HON
Honeywell International Inc.
HON's fundamentals are weak: revenue fell 17% and its operating margin fell 3 points to 19%. Its PE of 10x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings to hold roughly steady.
HON Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| Stable | |
| Healthy |
HON's profitability and balance sheet are currently healthy, and its cash flow is stable, but its revenue is weak.
HON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $223 | — |
| Cheap | 20x | $438 | +96% |
| Fair | 23x | $515 | +130% |
| Forward | 24x | $223 | — |
| Expensive | 28x | $628 | +181% |
Historical ranges are pointers, not guarantees.
HON's PE is in its cheap range at 10x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 24x, in its fair range.
HON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Strong decline | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect HON's profitability to improve, but its revenue to decline.
HON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.49 | -57% |
| Q3 2026 | $22.13 | +17% |
| Q2 2026 | $25.77 | +47% |
| Q1 2026 | $12.84 | -26% |
| Q4 2025 | $14.70 | -16% |
| Q3 2025 | $18.98 | +9.6% |
| Q2 2025 | $17.58 | +0.2% |
| Q1 2025 | $17.40 | +0.8% |
| Q4 2024 | $17.42 | +2.8% |
HON earned $22.13 per share over the past year, up 17% from the year before. Its recent earnings include one-off gains.
HON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5B | -52% |
| Q2 2026 | $9.7B | -6.1% |
| Q1 2026 | $9.1B | -6.9% |
| Q4 2025 | $9.8B | -3.3% |
| Q3 2025 | $10.4B | +7% |
| Q2 2025 | $10.4B | +8.1% |
| Q1 2025 | $9.8B | +7.9% |
| Q4 2024 | $10.1B | +6.9% |
HON's revenue has slid since its 2025 peak: $5B last quarter, down 52% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | -1.9 points |
| Q2 2026 | 23% | +0.2 points |
| Q1 2026 | 23% | +0.3 points |
| Q4 2025 | 11% | -9.7 points |
| Q3 2025 | 23% | -0.5 points |
| Q2 2025 | 23% | -0.1 points |
| Q1 2025 | 23% | +0.8 points |
| Q4 2024 | 21% | +5 points |
HON's operating margin was 21% last quarter, down 1.9 points from the same quarter a year ago.
HON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $286M | -90% |
| Q2 2026 | $961M | -5.4% |
| Q1 2026 | -$873M | -352% |
| Q4 2025 | $1.1B | -39% |
| Q3 2025 | $2.9B | +70% |
| Q2 2025 | $1B | -8.6% |
| Q1 2025 | $346M | +61% |
| Q4 2024 | $1.9B | -27% |
HON still generates free cash flow, though less than at its 2025 peak: $1.5B over the past year.
HON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +600K shares |
| 1 year | -0.1% | -200K shares |
| 3 years | -4.3% | -14.3M shares |
| 5 years | -8.7% | -30.3M shares |
| Available history | -13% | -46M shares |
HON has 319M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $1B |
| Q4 2025 | $100M |
| Q3 2025 | $100M |
| Q2 2025 | $1.7B |
| Q1 2025 | $1.9B |
| Q4 2024 | $455M |
HON spent $1.1B buying back its own shares over the past year, down 74% from the year before.
HON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 2.3x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
HON's net debt is about 1.4 years of its operating earnings (EBITDA), down from 2.3 years a year ago.
HON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.9 | Neutral |
| Stochastic | 45.0 | Neutral |
HON's weekly RSI is 52 (neutral) and its Stochastic is 45 (neutral).
HON PE vs Industrials Sector
| Metric | HON | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 24x | 58% below |
| PE % | 4 | 58 | 54 pts below |
HON is trading at 10x earnings, a 58% discount to the Industrials sector's median of 24x, though its recent earnings include one-off gains.
HON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $216.1 | 3.4% above |
| 20 week MA | $221.4 | 0.9% above |
| 50 week MA | $223.8 | 0.1% below |
| 100 week MA | $215.2 | 3.9% above |
| 200 week MA | $203.7 | 9.7% above |
HON's trend is mixed: it's above four of its five weekly moving averages, and 9.7% above its 200-week average.
HON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $169.2 | $200.8 | +19% |
| 2021 | $200.8 | $196.7 | -2.1% |
| 2022 | $196.7 | $205.0 | +4.2% |
| 2023 | $205.0 | $201.0 | -1.9% |
| 2024 | $201.0 | $220.0 | +9.4% |
| 2025 | $220.0 | $200.7 | -8.8% |
| 2026 YTD | $200.7 | $223.5 | +11% |
HON has finished lower in three of the last six years. It's up 11% so far in 2026.