Honeywell Technologies
HON Nasdaq Industrial Conglomerates Financials FY2016–FY2025
Honeywell Technologies' revenue rose 7.8% to $37.4 billion in fiscal 2025. Its operating margin was 21.7%, down from 22.1% a year earlier. Free cash flow was $5.4 billion, up 3.8%. It paid out $6.8 billion in dividends and buybacks, 125% of free cash flow. The diluted share count fell 1.9%.
What Honeywell Technologies does
Honeywell makes equipment, software and services for aircraft, factories, buildings and energy plants. It sells them around the world to aircraft makers, airlines, the U.S. government, plant operators, building owners, and refining and chemical companies. Its products range from aircraft engines, avionics (flight electronics) and wheels and brakes to factory control systems, sensors, fire and security systems, and licensed technology and catalysts for refineries.
In 2025 Honeywell's sales grew 8% to $37.4 billion. It reported four segments. Aerospace Technologies had revenue of $17,510 million, Industrial Automation $9,401 million, Building Automation $7,367 million, and Energy and Sustainability Solutions $3,134 million. The competitors it names include RTX, Safran and Thales in aerospace; Johnson Controls, Schneider Electric and Siemens in buildings; and Emerson Electric and Rockwell Automation in industrial automation.
At the end of 2025 Honeywell employed about 101,000 people in 79 countries, about 36,000 of them in the United States. In October 2025 it spun off its Advanced Materials business as a separate public company, Solstice Advanced Materials, and in June 2025 it spent $2.2 billion to buy Sundyne. It plans to split into two public companies, Honeywell and Honeywell Aerospace, and expects to finish the separation in the third quarter of 2026.
- Legal name
- Honeywell International Inc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0000773840-26-000013
0000773840
Revenue and margins
Honeywell Technologies had $37.4B of revenue in fiscal 2025, up 7.9% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 1.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $5.4B in fiscal 2025, 14.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Honeywell Technologies returned $6.8B to shareholders in fiscal 2025, 125% of free cash flow. The diluted share count fell 1.9%.
Value Honeywell Technologies yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$22.1B and divides by 642.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 15.0x · peers 23.4x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Honeywell Technologies can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $11.5B | $10.1B | $8.1B | $10.3B | $12.9B |
| Debt incl. finance leases | $19.8B | $19.8B | $20.6B | $31.6B | $35.0B |
| Net debt / EBITDA | 0.9x | 1.1x | 1.5x | 2.4x | 2.3x |
| Debt / equity | 1.1x | 1.2x | 1.3x | 1.7x | 2.5x |
| Interest coverage | 22.1x | 19.4x | 10.1x | 7.3x | 6.1x |
| Current ratio | 1.3x | 1.3x | 1.3x | 1.3x | 1.3x |
| Quick ratio | 1.0x | 1.0x | 0.9x | 1.0x | 1.0x |
| Total assets | $64.5B | $62.3B | $61.5B | $75.2B | $73.7B |
| Total liabilities | $45.2B | $45.0B | $45.1B | $56.0B | $58.7B |
| Shareholders' equity | $18.6B | $16.7B | $15.9B | $18.6B | $13.9B |
| Net debt (− = net cash) | $8.2B | $9.7B | $12.5B | $21.3B | $22.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$10.7M
5 insiders
Of sales under plans
51%
$5.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Kenneth J WestPres/CEO Process Technologies | Sold plan | 316 | $245.47 | $0.1M | Form 4 |
| Jul 27, 2026 | Kenneth J WestPres/CEO Process Technologies | Sold | 17,032 | $243.77 | $4.2M | Form 4 |
| Mar 2, 2026 | James E CurrierPres/CEO Aero Technologies | Sold | 2,248 | $243.65 | $0.5M | Form 4 |
| Mar 2, 2026 | Kenneth J WestPres/CEO Process Technologies | Sold plan | 873 | $242.70 | $0.2M | Form 4 |
| Feb 23, 2026 | Grace LiebleinDirector | Sold plan | 5,847 | $243.73 | $1.4M | Form 4 |
| Feb 19, 2026 | Davis D ScottDirector | Sold | 2,367 | $240.00 | $0.6M | Form 4 |
| Feb 6, 2026 | Robert D. MaillouxVice President & Controller | Sold plan | 5,274 | $239.00 | $1.3M | Form 4 |
| Jan 30, 2026 | Robert D. MaillouxVice President & Controller | Sold plan | 10,549 | $229.00 | $2.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 6 / 9 | 8 / 9 | 4 / 9 |
| Accruals ratio | 0.5% | −0.6% | −2.3% |
| Altman Z'' | 4.28 | 3.83 | 3.89 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Honeywell Technologies HON | $70.6B | 7.9% | 21.7% | 14.5% | 17.1% | 15.0x | 4 | |
| 3M MMM | $90.7B | 1.5% | 18.6% | 5.6% | 34.2% | 25.9x | 5 | Compare → |
| DuPont DD | $18.7B | 1.9% | — | 3.3% | 1.1% | — | 6 | Compare → |
| Carlisle Companies CSL | $14.0B | 0.3% | 20.0% | 19.3% | 21.9% | 19.8x | 6 | Compare → |
| GE Vernova GEV | $220.1B | 9.0% | 3.7% | 9.8% | — | 23.4x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $39.3B | $40.5B | $41.8B | $36.7B | $32.6B | $34.4B | $35.5B | $33.0B | $34.7B | $37.4B |
| Gross profit | $12.2B | $12.4B | $12.8B | $12.4B | $10.5B | $12.3B | $13.1B | $12.4B | $13.4B | $13.8B |
| Research and development | $1.9B | $1.8B | $1.8B | $1.6B | $1.3B | $1.3B | $1.5B | $1.4B | $1.5B | $1.8B |
| Operating income | — | — | — | — | — | — | $8.0B | $7.6B | $7.7B | $8.1B |
| Interest expense | $338M | $316M | $367M | $357M | $359M | $343M | $414M | $749M | $1.0B | $1.3B |
| Pretax income | $6.5B | $7.0B | $7.5B | $7.6B | $6.0B | $7.2B | $6.4B | $6.2B | $6.2B | $5.5B |
| Income tax | $1.6B | $5.4B | $659M | $1.3B | $1.1B | $1.6B | $1.4B | $1.3B | $1.2B | $1.0B |
| Net income | $4.8B | $1.5B | $6.8B | $6.1B | $4.8B | $5.5B | $5.0B | $5.7B | $5.7B | $4.7B |
| Diluted EPS | $6.21 | $2.00 | $8.98 | $8.41 | $6.72 | $7.91 | $7.27 | $8.47 | $8.71 | $7.36 |
| Diluted shares | 0.78B | 0.77B | 0.75B | 0.73B | 0.71B | 0.70B | 0.68B | 0.67B | 0.66B | 0.64B |
| Cash flow | ||||||||||
| Cash from operations | $5.5B | $6.0B | $6.4B | $6.9B | $6.2B | $6.0B | $5.3B | $5.3B | $6.1B | $6.4B |
| Capital expenditure | $1.1B | $1.0B | $828M | $839M | $906M | $895M | $766M | $741M | $871M | $986M |
| Free cash flow | $4.4B | $4.9B | $5.6B | $6.1B | $5.3B | $5.1B | $4.5B | $4.6B | $5.2B | $5.4B |
| Depreciation and amortization | $1.0B | $1.1B | $1.1B | $1.1B | $1.0B | $1.1B | $1.2B | $1.0B | $1.2B | $1.4B |
| Stock-based compensation | $184M | $176M | $175M | $153M | $168M | $217M | $188M | $197M | $189M | $196M |
| Acquisitions | $2.6B | $82.0M | $535M | $50.0M | $261M | $1.3B | $178M | $718M | $8.9B | $2.2B |
| Share buybacks | $2.1B | $2.9B | $4.0B | $4.4B | $3.7B | $3.4B | $4.2B | $3.7B | $1.7B | $3.8B |
| Dividends paid | $1.9B | $2.1B | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B | $2.9B | $2.9B | $3.0B |
| Dividends and buybacks | $4.0B | $5.0B | $6.3B | $6.8B | $6.3B | $6.0B | $6.9B | $6.6B | $4.6B | $6.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $9.4B | $10.8B | $10.9B | $10.4B | $15.2B | $11.5B | $10.1B | $8.1B | $10.3B | $12.9B |
| Total debt | $15.8B | $17.9B | $16.2B | $16.0B | $22.4B | $19.6B | $19.6B | $20.4B | $31.5B | $34.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $215M | $184M | $156M | $222M | $185M | $93.0M | $64.0M |
| Current assets | $23.1B | $26.0B | $24.4B | $24.3B | $28.2B | $25.4B | $25.0B | $23.5B | $27.9B | $30.4B |
| Current liabilities | $16.3B | $18.9B | $18.9B | $18.1B | $19.2B | $19.5B | $19.9B | $18.5B | $21.3B | $23.4B |
| Inventory | $4.4B | $4.6B | $4.3B | $4.4B | $4.5B | $5.1B | $5.5B | $6.2B | $5.9B | $6.2B |
| Property and equipment, net | $5.8B | $5.9B | $5.3B | $5.3B | $5.6B | $5.6B | $5.5B | $5.7B | $4.5B | $4.6B |
| Total assets | $54.6B | $59.5B | $57.8B | $58.7B | $64.6B | $64.5B | $62.3B | $61.5B | $75.2B | $73.7B |
| Total liabilities | $35.3B | $42.8B | $39.4B | $40.0B | $46.8B | $45.2B | $45.0B | $45.1B | $56.0B | $58.7B |
| Shareholders' equity | $19.4B | $16.5B | $18.2B | $18.5B | $17.5B | $18.6B | $16.7B | $15.9B | $18.6B | $13.9B |
| Margins | ||||||||||
| Gross margin | 30.9% | 30.6% | 30.5% | 33.7% | 32.1% | 35.9% | 37.0% | 37.5% | 38.5% | 36.9% |
| Operating margin | — | — | — | — | — | — | 22.6% | 22.9% | 22.1% | 21.7% |
| EBITDA margin | 19.9% | 20.7% | 21.5% | 24.5% | 22.6% | 25.3% | 26.0% | 26.0% | 25.4% | 25.4% |
| Net margin | 12.2% | 3.8% | 16.2% | 16.7% | 14.6% | 16.1% | 14.0% | 17.1% | 16.4% | 12.6% |
| FCF margin | 11.2% | 12.2% | 13.4% | 16.5% | 16.3% | 15.0% | 12.7% | 13.9% | 15.1% | 14.5% |
| Returns | ||||||||||
| Return on capital | 20.3% | 14.8% | 30.2% | 27.1% | 20.8% | 22.3% | 22.9% | 21.5% | 17.7% | 17.1% |
| Return on capital employed | 19.6% | 18.4% | 19.8% | 19.9% | 14.8% | 16.8% | 18.4% | 17.7% | 15.8% | 15.6% |
| Return on equity | 25.6% | 8.6% | 39.0% | 33.5% | 26.5% | 30.7% | 28.2% | 34.8% | 33.1% | 29.1% |
| Return on assets | 9.3% | 2.7% | 11.5% | 10.6% | 7.8% | 8.6% | 7.8% | 9.1% | 8.4% | 6.4% |
| Growth | ||||||||||
| Revenue growth | 1.9% | 3.1% | 3.1% | −12.2% | −11.1% | 5.4% | 3.1% | −6.9% | 5.2% | 7.9% |
| Net income growth | 0.9% | −67.9% | 337.9% | −9.2% | −22.2% | 16.0% | −10.4% | 13.9% | 0.8% | −17.1% |
| EPS growth | 2.8% | −67.8% | 349.0% | −6.4% | −20.1% | 17.7% | −8.1% | 16.5% | 2.8% | −15.5% |
| FCF growth | −1.0% | 12.1% | 13.6% | 8.1% | −12.5% | −3.0% | −12.4% | 2.0% | 13.6% | 3.8% |
| Share count change | −1.8% | −0.4% | −2.5% | −3.0% | −2.6% | −1.5% | −2.5% | −2.2% | −1.9% | −1.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.8x | 0.8x | 0.6x | 0.6x | 1.0x | 0.9x | 1.1x | 1.5x | 2.4x | 2.3x |
| Debt / equity | 0.8x | 1.1x | 0.9x | 0.9x | 1.3x | 1.1x | 1.2x | 1.3x | 1.7x | 2.5x |
| Interest coverage | 20.1x | 23.0x | 21.4x | 22.2x | 17.8x | 22.1x | 19.4x | 10.1x | 7.3x | 6.1x |
| Current ratio | 1.4x | 1.4x | 1.3x | 1.3x | 1.5x | 1.3x | 1.3x | 1.3x | 1.3x | 1.3x |
| Quick ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.2x | 1.0x | 1.0x | 0.9x | 1.0x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 2.5% | 2.0% | 2.3% | 2.8% | 2.6% | 2.2% | 2.2% | 2.5% | 2.6% |
| Stock comp / revenue | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.6% | 0.5% | 0.6% | 0.5% | 0.5% |
| Payouts / FCF | 90.7% | 101.5% | 111.9% | 112.9% | 118.9% | 116.8% | 153.5% | 142.9% | 87.2% | 125.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 4.0 | 5.0 | 7.0 | 5.0 | 7.0 | 6.0 | 6.0 | 8.0 | 4.0 |
| Altman Z'' | 3.9 | 3.5 | 3.9 | 4.2 | 4.0 | 4.0 | 4.2 | 4.3 | 3.8 | 3.9 |
| Accruals ratio | −1.3% | −7.8% | 0.6% | −1.3% | −2.3% | −0.8% | −0.5% | 0.5% | −0.6% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0000773840). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.