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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Long-term Activity Ratios (Summary)
Honeywell International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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 analysis of long-term activity ratios from March 2022 through March 2026 reveals a divergent trend between overall asset utilization and the efficiency of fixed assets and equity. While total asset turnover remained relatively stagnant with a slight downward bias, both net fixed asset turnover and equity turnover experienced significant growth toward the end of the observed period.
- Net Fixed Asset Turnover
- The ratio exhibited relative stability between 6.27 and 6.64 from March 2022 through September 2023. A gradual decline followed throughout 2024 and the first three quarters of 2025, reaching a period low of 5.95 by September 30, 2025. However, a substantial increase occurred in the final two quarters of 2025 and the first quarter of 2026, with the ratio spiking to approximately 8.07, indicating a sharp increase in revenue generation per unit of net fixed assets or a significant reduction in the fixed asset base.
- Total Asset Turnover
- Total asset efficiency remained consistently low throughout the period, fluctuating within a narrow range between 0.49 and 0.60. An initial improvement was noted from March 2022 (0.54) to December 2023 (0.60), followed by a steady contraction that bottomed at 0.49 in September 2025. The ratio stabilized at 0.51 in the final two quarters, suggesting that overall asset growth has slightly outpaced revenue growth over the long term.
- Equity Turnover
- Equity turnover demonstrated a strong upward trajectory over the analyzed timeframe. Starting at 1.87 in March 2022, the ratio grew to 2.31 by December 2023. Despite a brief correction in 2024 where the ratio dipped to 2.07, a robust recovery followed, culminating in a peak of 2.77 by March 2026. This trend indicates an increasing efficiency in utilizing shareholders' equity to generate sales, potentially driven by revenue expansion or a reduction in total equity.
In summary, the data indicates that while the company's overall asset base is not being utilized more efficiently, there is a marked increase in the productivity of fixed assets and equity. The divergence between the stagnant total asset turnover and the rising equity and fixed asset turnovers suggests that the asset base is heavily weighted toward non-fixed assets and that the company has significantly optimized its equity structure relative to its revenue output.
Net Fixed Asset Turnover
Honeywell International Inc., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals three distinct phases of operational efficiency and asset management. Between March 2022 and December 2023, the company maintained a highly stable asset utilization rate, with the turnover ratio fluctuating within a narrow range of 6.27 to 6.64. During this period, net sales grew steadily from 8,376 million to 9,440 million, while property, plant, and equipment remained relatively constant, indicating that revenue growth was achieved without significant additional capital expenditure in fixed assets.
- Asset Expansion and Efficiency Compression (March 2024 – September 2025)
- A gradual decline in asset turnover efficiency is observed starting in early 2024. Although net sales continued an upward trajectory, reaching a peak of 10,408 million in June 2025, the net property, plant, and equipment base expanded more aggressively, rising from 5,698 million to 6,681 million. This imbalance resulted in the net fixed asset turnover ratio contracting from 6.48 to a period low of 5.95 by September 2025, suggesting that the incremental investment in fixed assets did not yield a proportional immediate increase in sales volume.
- Asset Base Correction and Ratio Spike (December 2025 – March 2026)
- A significant structural shift occurred in the final two quarters of the analysis. A sharp reduction in net property, plant, and equipment from 6,681 million to 4,629 million in December 2025 fundamentally altered the turnover calculation. Despite a contemporaneous dip in net sales to 7,757 million in December 2025, the drastic contraction of the asset base caused the turnover ratio to spike to 8.09. This elevated efficiency level persisted into March 2026 at 8.07, as sales recovered to 9,143 million against a permanently lower asset base of 4,664 million.
The overall trend indicates a transition from a stable investment phase to a period of capital expansion, culminating in a substantial reduction of fixed assets. The final leap in the net fixed asset turnover ratio suggests a leaner operational structure, where a significantly smaller asset base is now supporting a revenue stream comparable to previous high-growth periods.
Total Asset Turnover
Honeywell International Inc., total asset turnover calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a period of initial efficiency gains followed by a sustained decline and eventual stabilization. The ratio reflects a shift in the relationship between the company's asset base and its ability to generate revenue from those assets.
- Efficiency Trend Analysis
- The total asset turnover ratio exhibited an upward trajectory from March 2022, rising from 0.54 to a peak of 0.60 in March 2023. After maintaining a plateau between 0.58 and 0.60 throughout 2023, the ratio entered a consistent downward trend starting in March 2024. This decline reached a trough of 0.49 in September 2025, before stabilizing at 0.51 during the final two quarters of the analyzed period.
- Asset Base Expansion
- A primary driver of the declining turnover ratio is the substantial increase in total assets. From March 2024 to June 2025, total assets grew from 65,645 million to 80,917 million. This expansion of the balance sheet occurred more rapidly than the growth in top-line revenue, leading to a reduction in the efficiency with which assets were utilized to produce sales.
- Revenue Generation Correlation
- Net sales showed a general growth pattern, increasing from 8,376 million in March 2022 to a peak of 10,408 million in June 2025. However, the growth in sales was not sufficient to offset the larger increase in assets. The divergence between the accelerated growth of the asset base and the more moderate increase in net sales explains the compression of the asset turnover ratio from its 2023 highs to the 0.51 level observed in March 2026.
- Recent Performance Stabilization
- In the most recent periods, a stabilization of the ratio is observed. Despite a contraction in total assets to 73,988 million by March 2026 and fluctuating net sales, the turnover ratio remained constant at 0.51. This suggests a new equilibrium in asset utilization following the period of aggressive asset growth.
Equity Turnover
Honeywell International Inc., equity turnover calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total Honeywell shareowners’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of equity turnover for the period between March 31, 2022, and March 31, 2026, reveals a general upward trajectory in asset utilization efficiency, characterized by a steady increase in the ratio from 1.87 to 2.77.
- Net Sales Performance
- Revenue demonstrated a consistent growth trend for the majority of the observed period, rising from 8.376 billion USD in March 2022 to a peak of 10.408 billion USD by June 2025. Although a significant contraction occurred in December 2025, where sales dropped to 7.757 billion USD, a recovery was observed by March 2026, with figures returning to 9.143 billion USD.
- Shareowners' Equity Dynamics
- Total Honeywell shareowners' equity exhibited a long-term downward trend, declining from 18.365 billion USD in March 2022 to 13.590 billion USD by March 2026. Notable reductions occurred during the fourth quarters of 2023 and 2025, suggesting strategic capital reallocations, share repurchases, or other equity-reducing activities.
- Equity Turnover Analysis
- The equity turnover ratio increased incrementally from 1.87 in early 2022 to 2.31 by December 2023. While a period of relative stability followed through 2024, with the ratio fluctuating between 2.07 and 2.24, a sharp acceleration was noted in the final year. The ratio climbed to 2.77 by March 2026, driven primarily by the simultaneous decrease in the equity base and the recovery of sales levels.
- Correlation and Efficiency Insights
- The expansion of the equity turnover ratio indicates that the organization is generating progressively more revenue per unit of equity. The most aggressive increase in efficiency occurred between December 2025 and March 2026, where the ratio jumped from 2.69 to 2.77, coinciding with the lowest recorded levels of shareowners' equity throughout the period.