Industrials · Industrial Conglomerates · US stock · price as of 16 Oct 2026
Key indicators
Price
$211.41
52-week range
$193.26 – $258.09
Market cap
$67.4B
P/E (trailing)
14.4×
EV / EBITDA
10.1×
Free-cash-flow yield
6.0%
Dividend yield
2.0%
Revenue (last 12 months)
$38.1B
Revenue growth (3y a year)
1.8%
Operating margin
20.7%
Return on invested capital
14.2%
Net debt / EBITDA
2.8×
Fair value
Blended fair value$451.97 range $432 – $473
Versus priceUndervalued+114% to fair value
Peer multiples
$456.46
Fundamentals-adjusted multiple
$567.86
10-year DCF (market-scaled)
$331.58
Earnings power value (floor, not blended)
$166.88
Model uncertainty
Medium
X-Ray Score
55/ 100 · High confidence · ahead of 62% of sector peers
Valuation91
Growth38
Profitability44
Financial health40
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Honeywell is a diversified industrial technology company. Its businesses make aerospace components, building automation and safety systems, industrial automation equipment, process technologies and performance materials. Revenue comes from selling products, software and services to aircraft makers, airlines, building owners and industrial plants, with long-term service and aftermarket work adding recurring income to new equipment sales.
Revenue over the last twelve months came to $38.1 billion. Revenue growth over three years averaged 1.8% a year. Operating margin is 20.7% and return on invested capital is 14%. Net debt to EBITDA is 2.8 times. It pays a dividend with a yield of 2.0%. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
StocksXray gives Honeywell International Inc an X-Ray Score of 55 out of 100 (high confidence), ahead of 62% of the S&P 500 stocks in its sector. Its strongest lens is valuation (91) and its weakest is growth (38).
Our fair value blend is $451.97 (range $431.96 to $473.04). At $211.41 the stock trades 53% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Honeywell International Inc (HON)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$186.78
$195.94
$195.97
$215.60
$201.87
$211.41
Market cap
$130.8B
$133.8B
$130.9B
$141.3B
$129.8B
$67.4B
P/E
23.6×
27.0×
23.1×
24.8×
27.4×
14.4×
EV / revenue
4.1×
4.1×
4.4×
4.7×
4.1×
2.4×
EV / EBITDA
16.7×
15.6×
16.8×
18.4×
16.0×
10.1×
Price / free cash flow
25.4×
29.7×
28.5×
27.0×
23.9×
16.8×
Free-cash-flow yield
3.9%
3.4%
3.5%
3.7%
4.2%
6.0%
Price / book
7.0×
8.0×
8.3×
7.6×
9.3×
3.6×
Dividend yield
2.02%
2.03%
2.13%
2.03%
2.27%
2.02%
Fundamentals checklist ● 5 Good · ● 5 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash4.0%Bad
Free-cash-flow yield6.0%Good
Risk models
Altman Z score3.8×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)0.4%Average
Free-cash-flow growth (3y)6.3%Bad
Revenue growth (3y)1.8%Bad
Growth consistency70%Average
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA2.8×Bad
Interest coverno interest costGood
Valuation
Fair value vs price2.1×Good
EBIT / EV yield8.4%Good
Profitability
Return on invested capital14.2%Average
Operating margin20.7%Good
Gross profitability18.0%Bad
XStocksXray
Honeywell International Inc (HON)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
34,392
35,466
33,009
34,717
37,442
38,057
Gross profit
12,331
13,119
12,372
13,357
13,829
13,895
Operating income
7,235
8,022
7,563
7,667
8,127
7,872
Net income
5,542
4,966
5,658
5,705
4,729
8,213
Diluted EPS ($)
7.91
7.27
8.47
8.71
7.36
14.68
Free cash flow
5,143
4,508
4,599
5,226
5,422
4,010
Gross margin
35.9%
37.0%
37.5%
38.5%
36.9%
36.5%
Operating margin
21.0%
22.6%
22.9%
22.1%
21.7%
20.7%
Net margin
16.1%
14.0%
17.1%
16.4%
12.6%
21.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
64,470
62,275
61,525
75,196
73,681
77,344
Cash
10,959
9,627
7,925
9,906
12,487
8,751
Total debt
19,599
19,570
20,443
31,038
34,580
33,988
Equity
18,569
16,697
15,856
18,619
13,904
18,537
Dividend per share ($)
3.77
3.97
4.17
4.37
4.58
5.89
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.