
$37.4B+8% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $37.4B in 2025, compounding +2% a year since 2022 and the pace is picking up.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
$4.7B−17% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $4.7B in 2025, compounding -2% a year over three years. Earnings per share moved +44% over the last twelve months. Trailing twelve-month profit stands at $8.2B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
+7.8%revenue growth, FY 2025
Off the axis: 2018 earnings +337.9% - rebounds off a collapsed prior year.
→Revenue grew +8% in 2025 against a five-year average of +3%. Earnings went the other way (-17%) even as sales grew, so margins compressed: costs rose faster than revenue. 2018's +338% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
$5.4B+4% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $5.4B in 2025, compounding +6% a year since 2022. The trailing twelve months stand at $4.0B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→14 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 5% of revenue (capital spending 3%, stock compensation 1%). That share has risen since 2022, so the cost of competing is climbing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin has held near 22% since 2022. After everything, 13 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 44% sits well above ROCE of 16%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
16.4xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 16.4x earnings, the market is paying 23% less than HON's own 11-year median of 21.3x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
6.0%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 6.0% of annual free cash flow, more than its 11-year median of 5.2% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→Debt of $34.0B sits against $8.8B of cash, or 1.8x shareholders' equity.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→The company's own capital grew from $15.9B in 2023 to $18.5B (+17%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→Shareholders received $3.8B in buybacks and $3.0B in dividends in 2025. Stock compensation issued $196M of new shares in the same year, offsetting 3% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→The share count shrank 1.9% in 2025, averaging 2.0% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→The dividend per share reached $4.63 in 2025, compounding +5% a year since 2020.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The dividend consumed 63% of profit and 55% of free cash flow in 2025. That leaves room to keep paying through a weak year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→HON earns 16.2% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 18.9% in 2022, so the trend is down, though the pace has cooled.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→HON has shrunk its share count -19% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +26% over the same years.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
→Insiders sold $4M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 37 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30