Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Honeywell International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio data begins from March 31, 2021. Initially, it shows a steady upward movement from 5.86 to 6.64 by December 31, 2023, indicating improving efficiency in using fixed assets to generate sales. Following this peak, the ratio exhibits a slight decline and stabilization around 6.48 to 6.50 from March 31, 2024, through December 31, 2024. A more noticeable downward trend appears in early 2025, where the turnover ratio declines from 6.22 in March to 6.24 in September, with a minor rebound in June 2025. Overall, the trend reflects a period of growth in fixed asset utilization efficiency, followed by a modest deceleration in the most recent quarters.
- Total Asset Turnover
- Starting from March 31, 2021, the total asset turnover ratio shows gradual improvement from 0.51 to a peak of 0.60 in both June 30, 2022 and March 31, 2023. This suggests more effective use of total assets to generate revenue during this time. Afterward, the ratio declines to 0.52 by September 30, 2024 and remains relatively stable near 0.51 to 0.52 through mid-2025. This pattern indicates that while the company initially improved overall asset efficiency, this was followed by a return to lower turnover levels, potentially signaling challenges in sustaining asset utilization gains.
- Equity Turnover
- Equity turnover displays an overall upward trend from 1.86 at March 31, 2021 to 2.48 at June 30, 2025, demonstrating progressively greater revenue generation relative to shareholders' equity over the period. Notable increases occur between December 31, 2021 and March 31, 2023, where the ratio rises from 1.97 to 2.09 and further to 2.31 by March 31, 2024. Some short-term fluctuations are present, but the general trajectory is positive, reflecting increasingly efficient deployment of equity capital to drive sales.
Net Fixed Asset Turnover
Honeywell International Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
-
The net sales figures over the analyzed quarters exhibit a generally upward trajectory with some fluctuations. Starting at 8,463 million USD in the first quarter of 2020, sales experienced a decline in the following quarters of that year, reaching a low of 7,477 million USD by mid-2020. Subsequently, there was a recovery phase, and sales generally increased, peaking above 10,000 million USD by late 2024 and early 2025.
Despite this positive trend, some quarterly fluctuations are noticeable. For example, after reaching 9,440 million USD in the fourth quarter of 2021, sales dipped thereafter but rose again consistently towards the end of the series. This suggests a pattern of seasonal or market-driven variations but an overall strong growth in sales revenue over the observed period.
- Property, Plant and Equipment, Net
-
The net value of property, plant, and equipment demonstrates a relatively stable position, initially increasing moderately from 5,214 million USD in early 2020 to about 5,570 million USD by the end of 2020. Subsequently, these asset values showed minor decreases and increases, generally oscillating between approximately 5,300 million USD and 5,700 million USD up to early 2024.
From mid-2024 onward, there is a notable upward movement, with values increasing sharply from 6,194 million USD in the first quarter of 2025 to 6,405 million USD by mid-2025. This indicates reinvestment or expansion in fixed assets, which may support or be driven by the sales growth observed.
- Net Fixed Asset Turnover Ratio
-
The net fixed asset turnover ratio, a measure of how efficiently the company uses its fixed assets to generate sales, shows a consistent improving trend starting from 5.86 in the third quarter of 2020 and rising steadily through the periods. The ratio increased gradually and remained in a tight range between approximately 6.18 and 6.64 for several quarters, indicating stable and enhanced asset utilization efficiency.
While slight fluctuations occur, the turnover ratio maintains a higher level through the later quarters, peaking around 6.64 and settling near 6.24 towards mid-2025. This suggests that despite increases in fixed assets, the company has maintained efficient use of these assets to support revenue generation.
Total Asset Turnover
Honeywell International Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
-
Net sales exhibited fluctuations over the observed quarters. Beginning at 8,463 million USD in March 2020, sales declined mid-2020 but showed a recovery by December 2020 at 8,900 million USD. The following year displayed relative stability with slight growth, peaking around 9,440 million USD in December 2021. In 2022 and early 2023, sales experienced moderate increases, reaching approximately 9,440 million to 9,212 million USD. From mid-2023 onwards, a more consistent upward trend is apparent, culminating in a peak of 10,352 million USD by June 2025, indicating overall growth in sales despite periodic short-term declines.
- Total Assets
-
Total assets showed volatility across the periods but generally maintained a stable range. Initially, total assets increased sharply from 57,422 million USD in March 2020 to a peak of 64,586 million USD in December 2020. However, subsequent quarters saw a decline and fluctuation in asset levels, with values oscillating between approximately 59,883 million and 65,525 million USD through 2023. Starting 2024, the asset base expanded noticeably, reaching 78,419 million USD by June 2025, suggesting active asset growth and possible investments or acquisitions during this period.
- Total Asset Turnover
-
The total asset turnover ratio, available from September 2020 onwards, indicated initially modest efficiency in using assets to generate sales, starting at 0.51 and increasing steadily through 2021, reaching as high as 0.60. This upward trend reflects improving operational efficiency during that timeframe. However, from 2023 forward, the turnover metric showed a gradual decline, falling to 0.51 by June 2025. This decreasing trend could imply relatively slower sales growth compared to asset increases or changes in asset utilization efficiency.
- Summary of Insights
-
Overall, the data illustrates a positive trajectory in net sales, with a general upward trend over the analyzed quarters, indicating robust revenue generation despite market variability. Asset levels experienced fluctuations but showed marked growth in later periods, possibly reflecting strategic asset expansions. The asset turnover ratio's initial improvement suggests enhanced efficiency in asset usage, yet the subsequent decline implies a need to monitor operational effectiveness as assets grow. These patterns highlight the balance between increasing asset investment and maintaining efficient sales generation capacity.
Equity Turnover
Honeywell International Inc., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Total Honeywell shareowners’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Total Honeywell shareowners’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net sales
- Net sales experienced fluctuations over the reported periods, starting at 8,463 million US dollars in March 2020 and dipping to a low of 7,477 million in June 2020. Subsequently, sales recovered and generally trended upward with occasional variations. Notably, after reaching 8,900 million in December 2020, net sales stabilized around the 8,400 to 9,400 million range through 2021 and 2022. From 2023 onwards, a more pronounced upward trend emerged, with sales peaking at 10,352 million in June 2025 before a slight decline to 9,822 million in March 2025. The overall trajectory indicates recovery and growth after early 2020 declines, culminating in a strong sales performance in the most recent periods.
- Total Honeywell shareowners’ equity
- Total equity values generally fluctuated with a downward trend observed over the long term. Equity was around 17,644 million US dollars in March 2020, increasing to a peak near 18,569 million in December 2021. Thereafter, equity declined, dropping to 15,856 million by December 2023 and experiencing further decreases into 2024 and mid-2025, reaching 16,095 million in June 2025. This suggests potential share repurchases, dividends, or other transactions affecting equity, combined with possible impacts from earnings or other comprehensive income changes, given the lack of explicit net income or dividend data.
- Equity turnover
- Equity turnover ratios were unavailable in early periods but started from March 2021 at 1.86, showing slight variations through subsequent quarters. The ratio generally increased over time, rising from 1.81 in June 2021 to a peak near 2.48 in June 2025. This upward trend implies improving efficiency in using equity to generate sales, reflecting a combination of rising net sales and declining or stable equity levels. The ratio movement suggests enhanced capital utilization or operational efficiency during the recent periods.
- Summary and Insights
- The data indicates a recovery and growth pattern in net sales following an early 2020 decline, with notable increases continuing through to mid-2025. In contrast, shareowners’ equity exhibits a modest downward trend after peaking in late 2021, which could reflect capital management strategies or underlying profitability impacts. The increase in equity turnover confirms that the company has become more efficient in generating sales from its equity base, signifying improved operational leverage or asset management. The contrasting trends between rising sales and declining equity lead to higher turnover ratios, potentially favorable for shareholder value creation if supported by sustained profitability and cash flows.