Stock Analysis on Net
Stock Analysis on Net

Honeywell International Inc. (NASDAQ:HON)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Honeywell International Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Commercial paper, other short-term borrowings and long-term debt1 ÷ Total Honeywell shareowners’ equity1
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt to equity ratio for the period examined demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from 2005 to 2008, followed by a period of relative stabilization and then another increase beginning in 2015. The most recent years, 2022 through 2025, show a significant and accelerating upward trend.

Initial Trend (2005-2008)
From 2005 to 2008, the debt to equity ratio increased from 0.45 to 1.17. This indicates a growing reliance on debt financing relative to equity during this period. The increase was particularly pronounced between 2007 and 2008.
Stabilization and Fluctuation (2009-2014)
Following the peak in 2008, the ratio decreased to 0.86 in 2009 before fluctuating between approximately 0.49 and 0.81 over the subsequent five years. This suggests a period of more conservative financial leverage, although the ratio did not consistently decline.
Renewed Increase (2015-2021)
Beginning in 2015, the debt to equity ratio began to climb again, reaching 1.28 in 2020. This increase suggests a renewed strategy of utilizing debt to finance operations or growth initiatives. The ratio remained elevated in 2021 at 1.06.
Accelerating Trend (2022-2025)
The period from 2022 to 2025 is characterized by a substantial and accelerating increase in the debt to equity ratio. It rose from 1.29 in 2022 to 2.49 in 2025. This represents a significant shift towards debt financing and a potentially increased level of financial risk. The increase from 1.67 in 2023 to 2.49 in 2025 is particularly noteworthy.

Overall, the company’s financial leverage, as measured by the debt to equity ratio, has experienced significant changes over the examined period. While periods of relative stability existed, the most recent trend indicates a substantial and accelerating increase in debt relative to equity.

Comparison to Competitors

Honeywell International Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Honeywell International Inc. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Lockheed Martin Corp. RTX Corp.
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Capital Goods)

Honeywell International Inc., debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Honeywell International Inc. Capital Goods
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Honeywell International Inc., debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
Honeywell International Inc. Industrials
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).