Enterprise Value (EV)
Current Enterprise Value (EV)
Honeywell International Inc., current enterprise value calculation
| Current share price (P) | $216.77 |
| No. shares of common stock outstanding | 634,896,562 |
| US$ in millions | |
| Common equity (market value)1 | 137,627) |
| Add: Noncontrolling interest (per books) | 535) |
| Total equity | 138,162) |
| Add: Commercial paper and other short-term borrowings (per books) | 4,273) |
| Add: Current maturities of long-term debt (per books) | 1,347) |
| Add: Long-term debt, excluding current maturities (per books) | 25,479) |
| Total equity and debt | 169,261) |
| Less: Cash and cash equivalents | 10,567) |
| Less: Short-term investments | 386) |
| Enterprise value (EV) | 158,308) |
Based on: 10-K (reporting date: 2024-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 216.77 × 634,896,562
Historical Enterprise Value (EV)
Honeywell International Inc., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Honeywell International Inc. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 202.75 × 649,918,551
The financial data reveals several noteworthy trends over the five-year period ending December 31, 2024. Total equity and common equity (market value) displayed fluctuations, with both metrics decreasing initially from 2020 to 2021, followed by a recovery period and slight variations thereafter. Total equity moved from $141,824 million in 2020 down to $128,914 million in 2021, then increased to $134,564 million in 2022, before experiencing a modest decline and subsequent stabilization around $132,306 million in 2024. Common equity (market value) exhibited a similar pattern, starting at $141,583 million in 2020, decreasing to $128,241 million in 2021, then recovering to $133,942 million in 2022, followed by slight dips and rises, reaching $131,771 million in 2024.
Total equity and debt combined showed a downward trend from 2020 through 2021, decreasing from $164,208 million to $148,513 million. There was a partial rebound to $154,134 million in 2022, followed by a dip in 2023 and a notable increase to $163,405 million in 2024, closely approaching the 2020 level. This increase in total capital base could indicate either additional debt acquisition or equity financing.
Enterprise value (EV) followed a trajectory consistent with the total equity and debt figures, declining from $148,988 million in 2020 to $136,990 million in 2021 and then gradually climbing back up to $152,452 million by 2024. The EV remaining relatively close to the total equity and debt values suggests a stable relationship between market valuation and the firm’s capital structure during this timeframe.
- Equity Trends
- Both total equity and common equity market value declined significantly in 2021 compared to 2020, indicating a period of contraction or decreased shareholder value. This was followed by recovery phases, but values did not exceed the initial 2020 levels, implying cautious market sentiment or a balancing of retained earnings and market capitalizations.
- Capital Structure
- The total equity and debt figures suggest a flexible approach to financing, with fluctuations in the aggregate capital employed. The significant increase in 2024 points to potential strategic financing decisions, such as taking on additional debt or raising equity, possibly to fund expansion or operational needs.
- Enterprise Value
- The decline in enterprise value through 2021, followed by a gradual recovery, mirrors the patterns in capital structure and equity market capitalization. This coherence supports the evaluation that market and book values remained aligned with the firm's underlying capital and investment profile.