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.
Long-term Activity Ratios (Summary)
Honeywell International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The investment activity ratios demonstrate a multi-phase transition in asset efficiency. Initial growth in asset utilization through 2023 transitioned into a period of contraction throughout 2024 and 2025, concluding with a notable surge in fixed asset productivity in late 2025 and early 2026.
- Net Fixed Asset Turnover
- A steady upward trend is observed from March 2022 (6.27) to a peak of 6.64 in September 2023. This was followed by a gradual decline, reaching a period low of 5.80 by September 2025. A significant and abrupt increase occurred in December 2025, with the ratio rising to 8.09 and continuing to climb to 8.28 by June 2026, indicating a substantial improvement in the efficiency of fixed asset utilization during the final quarters.
- Total Asset Turnover
- The ratio remained relatively stable during 2022 and 2023, fluctuating between 0.54 and 0.60. A consistent downward trajectory began in March 2024 (0.56) and persisted through September 2025, where it reached 0.48. In the subsequent periods ending June 2026, the ratio stabilized, fluctuating narrowly between 0.49 and 0.51, reflecting a stagnant overall asset efficiency compared to the 2023 peak.
- Equity Turnover
- A consistent growth pattern is evident from March 2022 (1.87) to December 2023 (2.31). Following a period of moderate volatility in 2024 and 2025, the ratio experienced a sharp spike, peaking at 2.77 in March 2026. This peak was followed by a rapid contraction to 2.05 by June 2026, suggesting a significant realignment of the equity base or a sharp decrease in revenue relative to shareholders' equity.
AI Ask an analyst for more
Net Fixed Asset Turnover
Honeywell International Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 9,719) | 9,143) | 8,787) | 10,408) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Property, plant and equipment, net | 4,594) | 4,664) | 4,629) | 6,681) | 6,405) | 6,213) | 6,194) | 5,822) | 5,752) | 5,698) | 5,660) | 5,486) | 5,486) | 5,472) | 5,471) | 5,339) | 5,342) | 5,470) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 8.28 | 8.07 | 8.09 | 5.80 | 5.94 | 6.17 | 6.22 | 6.50 | 6.49 | 6.48 | 6.48 | 6.64 | 6.59 | 6.57 | 6.48 | 6.54 | 6.45 | 6.27 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Boeing Co. | 5.76 | 5.85 | 5.82 | 6.69 | 6.46 | 6.06 | 5.83 | 6.52 | 6.70 | 7.15 | 7.30 | 7.23 | 7.04 | 6.72 | 6.31 | 5.85 | 5.72 | 5.68 | ||||||
| Caterpillar Inc. | 4.54 | 4.40 | 4.23 | 4.27 | 4.29 | 4.45 | 4.59 | 4.85 | 5.01 | 5.08 | 5.04 | 5.17 | 5.10 | 4.91 | 4.70 | 4.62 | 4.36 | 4.18 | ||||||
| Eaton Corp. plc | 6.39 | 6.24 | 6.36 | 6.55 | 6.45 | 6.72 | 6.67 | 6.63 | 6.70 | 6.65 | 6.57 | 6.77 | 6.75 | 6.67 | 6.59 | 6.80 | 6.50 | 6.38 | ||||||
| GE Aerospace | 5.83 | 5.64 | 5.30 | 5.30 | 5.05 | 4.85 | 4.83 | 6.03 | 7.23 | 4.77 | 5.17 | 5.50 | 5.58 | 5.84 | 5.08 | 5.04 | 4.83 | 4.73 | ||||||
| Lockheed Martin Corp. | 6.76 | 6.66 | 8.46 | 8.41 | 8.29 | 8.24 | 8.14 | 8.43 | 8.47 | 8.34 | 8.07 | 8.41 | 8.46 | 8.33 | 8.27 | 8.48 | 8.48 | 8.70 | ||||||
| RTX Corp. | 5.51 | 5.37 | 5.25 | 5.27 | 5.16 | 5.07 | 5.02 | 4.98 | 4.61 | 4.54 | 4.38 | 4.37 | 4.61 | 4.53 | 4.42 | 4.50 | 4.43 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Net fixed asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Property, plant and equipment, net
= (9,719 + 9,143 + 8,787 + 10,408)
÷ 4,594 = 8.28
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover ratio reveals three distinct operational phases characterized by initial stability, a period of diminishing efficiency, and a subsequent sharp increase in asset productivity resulting from a significant reduction in the fixed asset base.
- Stability and Baseline Performance (March 2022 – December 2023)
- During this period, the net fixed asset turnover ratio remained relatively stable, fluctuating within a narrow range between 6.27 and 6.64. Net sales grew from 8,376 million US$ to 9,440 million US$, while net property, plant, and equipment increased modestly from 5,470 million US$ to 5,660 million US$. This indicates a balanced alignment between capacity expansion and revenue generation.
- Efficiency Compression (March 2024 – September 2025)
- A downward trend in asset productivity is observed starting in March 2024. While net sales continued to climb, reaching 10,408 million US$ by September 2025, the net property, plant, and equipment grew at a faster relative pace, peaking at 6,681 million US$. Consequently, the net fixed asset turnover ratio declined from 6.48 to a low of 5.80, suggesting that the incremental investment in fixed assets did not yield an immediate proportional increase in sales.
- Structural Asset Adjustment and Productivity Spike (December 2025 – June 2026)
- A significant structural shift occurred in December 2025, characterized by a sharp reduction in net property, plant, and equipment from 6,681 million US$ to 4,629 million US$. Despite this substantial decrease in the asset base, net sales remained robust, fluctuating between 8,787 million US$ and 9,719 million US$. This resulted in a dramatic increase in the net fixed asset turnover ratio, which jumped to 8.09 in December 2025 and continued to rise to 8.28 by June 2026, indicating a substantially higher level of revenue generation per unit of net fixed asset.
AI Ask an analyst for more
Total Asset Turnover
Honeywell International Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 9,719) | 9,143) | 8,787) | 10,408) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Total assets | 77,344) | 73,988) | 73,681) | 80,917) | 78,419) | 75,218) | 75,196) | 73,492) | 69,329) | 65,645) | 61,525) | 61,296) | 62,337) | 59,883) | 62,275) | 60,287) | 62,258) | 63,352) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.49 | 0.51 | 0.51 | 0.48 | 0.49 | 0.51 | 0.51 | 0.52 | 0.54 | 0.56 | 0.60 | 0.59 | 0.58 | 0.60 | 0.57 | 0.58 | 0.55 | 0.54 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Boeing Co. | 0.57 | 0.56 | 0.53 | 0.54 | 0.49 | 0.44 | 0.43 | 0.53 | 0.52 | 0.57 | 0.57 | 0.56 | 0.55 | 0.52 | 0.49 | 0.45 | 0.45 | 0.45 | ||||||
| Caterpillar Inc. | 0.69 | 0.70 | 0.65 | 0.65 | 0.66 | 0.70 | 0.70 | 0.72 | 0.76 | 0.76 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.66 | 0.63 | 0.61 | ||||||
| Eaton Corp. plc | 0.53 | 0.52 | 0.67 | 0.66 | 0.64 | 0.65 | 0.65 | 0.63 | 0.61 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 | 0.59 | 0.59 | 0.56 | 0.56 | ||||||
| GE Aerospace | 0.37 | 0.35 | 0.33 | 0.31 | 0.30 | 0.29 | 0.29 | 0.35 | 0.42 | 0.36 | 0.40 | 0.43 | 0.42 | 0.43 | 0.39 | 0.40 | 0.39 | 0.37 | ||||||
| Lockheed Martin Corp. | 1.23 | 1.27 | 1.25 | 1.22 | 1.22 | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.29 | 1.19 | 1.18 | 1.21 | 1.25 | 1.24 | 1.24 | 1.28 | ||||||
| RTX Corp. | 0.54 | 0.53 | 0.52 | 0.51 | 0.50 | 0.50 | 0.50 | 0.48 | 0.45 | 0.44 | 0.43 | 0.41 | 0.44 | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Total asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total assets
= (9,719 + 9,143 + 8,787 + 10,408)
÷ 77,344 = 0.49
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a period of initial efficiency improvement followed by a prolonged decline in asset productivity, coinciding with a significant expansion of the total asset base.
- Initial Efficiency Gains (March 2022 – March 2023)
- During the first year of the analyzed period, the total asset turnover ratio exhibited a positive trend, rising from 0.54 to a peak of 0.60. This improvement was driven by a combination of steady net sales growth and a slight contraction in total assets, which decreased from 63,352 million to 59,883 million by March 2023.
- Asset Expansion and Productivity Decline (June 2023 – September 2025)
- A consistent downward trend in asset turnover is observed starting in mid-2023, reaching a low of 0.48 by September 2025. This decline is primarily attributed to a rapid increase in total assets, which grew from 62,337 million in June 2023 to a peak of 80,917 million in September 2025. Although net sales generally trended upward during this window, the growth in revenue did not scale proportionally with the capital investment, leading to reduced operational efficiency per unit of asset.
- Period of Stabilization (December 2025 – June 2026)
- The final three quarters show a stabilization of the turnover ratio, fluctuating between 0.49 and 0.51. This stabilization correlates with a significant reduction in total assets to 73,681 million in December 2025, which offset the impact of fluctuating quarterly sales. By June 2026, the ratio settled at 0.49, reflecting a persistent lower level of asset productivity compared to the 2022–2023 period.
In summary, the data indicates that while the organization successfully grew its top-line revenue over the multi-year period, the aggressive expansion of the balance sheet between 2024 and 2025 diluted the total asset turnover, suggesting that new asset acquisitions have not yet yielded commensurate increases in sales volume.
AI Ask an analyst for more
Equity Turnover
Honeywell International Inc., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 9,719) | 9,143) | 8,787) | 10,408) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Total Honeywell Technologies shareowners’ equity | 18,537) | 13,590) | 13,904) | 16,782) | 16,095) | 17,463) | 18,619) | 17,406) | 16,947) | 16,454) | 15,856) | 17,231) | 17,299) | 16,919) | 16,697) | 17,707) | 17,541) | 18,365) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 2.05 | 2.77 | 2.69 | 2.31 | 2.36 | 2.19 | 2.07 | 2.17 | 2.20 | 2.24 | 2.31 | 2.11 | 2.09 | 2.13 | 2.12 | 1.97 | 1.96 | 1.87 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Boeing Co. | 15.41 | 15.40 | 16.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 3.66 | 3.59 | 3.00 | 2.96 | 3.19 | 3.31 | 3.15 | 3.21 | 3.68 | 3.61 | 3.28 | 3.10 | 3.39 | 3.24 | 3.57 | 3.45 | 3.26 | 2.92 | ||||||
| Eaton Corp. plc | 1.48 | 1.45 | 1.41 | 1.41 | 1.40 | 1.37 | 1.35 | 1.29 | 1.26 | 1.23 | 1.22 | 1.23 | 1.23 | 1.23 | 1.22 | 1.26 | 1.21 | 1.19 | ||||||
| GE Aerospace | 2.69 | 2.49 | 2.27 | 2.14 | 1.98 | 1.87 | 1.82 | 2.32 | 2.76 | 1.97 | 2.36 | 2.34 | 2.21 | 2.24 | 2.02 | 2.29 | 2.06 | 1.82 | ||||||
| Lockheed Martin Corp. | 8.78 | 10.03 | 11.17 | 11.87 | 13.47 | 10.75 | 11.22 | 9.90 | 11.51 | 10.47 | 9.89 | 7.30 | 7.29 | 6.86 | 7.12 | 5.41 | 5.61 | 6.57 | ||||||
| RTX Corp. | 1.41 | 1.36 | 1.36 | 1.33 | 1.34 | 1.33 | 1.34 | 1.29 | 1.23 | 1.17 | 1.15 | 0.96 | 0.97 | 0.94 | 0.92 | 0.94 | 0.93 | 0.89 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Equity turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total Honeywell Technologies shareowners’ equity
= (9,719 + 9,143 + 8,787 + 10,408)
÷ 18,537 = 2.05
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a general increase in asset efficiency over the observed period, characterized by an upward trajectory in equity turnover despite significant fluctuations in the capital base.
- Net Sales Performance
- A consistent growth trend in net sales is observed, rising from 8,376 million USD in March 2022 to a peak of 10,408 million USD in September 2025. While periodic quarterly volatility exists, the overall revenue trajectory reflects an expansion in top-line performance, providing a stronger numerator for the equity turnover calculation.
- Shareowners' Equity Dynamics
- Total shareowners' equity exhibited a period of gradual decline and instability, moving from 18,365 million USD in March 2022 to a low of 13,590 million USD by March 2026. This reduction in the equity base contributed significantly to the artificial inflation of turnover ratios during the 2024-2026 period. However, a sharp recovery occurred in June 2026, with equity increasing to 18,537 million USD.
- Equity Turnover Ratio Trends
- The equity turnover ratio demonstrated a long-term increasing trend, starting at 1.87 in March 2022 and reaching a peak of 2.77 in March 2026. This progression indicates an improved capacity to generate sales relative to the invested equity. The peak in early 2026 was primarily driven by the convergence of sustained sales levels and the minimum recorded equity value.
- Period-End Correction
- A notable correction in the turnover ratio is observed in June 2026, where the value dropped to 2.05. This decline is directly attributable to the substantial increase in shareowners' equity during that quarter, which outweighed the marginal increase in net sales, thereby normalizing the ratio after the peak observed in the first quarter of 2026.
AI Ask an analyst for more