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Aerospace systems and engines business being spun off from Honeywell as an independent company amid its 2026 three-way breakup.
Aerospace systems and engines business being spun off from Honeywell as an independent company amid its 2026 three-way breakup.
Sells avionics, auxiliary power units and engines to airframers on new aircraft, then earns higher-margin income from spares and repair for aircraft already flying. It is separating from Honeywell as part of a 2026 breakup of the parent into separate companies.
Moat: wide (installed base, switching costs, IP / patents). Deep installed base of avionics and APUs across the global fleet locks in long-term aftermarket revenue.
Headquarters: Charlotte, North Carolina, US · Founded: 2026
Size Honeywell Aerospace (HONA) is a United States Industrials company (Aerospace & Defense) with a market value of $48.5B, the 261st largest of 3,117 United States companies the cockpit tracks. Shares closed at $152.92 on 6 Nov 2026.
Growth The operating margin is 20.5% (peer median 10.6%).
Valuation It trades at 18.8× forward earnings against a peer median of 25.5× (3rd cheapest of 20).
Capital Return on invested capital runs 17.4 points above its cost of capital (6.1% WACC).
Backlog Backlog (remaining performance obligations) was $19.3B at 26 Sep 2026. Backlog detail →
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | |
|---|---|---|
| Revenue | n/a | $17.7B |
| Revenue growth | — | — |
| Gross profit | n/a | $6.44B |
| EBITDA | n/a | $3.68B |
| Net income | n/a | $1.78B |
| Total debt | $16.2B | n/a |
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Honeywell Aerospace HONA | $48.5B | n/a | n/a | 20% | 18.8× | n/a |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
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 | HONA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | +4.0% | 7th lowest of 21 |
| Distance from 52-week high | -48.6% | -21.6% | 5th lowest of 21 |
| Operating margin | 20.5% | 10.6% | 6th highest of 21 |
| Forward P/E | 18.8× | 25.5× | 3rd cheapest of 20 |
| ROIC minus cost of capital | +17.4 pp | +8.3 pp | 3rd highest of 20 |
| EV / EBITDA | 17.2× | 19.0× | 8th cheapest of 18 |
| Net debt / EBITDA | 4.0× | 1.2× | 3rd most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
Honeywell Aerospace reported $19.3B of remaining performance obligations at 26 Sep 2026 and up 6% from the previous quarter. Book-to-bill last quarter: 1.24.