Analysis of Geographic Areas
Honeywell International Inc. operates in 3 regions: United States; Europe; and Other International.
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- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Area Asset Turnover
Honeywell International Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Other International |
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).
- United States
- The asset turnover ratio in the United States exhibited a slight upward trend from 5.14 in 2020 to a peak of 5.38 in 2022. However, after this peak, there was a gradual decline, with the ratio decreasing to 5.09 in 2023 and further dropping to 4.65 in 2024. This indicates that after initial improvement, the efficiency in utilizing assets to generate sales in the U.S. market weakened over the latter part of the period.
- Europe
- Europe demonstrated a consistent and strong increase in asset turnover ratios over the entire period. Starting at 10.12 in 2020, the ratio rose steadily each year, reaching 16.44 by 2024. This trend reflects improved asset utilization and possibly stronger sales growth relative to asset base in the European region, highlighting it as a particularly dynamic market for the company.
- Other International
- For the Other International segment, the asset turnover ratio showed a gradual but steady increase from 5.91 in 2020 to 8.19 in 2024. This consistent growth suggests incremental improvements in asset efficiency across other global markets outside the U.S. and Europe, though at a more moderate pace compared to Europe.
Area Asset Turnover: United States
Honeywell International Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
- Net Sales
- Net sales demonstrated a generally upward trajectory over the five-year period, increasing from $19,665 million in 2020 to $21,819 million in 2024. There was a consistent growth from 2020 to 2022, reaching $21,262 million, followed by a slight decline in 2023 to $20,907 million, before rising again in 2024. This pattern indicates overall positive sales growth with a minor dip occurring in the penultimate year.
- Long-lived Assets
- Long-lived assets showed a steady increase throughout the observed years. Starting at $3,823 million in 2020, these assets rose gradually each year, reaching $4,694 million in 2024. The increment suggests ongoing investment or acquisition of long-term assets, with notable growth particularly in the last year.
- Area Asset Turnover
- The area asset turnover ratio experienced a fluctuating trend. It increased from 5.14 in 2020 to a peak of 5.38 in 2022, indicating improved efficiency in generating sales from assets during that period. However, after 2022, the ratio declined to 5.09 in 2023 and further dropped to 4.65 in 2024. This downward trend in efficiency could be related to the relatively higher increase in assets compared to sales growth in the later years.
- Overall Insights
- The data reflects a scenario where sales have progressively grown, albeit with a small dip prior to the final year. The increase in long-lived assets suggests expanding investment in physical or intangible assets. However, the decreasing asset turnover ratio in recent years indicates a reduction in asset utilization efficiency, signaling that asset growth is outpacing sales increases. This may imply the need for attention to how effectively assets are contributing to revenue generation moving forward.
Area Asset Turnover: Europe
Honeywell International Inc.; Europe; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
- Net Sales
- Net sales for the Europe geographic area exhibited a generally increasing trend over the analyzed period. Starting at 6,356 million USD in 2020, net sales increased steadily to 8,760 million USD by 2024. The growth rate appears to accelerate notably starting in 2022, with a sharper increase observed between 2022 and 2024.
- Long-Lived Assets
- Long-lived assets showed a declining trend throughout the period. Assets decreased from 628 million USD in 2020 to 533 million USD in 2024, with a consistent year-over-year reduction except for a slight uptick in 2023. This downward trend in long-lived assets contrasts with the rising net sales during the same timeframe.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a strong upward trend, improving from 10.12 in 2020 to 16.44 in 2024. This ratio measures the efficiency of asset utilization in generating sales. The consistent increase indicates that the company has been generating higher sales volumes relative to its asset base over time, reflecting enhanced operational efficiency or more effective asset deployment in the Europe region.
- Summary
- The data reveals that while investment in long-lived assets has decreased slightly, the company has achieved substantial growth in net sales and significantly improved asset turnover in Europe. This suggests that the company has improved its asset efficiency, driving higher revenue growth without corresponding capital increases in long-lived assets.
Area Asset Turnover: Other International
Honeywell International Inc.; Other International; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
The analysis of the financial data for the “Other International” geographic area over the five-year period reveals several notable trends. The net sales have shown consistent growth each year, increasing from $6,616 million in 2020 to $7,919 million in 2024. This steady upward trajectory indicates expanding market presence and sales performance in the region.
In contrast, long-lived assets have experienced a gradual decline during the same period. Starting from $1,119 million in 2020, the asset base decreased to $967 million by 2024. This reduction suggests either divestiture of fixed assets, optimization efforts, or a lower capital expenditure in the area.
Area asset turnover has exhibited a strong upward trend, improving from a ratio of 5.91 in 2020 to 8.19 in 2024. This increase demonstrates enhanced efficiency in using assets to generate sales, reflecting better asset management or more effective utilization of existing resources over time.
- Net Sales
- Consistent growth from $6,616 million to $7,919 million, indicating expanding sales activity.
- Long-lived Assets
- Gradual decrease from $1,119 million to $967 million, pointing to asset base reduction or optimization.
- Area Asset Turnover
- Significant improvement from 5.91 to 8.19, highlighting increased efficiency in asset usage.
Overall, the region shows strong sales growth coupled with improved asset efficiency even as the asset base slightly contracts. These trends suggest a focus on driving revenue through better utilization of assets rather than expanding asset holdings.
Net sales
Honeywell International Inc., net sales by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Other International | |||||
| Total |
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).
- United States Net Sales
- The net sales in the United States showed a steady increase from 2020 to 2024, rising from $19,665 million in 2020 to $21,819 million in 2024. Despite a slight dip observed in 2023 ($20,907 million) compared to 2022 ($21,262 million), the overall trend is positive with consistent growth across the five-year period.
- Europe Net Sales
- Europe exhibited notable growth in net sales, increasing from $6,356 million in 2020 to $8,760 million in 2024. The most significant growth occurred between 2022 and 2023, where sales jumped from $6,840 million to $8,052 million, and continued to rise in 2024. This demonstrates a strong upward trend and expanding market presence in the European region.
- Other International Net Sales
- Sales in the Other International markets also experienced growth, although at a more moderate pace compared to Europe and the United States. Net sales increased from $6,616 million in 2020 to $7,919 million in 2024, with consistent year-over-year increments and no declines in the measured period.
- Total Net Sales
- Total net sales across all geographic areas showed a continual upward trajectory, moving from $32,637 million in 2020 to $38,498 million in 2024. The increase reflects strong overall sales growth driven by gains in all three regions, particularly Europe and the United States. The year-over-year growth suggests a resilient business performance and geographic diversification benefit.
Long-lived assets
Honeywell International Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Other International | |||||
| Total |
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).
- United States Long-Lived Assets
- The value of long-lived assets in the United States exhibited a consistent upward trend over the five-year period. Starting at $3,823 million in 2020, the figure increased steadily each year, reaching $4,694 million by the end of 2024. This represents a cumulative growth of approximately 22.7%, indicating ongoing investment or retention of assets in this geographic area.
- Europe Long-Lived Assets
- Long-lived assets in Europe demonstrated a declining trend. Beginning at $628 million in 2020, the value decreased nearly every year, falling to $533 million in 2024. This constitutes a reduction of approximately 15.2% over the period, suggesting possible asset sales, depreciation, or limited reinvestment within this region.
- Other International Long-Lived Assets
- The "Other International" category experienced a modest decline in asset values over the five years. From $1,119 million in 2020, assets declined to $967 million by 2024, reflecting a decrease of around 13.6%. Despite minor fluctuations, the general pattern indicates a gradual decrease in long-lived asset holdings outside the US and Europe.
- Total Long-Lived Assets
- The aggregate of long-lived assets across all geographic regions showed variability but an overall increasing trend. The total decreased slightly from $5,570 million in 2020 to $5,471 million in 2022, followed by a rebound to $6,194 million in 2024. This overall growth of about 11.2% over the five years is primarily driven by the significant expansion in the US region, offsetting declines in Europe and other international areas.