Return on Equity (ROE)
since 2005
Calculation
Honeywell International Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Honeywell1 | ÷ | Total Honeywell shareowners’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 34.01% | = | 100 | × | 4,729) | ÷ | 13,904) |
| Dec 31, 2024 | 30.64% | = | 100 | × | 5,705) | ÷ | 18,619) |
| Dec 31, 2023 | 35.68% | = | 100 | × | 5,658) | ÷ | 15,856) |
| Dec 31, 2022 | 29.74% | = | 100 | × | 4,966) | ÷ | 16,697) |
| Dec 31, 2021 | 29.85% | = | 100 | × | 5,542) | ÷ | 18,569) |
| Dec 31, 2020 | 27.23% | = | 100 | × | 4,779) | ÷ | 17,549) |
| Dec 31, 2019 | 33.22% | = | 100 | × | 6,143) | ÷ | 18,494) |
| Dec 31, 2018 | 37.21% | = | 100 | × | 6,765) | ÷ | 18,180) |
| Dec 31, 2017 | 9.58% | = | 100 | × | 1,655) | ÷ | 17,276) |
| Dec 31, 2016 | 24.83% | = | 100 | × | 4,809) | ÷ | 19,369) |
| Dec 31, 2015 | 26.08% | = | 100 | × | 4,768) | ÷ | 18,283) |
| Dec 31, 2014 | 24.01% | = | 100 | × | 4,239) | ÷ | 17,657) |
| Dec 31, 2013 | 22.47% | = | 100 | × | 3,924) | ÷ | 17,467) |
| Dec 31, 2012 | 22.55% | = | 100 | × | 2,926) | ÷ | 12,975) |
| Dec 31, 2011 | 19.13% | = | 100 | × | 2,067) | ÷ | 10,806) |
| Dec 31, 2010 | 18.96% | = | 100 | × | 2,022) | ÷ | 10,666) |
| Dec 31, 2009 | 24.34% | = | 100 | × | 2,153) | ÷ | 8,844) |
| Dec 31, 2008 | 38.85% | = | 100 | × | 2,792) | ÷ | 7,187) |
| Dec 31, 2007 | 26.50% | = | 100 | × | 2,444) | ÷ | 9,222) |
| Dec 31, 2006 | 21.43% | = | 100 | × | 2,083) | ÷ | 9,720) |
| Dec 31, 2005 | 14.71% | = | 100 | × | 1,655) | ÷ | 11,254) |
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 Return on Equity (ROE) for the period between 2005 and 2025 demonstrates considerable fluctuation. Initially, the ROE exhibited a strong upward trajectory, followed by periods of relative stability and subsequent volatility. A detailed examination reveals distinct phases in the company’s profitability relative to shareholder equity.
- Initial Growth Phase (2005-2008)
- From 2005 to 2008, the ROE increased significantly, moving from 14.71% to a peak of 38.85%. This period indicates a substantial improvement in the company’s ability to generate profits from shareholder investments. The increase suggests effective management of equity financing and strong operational performance.
- Post-Peak Moderation and Stability (2009-2012)
- Following the peak in 2008, the ROE experienced a decline to 24.34% in 2009, before stabilizing in the range of 18.96% to 22.55% between 2010 and 2012. While still representing a healthy return, this phase suggests a normalization of profitability after the exceptional performance of 2008. The relative stability indicates consistent, though not dramatically improving, performance.
- Fluctuating Performance (2013-2017)
- The period from 2013 to 2017 was characterized by fluctuating ROE values. The ROE rose to a high of 26.08% in 2015, but then experienced a sharp decline to 9.58% in 2017. This volatility suggests the company faced challenges in maintaining consistent profitability during this timeframe, potentially due to changing market conditions or internal factors. Net income decreased significantly in 2017, contributing to the lower ROE.
- Recent Years and Final Period (2018-2025)
- From 2018 to 2025, the ROE demonstrated another period of fluctuation, with a peak of 37.21% in 2018, followed by a decrease to 30.64% in 2022, and a final value of 34.01% in 2025. The substantial increase in 2018 was driven by a significant rise in net income. The subsequent fluctuations suggest ongoing sensitivity to changes in profitability and equity levels. The final ROE in 2025 indicates a return to a relatively strong performance level.
Overall, the ROE trend reveals a company capable of generating substantial returns on equity, but also susceptible to periods of volatility. The fluctuations highlight the importance of considering the broader economic environment and company-specific factors when evaluating its financial performance.
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Comparison to Competitors
Honeywell International Inc., ROE, long-term trends, comparison to competitors
| Honeywell International Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 34.01% | 40.98% | 41.67% | 21.04% | 46.60% | 74.65% | 10.32% |
| Dec 31, 2024 | 30.64% | — | 55.37% | 20.52% | 33.90% | 84.26% | 7.94% |
| Dec 31, 2023 | 35.68% | — | 53.02% | 16.90% | 34.63% | 101.24% | 5.34% |
| Dec 31, 2022 | 29.74% | — | 42.25% | 14.45% | 0.62% | 61.86% | 7.16% |
| Dec 31, 2021 | 29.85% | — | 39.37% | 13.06% | -16.17% | 57.62% | 5.29% |
| Dec 31, 2020 | 27.23% | — | 19.56% | 9.44% | 16.04% | 113.60% | -4.88% |
| Dec 31, 2019 | 33.22% | — | 41.77% | 13.75% | -17.58% | 199.23% | 13.25% |
| Dec 31, 2018 | 37.21% | 3,085.55% | 43.79% | 13.32% | -72.16% | 361.98% | 13.70% |
| Dec 31, 2017 | 9.58% | 2,309.01% | 5.50% | 17.30% | -9.00% | — | 15.37% |
| Dec 31, 2016 | 24.83% | 599.14% | -0.51% | 12.90% | 11.65% | 350.89% | 18.33% |
| Dec 31, 2015 | 26.08% | 81.70% | 14.19% | 13.03% | -6.23% | 116.40% | 27.81% |
| Dec 31, 2014 | 24.01% | 62.85% | 22.06% | 11.36% | 11.89% | 106.29% | 19.93% |
| Dec 31, 2013 | 22.47% | 30.82% | 18.21% | 11.08% | 10.00% | 60.61% | 17.95% |
| Dec 31, 2012 | 22.55% | 66.47% | 32.40% | 8.07% | 11.09% | 7,038.46% | 19.80% |
| Dec 31, 2011 | 19.13% | 114.31% | 38.25% | 18.07% | 12.15% | 265.23% | 22.76% |
| Dec 31, 2010 | 18.96% | 119.56% | 24.94% | 12.62% | 9.79% | 78.91% | 20.45% |
| Dec 31, 2009 | 24.34% | 61.65% | 10.24% | 5.65% | 9.40% | 73.24% | 19.08% |
| Dec 31, 2008 | 38.85% | — | 58.44% | 16.75% | 16.63% | 112.29% | 29.46% |
| Dec 31, 2007 | 26.50% | 45.25% | 39.86% | 19.22% | 19.22% | 30.93% | 19.78% |
| Dec 31, 2006 | 21.43% | 46.74% | 51.57% | 23.14% | 18.55% | 36.74% | 21.58% |
| Dec 31, 2005 | 14.71% | 23.26% | 33.85% | 21.31% | 14.95% | 23.20% | 18.06% |
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., ROE, long-term trends, comparison to sector (capital goods)
| Honeywell International Inc. | Capital Goods | |
|---|---|---|
| Dec 31, 2025 | 34.01% | 26.79% |
| Dec 31, 2024 | 30.64% | 18.15% |
| Dec 31, 2023 | 35.68% | 27.89% |
| Dec 31, 2022 | 29.74% | 13.39% |
| Dec 31, 2021 | 29.85% | 8.48% |
| Dec 31, 2020 | 27.23% | 4.42% |
| Dec 31, 2019 | 33.22% | 18.11% |
| Dec 31, 2018 | 37.21% | 11.28% |
| Dec 31, 2017 | 9.58% | 10.13% |
| Dec 31, 2016 | 24.83% | 20.08% |
| Dec 31, 2015 | 26.08% | 10.42% |
| Dec 31, 2014 | 24.01% | 18.16% |
| Dec 31, 2013 | 22.47% | 15.14% |
| Dec 31, 2012 | 22.55% | 17.58% |
| Dec 31, 2011 | 19.13% | 19.63% |
| Dec 31, 2010 | 18.96% | 15.88% |
| Dec 31, 2009 | 24.34% | 13.47% |
| Dec 31, 2008 | 38.85% | 24.97% |
| Dec 31, 2007 | 26.50% | 22.64% |
| Dec 31, 2006 | 21.43% | 22.16% |
| Dec 31, 2005 | 14.71% | 17.27% |
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., ROE, long-term trends, comparison to industry (industrials)
| Honeywell International Inc. | Industrials | |
|---|---|---|
| Dec 31, 2025 | 34.01% | 27.59% |
| Dec 31, 2024 | 30.64% | 23.51% |
| Dec 31, 2023 | 35.68% | 27.70% |
| Dec 31, 2022 | 29.74% | 15.38% |
| Dec 31, 2021 | 29.85% | 15.38% |
| Dec 31, 2020 | 27.23% | 0.24% |
| Dec 31, 2019 | 33.22% | 14.56% |
| Dec 31, 2018 | 37.21% | 17.95% |
| Dec 31, 2017 | 9.58% | 18.24% |
| Dec 31, 2016 | 24.83% | 21.69% |
| Dec 31, 2015 | 26.08% | 16.11% |
| Dec 31, 2014 | 24.01% | 19.68% |
| Dec 31, 2013 | 22.47% | 16.40% |
| Dec 31, 2012 | 22.55% | 17.20% |
| Dec 31, 2011 | 19.13% | 20.10% |
| Dec 31, 2010 | 18.96% | 16.41% |
| Dec 31, 2009 | 24.34% | 12.84% |
| Dec 31, 2008 | 38.85% | 20.74% |
| Dec 31, 2007 | 26.50% | 20.36% |
| Dec 31, 2006 | 21.43% | 32.16% |
| Dec 31, 2005 | 14.71% | 7.80% |
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).