NASDAQ · Industrials

Honeywell International Inc.

HON · Conglomerates

$209.62

▼ -2.88 (-1.36%)

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Mr. Market is currently offering Honeywell International Inc. at $209.62.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 36.9%

Operating Margin 17.5%

Net Income Margin 12.6%

Fin. Health D

Years to Pay Off Debt 7.5 yrs

Working Capital vs Long-Term Debt -$20.2B

Working Capital $7.0B

Valuation F

Margin of Safety 0.0%

Price-to-Book 9.55x

Cash Flow B

Free Cash Flow $5.4B

CapEx % of Net Income 20.9%

Owner Earnings $7.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $132.8B

Enterprise Value $161.1B

P/E (TTM) 33.43

Dividend Yield 2.18%

Exchange NASDAQ

Key Margins

Gross Profit 36.9%

Operating Margin 17.5%

Net Margin 12.6%

Company Info

Sector Industrials

Industry Conglomerates

Employees 101000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Honeywell International Inc. at $209.62.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $209.62, the stock trades at a 234% premium to its Graham Number of $62.81. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Honeywell International Inc.

Honeywell International Inc. engages in the aerospace technologies, industrial automation, building automation, and energy and sustainable solutions businesses in the United States, Europe, and internationally. The company's Aerospace Technologies segment offers auxiliary power units, propulsion engines, integrated avionics, connectivity services, electric power systems, management and technical services, environmental control and electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, advanced systems and instruments, satellite and space components, and aircraft wheels and brakes; thermal systems; and spare parts; repair, overhaul, and maintenance services. Its Industrial Automation segment provides automation control and instrumentation products and services; smart energy products; sensing technologies with custom-engineered sensors and services; gas detection technologies and personal protective equipment; and system design automation equipment, as well as software and analytics for manufacturing, distribution, and fulfillment operations. Its Building Automation segment provides software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and upgrade of systems. The company's Energy and Sustainability Solutions segment, through its UOP business, delivers licensed process technology, equipment, engineering, catalysts, adsorbents, and services for refining, petrochemicals, low-carbon energy, gas and LNG, and industrial solutions; as well as connectivity, data integration and software solutions. Honeywell International Inc. was founded in 1885 and is headquartered in Charlotte, North Carolina.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	36.9% ▼	38.5%	37.5%	37.0%	N/A
Operating Margin %	17.5% ▼	19.2%	18.5%	18.1%	N/A
Net Income %	12.6% ▼	16.4%	17.1%	14.0%	N/A
Diluted EPS	7.99 ▼	8.71	8.47	7.27	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$73.7B	$75.2B	$61.5B	$62.3B	N/A
Total Debt	$35.6B ↑	$32.1B	$21.5B	$20.5B	N/A
Working Capital	$7.0B ▲	$6.7B	$5.0B	$5.0B	N/A
Years to Pay Debt	7.52	5.62	3.81	4.14	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$5.4B ▲	$5.2B	$4.6B	$4.5B	N/A
Owner Earnings	$7.1B	$7.7B	$7.4B	$6.9B	N/A
CapEx % of Net Income	20.9%	15.3%	13.1%	15.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-264,040	-65,200	-1,836	-101,218
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,255,000	8,770,000	7,953,000	8,455,000
Total Unusual Items	-1,435,000	-326,000	-9,000	-458,000
Total Unusual Items Excluding Goodwill	-1,435,000	-326,000	-9,000	-458,000
Net Income From Continuing Operation Net Minority Interest	4,425,000	4,960,000	4,915,000	4,966,000
Reconciled Depreciation	1,388,000	1,152,000	1,004,000	1,204,000
Reconciled Cost Of Revenue	23,613,000	21,360,000	20,637,000	22,347,000
EBITDA	6,820,000	8,444,000	7,944,000	7,997,000
EBIT	6,820,000	7,292,000	6,940,000	6,793,000
Net Interest Income	-975,000	-618,000	-428,000	-276,000
Interest Expense	1,344,000	1,048,000	749,000	414,000
Interest Income	369,000	430,000	321,000	138,000
Normalized Income	5,595,960	5,220,800	4,922,164	5,322,782
Net Income From Continuing And Discontinued Operation	4,729,000	5,705,000	5,658,000	4,966,000
Total Expenses	30,875,000	28,049,000	26,899,000	29,039,000
Diluted Average Shares	642,800	655,300	668,200	683,100
Basic Average Shares	639,000	650,900	663,000	677,100
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,729,000	5,705,000	5,658,000	4,966,000
Net Income Common Stockholders	4,729,000	5,705,000	5,658,000	4,966,000
Net Income	4,729,000	5,705,000	5,658,000	4,966,000
Minority Interests	-43,000	-35,000	-14,000	-1,000
Net Income Including Noncontrolling Interests	4,772,000	5,740,000	5,672,000	4,967,000
Net Income Discontinuous Operations	304,000	745,000	743,000
Net Income Continuous Operations	4,468,000	4,995,000	4,929,000	4,967,000
Tax Provision	1,008,000	1,249,000	1,262,000	1,412,000
Pretax Income	5,476,000	6,244,000	6,191,000	6,379,000
Other Income Expense	-116,000	194,000	509,000	228,000
Other Non Operating Income Expenses	1,275,000	473,000	436,000	625,000
Special Income Charges	-1,483,000	-281,000	-10,000	-410,000
Gain On Sale Of Business	-446,000	-1,000	5,000	22,000
Other Special Charges		17,000	-3,000	90,000	160,000
Impairment Of Capital Assets	994,000	219,000	0	0
Restructuring And Mergern Acquisition	43,000	44,000	18,000	342,000
Earnings From Equity Interest	44,000	47,000	82,000	61,000
Gain On Sale Of Security	48,000	-45,000	1,000	-48,000
Net Non Operating Interest Income Expense	-975,000	-618,000	-428,000	-276,000
Interest Expense Non Operating	1,344,000	1,048,000	749,000	414,000
Interest Income Non Operating	369,000	430,000	321,000	138,000
Operating Income	6,567,000	6,668,000	6,110,000	6,427,000
Operating Expense	7,262,000	6,689,000	6,262,000	6,692,000
Research And Development	1,812,000	1,454,000	1,375,000	1,478,000
Selling General And Administration	5,450,000	5,235,000	4,887,000	5,214,000
General And Administrative Expense			5,127,000	5,214,000	4,798,000
Other Gand A			5,127,000	5,214,000	4,798,000
Salaries And Wages			-470,000	-643,000	-1,273,000
Gross Profit	13,829,000	13,357,000	12,372,000	13,119,000
Cost Of Revenue	23,613,000	21,360,000	20,637,000	22,347,000
Total Revenue	37,442,000	34,717,000	33,009,000	35,466,000
Operating Revenue	37,442,000	34,717,000	33,009,000	35,466,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	322,287	307,800	305,800	290,000
Ordinary Shares Number	635,300	649,800	651,800	667,600
Share Issued	957,587	957,600	957,600	957,600
Net Debt	22,093,000	21,132,000	12,518,000	9,943,000
Total Debt	35,563,000	32,077,000	21,536,000	20,537,000
Tangible Book Value	-13,911,000	-9,021,000	-5,424,000	-4,022,000
Invested Capital	48,484,000	49,657,000	36,299,000	36,267,000
Working Capital	6,973,000	6,652,000	4,963,000	5,044,000
Net Tangible Assets	-13,911,000	-9,021,000	-5,424,000	-4,022,000
Capital Lease Obligations	983,000	1,039,000	1,093,000	967,000
Common Stock Equity	13,904,000	18,619,000	15,856,000	16,697,000
Total Capitalization	41,045,000	44,059,000	32,418,000	31,820,000
Total Equity Gross Minority Interest	15,030,000	19,161,000	16,441,000	17,326,000
Minority Interest	1,126,000	542,000	585,000	629,000
Stockholders Equity	13,904,000	18,619,000	15,856,000	16,697,000
Gains Losses Not Affecting Retained Earnings	-5,146,000	-3,491,000	-4,135,000	-3,475,000
Other Equity Adjustments	-5,146,000	-3,491,000	-4,135,000	-3,475,000
Treasury Stock	43,029,000	39,378,000	38,008,000	34,443,000
Retained Earnings	50,964,000	50,835,000	47,979,000	45,093,000
Additional Paid In Capital	10,157,000	9,695,000	9,062,000	8,564,000
Capital Stock	958,000	958,000	958,000	958,000
Common Stock	958,000	958,000	958,000	958,000
Total Liabilities Net Minority Interest	58,651,000	56,035,000	45,084,000	44,949,000
Total Non Current Liabilities Net Minority Interest	35,237,000	34,779,000	26,545,000	25,011,000
Other Non Current Liabilities	375,000	1,652,000	2,172,000	1,878,000
Liabilities Heldfor Sale Non Current	0	740,000
Derivative Product Liabilities	716,000	195,000
Employee Benefits	1,258,000	1,315,000	1,476,000	1,452,000
Non Current Pension And Other Postretirement Benefit Plans	1,258,000	1,315,000	1,476,000	1,452,000
Non Current Accrued Expenses				38,000	43,000
Tradeand Other Payables Non Current	1,518,000	1,423,000	1,742,000	1,939,000
Non Current Deferred Liabilities	2,688,000	2,747,000	3,265,000	3,427,000
Non Current Deferred Revenue	1,111,000	1,166,000	1,171,000	1,334,000
Non Current Deferred Taxes Liabilities	1,577,000	1,581,000	2,094,000	2,093,000
Long Term Debt And Capital Lease Obligation	27,950,000	26,303,000	17,459,000	15,898,000
Long Term Capital Lease Obligation	809,000	863,000	897,000	775,000
Long Term Debt	27,141,000	25,440,000	16,562,000	15,123,000
Long Term Provisions	732,000	404,000	431,000	417,000
Current Liabilities	23,414,000	21,256,000	18,539,000	19,938,000
Other Current Liabilities	1,376,000	1,494,000			261,000
Current Deferred Liabilities	3,860,000	3,429,000	3,499,000	3,555,000
Current Deferred Revenue	3,860,000	3,429,000	3,499,000	3,555,000
Current Debt And Capital Lease Obligation	7,613,000	5,774,000	4,077,000	4,639,000
Current Capital Lease Obligation	174,000	176,000	196,000	192,000
Current Debt	7,439,000	5,598,000	3,881,000	4,447,000
Other Current Borrowings	7,439,000	5,598,000	3,881,000	4,447,000
Pensionand Other Post Retirement Benefit Plans Current	1,401,000	1,328,000	1,322,000	1,218,000
Current Provisions	180,000	237,000	227,000	222,000
Payables And Accrued Expenses	8,984,000	8,994,000	9,414,000	10,304,000
Current Accrued Expenses	1,663,000	1,676,000	1,709,000	3,252,000
Interest Payable	384,000	379,000	217,000	122,000
Payables	7,321,000	7,318,000	7,705,000	7,052,000
Total Tax Payable	1,006,000	1,209,000	856,000	723,000
Income Tax Payable	791,000	957,000	680,000	549,000
Accounts Payable	6,315,000	6,109,000	6,849,000	6,329,000
Total Assets	73,681,000	75,196,000	61,525,000	62,275,000
Total Non Current Assets	43,294,000	47,288,000	38,023,000	37,293,000
Other Non Current Assets	9,247,000	13,726,000	9,582,000	9,513,000
Non Current Deferred Assets	199,000	235,000	392,000	421,000
Non Current Deferred Taxes Assets	199,000	235,000	392,000	421,000
Non Current Accounts Receivable		171,000	170,000	224,000	322,000
Investments And Advances	1,404,000	1,230,000	939,000	945,000
Goodwill And Other Intangible Assets	27,815,000	27,640,000	21,280,000	20,719,000
Other Intangible Assets	6,736,000	6,621,000	3,231,000	3,222,000
Goodwill	21,079,000	21,019,000	18,049,000	17,497,000
Net PPE	4,629,000	4,457,000	5,660,000	5,471,000
Accumulated Depreciation	-7,431,000	-7,254,000	-9,674,000	-9,291,000
Gross PPE	12,060,000	11,711,000	15,334,000	14,762,000
Construction In Progress	764,000	764,000	878,000	769,000
Machinery Furniture Equipment	8,095,000	7,724,000	10,717,000	10,383,000
Buildings And Improvements	3,024,000	3,031,000	3,528,000	3,394,000
Land And Improvements	177,000	192,000	211,000	216,000
Current Assets	30,387,000	27,908,000	23,502,000	24,982,000
Other Current Assets	1,182,000	1,259,000	1,699,000	1,894,000
Assets Held For Sale Current	2,492,000	3,226,000	0
Inventory	6,162,000	5,884,000	6,178,000	5,538,000
Finished Goods	3,321,000	3,284,000	3,257,000	3,082,000
Work In Process	1,203,000	1,153,000	1,217,000	1,049,000
Raw Materials	1,638,000	1,447,000	1,704,000	1,407,000
Receivables	7,621,000	7,247,000	7,530,000	7,440,000
Accounts Receivable	7,621,000	7,247,000	7,530,000	7,440,000
Allowance For Doubtful Accounts Receivable	-202,000	-307,000	-323,000	-326,000
Gross Accounts Receivable	7,823,000	7,554,000	7,853,000	7,766,000
Cash Cash Equivalents And Short Term Investments	12,930,000	10,292,000	8,095,000	10,110,000
Other Short Term Investments	443,000	386,000	170,000	483,000
Cash And Cash Equivalents	12,487,000	9,906,000	7,925,000	9,627,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	5,422,000	5,226,000	4,599,000	4,508,000
Repurchase Of Capital Stock	-3,804,000	-1,655,000	-3,715,000	-4,200,000
Repayment Of Debt	-25,724,000	-13,390,000	-15,394,000	-10,297,000
Issuance Of Debt	28,332,000	24,246,000	15,977,000	10,614,000
Issuance Of Capital Stock	237,000	537,000	196,000	320,000
Capital Expenditure	-986,000	-871,000	-741,000	-766,000
Interest Paid Supplemental Data	1,300,000	869,000	649,000	375,000
Income Tax Paid Supplemental Data	1,798,000	1,689,000	1,581,000	1,324,000
End Cash Position	12,487,000	10,567,000	7,925,000	9,627,000
Beginning Cash Position	10,567,000	7,925,000	9,627,000	10,959,000
Effect Of Exchange Rate Changes	176,000	-137,000	14,000	-183,000
Changes In Cash	1,744,000	2,779,000	-1,716,000	-1,149,000
Financing Cash Flow	-1,953,000	6,839,000	-5,763,000	-6,330,000
Cash Flow From Continuing Financing Activities	-1,953,000	6,839,000	-5,763,000	-6,330,000
Net Other Financing Charges	1,982,000	3,000	28,000	-48,000
Cash Dividends Paid	-2,976,000	-2,902,000	-2,855,000	-2,719,000
Common Stock Dividend Paid	-2,976,000	-2,902,000	-2,855,000	-2,719,000
Net Common Stock Issuance	-3,567,000	-1,118,000	-3,519,000	-3,880,000
Common Stock Payments	-3,804,000	-1,655,000	-3,715,000	-4,200,000
Common Stock Issuance	237,000	537,000	196,000	320,000
Net Issuance Payments Of Debt	2,608,000	10,856,000	583,000	317,000
Net Short Term Debt Issuance	1,482,000	2,260,000	-672,000	-786,000
Short Term Debt Payments	-22,815,000	-11,578,000	-13,663,000	-8,447,000
Short Term Debt Issuance	24,297,000	13,838,000	12,991,000	7,661,000
Net Long Term Debt Issuance	1,126,000	8,596,000	1,255,000	1,103,000
Long Term Debt Payments	-2,909,000	-1,812,000	-1,731,000	-1,850,000
Long Term Debt Issuance	4,035,000	10,408,000	2,986,000	2,953,000
Investing Cash Flow	-2,711,000	-10,157,000	-1,293,000	-93,000
Cash From Discontinued Investing Activities	-269,000	-293,000	-298,000
Cash Flow From Continuing Investing Activities	-2,442,000	-9,864,000	-995,000	-93,000
Net Other Investing Changes				409,000	586,000
Net Investment Purchase And Sale	-433,000	-113,000	417,000	413,000
Sale Of Investment	1,469,000	964,000	977,000	1,624,000
Purchase Of Investment	-1,902,000	-1,077,000	-560,000	-1,211,000
Net Business Purchase And Sale	-1,054,000	-8,880,000	-714,000	-178,000
Sale Of Business	1,157,000	0	4,000	0
Purchase Of Business	-2,211,000	-8,880,000	-718,000	-178,000
Net PPE Purchase And Sale	31,000	0	43,000	29,000
Sale Of PPE	31,000	0	43,000	29,000
Capital Expenditure Reported	-986,000	-871,000	-741,000	-766,000
Operating Cash Flow	6,408,000	6,097,000	5,340,000	5,274,000
Cash From Discontinued Operating Activities	333,000	985,000	881,000
Cash Flow From Continuing Operating Activities	6,075,000	5,112,000	4,459,000	5,274,000
Change In Working Capital	-352,000	-284,000	48,000	-745,000
Change In Other Working Capital	-707,000	-69,000	-408,000
Change In Other Current Assets	-233,000	-111,000	224,000	232,000
Change In Payables And Accrued Expense	2,049,000	311,000	714,000	202,000
Change In Accrued Expense	1,325,000	233,000	270,000	357,000
Change In Payable	724,000	78,000	444,000	-155,000
Change In Account Payable	724,000	78,000	444,000	-155,000
Change In Inventory	-636,000	-286,000	-549,000	-440,000
Change In Receivables	-825,000	-129,000	67,000	-739,000
Changes In Account Receivables	-825,000	-129,000	67,000	-739,000
Other Non Cash Items	-259,000	-454,000	-1,495,000	372,000
Stock Based Compensation	196,000	189,000	197,000	188,000
Asset Impairment Charge	994,000	219,000	0	0
Deferred Tax	18,000	-229,000	189,000	-180,000
Deferred Income Tax	18,000	-229,000	189,000	-180,000
Depreciation Amortization Depletion	1,388,000	1,152,000	1,004,000	1,204,000
Depreciation And Amortization	1,388,000	1,152,000	1,004,000	1,204,000
Amortization Cash Flow	842,000	659,000	514,000	547,000
Amortization Of Intangibles	842,000	659,000	514,000	547,000
Depreciation	546,000	493,000	490,000	657,000
Operating Gains Losses	-378,000	-476,000	-413,000	-532,000
Pension And Employee Benefit Expense	-396,000	-477,000	-408,000	-510,000
Gain Loss On Sale Of Business	18,000	1,000	-5,000	-22,000
Net Income From Continuing Operations	4,468,000	4,995,000	4,929,000	4,967,000

These metrics estimate what Honeywell International Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$62.81

Margin of Safety

Market Cap ÷ Company Value

2.73

P/B Ratio

9.55

Warren's Owner Earnings

$7.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$37.4B

vs > $1.5B revenue

❌ Strong Financial Condition

1.30x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.18%

vs Uninterrupted dividends

❌ Earnings Growth

+9.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

33.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

9.55x P/B (P/E×P/B: 319.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-44.60

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$115.15

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	20.9%	15.3%	13.1%	15.4%	N/A
Repurchase of Capital Stock	-$3.8B	-$1.7B	-$3.7B	-$4.2B	N/A
Free Cash Flow	$5.4B ▲	$5.2B ▲	$4.6B ▲	$4.5B •	N/A •
Warren's Owner Earnings	$7.1B	$7.7B	$7.4B	$6.9B	N/A

Peers & Industry

No auto-detected peers for Conglomerates. You can manually compare HON against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.07%

Low — management has little skin in the game

Return on Equity (ROE)

34.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

6.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+10.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Vimal Kapur

Chairman & CEO

Age 60

Pay: $5,317,705

0.112% of net income

Michal Stepniak

Senior VP & CFO

Age 47

Pay: $2,577,312

0.055% of net income

Billal Hammoud

President & CEO of Honeywell Building Automation

Age 52

Pay: $1,760,703

0.037% of net income

James Currier

President & CEO of Aerospace Technologies

Age 58

Pay: $2,068,581

0.044% of net income

Jim Masso

President & CEO of Honeywell Process Automation

Age 40

Pay: $618,058

0.013% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.09%	63,161,731
Blackrock Inc.	7.57%	52,606,486
State Street Corporation	4.56%	31,677,082
Morgan Stanley	2.80%	19,425,421
Geode Capital Management, LLC	2.26%	15,716,647
Newport Trust Company, LLC	1.91%	13,276,867
Wellington Management Group, LLP	1.84%	12,801,680
Franklin Resources, Inc.	1.47%	10,227,201

Risk Analysis

Beta (Market Risk)

0.81

Low volatility — more stable than the market

Short Interest

1.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

2.57x

High leverage — significant financial risk

Current Ratio

1.39x

Adequate liquidity

52-Week Price Range

Low: $186.76 Current: $209.62 High: $248.18

Currently at 37% of 52-week range

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