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: 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 analysis of the financial data reveals several key trends related to the company's debt levels, equity base, and leverage over the examined period.

Commercial Paper, Other Short-term Borrowings, and Long-term Debt
This liability component displays a general upward trend from 2005 to 2024. Starting at approximately 5.1 billion USD in 2005, the debt level fluctuates moderately in the initial years, reaching 8.3 billion USD in 2008. Following a period of relative stability around 7.5 to 8.8 billion USD through 2012–2013, there is a marked increase in subsequent years, culminating in a significant rise to over 31 billion USD by 2024. This suggests an increasing reliance on debt financing, especially in the later years.
Total Shareowners’ Equity
The equity base shows variability over the examined timeframe. It initially declines from 11.3 billion USD in 2005 to a low of 7.2 billion USD by 2008. Subsequently, there is a recovery phase, with equity rising to around 18.3 billion USD in 2015. However, after this peak, equity decreases again through 2022, reaching approximately 15.9 billion USD, before a moderate rebound to about 18.6 billion USD by 2024. Such fluctuations indicate phases of share repurchases, earnings retention, or other equity-related activities affecting the shareholder funds.
Debt to Equity Ratio
The leverage ratio follows a pattern consistent with the debt and equity trends. Beginning at a low of 0.45 in 2005, the ratio escalates sharply to peak at 1.17 in 2008, reflecting a period when debt increased while equity was contracting. The ratio then declines to below 0.5 by 2013–2014, indicating a deleveraging phase or equity strengthening. Afterward, the ratio progressively rises, exceeding 1.0 from 2016 onward and reaching a high of 1.67 in 2024. This increasing leverage suggests a shift toward more debt relative to equity, potentially indicating greater financial risk or strategic capital structure decisions emphasizing debt financing.

Overall, the data illustrates an evolving capital structure with initial challenges around 2008, a recovery phase up to around 2015, and subsequently increasing leverage driven primarily by rising debt levels in the context of fluctuating equity. The notable increase in debt and debt-to-equity ratio in the latest years warrants attention concerning financial risk and debt management policies.

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: 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: 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: 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).