Honeywell International (HON) — Company Research

Last Updated: 31 Oct 2026

Honeywell International (NASDAQ: HON), which now operates as Honeywell Technologies, is a pure-play automation company after completing its break-up. It spun off Solstice Advanced Materials on 30 Oct 2025 and Honeywell Aerospace (Nasdaq: HONA) on 29 Jun 2026, when one HONA share was distributed for every two HON shares and HON shares were consolidated 1-for-2 on the same day. It also sold its Warehouse & Workflow Solutions and Productivity Solutions & Services businesses in Jul and Aug 2026, and deconsolidated Quantinuum after that company’s Nasdaq IPO on 04 Jun 2026, keeping a 48% stake. The remaining company reported Q3 2026 sales of $4.99bn (up 7% organically), adjusted EPS of $2.27 (up 34%) and a segment margin of 21.3%, and raised 2026 adjusted EPS guidance to $8.40–8.45. Since the last version of this report (16 Jun 2026) the Aerospace spin-off, the reverse split, two divestitures, the Johnson Matthey Catalyst Technologies acquisition and a dividend reset have all taken place. All figures come from Honeywell’s earnings releases and SEC filings. There are no analyst opinions, price targets or ratings in this report.

1. Company Snapshot

Field	Value
Ticker / Exchange	HON / NASDAQ (legal name Honeywell International Inc.; operating as Honeywell Technologies)
CEO / Leadership	Vimal Kapur, Chairman and Chief Executive Officer; Mike Stepniak, SVP and CFO; Su Ping Lu, SVP, General Counsel and Corporate Secretary
Sector	Industrials — building automation, process automation and technology, industrial automation
Headquarters	855 S. Mint Street, Charlotte, North Carolina
Employees	More than 50,000 (Q3 2026 release, after the Aerospace spin-off)
Market cap	~$69.3bn ($218.33 at 30 Oct 2026 close × 317.36m shares per the Q3 2026 10-Q cover)
FY2025 Revenue	$37,442m net sales as reported (including Aerospace, excluding Solstice); $19,945m on the recast Honeywell Technologies basis
FY2025 earnings	GAAP diluted EPS from continuing operations $6.94 (pre-split, per the 10-K); adjusted EPS $9.78 (pre-split)
Q3 2026	Net sales $4,994m (+1% reported, +7% organic); GAAP EPS $2.40; adjusted EPS $2.27; segment margin 21.3%
Dividend	$0.70 quarterly ($2.80 annualised) since the spin-off; ~1.3% yield at $218.33

2. Bull & Bear Case

Bull Case

• Guidance raised after the break-up: In Oct 2026 Honeywell lifted 2026 adjusted EPS guidance to $8.40–8.45 from $8.05–8.35, organic growth to 4–5% from 3–4%, and free cash flow to about $2.1bn.
• Margins expanding: Q3 2026 segment margin rose 370 basis points to 21.3% and operating margin rose 640 basis points to 14.8%, with Building Automation at 27.0%.
• Orders and backlog: Backlog was nearly $19bn at Q3 2026, up 7% excluding the divested businesses. Q2 2026 orders rose 16%, with Process Automation & Technology orders up 24% on LNG demand.
• Much lower debt: Total debt fell from about $34.6bn at 31 Dec 2025 to about $16.6bn at 30 Sep 2026, as debt was retired with Aerospace proceeds before the spin-off.
• Quantinuum stake: Honeywell keeps 48% of the quantum computing company Quantinuum, listed on Nasdaq since Jun 2026, and booked a $6,629m pre-tax gain when it deconsolidated the business.

Bear Case

• Weak statutory cash flow: Operating cash flow from continuing operations was $932m in the nine months to 30 Sep 2026, and Q3 operating cash flow fell 74% to $607m because the prior year included a one-off Resideo receipt. About $0.5bn of separation-related payments are expected in 2026.
• Industrial Automation shrinking: Segment sales fell 23% reported in Q3 2026 after the PSS and WWS sales, utility meter deployments were deferred, and the segment took $724m of goodwill impairments in FY2025.
• Smaller company, reset dividend: The remaining company has about $20bn of annual sales, roughly half of the pre-spin group. The quarterly dividend was reset to $0.70 per post-split share, against $1.19 per pre-split share before the spin-off.
• Quantinuum losses: Honeywell’s share of Quantinuum losses was $147m in Q3 2026 alone, and GAAP results will keep absorbing these equity-method losses.
• Full multiple on guidance: At $218.33 the shares trade at about 25.9x the midpoint of 2026 adjusted EPS guidance, so earnings misses would weigh on the price.

3. Business Segments

Since the Aerospace spin-off Honeywell reports three segments. Percentages use Q3 2026 net sales of $4,994m.

Segment	% of revenue	What it is
Building Automation	40.4% ($2,020m)	Fire, security and building-management products, plus building solutions and services; data centres and hospitality are growth markets. Q3 segment margin 27.0%.
Process Automation & Technology	37.2% ($1,859m)	UOP process technology and catalysts (now including Johnson Matthey Catalyst Technologies), LNG and petrochemical projects, process control and aftermarket services. Q3 segment margin 22.2%.
Industrial Automation	22.3% ($1,115m)	Sensing, industrial measurement, utility smart meters, thermal and process measurement and control. PSS and WWS were sold in 2026. Q3 segment margin 18.4%.

For the nine months to 30 Sep 2026, segment sales were Building Automation $5,904m, Process Automation & Technology $5,051m and Industrial Automation $4,039m.

4. Business Model & Moat

How it makes money. Honeywell sells engineered control systems, sensors, software and process technology into buildings, refineries, LNG plants, petrochemical sites and factories, then earns recurring revenue from services, catalysts, software and aftermarket parts across a large installed base. Segment margins run from about 18% to 27%.

Installed base and switching costs. Building fire and security systems, distributed control systems and refinery process licences stay in place for many years, and replacing them is costly and disruptive. This supports aftermarket and service revenue through the economic cycle.

Technology licensing. The UOP process technology business licenses refining and petrochemical processes and sells the catalysts used in them. The Johnson Matthey Catalyst Technologies deal, closed on 17 Jul 2026, added to this franchise.

Operating system and software. Honeywell runs a common operating system (Honeywell Accelerator) and sells software on its Forge platform. Its 2026 investor-day framework targets about 15% annual growth in recurring software revenue.

5. Financial Health

Annual figures are as reported in each year’s Q4 earnings release and SEC XBRL filings, in US dollars. Per-share figures are on the pre-split basis in use until 29 Jun 2026; multiply by two for the post-split basis. FY2025 sales exclude Solstice Advanced Materials but include Aerospace.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$34,392m	+5.4%	$7.91	$8.06	$3.77	$14,254m
FY2022	$35,466m	+3.1%	$7.27	$8.76	$3.97	$15,123m
FY2023	$36,662m	+3.4%	$8.47	$9.16	$4.17	$16,562m
FY2024	$38,498m	+5.0%	$8.71	$9.89	$4.37	$25,479m
FY2025	$37,442m	+7.8%†	$6.94	$9.78	$4.58	$27,141m

† FY2025 growth is measured against FY2024 sales of $34,717m restated to exclude Solstice; against the as-reported FY2024 figure of $38,498m it is −2.7%. FY2021 growth is against FY2020 sales of $32,637m. FY2025 GAAP EPS is continuing operations as revised in the 10-K filed 17 Feb 2026 (the 29 Jan 2026 release showed $7.57) after an extra $436m Industrial Automation goodwill impairment. Dividends are cash paid per share. Long-term debt is the non-current amount including finance leases. On the recast Honeywell Technologies basis (excluding Aerospace), FY2025 net sales were $19,945m and post-split EPS was $3.24, with adjusted EPS of $6.46 under the 2026 definition that also excludes pension income.

Quarterly progression, most recent first, with the FY2025 total in bold. The basis changes as the company was broken up, as noted for each row.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026 (Honeywell Technologies, post-split)	$4,994m	$2.27	$2.40
Q2 2026 (consolidated incl. Aerospace, post-split)	$9,719m	$4.52	$17.83
Q1 2026 (incl. Aerospace, pre-split)	$9,143m	$2.45	$1.29
Q4 2025 (pre-split)	$9,758m	$2.59	−$0.15
Q3 2025 (pre-split, excl. Solstice)	$9,437m	n/a‡	$2.96
Q2 2025 (pre-split, excl. Solstice)	$9,322m	n/a‡	$2.16
Q1 2025 (pre-split, excl. Solstice)	$8,925m	n/a‡	$1.97
FY2025 total	$37,442m	$9.78	$6.94

‡ Honeywell has not published Q1–Q3 2025 adjusted EPS on the post-Solstice basis used for the FY2025 total. As originally reported, including Solstice, they were $2.51, $2.75 and $2.82. 2025 quarterly revenue and GAAP EPS are the restated figures in the FY2025 10-K. Q2 2026 GAAP EPS includes the $15.87 per share Quantinuum deconsolidation gain. On the Honeywell Technologies basis, Q2 2026 sales were $5,187m with adjusted EPS of $1.95 and GAAP EPS of $16.65.

Cash flow and balance sheet. All figures are from SEC XBRL data and Honeywell’s releases (FY2025 10-K and Q3 2026 10-Q).

• Operating cash flow (continuing operations): $6,075m in FY2025, consolidated including Aerospace; $932m in the nine months to 30 Sep 2026 on the Honeywell Technologies basis.
• Capital expenditure: $986m in FY2025, giving consolidated free cash flow of $5,089m on a cash-flow-statement basis (Honeywell reported $5,102m). $369m in the nine months to 30 Sep 2026, giving statutory free cash flow of $563m; Honeywell expects about $0.6bn of capex and about $2.1bn of free cash flow for 2026.
• Depreciation & amortisation: $1,388m in FY2025 (consolidated); $698m in the nine months to 30 Sep 2026 for continuing operations.
• Debt at 30 Sep 2026: commercial paper and short-term borrowings $2,424m, current maturities of long-term debt $3,783m and long-term debt $10,386m, ~$16,593m in total.
• Cash at 30 Sep 2026: cash and equivalents $5,694m plus short-term investments $492m, ~$6,186m in total. Equity-method investments, mainly Quantinuum, were carried at $7,273m.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$69.3bn (price $218.33 at 30 Oct 2026 close × 317.36m shares)
Enterprise value	~$79.7bn (market cap ~$69.3bn + total debt ~$16.6bn − cash and short-term investments ~$6.2bn per 30 Sep 2026 balance sheet). This does not deduct the $7.27bn Quantinuum and other equity-method stakes
Trailing P/E (GAAP)	~12.5x (price $218.33 / TTM continuing-operations EPS ~$17.44, Q4 2025–Q3 2026 on the post-split Honeywell Technologies basis). Distorted: TTM EPS includes the $15.87 Quantinuum gain, and the multiple is above 100x without it because Q4 2025 carried impairment charges
P/E (forward)	~25.9x (price / midpoint of management’s 2026 adjusted EPS guidance of $8.40–8.45)
P/S (TTM)	~3.42x ($69.3bn / TTM net sales ~$20.25bn: nine months 2026 $15,004m + recast Q4 2025 ~$5,242m)
EV/EBITDA (TTM)	~16.3x (EV ~$79.7bn / TTM EBITDA ~$4.88bn = segment profit ~$3.94bn + D&A ~$0.94bn, including an estimated ~$0.24bn for Q4 2025). Uses segment profit because GAAP operating results are distorted by separation costs, impairments and the Quantinuum gain; segment profit excludes corporate costs
P/FCF	~33x (market cap ~$69.3bn / 2026 free cash flow guidance ~$2.1bn). Statutory nine-month 2026 FCF = operating CF $932m − capex $369m = $563m, depressed by separation payments; FY2025 FCF of $5.1bn included Aerospace and is not comparable
Dividend yield	~1.3% ($2.80 annualised / $218.33)
52-week high	$260.28 (02 Mar 2026, adjusted for the spin-off and reverse split)
52-week low	$195.87 (20 Nov 2025, adjusted for the spin-off and reverse split)
Short interest (% of float)	~2.35% (7.43m shares at the 15 Oct 2026 settlement, Yahoo Finance; Stocktitan shows ~2.5%)
Days to cover	~2.4–2.7 days (Stocktitan / Yahoo Finance)

7. What Are They Building

With the portfolio reshaping complete, Honeywell’s spending is focused on automation software, process technology and LNG.

• Forge Cognition: Launched on 14 Oct 2026 with NVIDIA (Omniverse, Nemotron) and Dell (AI Factory, PowerEdge), this is an AI platform for running buildings and industrial sites, followed by a Forge Plant Cognition version for refining, petrochemical and LNG operators.
• Catalysts and process technology: The Johnson Matthey Catalyst Technologies acquisition closed on 17 Jul 2026 for $1,743m net of cash acquired, adding to the UOP licensing and catalyst business alongside Sundyne, bought in 2025.
• LNG and refinery projects: LNG demand lifted Process Automation & Technology orders 24% in Q2 2026. On 30 Sep 2026 Dangote selected Honeywell Technologies for a planned 700,000 barrels-a-day refinery in Kenya, with a scope of about $300m.
• AI in operations: The Experion Operations Assistant is being piloted at TotalEnergies’ Port Arthur refinery.
• R&D and capex: Research and development spending was $825m in the nine months to 30 Sep 2026, and 2026 capex is expected to be about $0.6bn.
• 2029 framework: The Jun 2026 investor day set targets of 4–6% organic growth, about 24% segment margin, adjusted EPS of about $12.00 and free cash flow above $3bn by 2029.

Follow industrial stocks on ChartsView’s Live Charts.

8. Competitive Landscape

Honeywell Technologies competes with automation and building-technology groups. Market caps are 30 Oct 2026 values from Yahoo Finance quote pages. Metrics come from each company’s FY2025 results release. The spun-off Honeywell Aerospace (HONA) had a market cap of about $48.9bn on the same date.

Peer	Market cap (Oct 2026)	Key 2025 metric
ABB (ABBNY)	~$154.3bn	FY2025 revenues $33.2bn, per ABB Q4 2025 release
Emerson Electric (EMR)	~$92.4bn	FY2025 (Sep year-end) net sales $18,016m, per Emerson Q4 FY2025 release
Johnson Controls (JCI)	~$90.3bn	FY2025 (Sep year-end) sales $23.6bn, per JCI Q4 FY2025 release
Rockwell Automation (ROK)	~$48.4bn	FY2025 (Sep year-end) sales $8,342m, per Rockwell FY2025 release

9. Leadership & Insider Activity

Vimal Kapur is Chairman and CEO and Mike Stepniak is CFO. Billal Hammoud became head of Process Technology on 01 Oct 2026, replacing Ken West, and Juan Picon took over Building Automation (Form 3/4 filed 02 Oct 2026). At Honeywell Aerospace, Jim Currier is President and CEO. Form 4 filings show no open-market insider purchases in 2026. The sales below mostly followed option exercises.

Name	Date	Type	Shares	Price	Value	Plan Type
Vimal Kapur (Chairman & CEO)	26 Oct 2026	Option exercise and sale	6,459 sold (8,684 options exercised at $114.44)	$220.99	~$1.43m	Not marked 10b5-1; sale covered exercise cost and tax
Su Ping Lu (SVP & General Counsel)	26 Oct 2026	Option exercise and sale	2,943 sold (4,033 options exercised)	$221.18	~$651k	Not marked 10b5-1
Kenneth West (then CEO, Process Technology)	27 Jul 2026	Option exercise and sale	17,032	$243.77	~$4.15m	Not disclosed
James Currier (then CEO, Aerospace Technologies)	02 Mar 2026	Sale	2,248	$243.65	~$548k	Not disclosed
Grace Lieblein (Director)	23 Feb 2026	Option exercise and sale	5,847	$243.73	~$1.43m	Not disclosed
D. Scott Davis (Director)	19 Feb 2026	Option exercise and sale	2,367	$240.00	~$568k	Not disclosed
Robert Mailloux (VP & Controller)	30 Jan 2026	Option exercise and sale	10,549	$229.00	~$2.42m	Not disclosed

Prices before 29 Jun 2026 are as traded and are not adjusted for the spin-off or the reverse split. Discuss insider activity on the ChartsView Forum.

10. Key Risks

• Separation execution (Operational): Dis-synergies, stranded costs and about $0.5bn of separation-related payments in 2026 weigh on cash flow, and the Aerospace spin-off must achieve its intended tax-free treatment.
• Refinancing (Financial): About $6.2bn of debt is due within a year at 30 Sep 2026: $2.4bn of commercial paper and $3.8bn of current maturities.
• Quantinuum (Financial): Equity-method losses ($147m in Q3 2026) will keep reducing GAAP earnings, and the value of the 48% stake depends on a young, loss-making quantum computing business.
• Industrial demand (Market): Utility meter deferrals and project timing hit Industrial Automation, which also took $724m of goodwill impairments in FY2025.
• Acquisition integration (Operational): Johnson Matthey Catalyst Technologies diluted Process Automation & Technology margins by 210 basis points in Q3 2026 and must be integrated to deliver returns.
• Macro and geopolitics (Macro): Tariffs, inflation and the Middle East conflict, which hit Q1 2026 collections and slowed process activity, affect demand, costs and cash.

11. Recent Developments

• 26 Oct 2026 — CEO and General Counsel option exercises. Vimal Kapur and Su Ping Lu exercised options and sold shares to cover costs and tax, per Form 4s filed on 27 Oct.
• 22 Oct 2026 — Q3 2026 results and higher guidance. Sales were $4.99bn, up 7% organically; adjusted EPS rose 34% to $2.27 and segment margin rose 370 basis points to 21.3%. 2026 adjusted EPS guidance was raised to $8.40–8.45.
• 14 Oct 2026 — Forge Cognition launched. Honeywell launched an AI platform for buildings and industrial operations with NVIDIA and Dell Technologies.
• 30 Sep 2026 — Dangote refinery award. Dangote selected Honeywell Technologies for its planned 700,000 barrels-a-day refinery in Kenya, a scope of about $300m.
• 25 Sep 2026 — Dividend declared. The board declared a $0.70 quarterly dividend, payable 04 Dec 2026 to holders of record on 13 Nov 2026.
• 19 Aug 2026 — Leadership changes. Billal Hammoud was named to lead Process Technology from 01 Oct 2026, replacing Ken West.
• 03 Aug 2026 — PSS sale closed. The Productivity Solutions & Services business was sold to Brady for $1,370m.
• 27 Jul 2026 — WWS sale closed. Warehouse & Workflow Solutions was sold to American Industrial Partners for $157m.
• 23 Jul 2026 — Q2 2026 results. Consolidated sales were $9.72bn and GAAP EPS $17.83 including the Quantinuum gain; the first post-spin dividend of $0.70 was declared on 24 Jul.
• 17 Jul 2026 — Catalyst acquisition completed. Honeywell closed its purchase of Johnson Matthey Catalyst Technologies.
• 29 Jun 2026 — Aerospace spin-off completed. Honeywell Aerospace began trading on Nasdaq as HONA, and HON shares were consolidated 1-for-2.

Macro data that move industrial stocks, such as manufacturing PMIs, are tracked on the Economic Calendar.

12. Key Dates

• 13 Nov 2026 — record date for the $0.70 quarterly dividend
• 04 Dec 2026 — payment of the $0.70 quarterly dividend
• Expected late Jan or early Feb 2027 — Q4 and full-year 2026 results, the first full year as Honeywell Technologies (date not yet announced; FY2025 results were released on 29 Jan 2026)
• Expected 2029 — end point of the investor-day framework: about 24% segment margin, adjusted EPS of about $12.00 and free cash flow above $3bn

Honeywell has not yet confirmed its Q4 2026 results date.

---

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.