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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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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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: 2025-03-31), 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 displays a generally stable and slightly increasing trend over the reported periods. Starting at 5.86 in the first available quarter (March 31, 2020), the ratio increases steadily, peaking at 6.64 in September 2023. After this peak, a mild decline is observed, with values fluctuating between 6.22 and 6.50 in the most recent quarters. This indicates a steady enhancement in the efficiency of using fixed assets to generate sales, although some slight volatility has emerged in the last few quarters.
- Total Asset Turnover
- The total asset turnover ratio maintains a consistently moderate performance throughout the timeline. Beginning at 0.51, the ratio gradually improves, reaching a high of 0.60 in March 2023 and again in December 2023. Following this apex, the ratio declines gradually to around 0.51 to 0.54 by the end of the latest reporting period. This pattern suggests incremental improvements in overall asset utilization efficiency over time, with some recent softness indicating potential pressures on asset productivity or slowed sales growth relative to asset base size.
- Equity Turnover
- The equity turnover ratio shows more pronounced variability with a general upward trajectory initially. It begins at 1.86, decreases slightly early on, then rises to peak values of approximately 2.31 in March 2024. The periods following the peak display a slight downward adjustment with ratios moving between 2.07 and 2.25 in the last quarters. This trend signifies an increased utilization of equity to generate sales over time, reflecting enhanced financial leverage or improved sales performance relative to shareholders' equity, albeit with some recent stabilization or modest decline.
Net Fixed Asset Turnover
Honeywell International Inc., net fixed asset turnover calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Net fixed asset turnover
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a fluctuating yet generally increasing trend over the observed quarterly periods. From March 2020 to March 2021, sales initially declined from 8463 million US dollars to a low point in the middle quarters, then recovered to 8454 million by March 2021. Subsequently, sales demonstrated a steady upward movement, reaching a peak of 10,088 million by December 2024. However, a slight decline followed in March 2025, dropping to 9,822 million. This overall pattern indicates resilience and growth, particularly in the latter years, after a dip likely associated with the economic conditions in early 2020.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment showed modest volatility with a gradual increase over the analyzed duration. Starting at 5,214 million in March 2020, levels rose slightly, peaking at 6,213 million by March 2025. There was a minor dip around mid-2022 but the trend quickly resumed its upward trajectory. This indicates consistent investment or capitalization on fixed assets over the assessed periods.
- Net Fixed Asset Turnover Ratio
- Beginning from the earliest reported quarter of September 2020, the net fixed asset turnover ratio maintained a relatively stable yet slightly upward trend. Initial values were around 5.86, increasing steadily through subsequent periods, reaching a high of 6.64 in December 2023. After this peak, the ratio showed minor fluctuations but remained near the elevated level. The ratio's stability and slight growth suggest improving efficiency in generating sales from fixed assets, reflecting positively on asset management and operational productivity.
Total Asset Turnover
Honeywell International Inc., total asset turnover calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Total asset turnover
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends in key metrics over the examined quarters. Net sales exhibit a generally upward trajectory with fluctuations. Following a dip from $8,463 million in March 2020 to $7,477 million in June 2020, net sales gradually recovered, reaching peaks around $9,728 million by September 2024 before slightly declining to $9,822 million in March 2025. This indicates resilient revenue generation with seasonal or market-related variances.
Total assets show a more variable pattern with an initial increase from $57,422 million in March 2020 to $64,604 million in June 2020, followed by periods of both decline and growth. Assets decreased notably during parts of 2022 but began increasing again starting mid-2023, reaching $75,218 million by March 2025. This suggests strategic asset management possibly coupled with investments or disposals affecting asset base sizing.
Total asset turnover ratios, available from September 2020 onward, demonstrate a moderate increase initially, moving from 0.51 to a peak of 0.60 in December 2022 and December 2023. However, this was followed by a gradual decline to 0.51 by March 2025. The rise in asset turnover indicates improved efficiency in using assets to generate sales up to late 2023, but subsequent decreases could imply either slower sales growth relative to assets or increased asset holdings that have not yet translated into higher sales.
- Net Sales Trend
- Generally increasing over time, with recovery after mid-2020 lows and peak levels around late 2024, followed by slight recent decline.
- Total Assets Movement
- Marked variability with initial growth, mid-period decline, and recent recovery to a new high in early 2025.
- Total Asset Turnover Ratio
- Improved efficiency through late 2023, followed by some erosion in efficiency over the most recent quarters.
Equity Turnover
Honeywell International Inc., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 2025-03-31), 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 Q1 2025 Calculation
Equity turnover
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Total Honeywell shareowners’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a generally fluctuating but upward trend over the observed quarters. Starting at 8,463 million USD in March 2020, sales decreased to a low of 7,477 million USD in June 2020 amid early pandemic conditions. Following this, a gradual recovery phase is evident, with sales rising to 8,900 million USD by December 2020. Sales then oscillate around an 8,400 to 9,400 million USD range throughout 2021 to 2023, with notable peaks such as 9,186 million USD in December 2022 and 9,440 million USD in December 2023. The most recent periods from March 2024 to March 2025 indicate a strong upward momentum, reaching 10,088 million USD in December 2024 before a slight dip to 9,822 million USD in the latest quarter. This pattern suggests resilient demand with possible seasonal and economic effects influencing quarterly outcomes.
- Total Honeywell Shareowners’ Equity
- Shareowners’ equity shows moderate variability across the quarters with no clear linear trend. It starts at 17,644 million USD in March 2020, slightly rising and falling through 2020 and 2021, peaking at 18,569 million USD in December 2021. Afterward, equity generally declines, hitting a low of 15,856 million USD in December 2023. Following this trough, equity increases again, reaching 18,619 million USD in December 2024 before a modest decrease to 17,463 million USD in the first quarter of 2025. This fluctuation may reflect dividend payments, share repurchases, earnings retention, or changes in other comprehensive income impacting the equity base.
- Equity Turnover Ratio
- The equity turnover ratio, available from March 2021 onwards, indicates a positive trend in operating efficiency regarding the use of equity. The ratio starts at 1.86 in March 2021 and generally increases over time, peaking at 2.31 in March 2024. This increase suggests an improving ability to generate net sales from each unit of equity, signifying enhanced management effectiveness or leveraging strategies. Minor quarterly variations occur but the overall direction is upward, indicating progressive operational improvements.
- Overall Analysis
- The interplay between net sales, equity, and equity turnover reveals key financial dynamics. While net sales have shown resilience with growth in recent quarters, equity fluctuation implies strategic capital management or varying profitability impacts. The rising equity turnover ratio corroborates an enhancement in generating revenue relative to equity invested, a positive sign of operational leverage. This combination indicates the company is progressively utilizing its equity base more efficiently to support sales growth despite temporary equity reductions.