturing (TFERM) awarded Honeywell a contract for the monthly delivery of 100,000 N95 masks. In April 2020, Los Angeles Mayor Eric Garcetti announced a deal with Honeywell to produce 24 million N95 masks to distribute to healthcare workers and first responders.

In May 2020, United States President Donald Trump visited the Honeywell Aerospace Technologies facility in Phoenix, where he acknowledged the "incredibly patriotic and hard-working men and women of Honeywell" for making N95 masks and referred to the company's production as a "miraculous achievement".

In April 2021, Will.i.am and Honeywell collaborated on Xupermask, a mask made of silicon and athletic mesh fabric that has LED lights, 3-speed fans and noise-canceling headphones in the mask.

In November 2024, Honeywell announced its intention to sell its personal protective equipment business to Protective Industrial Products for almost $1.33 billion in cash. The sale of this PPE business is expected to close by the first half of 2025.

After the divestment of PPE business, the company is planning to retain its gas detection portfolio.

Business groups

The company operates four business groups – Honeywell Aerospace Technologies, Building Automation, Safety and Productivity Solutions (SPS), and Performance Materials and Technologies (PMT). Business units within the company are as follows:

Honeywell Aerospace Technologies provides avionics, aircraft engines, flight management systems, and service solutions to manufacturers, airlines, airport operations, militaries, and space programs. It comprises Commercial Aviation, Defense & Space, and Business & General Aviation. In January 2014, Honeywell Aerospace Technologies launched its SmartPath Precision Landing System at Malaga-Costa del Sol Airport in Spain, which augments GPS signals to make them suitable for precision approach and landing, before broadcasting the data to approaching aircraft. In June 2026, Honeywell Aerospace completed a spin-off into an independent public company.

In July 2014, Honeywell's Transportation Systems merged with the Aerospace division due to similarities between the businesses. In April 2018, Honeywell announced to develop laser communication products for satellite communication in collaboration with Ball Aerospace and plans future volume production. In June 2018 Honeywell spun off and rebranded its Transportation Systems as Garrett.

Building Automation and Honeywell Safety and Productivity Solutions were created when Automation and Control Solutions was split into two in July 2016. Building Automation comprises Honeywell Building Solutions, Environmental and Energy Solutions, and Honeywell Security and Fire. In December 2017, Honeywell announced that it had acquired SCAME, an Italy-based company, to add new fire and gas safety capabilities to its portfolio. Honeywell Safety and Productivity Solutions comprises Scanning & Mobility, Sensing and Internet of Things, and Industrial safety.

Honeywell Performance Materials and Technologies comprises six business units: Honeywell UOP, Honeywell Process Solutions, Fluorine Products, Electronic Materials, Resins & Chemicals, and Specialty Materials. Products include process technology for oil and gas processing, fuels, films and additives, special chemicals, electronic materials, and renewable transport fuels.

Corporate governance

Honeywell's current chief executive officer is Vimal Kapur. As of June 2023, the members of the board are:

Acquisitions since 2002

Honeywell's acquisitions have consisted largely of businesses aligned with the company's existing technologies. The acquired companies are integrated into one of Honeywell's five business groups (Aerospace Technologies (AT), Building Automation (BA), Safety and Productivity Solutions (SPS), Energy and Sustainability Solutions (ESS), or Performance Materials and Technologies (PMT)) but retain their original brand name.

Environmental issues

The United States Environmental Protection Agency states that no corporation has been linked to a greater number of Superfund toxic waste sites than Honeywell. In 2007, Honeywell ranked 44th in a list of US corporations most responsible for air pollution, releasing more than 4.25 million kg (9.4 million pounds) of toxins per year into the air. In 2001, Honeywell agreed to pay $150,000 in civil penalties and to perform $772,000 worth of reparations for environmental violations involving:

failure to prevent or repair leaks of hazardous organic pollutants into the air

failure to repair or report refrigeration equipment containing chlorofluorocarbons

inadequate reporting of benzene, ammonia, nitrogen oxide, dichlorodifluoromethane, sulfuric acid, sulfur dioxide, and caprolactam emissions

In 2003, a federal judge in Newark, New Jersey, ordered the company to perform an estimated $400 million environmental remediation of chromium waste, citing "a substantial risk of imminent damage to public health and safety and imminent and severe damage to the environment." In 2003, Honeywell paid $3.6 million to avoid a federal trial regarding its responsibility for trichloroethylene contamination in Lisle, Illinois. In 2004, the State of New York announced that it would require Honeywell to complete an estimated $448 million cleanup of more than 74,000 kg (165,000 lbs) of mercury and other toxic waste dumped into Onondaga Lake in Syracuse, New York, from a former Allied Chemical property.

Honeywell established three water treatment plants by November 2014. The chemicals cleanup site removed 7 tons of mercury. In November 2015, Audubon New York gave the Thomas W. Keesee Jr. Conservation Award to Honeywell for its cleanup efforts in “one of the most ambitious environmental reclamation projects in the United States.” By December 2017, Honeywell completed dredging the lake. Later in December, the Department of Justice filed a settlement requiring Honeywell to pay a separate $9.5 million in damages, as well build 20 restoration projects on the shore to help repair the greater area surrounding the lake.

In 2005, the state of New Jersey sued Honeywell, Occidental Petroleum, and PPG to compel cleanup of more than 100 sites contaminated with chromium, a metal linked to lung cancer, ulcers, and dermatitis. In 2008, the state of Arizona made a settlement with Honeywell to pay a $5 million fine and contribute $1 million to a local air-quality cleanup project, after allegations of breaking water-quality and hazardous-waste laws on hundreds of occasions between 1974 and 2004.

In 2006, Honeywell announced that its decision to stop manufacturing mercury switches had resulted in reductions of more than 11,300 kg (24,900 lb) of mercury, 2,800 kg (6,200 lb) of lead, and 1,500 kg (3,300 lb) of chromic acid use. The largest reduction represents 5% of mercury use in the United States. For this, Honeywell received the EPA's 2006 National Partnership for Environmental Priorities (NPEP) Achievement Award, recognizing Honeywell's leadership in reducing mercury use.

Leadership

Presidents and chairmen of the company have been:

President

Mark Charles Honeywell, 1927–1934

Harold Wilson Sweatt, 1934–1952

Paul Barclay Wishart, 1952–1960

James Henry Binger, 1960–1965

Stephen Flaherty Keating, 1965–1974

Edson White Spencer, 1974–1978

James Joseph Renier, 1986–1988

David Larry Moore, 1993–1997

Giannantonio Ferrari, 1997–2000

Robert D. Johnson, 1999–2000

Darius Adamczyk, 2016–2018

Vimal Kapur, 2022–2024

Chairman of the Board

Mark Charles Honeywell, 1934–1954

Harold Wilson Sweatt, 1954–1965

James Henry Binger, 1965–1975

Stephen Flaherty Keating, 1975–1978

Edson White Spencer, 1978–1988

James Joseph Renier, 1988–1993

Michael Robert Bonsignore, 1993–2000

Lawrence Arthur Bossidy, 2000–2002

David M. Cote, 2002–2018

Darius Adamczyk, 2018–2024

Vimal Kapur, 2024–present

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorIndustrials industryIndustrial Conglomerates employees101,000 countryUS

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

06
Revenue$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
Net margin21.6%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

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

Metric 5Y trend HON 5Y avg Peer Median Verdict
P/E (TTM) 9.8 · · ·
P/S (TTM) 1.8 · · ·
P/B (MRQ) 3.7 · · ·
EV / EBITDA (TTM) 6.7 · · ·
Price / FCF (TTM) 16.3 · · ·
Price / Cash Flow (TTM) 13.2 · · ·
EV / Revenue (TTM) 1.6 · · ·
EV / FCF (TTM) 14.7 · · ·
Price / Tangible Book (MRQ) 5.6 · · ·
PEG Ratio ≈5.3 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

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

13
Dividend Yield2.2%
Payout Ratio62.9%
Annualized Payout≈$2.80Paid quarterly
5Y Div CAGR≈4.7%Per share, split-adjusted
Growth Streak≈15Consecutive years of dividend growth
Ex-dateAmountCurrencyYield
Aug 14, 2026$0.70USD≈1.9%
May 15, 2026$1.25USD≈2.3%
Feb 27, 2026$1.25USD≈1.9%
Nov 14, 2025$1.25USD≈2.3%
Aug 15, 2025$1.12USD≈2.2%
May 16, 2025$1.12USD≈2.1%
Feb 28, 2025$1.12USD≈2.2%
Nov 15, 2024$1.12USD≈2.0%
Aug 16, 2024$1.07USD≈2.3%
May 16, 2024$1.07USD≈2.2%
Feb 29, 2024$1.07USD≈2.2%
Nov 9, 2023$1.07USD—
Aug 10, 2023$1.02USD—
May 11, 2023$1.02USD—
Feb 23, 2023$1.02USD—
Nov 9, 2022$1.02USD—
Aug 11, 2022$0.97USD—
May 12, 2022$0.97USD—
Feb 24, 2022$0.97USD—
Nov 10, 2021$0.97USD—

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

14
Avg Surprise 3.7%
Next Report Oct 21, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Jul 22, 2026 $4.52 $4.86 -7.0%
March 31, 2026 $4.90 $4.69 4.4%
Dec. 31, 2025 $5.18 $5.13 0.97%
Sept. 30, 2025 $5.64 $5.18 8.8%
June 30, 2025 $2.75 $2.68 2.5%
March 31, 2025 $2.51 $2.23 12.3%

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

15
Income Statement 16
Metric Trend 202520242023202220212020201920182017201620152014
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) 639,000,000650,900,000663,000,000677,100,000692,300,000704,100,000721,000,000743,000,000762,100,000764,300,000779,800,000784,400,000
Shares (Diluted) 642,800,000655,300,000668,200,000683,100,000700,400,000711,200,000730,300,000753,000,000772,100,000775,300,000789,300,000795,200,000
EBITDA $9.52B$10.03B·$1.20B$1.14B$1.00B$1.09B$1.12B$1.11B$1.03B$883M$924M
Balance Sheet 29
Metric Trend 202520242023202220212020201920182017201620152014
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 635,300,000649,800,000651,800,000957,600,000957,600,000957,600,000711,100,000729,600,000750,900,000760,800,000770,400,000782,200,000
Cash Flow 16
Metric Trend 202520242023202220212020201920182017201620152014
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
Metric Trend 202520242023202220212020201920182017201620152014
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
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 1.31.31.31.31.31.51.31.31.41.41.11.5
Quick Ratio 0.90.90.80.90.91.11.01.01.01.00.71.0
Debt / Equity 0.40.20.10.20.20.20.20.20.20.20.30.0
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.50.60.60.60.50.50.60.70.70.80.80.9
Inventory Turnover 3.93.83.94.54.95.05.66.56.16.26.16.7
Receivables Turnover 5.05.04.95.05.04.64.95.14.84.74.85.1
Per Share 6
Metric Trend 202520242023202220212020201920182017201620152014
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 $4.58$4.37$4.17$3.97$3.77$3.63$3.36$3.06$2.74$2.45$2.15$1.87
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
Metric Trend 202520242023202220212020201920182017201620152014
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%···········
Dividends Paid CAGR 5Y 2.8%···········
Valuation (TTM) 16
Metric Trend 202520242023202220212020201920182017201620152014
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 26.524.4··········
P/S 3.34.0··········
P/B 8.97.4··········
P / Cash Flow 19.322.7··········
P / FCF 22.928.0··········
EV / EBITDA 12.313.1··········
EV / FCF 21.626.7··········
EV / Revenue 3.13.8··········
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

Most recent period on the left · null values shown as ·

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

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
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

Institutional owners (13F) 389 filers · $15.1B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 389
Value held $15.1B
New positions 4
Exited positions 2,586
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
4 2,586 21 106 ·

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $12,322,222,100 63,161,731 81.38% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $851,532,990 3,767,345 5.62% Shares
CIBC WORLD MARKETS CORP $219,787,223 1,126,594 1.45% Shares
PineBridge Investments, L.P. $117,244,711 556,982 0.77% Shares
AXA Investment Managers S.A. $104,563,060 527,229 0.69% Shares
Brandywine Global Investment Management, LLC $88,286,224 452,541 0.58% Shares
Asset Management One Co., Ltd. $86,291,473 381,770 0.57% Shares
WOLVERINE TRADING, LLC $81,347,136 388,700 0.54% Call option
Rathbones Group PLC $74,945,313 322,748 0.49% Shares
Glenmede Investment Management, LP $74,900,951 355,824 0.49% Shares
Stonegate Investment Group, LLC $64,210,858 305,040 0.42% Shares
MEYER HANDELMAN CO $62,020,524 277,001 0.41% Shares
TWO SIGMA ADVISERS, LP $59,268,342 303,800 0.39% Shares
Glenview Trust Co $41,805,462 180,033 0.28% Shares
COMERICA BANK $41,126,731 210,809 0.27% Shares
WOLVERINE TRADING, LLC $36,289,152 173,400 0.24% Put option
Cubist Systematic Strategies, LLC $35,218,234 167,308 0.23% Shares
Cardinal Capital Management, Inc. $31,958,834 141,392 0.21% Shares
CIBC Private Wealth Group LLC $25,407,092 120,699 0.17% Shares
FineMark National Bank & Trust $22,204,753 113,818 0.15% Shares
TRUST CO OF VERMONT $20,428,412 91,239 0.13% Shares
JANUS HENDERSON GROUP PLC $19,903,113 88,079 0.13% Shares
VANTAGE WEALTH $18,482,241 94,737 0.12% Shares
CWM, LLC $18,166,909 80,374 0.12% Shares
Rakuten Investment Management, Inc. $17,402,097 76,392 0.11% Shares
S.A.C. Capital Advisors (Hong Kong) Ltd. $16,439,676 78,098 0.11% Shares
EXENCIAL WEALTH ADVISORS, LLC $15,843,504 81,211 0.10% Shares
SYNOVUS FINANCIAL CORP $15,668,806 74,433 0.10% Shares
Annex Advisory Services, LLC $13,885,776 61,433 0.09% Shares
FTB Advisors, Inc. $13,313,026 57,166 0.09% Shares
H D Vest Advisory Services $12,590,727 54,065 0.08% Shares
Leo Wealth, LLC $12,354,717 54,660 0.08% Shares
Carnick & Kubik Group, LLC $11,311,032 53,417 0.07% Shares
BOWEN HANES & CO INC $11,107,792 49,143 0.07% Shares
MIZUHO SECURITIES USA LLC $11,024,764 52,065 0.07% Shares
Talbot Financial, LLC $10,901,892 48,691 0.07% Shares
Orion Portfolio Solutions, LLC $10,454,921 49,374 0.07% Shares
WHITENER CAPITAL MANAGEMENT, INC. $10,165,117 44,972 0.07% Shares
Point72 (DIFC) Ltd $9,448,095 44,884 0.06% Shares
Congress Wealth Management LLC / DE / $9,402,708 40,374 0.06% Shares
WOLVERINE TRADING, LLC $9,355,025 44,701 0.06% Shares
Wallington Asset Management, LLC $9,332,264 41,681 0.06% Shares
Morningstar Investment Management LLC $9,033,967 39,968 0.06% Shares
Erste Asset Management GmbH $8,639,605 37,206 0.06% Shares
FARMERS TRUST CO $7,946,537 35,157 0.05% Shares
Toroso Investments, LLC $7,680,498 39,369 0.05% Shares
Paradoxiom Capital L.P. $7,324,009 34,588 0.05% Shares
UNITED BANK $7,177,328 39,138 0.05% Shares
Advisors Asset Management, Inc. $7,084,108 36,312 0.05% Shares
TEMA ETFS LLC $6,920,232 35,472 0.05% Shares

Show all 389 institutional owners →

Activists & 5%+ owners 7 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Undisclosed reporting person Feb. 20, 2004 · Initial filing · SEC
Dec. 19, 2003 · Initial filing · SEC
HONEYWELL INTERNATIONAL INC. ×5 filings Dec. 5, 2003 · Initial filing · SEC
Undisclosed reporting person Dec. 23, 2002 · Initial filing M&A / sale SEC
Dec. 9, 2002 · Initial filing · SEC
Undisclosed reporting person Sept. 26, 2001 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person June 26, 2001 · Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 82 insiders · 45 officers · 34 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Juan Picon President and CEO of BA Oct. 1, 2026 A · 0 0 $0
James Masso Pres/CEO, Process Automation Aug. 3, 2026 A 1,259 0 0 $0
Billal Hammoud Pres/CEO Building Automation Aug. 3, 2026 A 3,574 0 0 $0
Peter James Lau Pres/CEO Industrial Automation Aug. 3, 2026 A · 0 0 $0
Kenneth J West Pres/CEO Process Technologies July 30, 2026 M 2,320 0 8 $-4,441,338
Vimal Kapur Chief Executive Officer July 28, 2026 M 2,206 0 0 $0
James E Currier Pres/CEO Aero Technologies March 2, 2026 S 4,523 0 1 $-547,725
Lucian Boldea President and CEO, IA Aug. 27, 2025 M 10,334 0 0 $0
Kevin Dehoff President and CEO, HCE Feb. 16, 2024 A 16,356 0 0 $0
George Koutsaftes President and CEO, SPS July 29, 2023 M 10,130 0 0 $0
Michael R Madsen Former President & CEO, AEROF July 29, 2023 M 44,458 0 0 $0
Doug Wright President & CEO, HBT July 30, 2022 M 2,409 0 0 $0
Que Dallara President & CEO, HCE Feb. 27, 2022 M 8,994 0 0 $0
John F. Waldron President & CEO, SPS Feb. 27, 2022 M 42,812 0 0 $0
Timothy O. Mahoney President & CEO, Aerospace July 31, 2019 M 186,420 0 0 $0
Gary S Michel President & CEO, HBT April 24, 2018 A · 0 0 $0
Terrence Hahn President and CEO, HBT July 30, 2017 M 17,445 0 0 $0
Alexandre Ismail Pres. & CEO, ACS April 29, 2016 M 24,107 0 0 $0
Robert J Gillette President & CEO, Aerospace Aug. 28, 2009 A 72,681 0 0 $0
Nance K Dicciani President & CEO, SM March 28, 2008 A · 0 0 $0
Robert D Johnson President &CEO, Aerospace Dec. 23, 2004 A 24,206 0 0 $0
GILLIGAN J KEVIN President and CEO / ACS Dec. 30, 2003 A · 0 0 $0
Michal Stepniak SrVP & Chief Financial Officer Aug. 1, 2026 M 2,931 0 0 $0
Gregory P Lewis SrVP & Chief Financial Officer Feb. 13, 2025 F 61,309 0 0 $0
Thomas A Szlosek SVP & Chief Financial Officer Feb. 27, 2018 A 5,702 0 0 $0
David J Anderson Sr. VP & CFO April 4, 2014 A 126,510 0 0 $0
Richard F Wallman Senior VP and CFO Oct. 3, 2003 A · 0 0 $0
Jennifer J Reilly SVP and CHRO Aug. 3, 2026 A 427 0 0 $0
Robert D. Mailloux Vice President & Controller Aug. 3, 2026 A 5,851 0 3 $-3,676,207
Su Ping Lu SrVP, General Counsel, CorpSec Aug. 1, 2026 M 5,541 0 0 $0
Karen Mattimore Former SrVP & Chief HR Officer June 29, 2026 A 22,133 0 0 $0
Anne T Madden SrVP and General Counsel Feb. 26, 2025 M 49,072 0 0 $0
Mark R. James SVP-HR Security & Comms Feb. 28, 2020 F 259,197 0 0 $0
John J Tus Vice President and Controller Jan. 15, 2019 M 145,452 0 0 $0
Krishna Mikkilineni SrVP, Engineering, Ops & IT Nov. 23, 2018 M 103,548 0 0 $0
Jennifer H Mak Vice President and Controller Feb. 27, 2018 A 1,876 0 0 $0
Katherine L. Adams SVP and General Counsel July 31, 2017 S 180,211 0 0 $0
Andreas Kramvis Vice Chairman Feb. 15, 2017 M 79,793 0 0 $0
Roger Fradin Vice Chairman Feb. 15, 2017 M 144,296 0 0 $0
Adam Matteo Vice President & Controller Feb. 25, 2016 A 4,475 0 0 $0
Kathleen A Winters Vice President and Controller Nov. 30, 2012 A 22,161 0 0 $0
KITTELBERGER LARRY E SVP, Technology & Operations April 9, 2010 A 132,594 0 0 $0
Adriane M Brown SVP Energy Strategy Aug. 28, 2009 A 40,819 0 0 $0
Peter M Kreindler SVP, Gov. & Regulatory Affairs April 24, 2009 A 30,574 0 0 $0
Thomas W Weidenkopf Sr. VP, HR & Communications Oct. 25, 2007 M 41,500 0 0 $0
Duncan Angove Director July 1, 2026 A 3,608 0 0 $0
Jillian C. Evanko Director June 1, 2026 A · 0 0 $0
Marc Steinberg Director May 22, 2026 A 605 0 0 $0
Robin Watson Director May 22, 2026 A 1,493 0 0 $0
Deborah Flint Director May 22, 2026 A 3,057 0 0 $0
Stephen Williamson Director May 22, 2026 A 789 0 0 $0
Grace Lieblein Director May 22, 2026 A 16,564 0 3 $-1,425,090
William S Ayer Director May 22, 2026 A 11,968 0 0 $0
Craig Arnold Director May 22, 2026 A 359 0 0 $0
Indra K Nooyi Director May 22, 2026 A 256 0 0 $0
Kevin Burke Director April 15, 2026 M 29,532 0 0 $0
Rose Lee Director Oct. 30, 2025 D 1,458 0 0 $0
Robin L Washington Director Feb. 18, 2025 M 1,041 0 0 $0
Darius Adamczyk Director May 15, 2024 M 203,510 0 0 $0
George Paz Director Oct. 23, 2022 M 23,350 0 0 $0
Judd A. Gregg Director April 15, 2022 M 15,823 0 0 $0
Raymond T Odierno Director Oct. 8, 2021 M 828 0 0 $0
Linnet F Deily Director April 27, 2021 M 8,360 0 0 $0
Clive R Hollick Director April 27, 2021 M 18,350 0 0 $0
PARDO JAIME CHICO /FA Director April 24, 2020 M 932 0 0 $0
David M Cote Director March 9, 2018 F 986,728 0 0 $0
Bradley T Sheares Director Jan. 2, 2018 A 3,302 0 0 $0
Gordon M Bethune Director April 22, 2016 M 15,426 0 0 $0
WRIGHT MICHAEL W Director April 20, 2011 A · 0 0 $0
STAFFORD JOHN R Director Jan. 4, 2010 A 23,441 0 0 $0
Eric K Shinseki Director Dec. 12, 2008 A 3,000 0 0 $0
HOWARD JAMES J Director April 1, 2008 A · 0 0 $0
Ivan G Seidenberg Director Feb. 26, 2008 A 2,597 0 0 $0
Russell E Palmer Director Feb. 21, 2007 M 1,613 0 0 $0
KARATZ BRUCE Director Oct. 27, 2006 A · 0 0 $0
Marshall N Carter Director April 19, 2005 D · 0 0 $0
BECHERER HANS W Director April 1, 2005 A 1,810 0 0 $0
Robert P Luciano Director Feb. 23, 2004 M 7,975 0 0 $0
Michael W Lamach · May 22, 2026 A 2,278 0 0 $0
Scott D Davis · May 22, 2026 A 31,721 0 1 $-568,080
Rajeev Gautam · July 31, 2021 M 18,345 0 0 $0
Talia M Griep · July 17, 2009 A 2,388 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 84 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
DJD · Invesco Exchange-Traded Fund Trust 2.86% 66,592 SH Oct. 1, 2026 Daily
MADE · iShares Trust 2.01% 5,875 SH Sept. 11, 2026 Daily
SPHD · Invesco Exchange-Traded Fund Trust … 1.88% 282,362 SH Oct. 1, 2026 Daily
BMVP · Invesco Exchange-Traded Fund Trust 1.68% 7,912 SH Oct. 1, 2026 Daily
RSPN · Invesco Exchange-Traded Fund Trust 1.28% 44,234 SH Oct. 1, 2026 Daily
QNXT · iShares Trust 1.23% 1,658 SH Sept. 11, 2026 Daily
VIS · VANGUARD WORLD FUND 0.95% 385,930 SH Aug. 19, 2026 Daily
IYJ · iShares Trust 0.80% 75,386 SH Sept. 11, 2026 Daily
BSCQ · Invesco Exchange-Traded Self-Indexe… 0.77% 24,524,000 Sept. 30, 2026 Daily
EXI · iShares Trust 0.65% 45,451 SH Sept. 11, 2026 Daily
IIGD · Invesco Exchange-Traded Self-Indexe… 0.61% 190,000 Oct. 1, 2026 Daily
EVUS · iShares Trust 0.42% 7,809 SH Sept. 11, 2026 Daily
XOEF · iShares Trust 0.36% 398 SH Sept. 11, 2026 Daily
BSMT · Invesco Exchange-Traded Self-Indexe… 0.36% 980,000 Oct. 1, 2026 Daily
ESGU · iShares Trust 0.33% 292,390 SH Sept. 11, 2026 Daily
MGV · VANGUARD WORLD FUND 0.33% 199,137 SH Aug. 19, 2026 Daily
PFIG · Invesco Exchange-Traded Fund Trust … 0.32% 460,000 Oct. 1, 2026 Daily
DGRO · iShares Trust 0.31% 663,615 SH Sept. 11, 2026 Daily
VIG · VANGUARD SPECIALIZED FUNDS 0.31% 1,789,911 SH Aug. 19, 2026 Daily
ESMV · iShares Trust 0.29% 113 SH Sept. 11, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.29% 1,266,841 SH Aug. 19, 2026 Daily
BSMS · Invesco Exchange-Traded Self-Indexe… 0.29% 910,000 Oct. 1, 2026 Daily
QQQM · Invesco Exchange-Traded Fund Trust … 0.28% 1,456,909 SH Oct. 1, 2026 Daily
QQQ · Invesco QQQ Trust, Series 1 0.28% 6,620,131 SH Oct. 1, 2026 Daily
VTV · VANGUARD INDEX FUNDS 0.27% 3,013,395 SH Aug. 19, 2026 Daily
BSMU · Invesco Exchange-Traded Self-Indexe… 0.26% 670,000 Oct. 1, 2026 Daily
PFM · Invesco Exchange-Traded Fund Trust 0.25% 9,025 SH Oct. 1, 2026 Daily
VOOV · VANGUARD ADMIRAL FUNDS 0.24% 72,959 SH Aug. 19, 2026 Daily
IWX · iShares Trust 0.24% 45,822 SH Sept. 11, 2026 Daily
BSCU · Invesco Exchange-Traded Self-Indexe… 0.23% 7,078,000 Oct. 1, 2026 Daily
BSCR · Invesco Exchange-Traded Self-Indexe… 0.22% 10,413,500 Oct. 1, 2026 Daily
DIVB · iShares Trust 0.22% 22,445 SH Sept. 11, 2026 Daily
IVE · iShares Trust 0.22% 526,207 SH Sept. 11, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.21% 954,508 SH Oct. 1, 2026 Daily
RWL · Invesco Exchange-Traded Fund Trust … 0.21% 94,952 SH Oct. 1, 2026 Daily
IUSV · iShares Trust 0.20% 276,889 SH Sept. 11, 2026 Daily
VONV · VANGUARD SCOTTSDALE FUNDS 0.20% 191,594 SH Aug. 19, 2026 Daily
ILCV · iShares Trust 0.19% 12,348 SH Sept. 11, 2026 Daily
EUSA · iShares, Inc. 0.19% 17,596 SH Sept. 11, 2026 Daily
AQLT · iShares Trust 0.18% 2,889 SH Sept. 11, 2026 Daily
BSMR · Invesco Exchange-Traded Self-Indexe… 0.18% 625,000 Oct. 1, 2026 Daily
IWD · iShares Trust 0.17% 705,189 SH Sept. 11, 2026 Daily
IOO · iShares Trust 0.16% 69,333 SH Sept. 11, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.13% 62,196 SH Oct. 1, 2026 Daily
IUS · Invesco Exchange-Traded Self-Indexe… 0.13% 6,020 SH Oct. 1, 2026 Daily
MGC · VANGUARD WORLD FUND 0.13% 63,375 SH Aug. 19, 2026 Daily
TOPC · iShares Trust 0.12% 192 SH Sept. 11, 2026 Daily
IWL · iShares Trust 0.11% 12,299 SH Sept. 11, 2026 Daily
VOO · VANGUARD INDEX FUNDS 0.11% 8,229,988 SH Aug. 19, 2026 Daily
VV · VANGUARD INDEX FUNDS 0.11% 370,021 SH Aug. 19, 2026 Daily
PBP · Invesco Exchange-Traded Fund Trust 0.10% 1,886 SH Oct. 1, 2026 Daily
PBUS · Invesco Exchange-Traded Fund Trust … 0.10% 54,746 SH Oct. 1, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.10% 10,059,868 SH Aug. 19, 2026 Daily
VONE · VANGUARD SCOTTSDALE FUNDS 0.10% 52,581 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.10% 26,721 SH Aug. 19, 2026 Daily
OMFL · Invesco Exchange-Traded Self-Indexe… 0.10% 22,042 SH Oct. 1, 2026 Daily
IVV · iShares Trust 0.10% 4,000,882 SH Sept. 11, 2026 Daily
ILCB · iShares Trust 0.10% 6,195 SH Sept. 11, 2026 Daily
IYY · iShares Trust 0.09% 13,605 SH Sept. 11, 2026 Daily
IWB · iShares Trust 0.09% 219,207 SH Sept. 11, 2026 Daily
USCL · iShares Trust 0.09% 12,510 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.09% 87,182 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.09% 411,446 SH Sept. 11, 2026 Daily
PHDG · Invesco Actively Managed Exchange-T… 0.09% 251 SH Oct. 1, 2026 Daily
SIZE · iShares Trust 0.08% 1,762 SH Sept. 11, 2026 Daily
QVML · Invesco Exchange-Traded Fund Trust … 0.08% 6,447 SH Oct. 1, 2026 Daily
TOK · iShares Trust 0.08% 887 SH Sept. 11, 2026 Daily
URTH · iShares, Inc. 0.07% 28,502 SH Sept. 11, 2026 Daily
ACWI · iShares Trust 0.06% 100,125 SH Sept. 11, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.06% 264,925 SH Aug. 19, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.05% 1,735 SH Oct. 1, 2026 Daily
BAB · Invesco Exchange-Traded Fund Trust … 0.01% 85,000 Sept. 30, 2026 Daily
GTO · Invesco Actively Managed Exchange-T… 0.00% 1,000 Sept. 30, 2026 Daily
BIV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BLV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BSV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BND · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VUSB · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VCSH · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCIT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCLT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VTC · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDW · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDX · VANGUARD CHARLOTTE FUNDS · · July 13, 2026 Daily

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

21
rating · 31 analysts BUY
Median target $262.00 +22.4%
5 16.1% Strong Buy
15 48.4% Buy
11 35.5% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

23 analysts · 2026-10-03

Mean target $258.22 +20.7%

Now Current price $213.99
Low$186.00 Mean$258.22 High$303.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

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% · ·

Latest News Recent headlines mentioning this company

23

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

24
Panel Verdict NEUTRAL Confidence 0.65 4 of 4 reported forecast spread ·

Honeywell is a battleground stock where strong defense contracts clash with concerns over a heavy debt load. Grok and Gemini see the firm's 35.55% ROE as proof of operational efficiency, while Claude and ChatGPT warn that a 220.69 debt-to-equity ratio leaves the company vulnerable to interest rate spikes. The panel split on whether the recent debt paydown signals prudent management or underlying fear, ultimately leaving the stock with a cautious hold outlook as investors await the aerospace s...

Round 1 — Opening Takes

Grok BULLISH
Confidence 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
Confidence 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
Confidence 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
Confidence 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

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

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
Grok $235.00 $250.00 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.
Claude $215.00 $228.00 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.
Gemini $195.00 $210.00 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.
Chatgpt $194.00 $205.00 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.

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

25

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26

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Source: SEC 10-Q/A filed Jul 24, 2026