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Diversified industrial company making aerospace systems, building technologies, performance materials and safety products.
Diversified industrial company making aerospace systems, building technologies, performance materials and safety products.
Sells equipment and software, then earns repeat income on service, spares and upgrades on its installed base in aircraft and buildings. In 2025 it began splitting into separate companies, starting with advanced materials as Solstice, with aerospace the other planned separation.
Moat: narrow (IP / patents, installed base, scale). Broad patent portfolio and large installed base across aerospace, building and industrial niches.
Headquarters: Charlotte, North Carolina, US · Founded: 1906 · Employees: 101,000
Size Honeywell Technologies (HON) is a United States Industrials company (Industrial Machinery) with a market value of $69.8B, the 193rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $220.05 on 6 Nov 2026.
Performance Over six months the shares fell 1.0%, against -2.6% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 17.4% over the last twelve months (peer median +8.5%); the operating margin is 18.0% (peer median 18.0%).
Valuation It trades at 23.2× forward earnings against a peer median of 22.0× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.8 points above its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $18.8B at 30 Sep 2026, down 52% on a year earlier — 0.6 years of trailing revenue. Backlog detail →
Credit Honeywell Technologies has 31 bonds outstanding ($27.5B), rated BBB+ by the agencies and trading like A+ at a weighted spread of 67 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $33.6B | $37.4B | $34.7B | $36.6B | $35.5B |
| Revenue growth | — | +8% | -5% | +3% | — |
| Gross profit | $12.9B | $14.3B | $13.5B | $14.3B | $13.6B |
| EBITDA | $7.12B | $8.60B | $8.04B | $9.05B | $8.44B |
| Net income | $7.46B | $4.73B | $5.71B | $5.66B | $4.97B |
| Free cash flow | $1.52B | $5.42B | $5.23B | $4.30B | $4.51B |
| Capital expenditure | $427M | $986M | $871M | $1.04B | $766M |
| Total debt | $17.2B | $35.6B | $32.1B | $21.5B | $20.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | -5.6% | 5th highest of 21 |
| 6-month return | -1.0% | -2.6% | 10th highest of 20 |
| Distance from 52-week high | -15.0% | -19.2% | 7th highest of 21 |
| Revenue growth (TTM) | -17.4% | +8.5% | lowest of 21 |
| Operating margin | 18.0% | 18.0% | 11th highest of 21 |
| Forward P/E | 23.2× | 22.0× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 16.9% | 3rd least demanding of 20 |
| Growth delivered (Del g) | +2.8% | +10.9% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | +1.3 pp | +3.5 pp | 7th least demanding of 20 |
| ROIC minus cost of capital | +5.8 pp | +5.3 pp | 10th highest of 21 |
| EV / EBITDA | 11.4× | 17.2× | 3rd cheapest of 16 |
| Net debt / EBITDA | 1.6× | 0.7× | 4th most indebted of 17 |
| Bond spread | 67 bp | 75 bp | 3rd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
| Trane Technologies TT | United States | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% | +11.4% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Parker Hannifin PH | United States | $116B | +4% | +8% | 22% | 24.4× | 19.0% | +8.4% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
Honeywell Technologies has 31 bonds outstanding with $27.5B face value. The agencies rate it BBB+; its bonds trade like A+. Weighted yield 5.34%, a spread of 67 bp over government bonds.
Honeywell Technologies reported $18.8B of remaining performance obligations at 30 Sep 2026, down 52% from a year earlier and down 51% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: -2.85.