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Honeywell Technologies key statistics and ratios

In fiscal 2025, Honeywell Technologies had return on equity of 29.1%, an operating margin of 21.7%, debt equal to 248.6% of equity and a current ratio of 1.30. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin23.0%23.6%21.8%24.9%27.4%28.2%30.7%30.9%30.6%30.5%33.7%32.1%35.9%37.0%37.5%38.5%36.9%12.7%
Operating margin—————————————22.6%22.9%22.1%21.7%32.7%
Net margin5.2%6.3%5.7%7.8%10.0%10.5%12.4%12.2%3.8%16.2%16.7%14.6%16.1%14.0%17.1%16.4%12.6%21.0%
Free-cash-flow margin11.2%11.0%5.6%7.0%8.7%9.9%11.5%11.2%12.2%13.4%16.5%16.2%15.0%12.7%13.9%15.1%14.5%2.9%
Return on equity17.5%20.7%19.3%24.6%25.8%24.1%26.5%25.6%8.6%39.0%33.5%26.5%30.7%28.2%34.8%33.1%29.1%38.8%
Return on assets4.3%5.5%5.3%7.2%9.0%9.3%10.1%9.3%2.7%11.5%10.6%7.8%8.6%7.8%9.1%8.3%6.4%11.1%
Asset turnover0.830.880.940.920.890.890.810.760.710.710.630.530.530.560.530.510.500.53
Current ratio1.251.321.311.351.491.501.091.411.381.291.341.471.301.251.271.311.300.96
Debt to equity85.3%61.7%69.4%57.2%50.0%49.2%66.0%81.4%108.4%89.2%86.5%127.6%105.5%117.2%128.9%167.0%248.6%74.0%
Effective tax rate22.2%28.1%18.3%24.4%26.8%25.6%26.4%24.8%77.2%8.8%17.6%19.1%22.5%22.1%20.4%20.0%18.4%18.6%
R&D as % of revenue4.4%4.5%4.9%4.9%4.6%4.7%4.8%4.7%4.5%4.3%4.2%4.1%3.9%4.2%4.2%4.2%4.8%6.8%
SG&A as % of revenue14.4%14.3%14.8%13.9%13.3%13.7%13.0%14.2%15.0%14.5%15.0%14.6%14.0%14.7%14.8%15.1%14.6%17.2%
Capital spending as % of revenue2.0%2.0%2.2%2.3%2.4%2.7%2.8%2.8%2.5%2.0%2.3%2.8%2.6%2.2%2.2%2.5%2.6%2.9%
Free cash flow ÷ net income215.8%176.0%98.8%90.0%86.3%94.0%93.2%91.5%319.4%82.9%98.6%110.9%92.8%90.8%81.3%91.6%114.7%13.7%
Dividends ÷ net income59.3%46.7%52.8%41.4%34.5%35.6%36.2%39.8%137.2%33.6%39.8%54.2%47.4%54.8%50.5%50.9%62.9%36.6%
Dividends and buybacks ÷ free cash flow27.5%26.5%106.5%58.0%71.6%61.1%81.2%90.7%101.5%111.9%112.9%118.9%116.8%153.5%142.9%87.2%125.0%380.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · September 30, 2026
What it owns · $53.1bn
Short-term assets $14.3bnLonger-term assets $38.8bn
What it owes, and who funded it · $37.3bn
Short-term liabilities $14.9bnShareholders' equity $22.4bn
  • Short-term assets cover short-term liabilities $14.3bn of assets due within a year against $14.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.7bn of cash against $16.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 74% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 86% to 74% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.9bn of operating cash flow against $16.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Honeywell Technologies's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

61 /100

Moderate moat

How hard Honeywell Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.4% of total assets over 6 years.

  • Pricing power 6 / 20

    Gross margin has been a median 30.6%, moving by 6.9 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Net margin has been a median 15.6%; its worst year was 5.9%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: HON vs MMMHON vs IEPCODI vs HON

More: Industrial Conglomerates stocks compared, Industrials sector, rankings of US companies

Figures from Honeywell Technologies's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Honeywell Technologies.