Carlisle Companies vs Honeywell Technologies
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The short version
- Honeywell Technologies is the larger business, with $37.4B of revenue in fiscal 2025 against $5.0B for Carlisle Companies, about 7.5 times as much.
- Honeywell Technologies grew revenue faster (7.9%, against 0.3%).
- Honeywell Technologies kept more of each dollar of sales as operating profit (21.7% operating margin, against 20.0%).
- Carlisle Companies turned more of its sales into free cash flow (19.3% FCF margin, against 14.5%).
- Carlisle Companies earned a higher return on the capital invested in it (21.9%, against 17.1%).
| Latest fiscal year | CSL · FY25 | HON · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $70.6B |
| Revenue | $5.0B | $37.4B |
| Free cash flow | $971M | $5.4B |
| Net income | $741M | $4.7B |
| Growth | ||
| Revenue growth | 0.3% | 7.9% |
| 5-year growth | 4.8% | 2.8% |
| Share count change | −8.3% | −1.9% |
| Profitability | ||
| Gross margin | 35.7% | 36.9% |
| Operating margin | 20.0% | 21.7% |
| Net margin | 14.8% | 12.6% |
| FCF margin | 19.3% | 14.5% |
| Return on capital | 21.9% | 17.1% |
| Return on equity | 34.8% | 29.1% |
| Balance sheet | ||
| Net debt | $1.8B | $22.1B |
| Net debt / EBITDA | 1.5x | 2.3x |
| Dividends and buybacks | $1.5B | $6.8B |
| Valuation & quality | ||
| P/E | 19.8x | — |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
CSL $3.4B
HON $39.3B
FY17
CSL $3.8B
HON $40.5B
FY18
CSL $4.5B
HON $41.8B
FY19
CSL $4.5B
HON $36.7B
FY20
CSL $4.0B
HON $32.6B
FY21
CSL $3.8B
HON $34.4B
FY22
CSL $5.4B
HON $35.5B
FY23
CSL $4.6B
HON $33.0B
FY24
CSL $5.0B
HON $34.7B
FY25
CSL $5.0B
HON $37.4B
CSL
HON
Operating margin
FY16
CSL 11.8%
HON —
FY17
CSL 12.4%
HON —
FY18
CSL 11.4%
HON —
FY19
CSL 14.1%
HON —
FY20
CSL 12.3%
HON —
FY21
CSL 15.0%
HON —
FY22
CSL 22.1%
HON 22.6%
FY23
CSL 21.4%
HON 22.9%
FY24
CSL 22.9%
HON 22.1%
FY25
CSL 20.0%
HON 21.7%
CSL
HON
Free cash flow
FY16
CSL $422M
HON $4.4B
FY17
CSL $299M
HON $4.9B
FY18
CSL $219M
HON $5.6B
FY19
CSL $614M
HON $6.1B
FY20
CSL $601M
HON $5.3B
FY21
CSL $287M
HON $5.1B
FY22
CSL $817M
HON $4.5B
FY23
CSL $1.1B
HON $4.6B
FY24
CSL $917M
HON $5.2B
FY25
CSL $971M
HON $5.4B
CSL
HON
Return on capital
FY16
CSL 9.2%
HON 20.3%
FY17
CSL 11.5%
HON 14.8%
FY18
CSL 11.5%
HON 30.2%
FY19
CSL 13.9%
HON 27.1%
FY20
CSL 10.3%
HON 20.8%
FY21
CSL 10.1%
HON 22.3%
FY22
CSL 17.6%
HON 22.9%
FY23
CSL 15.5%
HON 21.5%
FY24
CSL 21.9%
HON 17.7%
FY25
CSL 21.9%
HON 17.1%
CSL
HON
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.