# Honeywell International Inc. (HON)

> Source: Nexqual · https://nexqual.com/HON · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Honeywell International Inc. (HON), nexqual.com/HON" · informational, not investment advice.

**Price:** USD 218.31 (+1.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 214.73 · day 205.2–218.55 · 52w 195.87–260.28 · market cap $69.2B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $33.6B, net income $7.05B (21.0% margin), free cash flow $967M (SEC filings).
- Valuation: P/E 9.8x (avg 24.8x at the last 3 fiscal year-ends), EV/EBITDA 6.3x, net debt $10.4B.
- 1 of 80 tracked superinvestors hold HON (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.38 on a 1–5 scale) (24 analysts), mean target USD 254.26 (range 186–303).
- Total return with dividends: 1Y +2.0% vs S&P 500 +14.9%; 5Y +12.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 2.45, revenue estimate $5.15B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $34.4B | $35.5B | $33.0B | $34.7B | $37.4B | $33.6B |
| Gross profit | $12.3B | $13.1B | $12.4B | $13.4B | $13.8B | — |
| Operating income | — | $8.02B | $7.56B | $7.67B | $8.13B | $11.0B |
| Net income | $5.54B | $4.97B | $5.66B | $5.71B | $4.73B | $7.05B |
| EPS (diluted) | $7.82 | $7.19 | $8.88 | $9.13 | $7.72 | — |
| Free cash flow | $5.14B | $4.51B | $4.60B | $5.23B | $5.42B | $967M |
| Gross margin | 35.9% | 37.0% | 37.5% | 38.5% | 36.9% | — |
| Operating margin | — | 22.6% | 22.9% | 22.1% | 21.7% | 32.7% |
| Net margin | 16.1% | 14.0% | 17.1% | 16.4% | 12.6% | 21.0% |
| Revenue growth | +5.4% | +3.1% | -6.9% | +5.2% | +7.8% | — |
| Cash + short-term investments | $11.5B | $10.1B | $8.10B | $10.3B | $12.7B | — |
| Total debt | $19.6B | $19.6B | $20.4B | $31.1B | $34.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 9.8x · P/S 2.1x · EV/EBITDA 6.3x · EV/Sales 2.4x · P/FCF 71.6x · P/B 3.1x · FCF yield 1.40% · Earnings yield 10.19% · Dividend yield (paid, TTM) 3.73% · Buyback yield (TTM) 1.59% · Net debt $10.4B · EV $79.6B
P/E at fiscal year-ends: Dec 2025 26.5x, Dec 2024 24.5x, Dec 2023 23.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HON. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $898K | Reduced -50.0% |

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 24 analysts; mean target USD 254.26 (low 186, high 303).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Mizuho | Target lowered | Outperform | $265 → $255 |
| 2026-10-14 | RBC Capital | Target lowered | Outperform | $293 → $270 |
| 2026-10-12 | Citigroup | Target lowered | Buy | $279 → $270 |
| 2026-10-09 | JP Morgan | Target lowered | Overweight | $255 → $240 |
| 2026-09-25 | Wells Fargo | Initiated | Equal-Weight | $231 |
| 2026-08-31 | Morgan Stanley | Target raised | Equal-Weight | $245 → $250 |
| 2026-08-18 | RBC Capital | Target lowered | Outperform | $298 → $293 |
| 2026-08-14 | JP Morgan | Target lowered | Overweight | $262 → $255 |
| 2026-07-28 | B of A Securities | Upgrade | Underperform → Neutral | $205 → $265 |
| 2026-07-27 | Mizuho | Target raised | Outperform | $240 → $265 |
| 2026-07-27 | BMO Capital | Target raised | Outperform | $253 → $276 |
| 2026-07-24 | Citigroup | Target raised | Buy | $260 → $279 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.0% | +12.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.0% | +2.4% |
| Volatility (annualized) | 26.1% | 22.9% |
| Max drawdown | -21.9% (Mar 2026→Sep 2026) | -24.6% (Nov 2021→Sep 2022) |

## Peers (Conglomerates)
MMM (3M Company) USD 175.56 +0.47% · VMI (Valmont Industries, Inc.) USD 435.87 -2.81% · NSC (Norfolk Southern Corporation) USD 338.23 +3.09% · HWM (Howmet Aerospace Inc.) USD 193.29 -7.14% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42% · ITW (Illinois Tool Works Inc.) USD 279.24 +0.88%

## More
Full page: https://nexqual.com/HON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HON's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/773840/000077384026000013/hon-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | RESIDEO TECHNOLOGIES, INC. (REZI) | "Net cash provided by operating activities from continuing operations increased by $963 million, driven by the receipt of the Resideo indemnification and reimbursement agreement termination payment of $1,590 million and $…" |
| Partner | Solstice Advanced Materials Inc. (SOLS) | "We have continuing involvement with Solstice primarily through a transition services agreement, through which Honeywell and Solstice continue to provide certain services to each other for a period of time following the s…" |

Other companies that name HON in their own reports (relationship from HON's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | POWERBANK Corp (PBK) | 20-F 2026-09-28 | "Services Agreement with Honeywell International Inc. (NASDAQ: HON) ("Honeywell") to provide operations and maintenance" |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| partner | LG Display Co., Ltd. (LPL) | 20-F 2026-04-28 | "We have a license agreement with each of Columbia University, Penn State University, Honeywell International, Honeywell Intellectual Properties, Plasma Physics Corporation and Fergason Patent Properti…" |
| customer | ClearSign Technologies Corp (CLIR) | 10-K 2026-03-31 | "Worldwide, suppliers of burners and air pollution control equipment include but are not limited to companies such as Callidus, Eclipse and Maxon (all three are subsidiaries of Honeywell), John Zink Ha…" |
| related | CLOUDASTRUCTURE, INC. (CSAI) | 10-K 2026-03-31 | "Marketing, Operations, and General Management positions at large corporations like Honeywell, and various start up organizations." |
| customer | AIRO Group Holdings, Inc. (AIRO) | 10-K 2026-03-31 | "We also serve as an avionics supplier for OEMs, including Robinson Helicopters, Pilatus, Honeywell, and Joby Aviation." |
| customer | EMBRAER S.A. (EMBJ) | 20-F 2026-03-30 | "The main risk-sharing partners for the Praetor 500 and Praetor 600 jets are Honeywell, the engines supplier, and Collins Aerospace, the avionics systems supplier." |
| customer | QUICKLOGIC Corp (QUIK) | 10-K 2026-03-27 | "We depend upon GlobalFoundries, TSMC, SkyWater Technologies, Honeywell Aerospace, Amkor Technology, Inc., Integra Specialty Products, and Golden Altos Corp. to manufacture our new hardware products." |
| partner | Vertical Aerospace Ltd. (EVTL) | 20-F 2026-03-24 | "The aircraft has been designed and built in collaboration with our global aerospace partners, including Honeywell and Syensqo, and features our next generation propellers and proprietary battery techn…" |
| partner | ENI SPA (E) | 20-F 2026-03-23 | "It mainly produces HVO Diesel using the Ecofining™ process developed by Eni in collaboration with Honeywell UOP." |
| competitor | VEEVA SYSTEMS INC (VEEV) | 10-K 2026-03-20 | "In this segment of our business, we compete with solutions such as those offered by OpenText, Microsoft, Honeywell, EtQ Management Consultants, LLC, Oracle, and Box, and custom-built software develope…" |
| partner | TEN Holdings, Inc. (XHLD) | 10-K 2026-03-18 | "He also serves as an Audit Partner at Mikasa & Co. and as a Statutory Auditor of Quantinuum K.K., a Honeywell group" |
| partner | TAT TECHNOLOGIES LTD (TATT) | 20-F 2026-03-18 | "entered into a ten-year agreement with Honeywell for commercial application." |
| competitor | ACME UNITED CORP (ACU) | 10-K 2026-03-11 | "The major competitors in the first aid and safety category are Honeywell and Cintas." |
| customer | Cadre Holdings, Inc. (CDRE) | 10-K 2026-03-10 | "The raw materials and components that we use to manufacture our products, include SpectraShield®, a patented product of Honeywell, Inc.;" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Building Automation | $2.02B | 40.4% | +7.6% | $546.0M | 27.0% |
| Process Automation and Technology | $1.86B | 37.2% | +16.3% | $412.0M | 22.2% |
| Industrial Automation | $1.11B | 22.3% | -23.1% | $205.0M | 18.4% |
| Total revenue | $4.99B | 100% | — | $1.06B | 21.3% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $3.63B | 72.6% | +1.5% |
| Service | $1.37B | 27.4% | +0.7% |
| Products | $1.11B | 22.3% | +10.3% |
| Aftermarket | $1.06B | 21.3% | +16.6% |
| Solutions | $907.0M | 18.2% | +4.4% |
| Products | $833.0M | 16.7% | -15.3% |
| Projects | $797.0M | 16.0% | +16.0% |
| Solutions | $282.0M | 5.6% | -39.6% |
| Total revenue | $4.99B | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. Plans | $21.78B | 58.2% | +11.5% |
| Europe | $8.11B | 21.7% | +1.9% |
| Other International | $7.55B | 20.2% | +4.5% |
| Total revenue | $37.44B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.45 | $2.40 | +2.2% | $5.15B | 11 |
| Next quarter (ends 2027-03-31) | $2.13 | $2.15 | -1.2% | $4.73B | 11 |
| Current fiscal year (ends 2026-12-31) | $8.44 | $8.25 | +2.3% | $20.15B | 14 |
| Next fiscal year (ends 2027-12-31) | $9.84 | $9.93 | -1.0% | $20.54B | 24 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 31.5% | ±3.7% |
| 2026-11-06 | 14 | 30.1% | ±4.9% |
| 2026-11-13 | 21 | 30.1% | ±6.1% |
| 2026-11-20 | 28 | 29.2% | ±6.6% |
| 2026-11-27 | 35 | 28.6% | ±7.2% |
| 2026-12-04 | 42 | 28.2% | ±7.8% |
| 2026-12-18 | 56 | 26.7% | ±8.5% |
| 2027-01-15 | 84 | 27.7% | ±10.7% |