Price to Sales (P/S)
since 2005
Calculation
Honeywell International Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | 4.12 | = | 485.30 | ÷ | 117.80 | 117.80 | = | 37,442 | ÷ | 317,837,851 | |
| Feb 14, 2025 | 3.42 | = | 405.50 | ÷ | 118.47 | 118.47 | = | 38,498 | ÷ | 324,959,276 | |
| Feb 16, 2024 | 3.51 | = | 394.34 | ÷ | 112.43 | 112.43 | = | 36,662 | ÷ | 326,090,906 | |
| Feb 10, 2023 | 3.78 | = | 400.94 | ÷ | 106.16 | 106.16 | = | 35,466 | ÷ | 334,070,126 | |
| Feb 11, 2022 | 3.73 | = | 373.98 | ÷ | 100.29 | 100.29 | = | 34,392 | ÷ | 342,909,386 | |
| Feb 12, 2021 | 4.34 | = | 407.14 | ÷ | 93.85 | 93.85 | = | 32,637 | ÷ | 347,750,580 | |
| Feb 14, 2020 | 3.51 | = | 361.62 | ÷ | 103.03 | 103.03 | = | 36,709 | ÷ | 356,299,902 | |
| Feb 8, 2019 | 2.59 | = | 297.22 | ÷ | 114.67 | 114.67 | = | 41,802 | ÷ | 364,542,945 | |
| Feb 9, 2018 | 2.74 | = | 295.80 | ÷ | 107.80 | 107.80 | = | 40,534 | ÷ | 376,001,017 | |
| Feb 10, 2017 | 2.36 | = | 243.70 | ÷ | 103.26 | 103.26 | = | 39,302 | ÷ | 380,597,121 | |
| Feb 12, 2016 | 2.06 | = | 206.96 | ÷ | 100.30 | 100.30 | = | 38,581 | ÷ | 384,661,455 | |
| Feb 13, 2015 | 2.03 | = | 208.76 | ÷ | 103.00 | 103.00 | = | 40,306 | ÷ | 391,331,524 | |
| Feb 14, 2014 | 1.90 | = | 189.22 | ÷ | 99.61 | 99.61 | = | 39,055 | ÷ | 392,065,810 | |
| Feb 15, 2013 | 1.46 | = | 140.22 | ÷ | 96.11 | 96.11 | = | 37,665 | ÷ | 391,893,947 | |
| Feb 17, 2012 | 1.28 | = | 120.20 | ÷ | 94.22 | 94.22 | = | 36,529 | ÷ | 387,681,866 | |
| Feb 11, 2011 | 1.36 | = | 115.96 | ÷ | 85.11 | 85.11 | = | 33,370 | ÷ | 392,061,144 | |
| Feb 12, 2010 | 0.94 | = | 75.72 | ÷ | 80.85 | 80.85 | = | 30,908 | ÷ | 382,276,106 | |
| Feb 13, 2009 | 0.66 | = | 66.12 | ÷ | 99.45 | 99.45 | = | 36,556 | ÷ | 367,590,518 | |
| Feb 15, 2008 | 1.21 | = | 112.08 | ÷ | 92.93 | 92.93 | = | 34,589 | ÷ | 372,191,467 | |
| Feb 16, 2007 | 1.22 | = | 95.66 | ÷ | 78.42 | 78.42 | = | 31,367 | ÷ | 399,963,818 | |
| Mar 1, 2006 | 1.24 | = | 82.54 | ÷ | 66.58 | 66.58 | = | 27,653 | ÷ | 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 long-term valuation trajectory reveals a significant expansion in the multiple the market is willing to pay for each dollar of revenue. While the share price and sales per share have both grown over the two-decade period, the growth in share price has substantially outpaced the growth in revenue per share, leading to a marked increase in the Price to Sales (P/S) ratio.
- Initial Stability and the 2009 Contraction
- Between 2006 and 2008, the P/S ratio remained highly stable, fluctuating narrowly between 1.21 and 1.24. This stability was interrupted in 2009, when the ratio collapsed to a period low of 0.66. This decline was driven by a sharp reduction in share price, which fell to 66.12 US$, despite sales per share reaching a then-peak of 99.45 US$.
- Gradual Recovery and Expansion Phase
- Following the 2009 low, a consistent recovery trend is observed. The P/S ratio returned to pre-crisis levels by 2011 (1.36) and entered a sustained expansion phase starting in 2014. During this period, the ratio climbed from 1.90 in 2014 to a peak of 2.74 in 2018. This suggests a fundamental shift in market sentiment or an improvement in the perceived quality and margin profile of the revenue generated.
- Recent Valuation Surge and Plateau
- A period of rapid valuation inflation occurred between 2020 and 2021, with the P/S ratio peaking at 4.34. This surge occurred even as sales per share experienced a temporary decline, dropping from 103.03 US$ in 2020 to 93.85 US$ in 2021, indicating that the price increase was driven by factors other than immediate revenue growth. From 2022 through 2026, the ratio has largely stabilized at a higher plateau, fluctuating between 3.42 and 4.12.
- Correlation Between Price and Revenue Efficiency
- The divergence between share price and sales per share is most evident in the latter half of the data set. While sales per share grew from 66.58 US$ in 2006 to 117.80 US$ in 2026 (an increase of approximately 77%), the share price rose from 82.54 US$ to 485.30 US$ (an increase of approximately 488%). This disproportionate growth explains the overall rise in the P/S ratio from 1.24 to 4.12 over the analyzed period.
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Comparison to Competitors
Honeywell International Inc., P/S, 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 | 4.12 | 2.05 | 5.63 | 5.29 | 7.41 | 1.91 | 3.01 |
| Feb 14, 2025 | 3.42 | 1.98 | 2.75 | 4.58 | 6.24 | 1.52 | 2.14 |
| Feb 16, 2024 | 3.51 | 1.66 | 2.52 | 4.98 | 2.30 | 1.57 | 1.78 |
| Feb 10, 2023 | 3.78 | 1.90 | 2.27 | 3.31 | 1.20 | 1.78 | 2.14 |
| Feb 11, 2022 | 3.73 | 1.87 | 2.26 | 3.03 | 1.50 | 1.57 | 2.21 |
| Feb 12, 2021 | 4.34 | 1.96 | 2.83 | 2.96 | 1.41 | 1.40 | 1.95 |
| Feb 14, 2020 | 3.51 | 2.34 | 1.48 | 1.87 | 1.18 | 2.07 | 1.75 |
| Feb 8, 2019 | 2.59 | 2.26 | 1.47 | 1.58 | 0.82 | 1.58 | 1.56 |
| Feb 9, 2018 | 2.74 | 2.17 | 2.24 | 1.74 | 1.11 | 1.91 | 1.67 |
| Feb 10, 2017 | 2.36 | 1.06 | 1.62 | 1.65 | 2.39 | 1.59 | 1.55 |
| Feb 12, 2016 | 2.06 | 0.80 | 0.86 | 1.25 | 2.59 | 1.43 | 1.26 |
| Feb 13, 2015 | 2.03 | 1.15 | 0.99 | 1.49 | 2.45 | 1.34 | 1.67 |
| Feb 14, 2014 | 1.90 | 1.12 | 1.17 | 1.63 | 2.54 | 1.15 | 1.60 |
| Feb 15, 2013 | 1.46 | 0.70 | 0.99 | 1.79 | 2.39 | 0.60 | 1.43 |
| Feb 17, 2012 | 1.28 | 0.82 | 1.30 | 1.08 | 2.15 | 0.62 | 1.31 |
| Feb 11, 2011 | 1.36 | 0.83 | 1.63 | 1.33 | 2.20 | 0.61 | 1.44 |
| Feb 12, 2010 | 0.94 | 0.64 | 1.23 | 0.95 | 1.66 | 0.64 | 1.19 |
| Feb 13, 2009 | 0.66 | 0.51 | 0.33 | 0.39 | 1.02 | 0.64 | 0.77 |
| Feb 15, 2008 | 1.21 | 0.98 | 1.06 | 0.91 | 3.45 | 1.03 | 1.30 |
| Feb 16, 2007 | 1.22 | 1.17 | 1.12 | 0.96 | 3.54 | 1.08 | 1.44 |
| Mar 1, 2006 | 1.24 | 1.06 | 1.44 | 0.93 | 3.72 | 0.86 | 1.36 |
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/S, long-term trends, comparison to sector (capital goods)
| Honeywell International Inc. | Capital Goods | |
|---|---|---|
| Feb 17, 2026 | 4.12 | 3.69 |
| Feb 14, 2025 | 3.42 | 2.77 |
| Feb 16, 2024 | 3.51 | 2.26 |
| Feb 10, 2023 | 3.78 | 2.09 |
| Feb 11, 2022 | 3.73 | 2.09 |
| Feb 12, 2021 | 4.34 | 2.11 |
| Feb 14, 2020 | 3.51 | 1.92 |
| Feb 8, 2019 | 2.59 | 1.62 |
| Feb 9, 2018 | 2.74 | 1.82 |
| Feb 10, 2017 | 2.36 | 1.76 |
| Feb 12, 2016 | 2.06 | 1.55 |
| Feb 13, 2015 | 2.03 | 1.66 |
| Feb 14, 2014 | 1.90 | 1.66 |
| Feb 15, 2013 | 1.46 | 1.37 |
| Feb 17, 2012 | 1.28 | 1.33 |
| Feb 11, 2011 | 1.36 | 1.45 |
| Feb 12, 2010 | 0.94 | 1.12 |
| Feb 13, 2009 | 0.66 | 0.71 |
| Feb 15, 2008 | 1.21 | 1.76 |
| Feb 16, 2007 | 1.22 | 1.91 |
| Mar 1, 2006 | 1.24 | 1.95 |
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).
Comparison to Industry (Industrials)
Honeywell International Inc., P/S, long-term trends, comparison to industry (industrials)
| Honeywell International Inc. | Industrials | |
|---|---|---|
| Feb 17, 2026 | 4.12 | 2.78 |
| Feb 14, 2025 | 3.42 | 2.29 |
| Feb 16, 2024 | 3.51 | 2.06 |
| Feb 10, 2023 | 3.78 | 1.80 |
| Feb 11, 2022 | 3.73 | 2.07 |
| Feb 12, 2021 | 4.34 | 2.14 |
| Feb 14, 2020 | 3.51 | 1.77 |
| Feb 8, 2019 | 2.59 | 1.58 |
| Feb 9, 2018 | 2.74 | 1.71 |
| Feb 10, 2017 | 2.36 | 1.68 |
| Feb 12, 2016 | 2.06 | 1.48 |
| Feb 13, 2015 | 2.03 | 1.65 |
| Feb 14, 2014 | 1.90 | 1.57 |
| Feb 15, 2013 | 1.46 | 1.31 |
| Feb 17, 2012 | 1.28 | 1.27 |
| Feb 11, 2011 | 1.36 | 1.39 |
| Feb 12, 2010 | 0.94 | 1.09 |
| Feb 13, 2009 | 0.66 | 0.71 |
| Feb 15, 2008 | 1.21 | 1.62 |
| Feb 16, 2007 | 1.22 | 1.73 |
| Mar 1, 2006 | 1.24 | 1.80 |
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).