Price to Book Value (P/BV)
since 2005
Calculation
Honeywell International Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Honeywell shareowners’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | 11.09 | = | 485.30 | ÷ | 43.75 | 43.75 | = | 13,904 | ÷ | 317,837,851 | |
| Feb 14, 2025 | 7.08 | = | 405.50 | ÷ | 57.30 | 57.30 | = | 18,619 | ÷ | 324,959,276 | |
| Feb 16, 2024 | 8.11 | = | 394.34 | ÷ | 48.62 | 48.62 | = | 15,856 | ÷ | 326,090,906 | |
| Feb 10, 2023 | 8.02 | = | 400.94 | ÷ | 49.98 | 49.98 | = | 16,697 | ÷ | 334,070,126 | |
| Feb 11, 2022 | 6.91 | = | 373.98 | ÷ | 54.15 | 54.15 | = | 18,569 | ÷ | 342,909,386 | |
| Feb 12, 2021 | 8.07 | = | 407.14 | ÷ | 50.46 | 50.46 | = | 17,549 | ÷ | 347,750,580 | |
| Feb 14, 2020 | 6.97 | = | 361.62 | ÷ | 51.91 | 51.91 | = | 18,494 | ÷ | 356,299,902 | |
| Feb 8, 2019 | 5.96 | = | 297.22 | ÷ | 49.87 | 49.87 | = | 18,180 | ÷ | 364,542,945 | |
| Feb 9, 2018 | 6.44 | = | 295.80 | ÷ | 45.95 | 45.95 | = | 17,276 | ÷ | 376,001,017 | |
| Feb 10, 2017 | 4.79 | = | 243.70 | ÷ | 50.89 | 50.89 | = | 19,369 | ÷ | 380,597,121 | |
| Feb 12, 2016 | 4.35 | = | 206.96 | ÷ | 47.53 | 47.53 | = | 18,283 | ÷ | 384,661,455 | |
| Feb 13, 2015 | 4.63 | = | 208.76 | ÷ | 45.12 | 45.12 | = | 17,657 | ÷ | 391,331,524 | |
| Feb 14, 2014 | 4.25 | = | 189.22 | ÷ | 44.55 | 44.55 | = | 17,467 | ÷ | 392,065,810 | |
| Feb 15, 2013 | 4.24 | = | 140.22 | ÷ | 33.11 | 33.11 | = | 12,975 | ÷ | 391,893,947 | |
| Feb 17, 2012 | 4.31 | = | 120.20 | ÷ | 27.87 | 27.87 | = | 10,806 | ÷ | 387,681,866 | |
| Feb 11, 2011 | 4.26 | = | 115.96 | ÷ | 27.20 | 27.20 | = | 10,666 | ÷ | 392,061,144 | |
| Feb 12, 2010 | 3.27 | = | 75.72 | ÷ | 23.14 | 23.14 | = | 8,844 | ÷ | 382,276,106 | |
| Feb 13, 2009 | 3.38 | = | 66.12 | ÷ | 19.55 | 19.55 | = | 7,187 | ÷ | 367,590,518 | |
| Feb 15, 2008 | 4.52 | = | 112.08 | ÷ | 24.78 | 24.78 | = | 9,222 | ÷ | 372,191,467 | |
| Feb 16, 2007 | 3.94 | = | 95.66 | ÷ | 24.30 | 24.30 | = | 9,720 | ÷ | 399,963,818 | |
| Mar 1, 2006 | 3.05 | = | 82.54 | ÷ | 27.10 | 27.10 | = | 11,254 | ÷ | 415,305,749 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Honeywell International Inc. Annual Report.
The analysis of the financial data reveals a long-term expansion in the market valuation of the equity relative to its book value. Over the period from 2006 to 2026, the Price to Book Value (P/BV) ratio transitioned from a moderate range into a significantly higher valuation tier, indicating an increasing premium attributed to the company's intangible assets, growth prospects, or market positioning.
- Historical Valuation Trends (2006–2016)
- During the first decade of the observed period, the P/BV ratio remained relatively stable, generally fluctuating between 3.05 and 4.79. A peak occurred in 2008 at 4.52, followed by a contraction to 3.38 in 2009, coinciding with a decrease in both share price and book value per share. Throughout this phase, the market maintained a consistent valuation multiple, with the ratio rarely exceeding 4.8x.
- Valuation Acceleration (2017–2025)
- A structural shift in valuation is evident starting in 2018, where the P/BV ratio climbed to 6.44. This upward trajectory continued, peaking at 8.11 in 2023. This period is characterized by a decoupling where the share price grew at a significantly faster rate than the book value per share. For instance, while the book value per share hovered between 45.95 and 54.15 during several years in this window, the share price rose from approximately 243.70 to over 400.00.
- Recent Valuation Peak (2026)
- The P/BV ratio reached an all-time high of 11.09 in 2026. This sharp increase was driven by a dual effect: a substantial rise in the share price to 485.30 and a simultaneous decrease in the book value per share to 43.75. This divergence suggests a period of extreme market optimism or a significant reduction in net assets that intensified the valuation multiple.
- Relationship Between Share Price and Book Value Per Share
- The data indicates that share price growth has been the primary driver of the P/BV expansion. While the book value per share grew from 27.10 in 2006 to a peak of 57.30 in 2025, the share price grew more aggressively from 82.54 to 485.30 over the same timeframe. The resulting compression of the book value relative to the market price reflects a shift toward a valuation model less dependent on tangible net assets.
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Comparison to Competitors
Honeywell International Inc., P/BV, long-term trends, comparison to competitors
| Honeywell International Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | 11.09 | 33.65 | 16.90 | 7.48 | 16.78 | 21.31 | 4.09 |
| Feb 14, 2025 | 7.08 | — | 8.66 | 6.16 | 11.33 | 17.00 | 2.88 |
| Feb 16, 2024 | 8.11 | — | 8.25 | 6.07 | 5.43 | 15.54 | 2.05 |
| Feb 10, 2023 | 8.02 | — | 8.09 | 4.04 | 2.43 | 12.67 | 1.97 |
| Feb 11, 2022 | 6.91 | — | 6.62 | 3.63 | 2.64 | 9.62 | 1.95 |
| Feb 12, 2021 | 8.07 | — | 7.20 | 3.54 | 2.89 | 15.27 | 1.53 |
| Feb 14, 2020 | 6.97 | — | 5.16 | 2.48 | 3.66 | 39.60 | 3.24 |
| Feb 8, 2019 | 5.96 | 674.83 | 5.44 | 2.12 | 3.00 | 61.11 | 2.71 |
| Feb 9, 2018 | 6.44 | 569.92 | 6.98 | 2.06 | 1.96 | — | 3.38 |
| Feb 10, 2017 | 4.79 | 122.80 | 4.42 | 2.19 | 3.47 | 49.61 | 3.22 |
| Feb 12, 2016 | 4.35 | 12.17 | 2.56 | 1.72 | 2.79 | 21.37 | 2.59 |
| Feb 13, 2015 | 4.63 | 12.04 | 3.09 | 2.13 | 2.04 | 17.92 | 3.49 |
| Feb 14, 2014 | 4.25 | 6.50 | 2.96 | 2.15 | 1.96 | 10.65 | 3.14 |
| Feb 15, 2013 | 4.24 | 9.78 | 3.57 | 1.94 | 1.95 | 727.88 | 3.18 |
| Feb 17, 2012 | 4.31 | 16.10 | 5.78 | 2.32 | 1.75 | 28.67 | 3.48 |
| Feb 11, 2011 | 4.26 | 19.33 | 6.02 | 2.47 | 1.86 | 7.56 | 3.65 |
| Feb 12, 2010 | 3.27 | 20.59 | 4.16 | 1.67 | 1.47 | 7.00 | 3.12 |
| Feb 13, 2009 | 3.38 | — | 2.63 | 0.95 | 1.10 | 9.51 | 2.82 |
| Feb 15, 2008 | 4.52 | 7.24 | 5.00 | 2.28 | 2.97 | 4.38 | 3.28 |
| Feb 16, 2007 | 3.94 | 15.15 | 6.33 | 2.88 | 3.17 | 6.23 | 3.92 |
| Mar 1, 2006 | 3.05 | 5.26 | 5.81 | 2.73 | 3.15 | 4.05 | 3.39 |
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., P/BV, long-term trends, comparison to sector (capital goods)
| Honeywell International Inc. | Capital Goods | |
|---|---|---|
| Feb 17, 2026 | 11.09 | 10.39 |
| Feb 14, 2025 | 7.08 | 7.55 |
| Feb 16, 2024 | 8.11 | 6.94 |
| Feb 10, 2023 | 8.02 | 5.31 |
| Feb 11, 2022 | 6.91 | 4.77 |
| Feb 12, 2021 | 8.07 | 5.05 |
| Feb 14, 2020 | 6.97 | 6.91 |
| Feb 8, 2019 | 5.96 | 6.11 |
| Feb 9, 2018 | 6.44 | 5.42 |
| Feb 10, 2017 | 4.79 | 4.64 |
| Feb 12, 2016 | 4.35 | 3.45 |
| Feb 13, 2015 | 4.63 | 3.17 |
| Feb 14, 2014 | 4.25 | 2.85 |
| Feb 15, 2013 | 4.24 | 2.77 |
| Feb 17, 2012 | 4.31 | 2.89 |
| Feb 11, 2011 | 4.26 | 2.90 |
| Feb 12, 2010 | 3.27 | 2.29 |
| Feb 13, 2009 | 3.38 | 1.86 |
| Feb 15, 2008 | 4.52 | 3.46 |
| Feb 16, 2007 | 3.94 | 3.91 |
| Mar 1, 2006 | 3.05 | 3.47 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Honeywell International Inc. | Industrials | |
|---|---|---|
| Feb 17, 2026 | 11.09 | 8.00 |
| Feb 14, 2025 | 7.08 | 6.68 |
| Feb 16, 2024 | 8.11 | 6.85 |
| Feb 10, 2023 | 8.02 | 5.50 |
| Feb 11, 2022 | 6.91 | 5.44 |
| Feb 12, 2021 | 8.07 | 5.89 |
| Feb 14, 2020 | 6.97 | 6.28 |
| Feb 8, 2019 | 5.96 | 5.96 |
| Feb 9, 2018 | 6.44 | 5.37 |
| Feb 10, 2017 | 4.79 | 4.89 |
| Feb 12, 2016 | 4.35 | 3.68 |
| Feb 13, 2015 | 4.63 | 3.70 |
| Feb 14, 2014 | 4.25 | 3.14 |
| Feb 15, 2013 | 4.24 | 3.06 |
| Feb 17, 2012 | 4.31 | 3.09 |
| Feb 11, 2011 | 4.26 | 3.05 |
| Feb 12, 2010 | 3.27 | 2.43 |
| Feb 13, 2009 | 3.38 | 2.01 |
| Feb 15, 2008 | 4.52 | 3.45 |
| Feb 16, 2007 | 3.94 | 3.75 |
| Mar 1, 2006 | 3.05 | 3.95 |
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).