Honeywell International Inc
HON—
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Honeywell International Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 23.7B is 141% of equity (16.8B) - tangible book value is NEGATIVE (-14.1B), creating material impairment risk[Goodwill]
- Debt/equity at 2.2x with 37B total debt vs 16.8B equity; interest expense of 1.3B TTM consumes 16% of operating income[Debt to Equity]
- ROE of 35.9% TTM driven by leverage - ROIC of 12% TTM shows true capital efficiency on 53.8B invested capital[ROE TTM]
Watch Triggers
- Goodwill: Impairment charge announced or goodwill/equity exceeds 150% — Would directly reduce already-thin equity base and signal acquisition overpayment
- Free Cash Flow TTM: Falls below 5B or FCF margin drops under 12% — Threatens dividend coverage and deleveraging capacity
- Interest Expense TTM: Exceeds 1.5B or interest/EBIT rises above 20% — Signals debt burden consuming operating profits
Bull Case
FCF yield of 5% (6.2B/122.6B market cap) with 15% FCF margin TTM funds dividends and buybacks without additional leverage
Free Cash Flow TTMMarket Cap TTM
Operating margin 18.9% TTM vastly exceeds industry median of 0% - pricing power and operational efficiency intact
Operating Margin TTM
Bear Case
Negative tangible book (-14.1B) means equity is 100% intangibles; any goodwill impairment directly hits equity cushion
Tangible Book ValueGoodwill
Debt/equity 2.2x with 24.1B net debt; rising rates or EBITDA decline compresses coverage from current 8.2x
Debt to EquityNet DebtEBITDA TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF generation will support deleveraging while maintaining 4.5% dividend yield over next 2 years
1-3ymed
- 6.2B FCF TTM covers 2.9B dividends 2.1x
- 12.9B cash provides liquidity buffer
- Operating margin of 18.9% stable
FCF TTM 6.2B on 40.7B revenueCash 12.9B vs current debt 6.9BOperating income 7.7B TTM
Margin compression risk if revenue growth stalls given high fixed cost base and leverage
1-3ymed
- 37B debt requires servicing
- R&D of 1.8B TTM is fixed cost
- Asset turnover only 0.53x
Interest expense 1.3B TTMTotal assets 80.9BRevenue 40.7B TTM
Valuation Context
Caveats
HON Fundamentals
Management of Companies and Enterprises → Management of Companies and Enterprises
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$145.42B | — | ||
$170.18B | — | ||
0.00 | — | ||
$0 | — | ||
$0.00 | — | ||
0% | — | ||
0% | — | ||
$0 | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
HON Dividend History
106 dividends
2026
$4.760005/15/26$2.3800
02/27/26$2.3800
2025
$9.160011/14/25$2.3800
08/15/25$2.2600
05/16/25$2.2600
02/28/25$2.2600
2024
$8.740011/15/24$2.2600
08/16/24$2.1600
05/16/24$2.1600
02/29/24$2.1600
2023
$8.340011/09/23$2.1600
08/10/23$2.0600
05/11/23$2.0600
02/23/23$2.0600
2022
$7.940011/09/22$2.0600
08/11/22$1.9600
05/12/22$1.9600
02/24/22$1.9600
2021
$7.540011/10/21$1.9600
08/12/21$1.8600
05/13/21$1.8600
02/25/21$1.8600
2020
$7.260011/12/20$1.8600
08/13/20$1.8000
05/14/20$1.8000
02/27/20$1.8000
2019
$6.720011/14/19$1.8000
08/15/19$1.6400
05/23/19$1.6400
02/21/19$1.6400
2018
$6.110011/15/18$1.6400
08/16/18$1.4900
05/17/18$1.4900
02/22/18$1.4900
2017
$5.480011/16/17$1.4900
08/16/17$1.3300
05/17/17$1.3300
02/22/17$1.3300
2016
$4.900011/16/16$1.3300
08/17/16$1.1900
05/17/16$1.1900
02/23/16$1.1900
2015
$4.295011/17/15$1.1900
08/18/15$1.0350
05/19/15$1.0350
02/24/15$1.0350
2014
$3.735011/18/14$1.0350
08/19/14$0.9000
05/20/14$0.9000
02/25/14$0.9000
2013
$3.360011/19/13$0.9000
08/16/13$0.8200
05/16/13$0.8200
02/21/13$0.8200
2012
$3.055011/16/12$0.8200
08/16/12$0.7450
05/16/12$0.7450
02/23/12$0.7450
2011
$2.740011/16/11$0.7450
08/17/11$0.6650
05/18/11$0.6650
02/16/11$0.6650
2010
$2.420011/17/10$0.6050
08/18/10$0.6050
05/18/10$0.6050
02/17/10$0.6050
2009
$2.420011/18/09$0.6050
08/18/09$0.6050
05/18/09$0.6050
02/18/09$0.6050
2008
$2.200011/18/08$0.5500
08/18/08$0.5500
05/16/08$0.5500
02/25/08$0.5500
2007
$2.000011/16/07$0.5000
08/16/07$0.5000
05/16/07$0.5000
02/23/07$0.5000
2006
$1.815111/16/06$0.4537
08/16/06$0.4538
05/17/06$0.4538
02/23/06$0.4538
2005
$1.650411/16/05$0.4126
08/17/05$0.4126
05/18/05$0.4126
02/16/05$0.4126
2004
$1.500011/17/04$0.3750
08/18/04$0.3750
05/18/04$0.3750
02/18/04$0.3750
2003
$1.500011/18/03$0.3750
08/18/03$0.3750
05/16/03$0.3750
02/18/03$0.3750
2002
$1.500011/18/02$0.3750
08/16/02$0.3750
05/16/02$0.3750
02/15/02$0.3750
2001
$1.500011/16/01$0.3750
08/16/01$0.3750
07/05/01$0.3750
02/15/01$0.3750
2000
$1.500011/16/00$0.3750
08/16/00$0.3750
05/17/00$0.3750
02/16/00$0.3750
HON Stock Splits
1 stock split
06/29/262:1 split
HON SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/23/26 | 03/31/26 | 10-Q | |
02/17/26 | 12/31/25 | 10-K | |
10/23/25 | 09/30/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | 10-K | |
10/24/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/10/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
10/22/21 | 09/30/21 | 10-Q | |
07/23/21 | 06/30/21 | 10-Q | |
04/23/21 | 03/31/21 | 10-Q | |
02/12/21 | 12/31/20 | 10-K | |
10/30/20 | 09/30/20 | 10-Q | |
07/24/20 | 06/30/20 | 10-Q | |
05/01/20 | 03/31/20 | 10-Q | |
02/14/20 | 12/31/19 | 10-K | |
10/17/19 | 09/30/19 | 10-Q | |
07/18/19 | 06/30/19 | 10-Q | |
04/18/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
10/19/18 | 09/30/18 | 10-Q | |
07/20/18 | 06/30/18 | 10-Q | |
04/20/18 | 03/31/18 | 10-Q | |
02/09/18 | 12/31/17 | 10-K | |
10/20/17 | 09/30/17 | 10-Q | |
07/21/17 | 06/30/17 | 10-Q | |
04/21/17 | 03/31/17 | 10-Q | |
02/10/17 | 12/31/16 | 10-K | |
10/21/16 | 09/30/16 | 10-Q | |
07/22/16 | 06/30/16 | 10-Q | |
04/22/16 | 03/31/16 | 10-Q | |
02/12/16 | 12/31/15 | 10-K | |
10/16/15 | 09/30/15 | 10-Q | |
07/17/15 | 06/30/15 | 10-Q | |
04/17/15 | 03/31/15 | 10-Q | |
02/13/15 | 12/31/14 | 10-K | |
10/17/14 | 09/30/14 | 10-Q | |
07/18/14 | 06/30/14 | 10-Q | |
04/17/14 | 03/31/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
10/18/13 | 09/30/13 | 10-Q | |
07/19/13 | 06/30/13 | 10-Q | |
04/19/13 | 03/31/13 | 10-Q | |
02/15/13 | 12/31/12 | 10-K | |
10/19/12 | 09/30/12 | 10-Q | |
07/18/12 | 06/30/12 | 10-Q | |
04/20/12 | 03/31/12 | 10-Q | |
02/17/12 | 12/31/11 | 10-K | |
10/21/11 | 09/30/11 | 10-Q | |
07/22/11 | 06/30/11 | 10-Q | |
04/21/11 | 03/31/11 | 10-Q | |
02/11/11 | 12/31/10 | 10-K | |
10/22/10 | 09/30/10 | 10-Q | |
07/23/10 | 06/30/10 | 10-Q | |
04/23/10 | 03/31/10 | 10-Q | |
02/12/10 | 12/31/09 | 10-K | |
10/23/09 | 09/30/09 | 10-Q | |
07/27/09 | 06/30/09 | 10-Q | |
04/24/09 | 03/31/09 | 10-Q | |
02/13/09 | 12/31/08 | 13F-HR | |
10/17/08 | 09/30/08 | 10-Q | |
07/18/08 | 06/30/08 | 10-Q | |
04/18/08 | 03/30/08 | Unknown | -- |
02/15/08 | 12/31/07 | 13F-HR | |
10/19/07 | 09/30/07 | 10-Q | |
07/19/07 | 06/30/07 | 10-Q | |
04/20/07 | 03/31/07 | 4 | |
02/16/07 | 12/31/06 | 13F-HR | |
10/19/06 | 09/30/06 | 10-Q | |
07/21/06 | 06/30/06 | 10-Q | |
04/24/06 | 03/30/06 | Unknown | -- |
03/01/06 | 12/31/05 | 13F-HR | |
10/28/05 | 09/30/05 | 8-K | |
08/03/05 | 06/30/05 | 10-Q | |
05/05/05 | 03/30/05 | Unknown | -- |
02/25/05 | 12/31/04 | 13F-HR | |
11/05/04 | 09/30/04 | 10-Q | |
08/02/04 | 06/30/04 | 10-Q | |
05/03/04 | 03/30/04 | Unknown | -- |
03/04/04 | 12/31/03 | 13F-HR | |
11/07/03 | 09/30/03 | 10-Q | |
08/08/03 | 06/30/03 | 10-Q | |
05/09/03 | 03/30/03 | Unknown | -- |
03/06/03 | 12/31/02 | 13F-HR | |
11/13/02 | 09/30/02 | 13F-HR | |
08/07/02 | 06/30/02 | 10-Q | |
05/08/02 | 03/30/02 | Unknown | -- |
03/20/02 | 12/31/01 | 13F-HR | |
11/14/01 | 09/30/01 | 13F-HR | |
08/13/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/30/01 | Unknown | -- |
03/30/01 | 12/31/00 | 13F-HR | |
11/13/00 | 09/30/00 | 13F-HR | |
08/11/00 | 06/30/00 | 13F-HR | |
05/12/00 | 03/30/00 | Unknown | -- |