Honeywell Technologies vs 3M
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The short version
- Honeywell Technologies is the larger business, with $37.4B of revenue in fiscal 2025 against $24.9B for 3M, about 1.5 times as much.
- Honeywell Technologies grew revenue faster (7.9%, against 1.5%).
- Honeywell Technologies kept more of each dollar of sales as operating profit (21.7% operating margin, against 18.6%).
- Honeywell Technologies turned more of its sales into free cash flow (14.5% FCF margin, against 5.6%).
- 3M earned a higher return on the capital invested in it (34.2%, against 17.1%).
| Latest fiscal year | HON · FY25 | MMM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $70.6B | $90.7B |
| Revenue | $37.4B | $24.9B |
| Free cash flow | $5.4B | $1.4B |
| Net income | $4.7B | $3.3B |
| Growth | ||
| Revenue growth | 7.9% | 1.5% |
| 5-year growth | 2.8% | −5.0% |
| Share count change | −1.9% | −2.0% |
| Profitability | ||
| Gross margin | 36.9% | 39.9% |
| Operating margin | 21.7% | 18.6% |
| Net margin | 12.6% | 13.0% |
| FCF margin | 14.5% | 5.6% |
| Return on capital | 17.1% | 34.2% |
| Return on equity | 29.1% | 76.1% |
| Balance sheet | ||
| Net debt | $22.1B | $6.7B |
| Net debt / EBITDA | 2.3x | 1.1x |
| Dividends and buybacks | $6.8B | $4.8B |
| Valuation & quality | ||
| P/E | — | 25.9x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
HON $39.3B
MMM $30.1B
FY17
HON $40.5B
MMM $31.7B
FY18
HON $41.8B
MMM $32.8B
FY19
HON $36.7B
MMM $32.1B
FY20
HON $32.6B
MMM $32.2B
FY21
HON $34.4B
MMM $35.4B
FY22
HON $35.5B
MMM $26.2B
FY23
HON $33.0B
MMM $24.6B
FY24
HON $34.7B
MMM $24.6B
FY25
HON $37.4B
MMM $24.9B
HON
MMM
Operating margin
FY16
HON —
MMM 23.3%
FY17
HON —
MMM 24.3%
FY18
HON —
MMM 22.0%
FY19
HON —
MMM 19.2%
FY20
HON —
MMM 22.3%
FY21
HON —
MMM 20.8%
FY22
HON 22.6%
MMM 16.7%
FY23
HON 22.9%
MMM −43.4%
FY24
HON 22.1%
MMM 19.6%
FY25
HON 21.7%
MMM 18.6%
HON
MMM
Free cash flow
FY16
HON $4.4B
MMM $5.2B
FY17
HON $4.9B
MMM $4.9B
FY18
HON $5.6B
MMM $4.9B
FY19
HON $6.1B
MMM $5.4B
FY20
HON $5.3B
MMM $6.6B
FY21
HON $5.1B
MMM $5.9B
FY22
HON $4.5B
MMM $3.8B
FY23
HON $4.6B
MMM $5.1B
FY24
HON $5.2B
MMM $638M
FY25
HON $5.4B
MMM $1.4B
HON
MMM
Return on capital
FY16
HON 20.3%
MMM 25.9%
FY17
HON 14.8%
MMM 24.7%
FY18
HON 30.2%
MMM 26.6%
FY19
HON 27.1%
MMM —
FY20
HON 20.8%
MMM —
FY21
HON 22.3%
MMM 22.2%
FY22
HON 22.9%
MMM 15.3%
FY23
HON 21.5%
MMM −42.2%
FY24
HON 17.7%
MMM 36.0%
FY25
HON 17.1%
MMM 34.2%
HON
MMM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.