Common-Size Balance Sheet: Assets
Quarterly Data
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Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The balance sheet structure exhibits a consistent division between current and noncurrent assets, with current assets generally oscillating between 35% and 42% of total assets, while noncurrent assets maintain a dominant position, typically ranging from 58% to 64%.
- Liquidity and Working Capital Trends
- Cash and cash equivalents showed significant volatility, declining from a peak of 18.44% in March 2021 to a trough of 11.47% in March 2023, before recovering to 16.19% by December 2025. Short-term investments have experienced a steady contraction, diminishing from 1.48% to 0.56% over the analyzed period. Accounts receivable remained relatively stable, though a peak of 13.13% was observed in March 2023, followed by a gradual return to the 10-11% range. Inventories exhibited a sustained upward trend from March 2021 (7.25%) through December 2023 (10.04%), suggesting an increase in stock levels, before moderating to 8.61% by March 2026.
- Fixed and Intangible Asset Evolution
- Goodwill remains a primary component of the asset base, consistently representing between 26% and 30% of total assets, reflecting a significant historical reliance on acquisitions. Other intangible assets showed a marked increase starting in June 2024, rising from a baseline of approximately 5% to peak at 9.38% in June 2025. Conversely, net property, plant, and equipment (PPE) remained stable near 8-9% for several years before experiencing a notable decline to 6.30% by March 2026, indicating a potential shift away from heavy physical asset ownership or an acceleration of depreciation.
- Strategic Asset Reallocation
- A shift in asset strategy is evident in the emergence of assets held for sale, which were absent until September 2024 (2.07%) and grew to 3.21% by March 2026, suggesting an active divestiture program. Other noncurrent assets showed a gradual decline from 15.95% in March 2021 to 12.81% in March 2026. Deferred income taxes have consistently decreased, falling from 1.20% to 0.27%, contributing to the overall reduction in the proportion of other noncurrent assets.